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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
RTL Group S.A. (the \u2018Company\u2019) is a company incorporated under Luxembourgish law. The consolidated financial statements of the Company as at 31\u00a0December\u00a02022, comprise the Company and its subsidiaries (together referred to as \u2018RTL Group\u2019 or \u2018the Group\u2019) and the Group\u2019s interest in associates and joint ventures.
RTL Group S.A. is a leading entertainment company across broadcast, streaming, content and digital, with interests in 56 television channels, nine streaming services and 36 radio stations and a global business for content production and distribution.
The Company is listed on the Frankfurt and Luxembourg Stock Exchanges and is a member of the MDAX stock index. Statutory accounts can be obtained at its registered office established at 43, boulevard Pierre Frieden, L\u20111543 Luxembourg.
The ultimate parent company of RTL Group S.A. preparing consolidated financial statements, Bertelsmann SE & Co. KGaA, includes in its consolidated financial statements those of RTL Group S.A. Bertelsmann SE & Co. KGaA is a company incorporated under German law whose registered office is established at Carl-Bertelsmann-Stra\u00dfe 270, D\u201133311 G\u00fctersloh, Germany. Consolidated financial statements for Bertelsmann SE & Co. KGaA can be obtained at the company\u2019s registered office.
The consolidated financial statements of the Group were authorised for issue by the Board of Directors on 15 March 2023. They will be submitted for approval to the next Shareholders' Meeting on 26 April 2023.
1.1. Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
1.2. Basis of preparation of consolidated financial statements
The consolidated financial statements are presented in millions of Euro, which is the Company\u2019s functional and Group presentation currency, and have been prepared under the historical cost convention except for the following material items in the statement of financial position:
The preparation of financial statements in conformity with IFRS as adopted by the European Union requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 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. Judgements made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the coming years, are discussed in note 2.
Impact of new financial reporting standards, interpretations and amendments
The first-time application of new requirements had no material impact on RTL Group.
Impact of issued financial reporting standards that are not yet effective
RTL Group has not opted for early adoption of any additional standards, interpretations or amendments that have been issued by the IASB or the IFRS IC but are not yet mandatory.
Impact of external events on the consolidated financial statements
In 2022 multiple external events impacted the business environment of RTL Group. These include geopolitical tensions with the war in Ukraine, inflation, energy supply and supply chain issues. The inflation had direct implications on the business performance of RTL Group (e.g. increase in raw material costs) as well as indirect implications (e.g. reduced levels of bookings of advertising clients).
Despite the challenging macroeconomic backdrop, RTL Group's businesses showed a robust performance in the financial year 2022. This is indicated by a strong Adjusted EBITA level, comparing favourably to almost all historical years when normalising for effects from streaming start-up losses. The external challenges and associated uncertainties have been and will continue to be regularly monitored by management from the outset to allow for early intervention if necessary. For this reason, the effects on the consolidated statement of financial position of the particularly relevant areas of impairment of goodwill and individual assets, leasing, programming rights, inventories, trade receivables, government grants, deferred tax assets, contingent losses and revenues have been analysed on an ongoing basis. Based on the current development of the business, no impairment of goodwill was considered necessary, despite the geopolitical and economic uncertainties. This also applies to the accounting areas classified as vulnerable, for which no significant negative impact on the financial position and results of operations of RTL Group is currently expected.
The assessment is based on judgements, estimates and assumptions that involve uncertainties in the current situation characterised by geopolitical and macroeconomic challenges above and beyond the level seen in recent years. Management believes it has considered these uncertainties appropriately.
1.3. Principles of consolidation
1.3.1. Subsidiaries
Subsidiaries are those undertakings controlled by the Company. Control exists when the Company has power or ability, directly or indirectly, over an entity; is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when assessing whether the Company controls another entity. Directly or indirectly held subsidiaries are consolidated from the date on which control is transferred to the Company, and are no longer consolidated from the date that control ceases.
The full consolidation method is used, whereby the assets, liabilities, income and expenses are fully incorporated. The proportion of the net assets and net income attributable to non-controlling interests is presented separately as non-controlling interests in the consolidated statement of financial position and in the consolidated income statement.
Intra-group balances and transactions, and any unrealised income and expense (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.
Accounting for business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
For acquisitions on or after 1\u00a0January\u00a02010, the Group measures goodwill at the acquisition date as:
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Costs related to the acquisition \u2013 other than those associated with the issue of debt or equity securities \u2013 that the Group incurs in connection with a business combination, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. Contingent consideration is classified as either equity or a financial liability. If an obligation to pay contingent consideration is classified as equity, then it is not re-measured, and settlement is accounted for within equity. It is a Level 3 fair value measurement based on the discounted cash flows (DCF) and derived from market sources as described in notes 6.2 and 7.3.
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised for the present value of the redemption amount within accounts payable with a corresponding charge directly to equity or through goodwill in case of a business combination with the transfer of the risks and rewards of the non-controlling interests to the Group. Subsequent measurement of liabilities from put options is recognised in profit or loss. The income/(expense) arising is recorded in \u2018Other financial income\u2019 or \u2018Other financial expense\u2019.
On an acquisition-by-acquisition basis the Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.
Accounting for transactions under common control
For transaction under common control RTL Group applies the accounting policy choice to recognise assets acquired and liabilities assumed at carrying amounts, while the difference between assets/liabilities and consideration transferred is recognised in equity under \u2018Other changes\u2019.
Accounting for transactions with non-controlling interests
The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying amount of the net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity.
Loss of control
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value subsequently becomes the initial carrying amount for the purposes of accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
1.3.2. Investments accounted for using the equity method
The investments accounted for using the equity method comprise interests in associates and joint ventures. Associates are defined as those investments where the Group can exercise a significant influence. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of arrangements, rather than rights to their assets and obligations for their liabilities. Such investments are recorded in the consolidated statement of financial position using the equity method of accounting and are initially recognised at cost, which includes transaction costs. Under this method the Group\u2019s share of the post-acquisition profits or losses of investments accounted for using the equity method (impairment loss included) is recognised in profit or loss, and its share of post-acquisition movements in reserves is recognised in reserves.
When the Group\u2019s share of losses in an investment accounted for using the equity method equals or exceeds its interest in the investment accounted for using the equity method, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the investment accounted for using the equity method.
Unrealised gains on transactions between the Group and its investments accounted for using the equity method are eliminated against the investment accounted for using the equity method to the extent of the Group\u2019s interest in the investee. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies for investments accounted for using the equity method have been changed where necessary to ensure consistency with the policies adopted by the Group and restated in the case of specific transactions on RTL Group level in relation to investments.
1.4. Foreign currency translation
1.4.1. Foreign currency translations and balances
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are generally recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Euro at foreign exchange rates ruling at the date the fair value was determined.
1.4.2. Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill, and fair value adjustments arising on consolidation, are translated to Euro using the foreign exchange rate prevailing at the reporting date. Income and expenses are translated at the average exchange rate for the year under review. The foreign currency translation differences resulting from this treatment and those resulting from the translation of the foreign operations' opening net asset values at year-end rates are recognised directly in a separate component of equity.
Exchange differences arising from the translation of the net investment in a foreign operation, or associated undertaking and financial instruments, which are designated and qualified as hedges of such investments, are recognised directly in a separate component of equity. On disposal or partial disposal of a foreign operation, such exchange differences or proportion of exchange differences are recognised in profit or loss as part of the gain or loss on sale.
1.5. Derivative financial instruments and hedging activities
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
Cash flow hedges
For qualifying hedge relationships, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. Thereby the qualifying instrument is separated in the spot element and forward element and only the change in the fair value of the spot element is designated as a hedging instrument. The hedge ratio of 1:1 is applied accordingly. The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
The accounting treatment applied to cash flow hedges in respect of off-balance sheet assets and liabilities can be summarised as follows:
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the \u2018Hedging reserve\u2019 remains in equity until \u2013 for a hedge of a transaction resulting in the recognition of the programme rights \u2013 it is included in the costs of the programme rights on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, the amounts that have accumulated in the \u2018Hedging reserve\u2019 are immediately reclassified to profit or loss.
1.6. Current/non-current distinction
Current assets are assets expected to be realised or consumed in the normal course of the Group\u2019s operating cycle (normally within one year). All other assets are classified as non-current assets.
Current liabilities are liabilities expected to be settled by use of cash generated in the normal course of the Group\u2019s operating cycle (normally within one year) or liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities.
1.7. Intangible assets
1.7.1. Non-current programme and other rights
Non-current programme and other rights are initially recognised at acquisition cost or production cost \u2013 which includes staff costs and an appropriate portion of relevant overheads \u2013 when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Non-current programme and other rights include (co-)productions, audio-visual and other rights acquired with the primary intention to broadcast, distribute or trade them as part of the Group\u2019s long-term operations. The economic benefits of the rights are highly correlated to their consumption patterns, which themselves are linked to the revenue. These non-current programme and other rights are therefore amortised based on expected revenue. The amortisation charge is based on the ratio of net revenue for the period over total estimated net revenue. The (co-)production shares and flat fees of distributors are amortised over the applicable product lifecycle based on the ratio of the current period\u2019s revenue to the estimated remaining total revenue (ultimate revenue) for each (co-)production.
Estimates of total net revenue are periodically reviewed and additional impairment losses are recognised if appropriate.
1.7.2. Goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date. Goodwill arising from applying this method is measured at initial recognition as detailed in note 1.3.1.
Goodwill on acquisitions of subsidiaries is recognised as an intangible asset. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit represents the Group\u2019s investment in a geographical area of operation by business segment, except for Fremantle and We Are Era which are global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom.
No goodwill is recognised on the acquisition of non-controlling interests.
1.7.3. Other intangible assets
Other intangible assets with a definite useful life, which are acquired by the Group, are stated at cost less accumulated amortisation and impairment losses. They comprise licences (other than (co-)production, audio-visual and other rights), trademarks and similar rights as well as software. They are amortised on a straight-line basis over their estimated useful life as follows:
Brands, unless an indefinite useful life can be justified, and customer relationships acquired through business combinations are mainly amortised on a straight-line basis over their estimated useful life.
Other intangible assets with an indefinite useful life are tested annually for impairment and whenever there is an indication that the intangible asset may be impaired.
1.8. Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful lives of the assets as follows:
Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in profit from operating activities.
Depreciation methods and useful lives, as well as residual values, are reassessed annually.
Expenditure incurred to replace a component of an item of property, plant and equipment that is separately accounted for is capitalised with the carrying amount of the component that is to be replaced being written off. Other subsequent expenditure is capitalised only when it increases the future economic benefits that will be derived from the item of property, plant and equipment. All other expenditure is expensed as incurred.
1.9. Leases
The Group mainly leases premises for operating businesses. Leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
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 re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of the lease liabilities recognised, initial direct costs incurred, restoration costs, and lease payments made at, or before, the commencement date less any incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term. Right-of-use assets are subject to impairment testing.
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 in substance fixed payments) less any lease incentive 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 that is reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period on which the event or condition that triggers the payment occurs. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s maturity, currency and risk-specific incremental borrowing rate is used. The incremental borrowing rate represents the cost of obtaining external financing for a corresponding asset with a financing period corresponding to the term of the lease denominated in the currency in which lease payments are settled.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets for all classes of assets
The Group applies the short-term lease recognition exemption to its leases (i.e. those leases that have a term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the exemption of low-value leased assets. Lease payments on short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term.
1.10. Loans and other financial assets
Initial recognition
The Group classifies its financial assets in the following measurement categories:
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets (with the exception of trade receivables without a significant financing component) are recognised initially at fair value, taking into account transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets recognised at fair value through profit or loss are immediately expensed in profit or loss. Trade receivables without a significant financing component are initially recognised at their transaction price.
For financial assets \u2013 debt instruments and investments in equity instruments \u2013 measured at fair value through profit or loss, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity instrument at fair value through other comprehensive income (FVOCI).
Financial assets with embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.
The fair value of publicly traded investments is based on quoted market prices at the reporting date. The fair value of non-publicly traded investments is based on the estimated discounted value of future cash flows.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
1.11. Current programme rights
Current programme rights are initially recognised at acquisition cost or Group production cost when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Current programme rights include programmes in progress, (co-)productions and rights acquired with the primary intention to broadcast or sell them in the normal course of the Group\u2019s operating cycle. Current programme rights include an appropriate portion of overheads and are stated at the lower of cost and net realisable value. The net realisable value assessment is based on the advertising revenue expected to be generated when broadcast, and on estimated net sales. Weak audience shares or changes from a prime-time to a late-night slot constitute indicators that a valuation allowance may be recorded. They are consumed based on either the expected number of transmissions or expected revenue in order to match the costs of consumption with the benefits received. The rates of consumption applied for broadcasting rights are as follows:
1.12. Accounts receivable and contract assets
Trade accounts receivable arise from the sale of goods and services related to the Group\u2019s operating activities. Trade accounts receivable are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less impairment loss.
Contract assets relate to the conditional right to consideration for complete satisfaction of the contractual obligations. Other accounts receivable include \u2013 in addition to deposits and amounts related to Profit and Loss Pooling (PLP) and Compensation Agreements with RTL Group\u2019s controlling shareholder \u2013 VAT recoverable, and prepaid expenses.
Impairment losses on trade accounts receivable, other financial instruments measured at amortised costs and contract assets are recognised when:
Additions to valuation allowance and subsequent recoveries of amounts previously written off are reported in the income statement within \u2018Other operating expenses\u2019.
Accrued income is stated at the amounts expected to be received.
1.13. Cash and cash equivalents
Cash consists of cash in hand and at bank. Cash equivalents are assets that are readily convertible into cash, such as short-term highly liquid investments, commercial paper, bank deposits and marketable securities, all of which mature within three months from the date of purchase, and money market funds that qualify as cash and cash equivalents under IAS\u00a07. Bank overdrafts are included within current liabilities.
1.14. Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. In assessing value in use, and fair value less costs of disposal where applicable, the estimated future cash flows are discounted to their present value using a discount rate after tax that reflects current market assessments of the time value of money and the risks specific to the asset.
In respect of assets other than goodwill, an impairment loss is reversed when there is an indication that the conditions that caused the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. The carrying amount after the reversal of the impairment loss cannot exceed the carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been recognised.
1.15. Impairment of financial assets
RTL Group applies the expected credit loss (ECL) model in accordance with IFRS\u00a09 for debt instruments at amortised cost and for contract assets. Accordingly, the amount of expected credit losses recognised as a loss allowance depends on the extent to which the default risk has increased since initial recognition. According to the so-called general approach, a distinction is made between the following two measurement bases:
Appropriate quantitative and qualitative information and analyses based on the Group\u2019s past experience and reasonable assessments \u2013 including forward-looking information such as customer-specific information and forecasts of future economic conditions \u2013 are taken into consideration when determining the credit risk. When a financial asset is more than 30 days past due, its credit risk is assumed to have increased significantly. A default of a financial asset is assumed at the latest when the counterparty fails to make contractual payments within 90 days of when they fall due, unless reasonable and supportable information is available that justifies a different time of overdue payment. The Group assesses whether a financial asset is credit-impaired at the end of each reporting period. This is the case when one or more events that have a detrimental impact on the expected future cash flows of that financial asset have occurred. A financial asset is written off when it is no longer reasonably expected to be fully or partially recoverable.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
1.16. Non-current assets held for sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less costs of disposal if their carrying amount is recovered principally through a sale transaction rather than through continuing use.
1.17. Accounts payable
Trade accounts payable arise from the purchase of assets, goods and services relating to the Group\u2019s operating activities and include accrued expenses. Other accounts payable comprise \u2013 in addition to amounts related to the Profit and Loss Pooling Agreement (PLP) with RTL Group\u2019s controlling shareholder \u2013 VAT payable, fair value of derivative liabilities, and accounts payable on capital expenditure. Trade and other accounts payable are measured at amortised cost using the effective interest method, except derivative liabilities, which are measured at fair value.
1.18. Loans payable
Interest-bearing current and non-current liabilities are recognised initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing current and non-current liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings using the effective interest method.
1.19. Provisions
Provisions are recognised when the Group has a present legal or constructive obligation to transfer economic benefits as a result of past events. The amounts recognised represent management\u2019s best estimate of the expenditures that will be required to settle the obligation at the reporting date. Provisions are measured by discounting the expected future cash flows to settle the obligation at a pre-tax risk-free rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or been announced publicly. Costs relating to the ongoing activities of the Group are not provided for.
Provisions for onerous contracts mainly relate to unavoidable costs for individual programme rights, the performance of which is assessed as clearly below that originally planned when the contract was agreed. Such situations mainly arise in case of executory obligations to purchase programmes that will not be aired due to lack of audience capacity or to a mismatch with the current editorial policy. In addition, an expected or actual fall in audience can be evidenced by several indicators, such as the underperformance of a previous season, the withdrawal of the programme\u2019s main advertisers or a decline in the popularity or success of sports programmes. Long-term sourcing agreements aim to secure the programme supply of broadcasters. These are mainly output deals, production agreements given European quota obligations, and arrangements with sports organisations. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.
1.20. Employee benefits
1.20.1. Pension benefits
The Group operates or participates in both defined contribution and defined benefit plans, according to the national laws and regulations of the countries in which it operates. The assets of the plans are generally held in separate trustee-administered funds, and some of the plans are operated through pension funds that are legally independent from the Group. The pension plans are generally funded by payments from employees and by the relevant Group companies, taking into account the recommendations of independent qualified actuaries.
Pension costs and obligations relating to defined benefit plans are recognised based on the projected unit credit method. The Group recognises actuarial gains and losses in other comprehensive income. Past-service costs are recognised immediately through profit or loss.
Pension costs relating to defined contribution plans (including deferred compensation plans that are defined contribution plans in nature) are recognised when an employee has rendered service in exchange for the contributions due by the employer.
1.20.2. Other benefits
Many Group companies provide death in service benefits, and spouses\u2019 and children\u2019s benefits. The costs associated with these benefits are recognised when an employee has rendered service in exchange for the contributions due by the employer.
1.20.3. Share-based transactions
Share options are granted to directors, senior executives and other employees of the Group. They may also be granted to suppliers for settlement of their professional services. Share options entitle holders to purchase shares at a price (the \u2018strike price\u2019) payable at the exercise date of the options. Options are initially measured at their fair value determined on the date of grant.
The grant date fair value of equity-settled share-based payment arrangements is recognised as an expense with a corresponding increase in equity over the vesting period of the options. The amount recognised as an expense is adjusted to reflect the number of options that are expected to ultimately vest, considering vesting service conditions and non-market performance conditions.
For cash settled share-based payment arrangements, the fair value of the amount payable to employees is recognised as an expense with a corresponding increase in liability until the employees exercise their options. The liability is re-measured to fair value at each reporting date up until the settlement date. Any changes in the liability are recognised in the income statement. The fair value of the options is measured using specific valuation models.
1.21. Share capital
1.21.1. Equity transaction costs
Incremental external costs directly attributable to the issue of new shares, other than in connection with a business combination, are deducted, net of the related income taxes, against the gross proceeds recorded in equity.
1.21.2. Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s own equity, the consideration paid, including any attributable transaction costs net of income taxes, is shown in deduction of equity as \u2018Treasury shares\u2019.
1.21.3. Dividends
Dividends on ordinary shares are recorded in the consolidated financial statements in the period in which they are approved at the Shareholders\u2019 meeting or authorised by the Board of Directors in case of interim dividends.
1.22. Revenue presentation and recognition
Revenue relates to advertising, the production, distribution and licensing of films, programmes and other rights, the rendering of services and the sales of merchandise. Revenue is presented net of sales deductions such as cash rebates, credit notes, discounts, refunds and VAT. Revenue comprises the fair value of the consideration received or receivable in the ordinary course of the Group\u2019s activities. The transaction price is determined based on the contractually agreed terms. The nature and timing of satisfaction of performance obligations and significant payment terms differ between the categories of revenue , whereas payments are generally due within short time.
Advertising revenue
Advertising arrangements mostly include spots aired or advertisements published as part of a campaign on various media (TV, radio, internet or printed magazines), generally for a period of up to one year. RTL Group considers that spots aired constitute a series of performance obligations for which the clients benefit from the visibility of their brands as the spot is broadcast. Therefore, RTL Group treats the series of spots as a single performance obligation. The same applies to advertisements in printed magazines.
Advertising revenue is recognised during the period over which the related advertisement is broadcast or appears before the public. Commissions paid to sales houses and other agencies are directly deducted from advertising revenue.
Both normal and free advertising spots of an advertising campaign are considered as separate performance obligations and recognised for their relative standalone selling price. Free advertising spots and printed advertisements generate a contract asset if they are aired or published before normal advertising spots and printed advertisements, and a contract liability in the reverse case.
Content revenue
Content revenue mostly consists of revenue generated from the production and licensing of intellectual property to customers.
Customer contracts typically have a wide variety of performance obligations, from production licence contracts to multi-year format licence agreements, as well as ancillary rights and services (e.g. merchandising rights, sponsorship rights and production consulting services) and distribution activities. IFRS\u00a015 requires an assessment of the nature of promise at contract level, of the unit of account regarding licences and payment terms. The Group assesses whether licences are determined to be a right to access the content (revenue recognised over time) versus a right to use the content (revenue recognised at a point in time).
RTL Group has determined that, for most of the licences granted, the involvement of the Group is limited to the transfer of the licence, where the performance obligation is satisfied at a point in time. Non-refundable minimum guarantees recoupable over royalties are received as part of some production or distribution arrangements. These are recognised in accordance with the classification of the type of licence granted.
Granting licences for streaming agreements (e.g. RTL+) stipulate obligations to provide access to the content over the subscription period. These are recognised in accordance with the classification of the type of licence granted, i.e. over time.
In the case of sales-based or usage-based royalties in exchange for a licence of intellectual property, the Group recognises revenue when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied) and when the subsequent sale or usage has occurred.
Most of the licences granted are licences for which revenue, including minimum guarantees, should be recognised at a point in time. In parallel, advance payments received from a customer to fulfil non-cancellable arrangements generate a contract liability.
When the customer has a right to return the product within a given period, the entity is obliged to refund the purchase price. Under IFRS\u00a015, a refund liability for the expected refunds to customers is recognised as an adjustment to revenue in trade and other accounts payable.
A significant part of operations developed by the digital video networks consists of distributing videos licenced by talents/influencers that are advertising-financed. The related revenue, due to a variable basis, is reported in content revenue.
Distribution revenue is recognised when the Group\u2019s TV channels are providing a signal to cable, satellite platforms and internet TV for a fee.
Other revenue
Revenue from own products is recognised at a point in time when control is transferred. Depending on the underlying respective terms of sale, this is generally upon delivery to the customer. Expected returns from sales of products, mainly from print magazines, are shown as liabilities in the position \u2019Accounts payable and other liabilities\u2019. In individual business models, giveaways to customers meet the criteria of a separate performance obligation. Any giveaways to an agent are capitalised as costs to obtain a contract and are amortised over the expected term of the subscription.
Revenue from services is recognised in the period in which the service has been rendered for the consideration that the Group expects to receive.
Sales of merchandise are recognised when the customer has obtained controls of the goods for the amount that the Group expects to receive.
For the sale of third-party goods and services and especially in the context of the Group\u2019s digital businesses, the Group assesses whether it operates as a principal, and reports revenue on a gross basis, or as an agent, and reports revenue on a net basis. The decision is primarily based on who the customer is and whether the agent obtains control of the specified goods or services before they are transferred to the customer. Other indicators include who is primarily responsible for fulfilment, inventory risk, and discretion in establishing the sales price.
In the Directors\u2019 report, \u2018Digital\u2019 refers to internet-related activities with the exception of online sales of merchandise (e-commerce). Digital revenue is spread over three different categories: digital advertising sales, revenue from distribution and licensing content, and consumer and professional services. In contrast to some competitors, RTL Group recognises only pure digital businesses as digital revenue and does not consider e-commerce, home shopping and platform revenue as digital revenue. Revenue from e-commerce and home shopping are included in \u2018Revenue from selling goods and merchandise and providing services\u2019. \u2018Content\u2019 mainly embraces the non-scripted and scripted production and related distribution operations.
IFRS 15 stipulates some practical expedients of which the following are applied in the RTL Group:
1.23. Government grants
Grants from government and inter-governmental agencies are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Government grants related to assets are initially presented as a deduction in arriving at the carrying amount of the asset. Grants that compensate the Group for expenses incurred are recognised in \u2018Other operating income\u2019 on a systematic basis in the same period in which the expenses are recognised.
Forgivable loans are loans which government and inter-governmental agencies undertake to waive repayment of under certain prescribed conditions. Forgivable loans are recognised in \u2018Other operating income\u2019 where there is reasonable assurance the loan will be waived.
1.24. Gain and loss from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree
Gains and losses on disposal or loss of control of subsidiaries owning only one non-financial asset or a group of similar assets are classified in \u2018Other operating income\u2019/\u2019Other operating expenses\u2019 to reflect the substance of the transaction.
1.25. Interest income and expense
Interest income and expense is recognised on a time proportion basis using the effective interest method.
1.26. Income tax
Recognition and measurement of income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly to other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted in the countries in which the Group\u2019s entities operate and generate taxable income at the reporting date and any adjustment to tax payable in respect of previous years.
Deferred taxes are recognised on any temporary difference between the carrying amount for consolidation purposes and the tax base of the Group\u2019s assets and liabilities, as well as for unused tax loss carry forwards and tax credits. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which the deductible temporary differences, unused tax credits and tax loss carry forwards can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax is not recognised for:
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same tax authority.
Global minimum tax
In October 2021, more than 130 countries agreed to implement a minimum tax regime for multinational groups, known as Pillar Two, to reform the international corporate taxation. Pillar Two aims to ensure that multinational groups in scope are liable to a minimum effective corporate tax rate of 15 per cent per country. In December 2021, the OECD released the Pillar Two model rules \u2013 accompanied by a comment and guidelines \u2013 which are due to be passed into national legislation but adapted by local conditions. In Europe, the individual countries enact the related law based on the latest EU directive before 31 December 2023. Management closely monitors the progress of the legislative process in each country in which the Group operates. As at 31 December 2022, the Group did not have sufficient information to determine any potential quantitative impact.
1.27. Discontinued operations
A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or a geographical area of operations that has been disposed of or is held for sale or distribution, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
1.28. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as treasury shares and the shares held under the liquidity programme, if any.
The diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There is currently no category of dilutive potential ordinary shares.
1.29. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Executive Committee of RTL Group, which makes strategic decisions.
An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Group\u2019s other components.
The operating results of all operating segments are regularly reviewed by the Group\u2019s Executive Committee, which makes decisions about resources to be allocated to the segment and assesses its performance, and for which discrete financial information is available.
The invested capital is disclosed for each reportable segment as reported to the Group\u2019s Executive Committee. Invested capital is calculated on the basis of the Group\u2019s operating assets (right-of-use assets included) less non-interest bearing operating liabilities (lease liabilities not included). Intercompany revenues are recognised using the same arm\u2019s-length conditions applied to transactions with third parties. No measure of segment assets and liabilities other than invested capital is reported to the Group\u2019s Executive Committee.
1.30. Prior year information
In December\u00a02021, Groupe M6 acquired a 2 per cent stake in St\u00e9phane Plaza Immobilier, in which it already held a 49 per cent shareholding. As a result of obtaining control, the investment previously accounted for using the equity method is fully consolidated from the date of acquisition. The initial accounting for the acquisition had not yet been completed in the last financial year. During the measurement period in 2022, the provisional amounts recognised at the\u00a0acquisition date\u00a0were retrospectively adjusted to reflect new information obtained about facts and circumstances that existed as at the acquisition date. In accordance with IFRS\u00a03.49, goodwill from the acquisition of St\u00e9phane Plaza Immobilier was decreased from \u20ac56 million to \u20ac23 million. The decrease results mainly from the valuation of intangible assets acquired for \u20ac88 million in total (consisting of \u20ac51 million for brands and \u20ac37 million for customer relationships) and respective adjustments in the deferred tax liability for \u20ac23 million as well as non-controlling interests for \u20ac32 million. Due to the finalisation of the purchase price allocation in 2022 the figures from the previous year in the consolidated statement of financial position have been adjusted accordingly. Further information is presented in note 4.2.
2. ACCOUNTING JUDGEMENTS AND ESTIMATES
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
2.1. Consolidation of entities in which the Group holds less than 50 per cent
Even though the Group has less than 50 per cent of the voting rights of Groupe M6, management considers that the Group has control of Groupe M6. The Group is the controlling shareholder of Groupe M6 while the balance of other holdings remains highly dispersed and the other shareholders have not organised their interest in such a way that they intend to vote differently from the Group.
2.2. Significant influence with less than 20 per cent
Although the Group holds less than 20 per cent of the equity shares of Atresmedia, management consider that the Group exercises a significant influence in Atresmedia in view of the representation of RTL Group on the Board of Directors and other governing bodies of Atresmedia.
2.3. Lease accounting
Extension and termination options are included in several real estate leases across the Group. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option and considers all relevant factors that create an economic incentive to exercise the option. After the commencement date, the Group re-assesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option or not. Most of the extension and termination options held are exercisable only by the Group and not by the respective lessor. Incremental borrowing rates determined by currency and maturity are updated on a yearly basis unless a triggering event occurs.
2.4. Programme and other rights (assets and provisions for onerous contracts)
The Group\u2019s accounting for non-current programme rights requires estimates by management as it relates to total net revenue used in the determination of the amortisation charge and impairment loss for the year.
In addition, management estimates must consider factors such as the future programme grid, the realised/expected audience of the programme, the current programme rights that are not likely to be broadcast, and the related valuation allowance.
Provisions for onerous contracts related to programme and other rights are also recognised when the Group has constructive obligations, and it is probable that unavoidable costs exceed the economic benefits originally planned. These provisions have been determined by discounting the expected future cash inflows for which the amount and timing are dependent on future events.
2.5. Estimated impairment of goodwill, intangible assets with indefinite useful life and investments accounted for using the equity method
The Group tests at least annually whether goodwill and intangible assets with indefinite useful life have suffered any impairment. The Group also tests annually whether investments accounted for using the equity method have suffered any impairment, and if any impairment should be reversed.
The Group has used a combination of long-term trends, industry forecasts and in-house knowledge \u2013 with greater emphasis on recent experience \u2013 in forming its assumptions about the development of the various advertising markets in which the Group operates. This is an area highly exposed to general economic conditions. The state of the advertising market is just one of the key operational drivers used by the Group to assess individual business models. Other key drivers (non-IFRS measures) include audience shares, advertising market shares, EBITA and EBITA margin, and operating cash conversion rates. Each of these elements is variable, inter-related and difficult to isolate as the main driver of the various business models and respective valuations.
The Group performs sensitivity analysis of the recoverable amount of the cash-generating units, especially on those where the headroom between the recoverable amount and the carrying amount is low.
2.6. Contingent consideration and put option liabilities on non-controlling interests
Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination, and subsequently re-measured at each reporting date. The determination of the fair value is based on discounted cash flow and takes into account the probability of meeting each performance target. Put option liabilities on non-controlling interests are recognised at the present value of the redemption amount in case of exercise of the option by the counterparty.
2.7. Fair value of equity instruments at fair value through OCI
The Group has used discounted cash flow analysis for the equity instruments at FVOCI that were not traded in active markets.
2.8. Assets held for sale and discontinued operations
The determination of the fair value less costs to sell requires management judgement as it relates to estimates of proceeds of the disposal, residual obligations and direct disposal costs. The classification as assets held for sale and discontinued operations also requires management judgement.
2.9. Provisions for litigations
Most claims involve complex issues, and the probability of loss and an estimation of damages are difficult to ascertain. A provision is recognised when the risk of a loss becomes more likely than not and when it is possible to make a reasonable estimate of the expected financial effect. RTL Group management reviews on a regular basis the expected settlement of the provisions.
2.10. Income tax, deferred tax and other taxes
The Group is subject to income and other taxes in numerous jurisdictions. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.
Uncertain tax positions and future tax benefits are based on assumptions and estimations that may arise from the interpretation of tax regulations. An asset or liability arising from an uncertain tax position is recognised in accordance with IAS\u00a012 if a payment or reimbursement for the uncertain tax position is probable. The valuation of the uncertain tax positions is based on their most probable amount in accordance with IFRIC 23. Deferred tax assets are recognised in the amount in which they are likely to be utilised later. Various factors are used to assess the probability of the future usability of deferred tax assets. This includes past profit and loss, corporate planning and tax planning strategies, and loss periods.
2.11. Post-employment benefits
Post-employment benefits rely on several assumptions such as:
2.12. Recognition of revenue
In the event of return rights, mostly for print products, estimates must be made with regard to the anticipated return volume, as revenues are recognised taking the anticipated returns into account. Return ratios determined using statistical methods are used to identify the anticipated returns. The transaction prices to be determined using the contract-based five-step model defined in IFRS 15 often include both fixed and variable consideration. The variable components are determined on the basis of estimates, which are made and updated in accordance with constraint conditions. For various business models, qualitative estimates must be made as part of principal-agent considerations as to who is to be regarded as a customer of an RTL Group company and whether an RTL Group company is to be regarded as principal or agent in a transaction.
2.13. Contingent liabilities
Contingent liabilities are disclosed unless management considers that the likelihood of an outflow of economic benefits is remote.
3. SEGMENT REPORTING
The determination of the Group\u2019s operating segments is based on the operational and management-related entities for which information is reported to the Executive Committee.
The Group has 14 business units (of which Atresmedia is accounted for using the equity method) at 31\u00a0December\u00a02022, each one led by a CEO. The Group owns interests in 56 television channels, nine streaming services and 36 radio stations, of which 10 TV channels, three radio stations and a streaming service are held by Atresmedia as an associate (see note 6.5.2).
In addition, Fremantle and We Are Era operate global/multi-territory networks in content, digital video and advertising technology businesses.
The following reported segments meet the quantitative thresholds required by IFRS\u00a08:
The revenue of \u2018Other segments\u2019 amounts to \u20ac411\u00a0million (2021: \u20ac604\u00a0million). The major contributors are RTL Hungary with \u20ac113\u00a0million (2021: \u20ac116\u00a0million), We Are Era with \u20ac64\u00a0million (2021: \u20ac62\u00a0million), RTL Belgium (before disposal) with \u20ac40\u00a0million (2021: \u20ac176\u00a0million), and RTL Croatia (before disposal) with \u20ac19\u00a0million (2021: \u20ac46\u00a0million). The Group\u2019s Corporate Centre, which provides services and initiates projects, is also reported in \u2018Other segments\u2019.
RTL Group\u2019s Executive Committee primarily assesses the performance of the operating segments based on Adjusted EBITA. Interest income, interest expense, other financial income, other financial expense and income tax are not allocated to segments, as these are centrally managed. Inter-segment pricing is determined on an arm\u2019s length basis.
The Executive Committee also reviews, on a regular basis, the amount of the invested capital of each business unit.
As a rule, all management financial information reported to RTL Group\u2019s Executive Committee is fully compliant and consistent with the Group\u2019s accounting policies and primary statements, except intercompany leases. For segment reporting, intercompany leases are presented as operating leases with income and expenses recognised using the straight-line method in accordance with IFRS 8, in line with internal management.
3.1. Segment information
\u00a0
RTL Deutschland
Groupe M6
Fremantle
RTL Nederland
Other segments1)
Eliminations
Total Group
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from external customers
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
\u2013
\u2013
7,224
6,637
Inter-segment revenue
\u2013
3
5
11
200
199
1
(2)
87
72
(293)
(283)
\u2013
\u2013
Total revenue
2,766
2,425
1,357
1,390
2,347
1,926
636
575
411
604
(293)
(283)
7,224
6,637
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation, amortisation and impairment including on goodwill and on fair value adjustments on acquisitions of subsidiaries
(76)
(43)
(105)
(95)
(62)
(43)
(9)
(9)
(34)
(38)
\u2013
\u2013
(286)
(228)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
25
32
(34)
(26)
1
2
\u2013
\u2013
22
19
\u2013
\u2013
14
27
Impairment and reversals of investments accounted for using the equity method
(5)
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Adjusted EBITA
459
541
304
329
162
141
161
107
(12)
33
9
1
1,083
1,152
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Adjusted EBITA margin
16.6%
22.3%
22.4%
23.7%
6.9%
7.3%
25.3%
18.6%
(2.9)%
5.5%
n/a
n/a
15.0%
17.4%
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Invested capital
1,464
963
1,419
1,370
1,980
1,610
167
165
390
623
5
(3)
5,425
4,728
1) Other segments include the Adjusted EBITA loss of \u20ac\u201131\u00a0million generated by Group Corporate Centre (2021: \u20ac\u201134\u00a0million).
The following table shows the reconciliation of segment information to the consolidated financial statements.
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Adjusted EBITA
\u00a0
1,083
1,152
Impairment of goodwill of subsidiaries
\u00a0
\u2013
\u2013
Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries
\u00a0
(46)
(19)
Impairment and reversals of investments accounted for using the equity method
\u00a0
(5)
2
Impairment and reversals on other financial assets at amortised cost
\u00a0
(30)
\u2013
Re-measurement of earn-out arrangements
\u00a0
\u2013
\u2013
Fair value measurement of investments
\u00a0
(78)
(115)
Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree
\u00a0
107
949
Significant special items
\u00a0
(44)
(61)
Earnings before interest and taxes (EBIT)
\u00a0
987
1,908
Financial result
\u00a0
(55)
(27)
Profit before tax
\u00a0
932
1,881
Income tax expense
\u00a0
(166)
(427)
Group profit
\u00a0
766
1,454
In 2022, \u2018Significant special items\u2019 reflects restructuring and integration costs in Germany (\u20ac-33 million) following the Gruner + Jahr transaction as well as the impact of expenses in connection with strategic portfolio management (\u20ac-11 million). In 2021, \u2018Significant special items\u2019 reflected the impact of restructuring expenses at RTL Deutschland (\u20ac\u201138\u00a0million), reversal of negative effects from onerous advertising sales contracts (\u20ac10\u00a0million) and the impact of expenses in connection with strategic portfolio management (\u20ac\u201133\u00a0million).
3.2. Geographical information
Geographical areas are based on where customers (revenue) and the Group\u2019s non-current assets are located. Goodwill has been allocated to a geographical area based on whether the Group\u2019s risks and returns are affected predominantly by the products and services it produces.
\u00a0
Germany
France
United States
The Netherlands
UK
Belgium
Other regions
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from external customers
2,606
2,241
1,367
1,392
1,003
901
628
610
319
233
72
203
1,229
1,057
7,224
6,637
Non-current assets1)
1,738
1,465
1,183
1,193
507
481
336
338
559
435
2
2
260
242
4,585
4,156
Assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
164
\u2013
32
\u2013
196
Capital expenditure
391
256
114
173
28
53
7
10
136
5
2
6
57
77
735
580
1) Non-current assets comprise intangible assets (including goodwill), property, plant and equipment and right-of-use assets
The revenue generated in Luxembourg amounts to \u20ac91\u00a0million (2021: \u20ac75\u00a0million). The total of non-current assets other than investments accounted for using the equity method, financial instruments, deferred tax assets and post-employment benefit assets located in Luxembourg amounts to \u20ac60\u00a0million (2021: \u20ac66\u00a0million).
4. GROUP COMPOSITION
4.1. Scope of consolidation
RTL Deutschland, Fremantle and RTL Nederland are wholly owned by RTL Group. Additionally, RTL Group is the controlling shareholder of Groupe M6 with ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6), and groups further investments under \u2018Other segments\u2019, in 2022 including RTL Hungary, Atresmedia and We Are Era (in 2021 including RTL Belgium, RTL Croatia, RTL Hungary, Atresmedia and We Are Era).
The following table shows the composition of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Subsidiaries
Joint ventures1
Associates1
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
67
50
2
2
14
13
83
65
Groupe M6
47
49
5
4
4
3
56
56
Fremantle
174
104
2
1
1
1
177
106
RTL Nederland
8
6
2
2
2
2
12
10
Other segments
39
54
\u2013
\u2013
3
3
42
57
Total
335
263
11
9
24
22
370
294
1) The joint ventures and associates included in the table are investments accounted for using the equity method.
The following table shows the changes of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Germany
France
United States
The Netherlands
UK
Belgium
Other regions
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated as at 31\u00a0December\u00a02021
69
62
22
21
18
10
92
294
Additions
17
4
23
\u2013
40
\u2013
23
107
Disposals
2
3
1
\u2013
\u2013
8
17
31
Consolidated as at 31\u00a0December\u00a02022
84
63
44
21
58
2
98
370
A total of 61 (2021: 64) companies were excluded from the scope of consolidation. These consist of entities without significant business operations and of negligible importance for the financial position and financial performance of RTL Group as a whole.
The complete list of RTL Group\u2019s undertakings as at 31\u00a0December\u00a02022 is presented in note 12.
4.2. Acquisitions
In the financial year 2022, the cash flow from acquisition activities \u2013 without acquisition of businesses under common control \u2013 totalled \u20ac-113 million (2021: \u20ac-136\u00a0million), of which, after consideration of cash and cash equivalents acquired, \u20ac\u2011110\u00a0million relates to new acquisitions during the reporting period. Considering the acquisition of businesses under common control, the total cash flow from acquisition activities amounted to \u20ac53 million (2021: \u20ac\u2011353 million). The consideration transferred in accordance with IFRS\u00a03 amounted to \u20ac189\u00a0million (2021: \u20ac190\u00a0million) taking into account contingent consideration of \u20ac22\u00a0million (2021: \u20acnil\u00a0million). In addition, put options were recognised in the amount of \u20ac149\u00a0million (2021: \u20ac38\u00a0million) in connection with the acquisitions.
In March 2022, Fremantle acquired 70 per\u00a0cent of Lux Vide, Italy\u2019s leading independent television production company. The acquisition of Lux Vide forms part of Fremantle\u2019s growth strategy to invest in premium production companies, content creators, and talents from around the world \u2013 developing and securing original formats and exclusive IP. The consideration transferred amounted to \u20ac43\u00a0million and was fully paid in cash. The purchase price allocation resulted in goodwill of \u20ac8\u00a0million, mainly reflecting the expertise of the management and synergy potential with Fremantle. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Furthermore, in connection with the acquisition, the related put options on the remaining 30 per\u00a0cent share capital were recognised for an amount of \u20ac32\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Lux Vide has contributed \u20ac56\u00a0million to Group revenue and \u20ac6\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Lux Vide would have contributed \u20ac67\u00a0million to Group revenue and \u20ac7\u00a0million to Group profit or loss.
In April 2022, Fremantle acquired a further 36 per\u00a0cent of the shares in Dancing Ledge Productions. RTL\u00a0Group\u2019s shareholding in Dancing Ledge Productions is now 61 per\u00a0cent. The acquisition underlines Fremantle\u2019s strategic plan to invest in and grow premium production companies and creative talents from around the world. As a result of obtaining control, the investment previously accounted for using the equity method is fully consolidated from the date of acquisition. The consideration transferred in terms of IFRS\u00a03 was \u20ac6\u00a0million and was fully paid in cash. Obtaining control led to a derecognition of the associate previously accounted for using the equity method, the fair value of which amounted to \u20ac3 million immediately before the acquisition date. The re-measurement of the investment already held resulted in an income of \u20ac3\u00a0million recognised in \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019. The purchase price allocation resulted in goodwill of \u20ac5\u00a0million, mainly reflecting growth opportunities in the UK market and international distribution opportunities for their content. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Furthermore, in connection with the acquisition, the related put option on the 39 per\u00a0cent share capital was recognised for an amount of \u20ac9\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs were insignificant and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Dancing Ledge Productions has contributed \u20ac32\u00a0million to Group revenue and \u20acnil\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Dancing Ledge Productions would have contributed \u20ac32\u00a0million to Group revenue and \u20acnil\u00a0million to Group profit or loss.
In May 2022, Fremantle acquired 51 per\u00a0cent of Element Pictures, the production company behind Academy Award, Golden Globe and BAFTA-winning films The Favourite and Room, the global drama Normal People, and the mini-series Conversations With Friends. The acquisition of Element Pictures also forms part of Fremantle\u2019s growth strategy to invest in premium production companies, content, and talents around the world to source the best creative ideas, and to develop and create strong and exclusive IP. The consideration transferred amounted to \u20ac56\u00a0million and comprises a purchase price payment already made in the amount of \u20ac46\u00a0million and a contingent consideration in the amount of \u20ac10\u00a0million. The purchase price allocation resulted in goodwill of \u20ac51\u00a0million, mainly reflecting synergies with Fremantle and international distribution growth opportunities. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Furthermore, in connection with the acquisition, the related put options on the remaining 49 per\u00a0cent share capital were recognised for an amount of \u20ac54\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Element Pictures has contributed \u20ac51 million to Group revenue and \u20ac5\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Element Pictures would have contributed \u20ac66\u00a0million to Group revenue and \u20ac\u20112\u00a0million to Group profit or loss.
In May 2022, Smartclip \u2013 the ad-tech business of RTL Deutschland \u2013 acquired 100 per\u00a0cent of Realytics, a French ad-tech company that is spearheading the convergence between TV and digital in Europe. The combined ad-tech solutions of Smartclip and Realytics help to measure the impact of TV campaigns on websites. The integration of Paris-based Realytics into Smartclip\u2019s ad-tech stack marks Smartclip\u2019s entry into the French market. The consideration transferred amounted to \u20ac7\u00a0million and was fully paid in cash. The purchase price allocation resulted in goodwill of \u20ac8\u00a0million, mainly reflecting revenue synergies by the roll-out of Realytics\u00b4 offerings across other RTL\u00a0Group countries and cost synergies. Goodwill is not tax deductible and was allocated to the RTL Deutschland cash-generating unit. In the financial year 2022, transaction-related costs were insignificant and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Realytics has contributed \u20ac1\u00a0million to Group revenue and \u20ac\u20112\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Realytics would have contributed \u20ac2\u00a0million to Group revenue and \u20ac\u20113\u00a0million to Group profit or loss.
In November 2022, Fremantle acquired 55 per\u00a0cent of 72 Films, an independent TV production company focusing on documentaries and factual entertainment. The acquisition further underlines Fremantle\u2019s strategic plan to invest in and help develop premium production companies with exceptional creative talents. The consideration transferred amounted to \u20ac51\u00a0million, of which \u20ac44\u00a0million was paid in cash. Earn-out consideration amounted to \u20ac7\u00a0million. The preliminary purchase price allocation at a very early stage resulted in provisional goodwill of \u20ac50\u00a0million, mainly reflecting the expertise of the management and synergy potential with Fremantle. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Further, in connection with the acquisition, the related put options on the remaining 45 per\u00a0cent share capital were recognised for an amount of \u20ac39\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, 72 Films has contributed \u20ac3\u00a0million to Group revenue and \u20acnil\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, 72 Films would have contributed \u20ac25\u00a0million to Group revenue and \u20ac2\u00a0million to Group profit or loss.
Also in November 2022, Fremantle acquired 51 per\u00a0cent of Wildstar Films, a production company focused on natural history documentaries. The acquisition is in line with Fremantle\u2019s strategic plan to invest in and develop premium production companies and creative talents from around the world. The consideration transferred amounted to \u20ac19\u00a0million, of which \u20ac13\u00a0million was paid in cash. The earn-out consideration amounted to \u20ac5\u00a0million and the deferred payment to \u20ac1 million. The preliminary purchase price allocation at a very early stage resulted in provisional goodwill of \u20ac14\u00a0million, mainly reflecting the expertise of the management and synergy potential with Fremantle. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Further, in connection with the acquisition, the related put option on the remaining 49 per\u00a0cent share capital was recognised for an amount of \u20ac15\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Wildstar Films has contributed \u20ac7\u00a0million to Group revenue and \u20ac1\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Wildstar Films would have contributed \u20ac62\u00a0million to Group revenue and \u20ac4\u00a0million to Group profit or loss.
At the time the consolidated financial statements were authorised for issue, RTL\u00a0Group had not yet completed the accounting for the acquisitions of 72 Films and Wildstar Films. As the valuations have not yet been finalised, the fair values of identifiable assets \u2013 especially intangible assets \u2013 and liabilities acquired have only been determined provisionally and have not been recognised accordingly. The accounting for these acquisitions will be revised in 2023 based on facts and circumstances that existed at the date of gain of control.
In addition, RTL Group made further acquisitions in the financial year 2022, none of which were material on a standalone basis. The consideration transferred in terms of IFRS\u00a03 for other minor acquisitions amounted to \u20ac7\u00a0million. Other acquisitions resulted in goodwill totalling \u20ac4\u00a0million, which reflects synergy potential and is not tax deductible. Transaction-related costs were insignificant in the financial year 2022 and have been recognised in profit or loss.
The purchase price allocations consider all the facts and circumstances prevailing as at the respective dates of acquisition that were known prior to the preparation of the consolidated financial statements. In accordance with IFRS\u00a03, should further facts and circumstances become known within the 12-month measurement period, the purchase price allocation will be adjusted accordingly.
In accordance with IFRS\u00a03, the fair values of the identifiable assets, liabilities and contingent liabilities acquired are measured primarily using the market price-oriented method. According to this method, assets and liabilities are measured at the prices observed in active markets. If measurement using the market price-oriented method is not feasible, the capital value-oriented method is generally applied. According to that method, the fair value of an asset or a liability corresponds to the present value of the future cash inflows or outflows (cash flows).
The following table shows the fair values of the assets and liabilities of the acquisitions on their dates of initial consolidation based on the purchase price allocations, some of which are currently preliminary:
\u00a0
Lux Vide
Dancing Ledge Productions
Element Pictures
Realytics
72 Films
Wildstar Films
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Programme and other rights
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Other intangible assets
10
5
13
5
\u2013
\u2013
\u2013
33
Property, plant and equipment
8
\u2013
1
\u2013
1
3
\u2013
13
Right-of-use assets
9
\u2013
1
\u2013
\u2013
2
\u2013
12
Other non-current assets
\u2013
\u2013
1
\u2013
2
\u2013
1
4
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Programme rights
42
34
72
\u2013
12
\u2013
\u2013
160
Trade and other accounts receivable
37
2
4
\u2013
4
7
1
55
Other current assets
28
\u2013
\u2013
1
1
3
\u2013
33
Cash and cash equivalents
3
7
20
2
7
17
3
59
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
(32)
\u2013
(7)
(4)
\u2013
\u2013
\u2013
(43)
Lease liabilities
(5)
\u2013
(1)
\u2013
\u2013
(2)
\u2013
(8)
Other liabilities
(50)
(42)
(93)
(5)
(25)
(21)
(1)
(237)
Net assets acquired
50
6
11
(1)
2
9
5
82
Goodwill
8
5
51
8
50
14
4
140
Non-controlling interests
(15)
(2)
(6)
\u2013
(1)
(4)
\u2013
(28)
Fair value of pre-existing interests
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
(2)
(5)
Consideration transferred according to IFRS\u00a03
43
6
56
7
51
19
7
189
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Less earn-out consideration
\u2013
\u2013
(10)
\u2013
(7)
(5)
\u2013
(22)
Less other deferred consideration
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Consideration paid in cash
43
6
46
7
44
13
7
166
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents acquired
(3)
(7)
(20)
(2)
(7)
(17)
(3)
(59)
Financial debt repaid at closing
\u2013
\u2013
\u2013
3
\u2013
\u2013
\u2013
3
Cash outflow/(inflow) on acquisitions in terms of IFRS\u00a03
40
(1)
26
8
37
(4)
4
110
On the acquisition date, the fair value of the acquired receivables was \u20ac55\u00a0million. Of that amount, \u20ac52\u00a0million is attributable to trade receivables and \u20ac3\u00a0million to other receivables. Trade receivables are impaired in the amount of \u20ac\u20111\u00a0million, so that the gross amount of trade receivables amounts to \u20ac53\u00a0million. The other receivables were not impaired, so that the fair value is equal to the gross amount.
Since initial consolidation, all new acquisitions in accordance with IFRS\u00a03 in the financial year 2022 have contributed \u20ac150\u00a0million to revenue and \u20ac10\u00a0million to Group profit. If consolidated as at 1\u00a0January\u00a02022, these would have contributed \u20ac253\u00a0million to revenue and \u20ac7\u00a0million to Group profit.
In addition, RTL Group made transactions under common control in the financial year 2022.
In January\u00a02022, RTL Deutschland acquired 100 per cent of the share capital of Gruner\u00a0+\u00a0Jahr Deutschland GmbH. The acquisition was preceded by the decision of RTL Group in August 2021 to acquire Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion across TV, streaming, print, radio and digital. As part of the Gruner\u00a0+\u00a0Jahr acquisition, 50 per cent of the capital of Deutsche Medien Manufaktur (DMM) was transferred downstream to RTL Deutschland in April 2022.
The total consideration transferred \u2013 including final working capital adjustment \u2013 amounted to \u20ac228\u00a0million, of which \u20ac210\u00a0million was paid in 2021. Considering cash acquired of \u20ac181 million, the net cash inflows from the transaction amount to \u20ac166\u00a0million in 2022. The transactions were accounted for as a transaction under common control, whereby RTL Group applies the accounting policy choice to recognise assets acquired and liabilities assumed at carrying amounts, while the difference between assets/liabilities and consideration transferred amounted to \u20ac16\u00a0million, recognised in equity under \u2018Other changes\u2019.
The following table provides an outline of the impact of the transaction on RTL Group\u2019s financial position:
\u00a0
Total
\u00a0
\u20ac m
\u00a0
\u00a0
Non-current assets
\u00a0
Goodwill
179
Other intangible assets
18
Property, plant and equipment
3
Right-of-use assets
4
Investments accounted for using the equity method
13
Other non-current assets
7
Deferred tax assets
23
Current assets
\u00a0
Other inventories
13
Trade and other accounts receivable
50
Other current assets
7
Cash and cash equivalents
181
Liabilities
\u00a0
Provisions for pensions and similar obligations
(96)
Lease liabilities
(4)
Income tax payable
(31)
Trade and other accounts payable
(82)
Other liabilities
(10)
Contract liabilities
(46)
Other provisions
(15)
Deferred tax liabilities
(2)
Net assets acquired
212
The following table summarises the total cash flow from acquisition activities during the financial year 2022:
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash outflow/(inflow) on acquisitions in terms of IFRS\u00a03
\u00a0
\u00a0
110
135
Cash outflow/(inflow) on acquisition of businesses under common control
\u00a0
\u00a0
(166)
217
Payments on prior years\u2019 acquisitions
\u00a0
\u00a0
3
1
Total cash flow from acquisition activities
\u00a0
\u00a0
(53)
353
In December 2021, Groupe M6 finalised the acquisition of a 2 per cent stake in St\u00e9phane Plaza Immobilier, in which it already held a 49 per cent shareholding, thereby assuming control of this network of franchised estate agents. As a result of obtaining control, the investment previously accounted for using the equity method was fully consolidated from the date of acquisition. The consideration transferred in terms of IFRS 3 was \u20ac3 million. The final purchase price allocation\u00a0was completed in the second half 2022 and thus the figures from the previous year in the consolidated statement of financial position have been adjusted accordingly. The following table summarises the recognised amounts of assets acquired and liabilities assumed after completion of the purchase price allocation in comparison with published financial statements for the year-end 2021.
\u00a0
St\u00e9phane Plaza Immobilier
\u00a0
\u20ac m
\u20ac m
\u00a0
Published in 2021\u00a0
Restated 2021\u00a0
Non-current assets
\u2013
\u2013
Programme and other rights
\u2013
\u2013
Other intangible assets
\u2013
88
Property, plant and equipment
\u2013
\u2013
Right-of-use assets
\u2013
\u2013
Other non-current assets
\u2013
\u2013
Current assets
Programme rights
\u2013
\u2013
Trade and other accounts receivable
\u2013
\u2013
Other current assets
\u2013
\u2013
Cash and cash equivalents
18
18
\u00a0
Liabilities
Lease liabilities
\u2013
\u2013
Other liabilities
(3)
(26)
Net assets acquired
15
80
Goodwill
56
23
Non-controlling interests
(7)
(39)
Fair value of pre-existing interests
(61)
(61)
Consideration transferred according to IFRS\u00a03
3
3
4.3. Disposals
In March 2022, RTL Group sold its interests held in RTL Belgium to the Belgian media companies DPG Media and Groupe Rossel which resulted in net cash inflows of \u20ac154\u00a0million. Net of transaction-related costs, the transaction resulted in an overall gain of \u20ac102\u00a0million recognised in \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019. RTL Group\u2019s shareholders will benefit from the transaction in line with the stated dividend policy.
In June 2022, RTL Group sold its interests held in RTL Croatia to Central European Media Enterprises (CME) for \u20ac41\u00a0million net of cash disposed of. Net of transaction-related costs, the transaction resulted in an overall gain of \u20ac16\u00a0million recognised in \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019. In addition, RTL Group has agreed to a long-term trademark licensing agreement with the buyer. RTL Group\u2019s shareholders will benefit from the cash proceeds in line with the stated dividend policy.
During the financial year 2022 RTL Group sold other subsidiaries, none of which was material on a standalone basis. In total, the impact of these disposals on the Group\u2019s financial position and financial performance was also minor.
From all disposals in the financial year 2022, RTL\u00a0Group generated cash flows totalling \u20ac194\u00a0million (2021: \u20ac665\u00a0million) after considering cash and cash equivalents disposed of. The disposals led to a gain from deconsolidation of \u20ac112\u00a0million (2021: \u20ac776\u00a0million), which is recognised in \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019. The following table shows their impact on RTL\u00a0Group\u2019s assets and liabilities at the time of deconsolidation.
\u00a0
RTL Belgium
RTL Croatia
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
Goodwill
32
\u2013
1
33
Other intangible assets
3
4
\u2013
7
Property, plant and equipment
14
4
1
19
Right-of-use assets
26
5
1
32
Loans and other non-current assets
\u2013
\u2013
\u2013
\u2013
Deferred tax assets
5
2
1
8
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
Programme rights
28
16
\u2013
44
Other inventories
\u2013
\u2013
5
5
Accounts receivable and other current assets
49
14
9
72
Other current assets
5
1
1
7
Cash and cash equivalents
51
2
3
56
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Income tax payable
(3)
\u2013
\u2013
(3)
Deferred tax liabilities
(2)
\u2013
\u2013
(2)
Lease liabilities
(26)
(5)
(1)
(32)
Provisions
(15)
\u2013
\u2013
(15)
Accounts payable and other liabilities
(60)
(18)
(6)
(84)
Contract liabilities
(2)
\u2013
\u2013
(2)
Net assets disposed of
105
25
15
145
4.4. Other information
In September 2022, Groupe Bouygues, RTL Group, Groupe TF1 and Groupe M6 decided to call off their plan to merge Groupe TF1 and Groupe M6. Following this decision, RTL Group received several financially attractive offers for its controlling stake in Groupe M6. However, RTL Group considered the legal risks and uncertainties to be too high, due to the required approval processes from the antitrust and media authorities, and the timing for the upcoming license renewal for the main channel M6. RTL Group has thus decided not to sell or reduce its shareholding in Groupe M6.
In January\u00a02023, the Dutch competition authority ACM informed RTL Group and Talpa Network that the authority will not approve the proposed merger of RTL Nederland and Talpa Network, initially announced on 22 June 2021. Since the initial announcement of the planned transaction, RTL Group and Talpa Network have fully cooperated with ACM during its in-depth review. Most recently, both parties made proposals to address and mitigate the concerns raised by ACM regarding the position of the combined group in the Dutch TV advertising market. The proposed remedy was to completely outsource the advertising sales of Talpa Network\u2019s TV channels to Mediahuis Nederland. However, ACM has indicated to RTL Group and Talpa Network that the market test did not sufficiently mitigate its concerns. This stops the current merger process. ACM will likely need a few weeks to finalise the formal decision. RTL Group and Talpa Network continue to firmly believe that a merger of RTL Nederland and Talpa Network would have been the right strategic response to the challenges resulting from the increased competition with the international platforms.
5. DETAILS ON CONSOLIDATED INCOME STATEMENT
5.1. Revenue
Revenue is disaggregated below by nature and timing of recognition. The table also includes a reconciliation with reportable segments.
\u00a0
RTL Deutschland
Groupe M6
Fremantle
RTL Nederland
Other segments
Total Group
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from advertising
2,053
1,937
1,084
1,126
16
21
403
362
166
328
3,722
3,774
Revenue from exploitation of programmes, rights and other assets
334
302
174
172
2,112
1,689
206
189
89
106
2,915
2,458
Revenue from selling goods and merchandise and providing services
379
183
94
81
19
17
26
26
69
98
587
405
\u00a0
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
7,224
6,637
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Timing of revenue recognition
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At a point in time
353
88
94
103
2,035
1,674
1
\u2013
63
72
2,546
1,937
Over time
2,413
2,334
1,258
1,276
112
53
634
577
261
460
4,678
4,700
\u00a0
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
7,224
6,637
The increase in \u2018Revenue from exploitation of programmes, rights and other assets\u2019 is mainly due to the several acquisitions conducted by Fremantle and its organic growth. The increase in \u2018Revenue from selling goods and merchandise and providing services\u2019 is mainly due to publishing business through the acquisition of Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands.
The following table shows how much of the revenue recognised in the reporting period relates to carried forward contract liabilities and how much relates to performance obligations that were satisfied in previous periods:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Revenue recognised that was included in the contract liabilities balance at the beginning of the period
553
358
Revenue recognised from performance obligations satisfied in previous periods
\u2013
-
As at 31 December 2022, RTL Group expects future revenues from existing long-term agreements of \u20ac77 million (2021: \u20ac17 million), which will be attributable to unsatisfied (or partially unsatisfied) performance obligations as at the end of the reporting period and is expected to be recognised in the amount of \u20ac41 million (2021: \u20ac16 million) in the next financial year and in the amount of \u20ac36 million (2021: \u20ac1 million) in the following years.
The increase in current contract liabilities from \u20ac449 million at 31 December 2021 to \u20ac596 million at 31 December 2022 is due to the increased volume of activity still to be completed on Fremantle productions.
5.2. Other operating income
The other operating income amounting to \u20ac84 million (2021: \u20ac88 million) was characterised by a decline in Groupe M6 due to higher tax credits and operating subsidies in the prior year, partly balanced by scope effects in RTL\u00a0Deutschland following the acquisition of Gruner + Jahr.
5.3. Other operating expenses
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
In the financial years 2022 and 2021, the item \u2018Fair value measurement of investments\u2019 included mainly effects from the valuation of Magnite shares and VideoAmp shares. The item \u2018Valuation allowance\u2019 includes the impairment of the loan provided by Groupe M6 to Salto (see note 6.5.1). The item \u2018Rentals and other lease expenses\u2019 includes expenses from short-term leases of \u20ac17\u00a0million (2021: \u20ac12\u00a0million) and expenses for low-value assets for \u20acnil\u00a0million (2021: \u20acnil\u00a0million). Expenses from variable lease payments, which are not included in the lease liabilities, are immaterial for RTL Group.
The item \u2018Audit and consulting fees\u2019 includes fees related to the Group\u2019s auditor, KPMG, and its affiliates regarding continuing operations. These are set out below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Audit services pursuant to legislation
3.8
3.5
Audit-related services
0.5
0.5
Non-audit services
0.3
0.7
\u00a0
4.6
4.7
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
The average number of employees for undertakings held by the Group is set out below:
\u00a0
2022
2021
\u00a0
\u00a0
Employees of fully consolidated undertakings
12,975
10,861
\u00a0
12,975
10,861
5.4. Interest income and interest expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
Interest expense on financial liabilities includes an amount of \u20ac14\u00a0million (2021: \u20ac14\u00a0million) in respect of the loans from Bertelsmann Business Support S\u00e0rl (see note 10.1).
5.5. Other financial income and other financial expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Gains resulting from swap points
1
\u2013
Net gains on put/call options
\u2013
18
Sundry financial income
5
1
Other financial income
6
19
\u00a0
\u00a0
\u00a0
Losses resulting from swap points
\u2013
(4)
Net losses on put/call options
(4)
\u2013
Interest expense on lease liabilities
(6)
(6)
Interest on defined benefit obligations
(4)
(1)
Sundry financial expenses
(34)
(22)
Other financial expense
(48)
(33)
In 2022, the item \u2018Net losses on put/call options\u2019 relates to the re-measurement effects of put options in connection with recent acquisitions of Fremantle. In 2021, \u2018Net gains on put/call options\u2019 mainly included the re-measurement effects of Eureka call and put options.
Interest on defined benefit obligations comprises interest income on plan assets of \u20ac2\u00a0million (2021: \u20ac3\u00a0million) and unwind of discount on defined benefit obligations of \u20ac\u20116\u00a0million (2021: \u20ac\u20114\u00a0million).
The item \u2018Sundry financial expenses\u2019 includes among others, non-operating foreign exchange effects of \u20ac\u201119\u00a0million (2021: \u20ac\u201110\u00a0million) and negative impact of the net wealth tax of \u20ac\u20113\u00a0million (2021: \u20ac\u20114\u00a0million).
5.6. Income tax expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current tax expense
(177)
(421)
Deferred tax income/(expense)
11
(6)
\u00a0
(166)
(427)
In 2022, the significant change in the income tax expense compared to the previous year is due to lower profit before tax, mainly resulting from a decrease of taxable capital gains realised in the previous period.
The income tax on the Group profit before tax differs from the theoretical amount that would arise using the Luxembourg tax rate as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Profit before tax
932
1,881
\u00a0
\u00a0
\u00a0
Income tax rate applicable to RTL Group SA
24.94%
24.94%
\u00a0
\u00a0
\u00a0
Expected tax expense
(232)
(469)
\u00a0
\u00a0
\u00a0
The tax effects of the following items led to differences between the expected and actual tax expense:
\u00a0
\u00a0
Adjustment to different national tax rates
(16)
(19)
Effect of changes in tax rate and tax law
2
(2)
Tax effects in respect of results from disposals of investments
32
6
Current income taxes for previous years
6
10
Deferred income taxes for previous years
(3)
1
Effects of measurements of deferred tax assets
48
(3)
Commission received in relation to the Compensation Agreement
16
46
Permanent differences
(14)
42
Other adjustments
(5)
(39)
Total adjustments
66
42
\u00a0
\u00a0
\u00a0
Actual tax expense
(166)
(427)
Effect of tax rates in material foreign jurisdictions mainly results from the differentiated rates applicable in the following countries:
\u2018Tax effects in respect of results from disposals of investments\u2018 mainly includes the effect from the disposal of RTL Belgium. \u2018Effects of measurements of deferred tax assets\u2018 considers the recognition of deferred tax assets on losses carry forward based on projections of the future taxable income derived from financial budgets approved by management. \u2018Permanent differences\u2019 mainly include the effects of non-taxable fair value measurements of investments and effects from other taxes.
5.7. Earnings per share
The determination of basic earnings per share is based on the profit attributable to RTL Group shareholders of \u20ac673\u00a0million (2021: \u20ac1,301\u00a0million) and a weighted average number of ordinary shares outstanding during the year of 154,742,806 (2021: 154,742,806), calculated as follows:
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
Profit attributable to RTL Group shareholders (in \u20ac million)
673
1,301
Weighted average number of ordinary shares:
\u00a0
\u00a0
Issued ordinary shares at 1\u00a0January
154,742,806
154,742,806
Weighted average number of ordinary shares
154,742,806
154,742,806
\u00a0
\u00a0
\u00a0
Basic earnings per share (in \u20ac)
4.35
8.41
Diluted earnings per share (in \u20ac)
4.35
8.41
6. DETAILS ON CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6.1. Programme and other rights, goodwill and other intangible assets
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
\u2018Other intangible assets\u2019 mainly includes brands for an amount of \u20ac307\u00a0million (2021: \u20ac263\u00a0million), primarily related to brands within Groupe\u00a0M6 (the M6 brand, Gulli-related brands and St\u00e9phane Plaza brand) and RTL Deutschland (the Toggo brand).
The M6 brand and Gulli-related brands are considered to have an indefinite useful life and were recognised for an amount of \u20ac120\u00a0million and \u20ac38\u00a0million, respectively. At 31\u00a0December\u00a02022, an impairment test was performed and did not lead to any impairment.
In determining that the M6 brand has an indefinite useful life, management has considered various factors such as the historical and expected longevity of the brand, the impact of possible changes in broadcasting technologies, the impact of possible evolutions of the regulatory environment in the French television industry, the current and expected audience share of the M6 channel, and M6 management\u2019s strategy to maintain and strengthen the trademark \u2018M6\u2019. Based on the analysis of these factors, management has determined and confirmed at 31\u00a0December\u00a02022, that there is no foreseeable limit to the period over which the brand M6 is expected to generate cash inflows for the Group. Gulli-related brands correspond to Gulli, Canal J and Tiji. Given their positioning, the market\u2019s awareness of the brands and their history, they are considered to have an indefinite useful life.
\u2019Subsidiaries acquired\u2019 includes an amount of \u20ac179 million for goodwill and of \u20ac18\u00a0million for other intangible assets from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
6.2. Impairment test for goodwill
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) on the basis of the business units and at the level at which independent cash flows are generated. In January\u00a02022, RTL Deutschland acquired Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion. Fremantle extended its global content business by acquisitions in Lux Vide, Dancing Ledge, Element Pictures, 72 Films and Wildstar Films. In May 2022, Smartclip \u2013 the ad-tech business of RTL Deutschland \u2013 acquired and integrated Realytics, a French ad\u2011tech company.
Business units and CGUs mainly operate in one country, except Fremantle and We Are Era, which have global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom. Goodwill is allocated by CGU as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
RTL Deutschland
1,269
1,080
Groupe M6
613
614
Fremantle
1,252
1,123
RTL Nederland
159
159
We Are Era
32
33
Others
2
1
Total goodwill on cash-generating units
3,327
3,010
Goodwill is tested for impairment annually, as at 31\u00a0December, or whenever changes in circumstances indicate that the carrying amount may not be recoverable.
The recoverable amount of a CGU has been determined on the basis of the higher of its value in use and its fair value less costs of disposal:
The Group supports its fair values less costs of disposal on market-based valuations, if an active market exists, and on the basis of a discounted cash flow (DCF) model to the extent that it would reflect the value that \u2018any market participant\u2019 would be ready to pay in an arm\u2019s length transaction. Differently from the \u2018value in use\u2019 approach, which reflects the perspective of the Group for a long-term use of the CGU, a \u2018fair value less costs of disposal\u2019 DCF model would include future cash flows expected to arise from restructuring plans and future investments, as all rational market participants would be expected to undertake these restructurings and investments in order to extract the best value from the acquisition.
Furthermore, the discount rate of each CGU is calculated based on a market approach and most of the parameters used are derived from market sources. The discount rates are based on a mixed interest rate represented by the weighted average cost of equity and cost of capital (WACC) after tax. The discount rates reflect the time value of money and the perception of risk associated with projected future cash flows, both from the equity shareholders\u2019 and the debt holders\u2019 point of view.
The discount rates have been determined, CGU by CGU, and embody, where appropriate, the following factors:
The recoverable amount of all CGUs is based on their fair value less costs of disposal and is a Level 3 fair value measurement, with exception of Groupe M6 which is listed on Euronext Paris, Compartment A (Paris Stock Exchange). As at 31\u00a0December\u00a02022, the market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 (2021: \u20ac17.16). The recoverable amount of Groupe M6 at that date was based on value in use using a discounted cash flow method (Level 3), as management considered the share price of Groupe M6 did not fully reflect its earning potential due to the expected growth in AVOD offers and diversification business of the Groupe M6. The value in use determined significantly exceeded the carrying amount.
Cash flow projections are based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period for a total of up to five years are prepared using the estimated growth rates and other key drivers. For the cash-generating units\u2019 operating advertising revenue, the projections consider audience and advertising market shares, the EBITA margin, operating cash conversion rates based on past performance, and expectations regarding market development. Management also relies on wider macro-economic indicators from external sources to verify the veracity of their own budgeting assumptions. Finally, the market positions of the Group\u2019s channels are also reviewed in the context of the competitive landscape, including the impact of new technologies and consumption habits. For Fremantle, which operates a multi-territory/worldwide and diversified operation, the expected growth rate is determined according to a weighted average of growth expectations of its multiple regions, markets and product offerings.
Cash flows beyond the three and five-year period are extrapolated using the estimated perpetual growth and EBITA margin rates and applying the discount rates stated below.
The perpetual growth and EBITA margins are based on the expected outcome of the strategy implemented by the Group in the different markets, on macro-economic and industry trends, and on in-house estimates.

Capital expenditure is assumed to be in line with depreciation and amortisation. Management also considers that the moderate perpetual growth would not result in a significant increase of the net working capital.
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash-generating units
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
0.5
7.4
0.5
6.3
Groupe M6
0.0
8.2
0.0
6.8
Fremantle
1.8
8.0
1.8
8.2
RTL Nederland
0.5
7.4
0.0
6.1
We Are Era
2.0
12.4
2.0
10.0
We Are Era\u2019s shift to higher margin project business leads to a higher level of uncertainty in terms of forecast. For the CGU We Are Era, in the event of an increase in the discount rate by 2.4 percentage points, a decrease in the long-term growth rate by 3.8 percentage points or a decrease in the EBITA margin by 1.1 percentage points, the recoverable amount would fall below the carrying amount.
For other CGUs, management considers that, at 31\u00a0December\u00a02022, no reasonably possible change in the market shares, EBITA margin and operating cash conversion rates would reduce the headroom between the recoverable amounts and the carrying amounts of the CGUs to zero, when the recoverable amount is solely based on a DCF approach.
6.3. Property, plant and equipment
\u00a0
Land, buildings and improvements
Technical equipment
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
393
362
245
1,000
Effect of movements in foreign exchange
1
\u2013
2
3
Additions
2
14
28
44
Disposals
(9)
(12)
(9)
(30)
Subsidiaries acquired
\u2013
1
3
4
Subsidiaries disposed of
(2)
\u2013
(1)
(3)
Transfer to assets held for sale
(2)
(55)
(26)
(83)
Transfers and other changes
3
3
(5)
1
Balance at 31\u00a0December\u00a02021
386
313
237
936
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
(2)
(1)
(3)
Additions
12
13
30
55
Disposals
(3)
(12)
(24)
(39)
Subsidiaries acquired
7
3
6
16
Subsidiaries disposed of
\u2013
\u2013
(1)
(1)
Transfer to assets held for sale
(3)
(16)
(3)
(22)
Transfers and other changes
\u2013
(1)
1
\u2013
Balance at 31\u00a0December\u00a02022
399
298
245
942
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(215)
(306)
(188)
(709)
Effect of movements in foreign exchange
(1)
\u2013
(2)
(3)
Depreciation charge
(18)
(20)
(21)
(59)
Disposals
10
12
7
29
Transfer to assets held for sale
2
49
19
70
Balance at 31\u00a0December\u00a02021
(222)
(265)
(185)
(672)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
1
1
2
Depreciation charge
(16)
(18)
(24)
(58)
Disposals
3
16
21
40
Transfer to assets held for sale
2
14
2
18
Balance at 31\u00a0December\u00a02022
(233)
(252)
(185)
(670)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
164
48
52
264
At 31\u00a0December\u00a02022
166
46
60
272
\u2019Subsidiaries acquired\u2019 includes an amount of \u20ac3\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
6.4. Right-of-use assets
Depreciation, additions and carrying amounts of right-of-use from leased property, plant and equipment are as follows:
\u00a0
Land and equivalent real estate rights and buildings
Technical equipment and machinery
Other equipment, fixtures, furniture and office equipment
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
277
1
5
283
Effect of movements in foreign exchange
(1)
\u2013
\u2013
(1)
Depreciation charge
(72)
\u2013
(4)
(76)
Additions
76
\u2013
5
81
Other changes
55
\u2013
\u2013
55
Balance at 31\u00a0December\u00a02022
335
1
6
342
\u00a0
Land and equivalent real estate rights and buildings
Technical equipment and machinery
Other equipment, fixtures, furniture and office equipment
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
320
1
8
329
Effect of movements in foreign exchange
2
\u2013
\u2013
2
Depreciation charge
(51)
(1)
(4)
(56)
Additions
12
\u2013
4
16
Other changes
(6)
1
(3)
(8)
Balance at 31\u00a0December\u00a02021
277
1
5
283
\u2019Other changes\u2019 includes an amount of \u20ac46 million increases in right-of-use assets from the extension of existing lease contracts and an amount of \u20ac4\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
6.5. Investments accounted for using the equity method
As at 31\u00a0December\u00a02022, investments in 11 joint ventures (31\u00a0December\u00a02021: 9) and 24 associates (31\u00a0December\u00a02021: 22) were accounted for in the consolidated financial statements.
The amounts recognised in the consolidated statement of financial position are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Associates
370
360
Joint ventures
6
6
Balance at 31\u00a0December
376
366
The amounts recognised in the income statement are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
\u00a0
\u00a0
Associates
33
50
Joint ventures
(19)
(23)
\u00a0
14
27
\u00a0
\u00a0
\u00a0
Impairment and reversals of investments accounted for using the equity method
\u00a0
\u00a0
Associates
(5)
2
Joint ventures
\u2013
\u2013
\u00a0
(5)
2
In the year 2022, dividends received from investments accounted for using the equity method amounted to \u20ac53\u00a0million (2021: \u20ac45\u00a0million). This amount is considered as an adjustment in \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 when calculating cash flows from operating activities.
6.5.1. Investments in joint ventures
Individually material joint venture
As at 31\u00a0December\u00a02022, RTL Group had no joint venture, which, in the opinion of management, is material to the Group.
Individually immaterial joint venture
The following table shows summarised financial information on joint ventures that management considers individually immaterial. The information provided represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
10
22
Current assets
66
19
Non-current liabilities
4
42
Current liabilities
85
34
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
(19)
(27)
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
\u2013
\u2013
Total comprehensive income
(19)
(27)
On 29 March 2022, Groupe M6 subscribed to the capital increase of the joint venture Salto (the streaming platform held jointly by Groupe M6, TF1 and France T\u00e9l\u00e9visions) for \u20ac41 million by offsetting its receivable held in its shareholder current account. Further, Groupe M6 provided Salto with a loan which, in substance, forms part of its investment in Salto. The proposed Groupe M6/Groupe TF1 merger having been abandoned, and in the absence of satisfactory offers for a sale of the platform, the three shareholders of Salto have unanimously decided to proceed with the voluntary liquidation of Salto. According to IAS 28.14A RTL Group applied IFRS 9 to the loan and recognised an impairment amount of \u20ac-28 million through profit or loss presented in \u2018Impairment and reversals on other financial assets at amortised cost\u2019 as part of \u2018Other operating expenses\u2019 (see note 5.3). The costs of the withdrawal for each of the partners were recognised by way of provisions as at 31\u00a0December 2022, over and above their share of Salto\u2019s net loss for the year. Thus, the excess of \u20ac15 million was recognised as a provision (see note 6.14.1).
There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
6.5.2. Investments in associates
Individually material associates
Set out below are the associates of the Group at 31\u00a0December\u00a02022, which, in the opinion of the management, are material to the Group:
Name of entity
Country of incorporation
Principal activity
Percentage ownership interest
Measurement method
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Atresmedia
Spain
Broadcasting TV
18.7
18.7
At equity
Global Savings Group (GSG)
Germany
Shopping rewards
41.5
41.5
At equity
RTL 2 Fernsehen GmbH & Co KG
Germany
Broadcasting TV
35.9
35.9
At equity
Atresmedia Corporaci\u00f3n de Medios de Comunicaci\u00f3n S.A. (and subsidiaries, \u2018Atresmedia\u2019) is listed on the Madrid Stock Exchange. Based on the published share price at 31\u00a0December\u00a02022, the market capitalisation of 100 per cent of Atresmedia amounts to \u20ac721\u00a0million, i.e. \u20ac3.19 per share (2021: \u20ac753\u00a0million, i.e. \u20ac3.34 per share). Global Savings Group (GSG) is a private company providing shopping rewards activities and there is no quoted market price available for its shares. RTL 2 Fernsehen GmbH & Co KG is a private company and there is no quoted market price available for its shares.
The following table shows summarised financial information for Atresmedia, Global Savings Group (GSG) and RTL 2 Fernsehen GmbH & Co KG. The information presented represents the amounts included in the financial statements of the material associates plus adjustments for using the equity method, and not RTL Group\u2019s share of these amounts.
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
686
549
189
180
63
51
Current assets
825
853
87
91
70
92
Current liabilities
(529)
(478)
(128)
(85)
(34)
(43)
Non-current liabilities
(295)
(381)
(56)
(59)
(47)
(38)
Net assets
687
543
92
127
52
62
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
951
963
167
148
256
283
Earnings after taxes from continuing operations
112
118
(34)
(11)
38
52
Earnings after taxes from discontinued operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income
127
(2)
\u2013
(1)
\u2013
\u2013
Total comprehensive income
239
116
(34)
(12)
38
52
Dividends received from associates
18
8
\u2013
\u2013
19
15
The reconciliation of the summarised financial information shown to the carrying amount of the interest in each material associate in the consolidated financial statements is shown in the following table:
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net assets at 31\u00a0December
687
543
92
127
52
62
Proportionate equity
128
101
38
52
17
33
Goodwill
166
166
42
42
24
24
Impairment on investments accounted for using the equity method
(110)
(110)
\u2013
\u2013
\u2013
\u2013
Carrying amount
184
157
80
94
41
57
Investments in associates are tested for impairment according to the same methodology applied for the impairment test of goodwill.
The perpetual growth and discount rates used are as follows:
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
Atresmedia
0.0
10.0
0.0
8.1
RTL 2 Fernsehen GmbH & Co. KG
0.5
6.7
0.5
7.0
As at 31\u00a0December\u00a02022, the investment in Atresmedia was tested for impairment in accordance with IAS\u00a036. The recoverable amount of Atresmedia on 31\u00a0December\u00a02022 was based on the value in use determined using a discounted cash flow model, as management considered the share price of Atresmedia did not fully reflect its earning potential, which includes the new diversification strategy through expansion of its investment portfolio, strengthen its digital streaming offers and building its leading position in locally relevant content production. The ongoing challenging economic environment in Spain combined with strong competition, changing viewing preferences and continued dependence on linear television continues to lead to high uncertainty in terms of forecasts. As at 31\u00a0December\u00a02022 neither additional impairment loss nor reversal of impairment loss had to be recognised on the at equity investment in Atresmedia.
As at 31\u00a0December\u00a02022, the share price of Atresmedia was \u20ac3.19 (31\u00a0December\u00a02021: \u20ac3.34) which results in a fair value less costs of disposal of \u20ac132\u00a0million for the 18.7 per cent held by RTL Group (31\u00a0December\u00a02021: \u20ac138\u00a0million).
The assumptions based on the value in use using a discounted cash flow model are shown in the above table.
Management has identified that a reasonably possible change in three key assumptions could cause the carrying amount to exceed the recoverable amount. In the event of changes of these assumptions individually, as described in the following table, the estimated recoverable amount would be equal to the carrying amount.
\u00a0
31\u00a0December\u00a02022
\u00a0
Percentage point
EBITA margin
(0.6)
Discount rate
0.7
Perpetual growth rate
(0.7)
In November 2019, the Spanish Competition Authority (CNMC) arrived at a decision in disciplinary proceedings imposing a fine on Atresmedia and Mediaset and barring both operators from specified courses of conduct. The parties were ordered to take steps to align their commercial and contractual relations to the requirements of the decision. The fine imposed on Atresmedia amounts to \u20ac38.2 million. In 2020, Atresmedia challenged the decision by filing an application for judicial review with the Administrative Chamber of the Audiencia Nacional, Spain\u2019s national court. The application was found admissible. Consequently, Atresmedia will proceed with an appeal in the aforementioned court. The directors and legal advisors of Atresmedia believe that the application for judicial review against the CNMC\u2019s decision is likely to succeed. No provision has been recognised.
For Global Savings Group no triggering events for an impairment test have been identified.
The recoverable amount of RTL 2 Fernsehen GmbH & Co KG has been determined on the basis of the fair value less costs of disposal at 31\u00a0December\u00a02022. This is a Level 3 fair value measurement.
Individually immaterial associates
The following table shows summarised financial information on associates that management considers individually immaterial. The information given represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
53
43
Current assets
72
52
Non-current liabilities
8
3
Current liabilities
50
38
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
12
14
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
1
1
Total comprehensive income
13
15
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
6.6. Loans and non-current other assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
Equity instruments at FVOCI comprise those instruments which are not held for trading and which the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments, mainly in radio activities.
In December 2022, RTL Group sold its entire shareholding in Beyond International Limited, a company listed on the Australian Stock Exchange (2021: 19.5 per cent share capital). Beyond International Limited was a Level 1 fair value measurement. In 2022, RTL Group recorded an increase in the fair value of this equity instrument at FVOCI of \u20ac1\u00a0million (2021: increase of \u20ac1\u00a0million).
The movements in equity instruments at FVOCI are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
37
35
Net acquisitions and disposals
(3)
\u2013
Change in fair value
(5)
1
Other changes
\u2013
1
Balance at 31\u00a0December
29
37
6.7. Deferred tax assets and liabilities
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Deferred tax assets
318
322
Deferred tax liabilities
(75)
(77)
\u00a0
243
245
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
245
285
Income tax income/(expense)
11
(6)
Income tax credited/(charged) to other comprehensive income
(29)
(7)
Change in consolidation scope
15
(27)
Transfer to assets held for sale
(1)
(1)
Transfers and other changes
2
1
Balance at 31\u00a0December
243
245
The amount of the tax benefit arising from a previously unrecognised tax loss that is used to reduce current tax expense amounts to \u20ac1\u00a0million (2021: \u20ac13\u00a0million).
The recognition of previously unrecognised tax loss carry forwards and deductible temporary differences resulted in a reduction in deferred tax expense of \u20ac74 million (2021: \u20ac9 million).
Of \u2018Income tax credited/(charged) to other comprehensive income\u2019 an amount of \u20ac\u20112\u00a0million (2021: \u20ac\u20115\u00a0million) relates to effective portion of changes in fair value of cash flow hedges, \u20acnil\u00a0million (2021: \u20acnil\u00a0million) relates to recycling of cash flow hedge reserve, \u20ac\u201129\u00a0million (2021: \u20ac\u20112\u00a0million) relates to defined benefit plan actuarial gains/(losses) and \u20ac2\u00a0million (2021: \u20acnil\u00a0million) relates to change in fair value of equity instruments at FVOCI. The cumulative amount of deferred tax assets recognised in other comprehensive income amounts to \u20ac\u20113\u00a0million (2021: \u20ac14\u00a0million).
Deferred tax assets are recognised to the extent that realisation of the related tax benefit through the future taxable profits is probable. The Group has not recognised deferred tax assets in respect of the following items:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Tax loss carry forwards
\u00a0
\u00a0
No expiration date
4,007
4,182
Expiration within 5 years
68
80
Expiration after 5 years
11
9
Deductible temporary differences (no expiration date)
11
20
At 31\u00a0December\u00a02022, there were temporary differences of \u20ac171\u00a0million (2021: \u20ac126\u00a0million) related to investments in subsidiaries. However, this liability was not recognised because the Group controls the dividend policy of its subsidiaries \u2013 i.e. the Group controls the timing of reversal of the related taxable temporary differences and these will not reverse in the foreseeable future.
The movement in deferred tax assets and liabilities during the year is as follows:
\u00a0
Balance at 1\u00a0January\u00a02022
(Charged)/credited to income statement
Charged to other comprehensive income
Change in consolidation scope
Transfers and other changes
Balance at 31\u00a0December\u00a02022
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
67
(12)
\u2013
11
1
67
Programme rights
168
(29)
\u2013
\u2013
\u2013
139
Property, plant and equipment
3
1
\u2013
\u2013
\u2013
4
Right-of-use assets and lease liabilities
93
10
\u2013
2
(1)
104
Provisions
95
(11)
(24)
27
\u2013
87
Tax loss carry forwards
18
75
\u2013
3
(1)
95
Others
92
(13)
(2)
6
1
84
Offset
(214)
\u00a0
\u00a0
\u00a0
(48)
(262)
\u00a0
322
21
(26)
49
(48)
318
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
(131)
(4)
\u2013
(14)
\u2013
(149)
Programme rights
(2)
2
\u2013
(2)
\u2013
(2)
Property, plant and equipment
(13)
\u2013
\u2013
(1)
\u2013
(14)
Right-of-use assets and lease liabilities
(80)
(10)
\u2013
(2)
1
(91)
Provisions
(24)
(4)
(3)
(9)
1
(39)
Others
(41)
6
\u2013
(6)
(1)
(42)
Offset
214
\u00a0
\u00a0
\u00a0
48
262
\u00a0
(77)
(10)
(3)
(34)
49
(75)
\u00a0
Balance at 1\u00a0January\u00a02021
(Charged)/credited to income statement
Charged to other comprehensive income
Change in consolidation scope
Transfers and other changes
Balance at 31\u00a0December\u00a02021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
71
(4)
\u2013
\u2013
\u2013
67
Programme rights
193
(34)
\u2013
8
1
168
Property, plant and equipment
3
\u2013
\u2013
\u2013
\u2013
3
Right-of-use assets and lease liabilities
107
(12)
\u2013
\u2013
(2)
93
Provisions
80
17
(1)
1
(2)
95
Tax loss carry forwards
25
(8)
\u2013
1
\u2013
18
Others
62
29
(5)
4
2
92
Offset
(208)
\u00a0
\u00a0
\u00a0
(6)
(214)
\u00a0
333
(12)
(6)
14
(7)
322
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
(79)
(2)
\u2013
(49)
(1)
(131)
Programme rights
(6)
\u2013
\u2013
4
\u2013
(2)
Property, plant and equipment
(12)
(3)
\u2013
1
1
(13)
Right-of-use assets and lease liabilities
(94)
11
\u2013
1
2
(80)
Provisions
(28)
3
(1)
(1)
3
(24)
Others
(37)
(3)
\u2013
3
(4)
(41)
Offset
208
\u00a0
\u00a0
\u00a0
6
214
\u00a0
(48)
6
(1)
(41)
7
(77)
Deferred tax assets and liabilities are offset against each other if they relate to the same tax authority and meet the criteria of offsetting. The term of the deferred taxes on temporary differences is mostly expected to be recovered or settled more than 12 months from the balance sheet date.
6.8. Current programme rights
\u00a0
2022
2021
\u00a0
Gross value
Valuation allowance
Net value
Gross value
Valuation allowance
Net value
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions
433
(339)
94
400
(338)
62
TV programmes
162
\u2013
162
117
(2)
115
Other distribution and broadcasting rights
702
(250)
452
763
(270)
493
Sub-total programme rights
1,297
(589)
708
1,280
(610)
670
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions and programmes in progress
717
(15)
702
458
(13)
445
Advance payments on (co-)productions, programmes and rights
169
\u2013
169
183
\u2013
183
Sub-total programme rights in progress
886
(15)
871
641
(13)
628
\u00a0
2,183
(604)
1,579
1,921
(623)
1,298
Additions and reversals of valuation allowance have been recorded for \u20ac\u201148\u00a0million and \u20ac58\u00a0million respectively in 2022 (2021: \u20ac\u201170\u00a0million and \u20ac64\u00a0million, respectively).
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
\u2018Equity instruments at FVTPL\u2019 includes minority investments in Magnite amounting to \u20ac123\u00a0million (31\u00a0December\u00a02021: \u20ac190\u00a0million) as well as a number of minority investments held by different entities. The fair value of the listed investment in Magnite is measured on the basis of its market value. The gains and losses resulting from changes in the fair value are recognised in \u2018Fair value measurement of investments\u2019 as presented in note 5.3.
At 31\u00a0December\u00a02021, \u2018Equity instruments at FVTPL\u2019 also included a minority investment in VideoAmp amounting to \u20ac81\u00a0million. In January\u00a02022, RTL\u00a0Group sold its entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash. The transaction was carried out as a share buyback by VideoAmp. The cash inflow is recognised in the consolidated cash flow statement under \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019.
Additions and reversals of valuation allowance have been recorded for \u20ac\u201126\u00a0million and \u20ac19\u00a0million respectively in 2022 (2021: \u20ac\u201121\u00a0million and \u20ac20\u00a0million respectively).
6.10. Cash and cash equivalents
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Cash in hand and at bank
333
417
Fixed term deposits (under three months) and money market funds
256
130
Cash and cash equivalents (excluding bank overdrafts)
589
547
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Cash and cash equivalents (excluding bank overdrafts)
589
547
Bank overdrafts
(1)
\u2013
Cash and cash equivalents and bank overdrafts
588
547
As at 31 December 2022, \u2018Cash in hand and at bank\u2019 in the amount of \u20ac3 million was subject to restrictions on disposals (2021: \u20acnil million).
6.11. Assets classified as held for sale
As at 31\u00a0December\u00a02022, RTL Group had no assets classified as held for sale. As at 31\u00a0December\u00a02021, the carrying amounts of the assets classified as held for sale and related liabilities were attributable to RTL Belgium \u2013 the disposal of which was completed in March 2022 (see note 4.3).
6.12. Loans, bank overdrafts and lease liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
1
Bank loans payable \u2013 fixed rate
22
133
155
Bank loans payable \u2013 floating rate
3
\u2013
3
Loans due to investments accounted for using the equity method \u2013 floating rate
\u2013
\u2013
\u2013
Term loan facility due to shareholder \u2013 fixed rate
511
\u2013
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
10
\u2013
10
\u00a0
547
138
685
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
85
300
385
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
\u2013
\u2013
Bank loans payable \u2013 fixed rate
16
130
146
Bank loans payable \u2013 floating rate
7
\u2013
7
Loans due to investments accounted for using the equity method \u2013 floating rate
1
\u2013
1
Term loan facility due to shareholder \u2013 fixed rate
11
500
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
14
\u2013
14
\u00a0
49
635
684
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
59
273
332
As at 31\u00a0December\u00a02021, bank overdrafts were immaterial. As at 31\u00a0December\u00a02022, potential future cash outflows of \u20ac179\u00a0million (undiscounted) have not been included in the lease liabilities as it is not reasonably certain that the leases will be extended (or not terminated) (2021: \u20ac219\u00a0million).
6.13. Accounts payable and other liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
At 31\u00a0December\u00a02022, the profit participation liabilities of RTL Deutschland amounted to \u20ac315\u00a0million (2021: \u20ac305\u00a0million).
6.14. Provisions
6.14.1. Provisions other than post-employment benefits
\u00a0
Restructuring
Litigations
Onerous contracts
Other provisions
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
48
67
85
31
231
Provisions charged/(credited) to the income statement:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Additions
5
7
41
5
58
\u2013 Reversals
\u2013
(41)
(7)
(11)
(59)
Provisions used during the year
(38)
(4)
(47)
(14)
(103)
Other changes
9
\u2013
\u2013
21
30
Balance at 31\u00a0December\u00a02022
24
29
72
32
157
\u2019Other changes\u2019 includes an amount of \u20ac15\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
The provisions mainly relate to the following:
Provisions for litigations
Provisions for litigations correspond to the Group\u2019s best estimate of the expected future cash outflow related to disputes arising from the Group\u2019s activities.
RTL Group is party to legal proceedings in the normal course of its business, both as defendant and claimant. The main legal proceedings to which RTL Group is a party are disclosed below.
Several subsidiaries of RTL\u00a0Group are being sued by the broadcaster RTL 2 Fernsehen GmbH & Co KG and its sales house, El Cartel Media GmbH & Co KG, before the regional court in D\u00fcsseldorf, Germany, seeking disclosure of information to substantiate a possible claim for damages. The proceedings follow the imposition of a fine in 2007 by the German Federal Cartel Office for abuse of market dominance with regard to discount scheme agreements (share deals) granted by Ad Alliance GmbH (formerly IP Deutschland GmbH) and SevenOne Media GmbH to media agencies. The German Federal Cartel Office argued that these discounts would foreclose small broadcasters from the advertising market. In 2014, the district court of D\u00fcsseldorf decided to order an expert report. The expert concluded in February 2018 that the likelihood of damages cannot be proven with certainty. In July 2018, RTL 2 Fernsehen GmbH & Co KG filed a motion claiming that the expert was not impartial, with the aim of getting the court to obtain a new expert opinion. Ad Alliance GmbH has rejected the motion of lack of impartiality as unfounded. Due to his unexpected death in February 2020, the court expert could not submit his response to the allegation of impartiality. The court has announced that it would take a decision on the issue of impartiality in the upcoming weeks. The court case will continue. Similar proceedings from other small broadcasters, initiated in different courts, were unsuccessful or have been withdrawn. Based on the independent legal advice obtained in 2022, management\u2019s assessment is that the basis for the claim has little merit, and it is not probable that an outflow will be required to settle the claim. As no further outflows of resources are expected, the provision of \u20ac35 million was reversed.
In June 2016, the main competitors of Fun Radio alleged that a host of the morning show had influenced Fun Radio\u2019s results by encouraging his listeners to give favourable treatment to Fun Radio in the M\u00e9diam\u00e9trie surveys. In response to these allegations, M\u00e9diam\u00e9trie decided to remove Fun Radio from its surveys. Following a legal procedure initiated by Fun Radio, M\u00e9diam\u00e9trie was required to reinstate Fun Radio in the audience results surveys as of September 2016. Nevertheless, M\u00e9diam\u00e9trie decided to lower Fun Radio\u2019s audience results in its published surveys, alleging the existence of a \u2018halo effect\u2019. Following a procedure initiated by Fun Radio, a judicial expert was appointed in December 2017 to examine M\u00e9diam\u00e9trie\u2019s assessment of the alleged \u2018halo effect\u2019. In September 2019, the judicial expert issued his final report which confirmed the \u2018halo effect\u2019 but assessed that Fun Radio\u2019s results were over-corrected. As of September 2017, M\u00e9diam\u00e9trie has again published the full audience results for Fun Radio. In parallel to the above procedure, the main competitors of Fun Radio also filed, in December 2016, a claim for damages, claiming unfair competition, but this procedure was suspended until the end of the judicial expertise. In the meantime, four of the six claimants withdrew their claim from the proceedings. On 23 January 2023, the Court decided to award damages for unfair competition. Fun Radio appealed the Court\u2019s decision on 26 January 2023 and is confident to achieve a favourable decision before the Court of appeal.
No further information is disclosed as it may harm the Group\u2019s position.
Onerous contracts
\u2018Onerous contracts\u2019 mainly comprise provisions made by:
\u2018Other provisions\u2019 of \u20ac15 million relate to the provision for losses for the Group\u2019s undertaking in Salto (see note 6.5).
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current
109
129
Non-current
48
102
\u00a0
157
231
6.14.2. Post-employment benefits
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
176
188
Provisions charged/(credited) to the income statement:
\u00a0
\u00a0
\u2013 Additions1)
36
28
\u2013 Reversals
(1)
(1)
Provisions used during the year1)
(28)
(13)
Actuarial (gains)/losses directly recognised in other comprehensive income
(106)
(18)
Change in consolidation scope
96
\u2013
Other
(1)
(8)
Balance at 31\u00a0December
172
176
1) Of which defined contribution plan for \u20ac14\u00a0million (2021: \u20ac14\u00a0million)
\u2018Post-employment benefits\u2019 comprise provision for defined benefit obligations for \u20ac157\u00a0million (2021: \u20ac168\u00a0million) and provision for other employee benefits for \u20ac15\u00a0million (2021: \u20ac8\u00a0million). \u2018Change in consolidation scope\u2019 includes an amount of \u20ac96 million from the Gruner + Jahr acquisition (see note 4.2).
6.15. Defined benefit obligations
RTL Group operates or participates in a number of defined benefit and defined contribution plans throughout Europe. FremantleMedia North America in the United States also operates a medical care plan which is also a defined benefit obligation and is included in \u2018Provisions\u2019 in the statement of financial position. These plans have been set up and are operated in accordance with national laws and regulations. A description of the principal defined benefit plans of the Group and associated risks is given below:
France
Groupe M6 operates retirement indemnity plans which, by law, provide lump sums to employees on retirement. The lump sums are based on service and salary at the date of the retirement in accordance with the applicable collective agreement. The M\u00e9tropole T\u00e9l\u00e9vision (following the merger with Ediradio) and ID retirement indemnity plan is partly funded by an insurance contract with AXA. M\u00e9tropole T\u00e9l\u00e9vision (following the merger with Ediradio) also participates in a defined benefit plan that provides pension benefits to members on retirement. This plan is partly funded by an insurance contract with AXA. The assets of the insurance contract are not segregated but mutualised within the global assets of the insurance company. A guaranteed interest rate is provided by AXA and the plan should not be affected by financial market development. By nature, the lifetime risk of the beneficiaries is no longer supported by M\u00e9tropole T\u00e9l\u00e9vision at retirement. The risk is externalised to the insurer.
Germany
Employees of UFA companies (including UFA Fiction GmbH, UFA Shows & Factual GmbH, UFA GmbH, UFA Serial Drama GmbH), Radio Center Berlin, AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen GmbH, UFA Film & Fernsehen GmbH, RTL Group GmbH and RTL Group Central & Eastern Europe participate in an unfunded common group retirement plan. The company UFA Serial Drama has a partly funded plan. Related obligations and plan assets are subject to demographic, legal and economic risks. The main risk relates to longevity risk for pension recipients. Each employer that participates in this plan has separately identifiable liabilities.
RTL Television, Super RTL, RTL Deutschland and Ad Alliance (former IP Deutschland GmbH) operate their own retirement arrangements. The pension obligations of Super RTL Fernsehen GmbH provide for a one-time lump-sum benefit and a widow\u2019s pension, which is subject to an annual increase of 1 per cent. Reinsurance policies have been taken out partially for the promised benefits. The reinsurance policies are classified as plan assets.
The pension obligations of RTL Deutschland GmbH are based on individual commitments of mostly deferred compensation. A monthly retirement pension is promised in an individually agreed amount, including entitlement for benefits in case of disability or death of the beneficiary. Current pension benefits are increased by 2 per cent annually. One reinsurance policy without benefit-determining character exists with AXA. Further there exists an individual commitment for a one-time lump-sum benefit, which is partially funded. The reinsurance policies are classified as plan assets. Ad Alliance GmbH (former IP Deutschland GmbH) sponsors individual plans for five former employees, providing defined pension benefits to each employee at retirement. RTL Television sponsors individual plans for two former employees, providing defined pension benefits to each employee at retirement. In addition, a number of employees participate in a support fund providing pension benefits to members and their dependants on retirement and death. The plan of RTL Television is partly funded by a life insurance contract with AXA. The assets of the insurance contract are not segregated but mutualised within the global assets of the insurance company. A guaranteed interest rate is provided by AXA and the plan should not be affected by financial market development. Both companies are exposed to certain risks associated with defined benefits plans such as longevity, inflation and
the increase of wages and salaries.
The Gruner + Jahr companies participate in a pension plan, which has been closed to new members for many years. The pension entitlement amounts to 50 per cent of the pensionable income, which is fixed at the age of 41. Pension payments are paid annually adjusted by at least 2 per cent.
Luxembourg
CLT-UFA, RTL Group and Broadcasting Center Europe (BCE) sponsor a post-employment defined benefit plan in favour of their employees. The occupational pension plan provides benefits to the affiliates (members and their dependants) in case of retirement, death in service or disability. The pension benefits are financed through an internal book reserve, as one of the allowed funding vehicles described in the law of 8 June 1999 on occupational pension plans in Luxembourg. Therefore CLT-UFA, RTL Group and BCE set up provision for the unfunded retirement benefit plan. Nevertheless, in such cases, the law requires the company to subscribe to insolvency insurance with the German Pension Protection Fund (Pensionssicherungsverein). The CLT-UFA, RTL Group and BCE occupational pension scheme is a defined benefit plan final pay with integration of the state pension. Consequently, the Company is exposed to certain risks associated with defined benefits plans \u2013 such as longevity, inflation, the effect of compensation increases \u2013 and of the State pension legislation.
Death and disability are insured with La Luxembourgeoise-Vie SA.
At the end of 2022 the Executive Committee of RTL Group decided to close this plan to new hires as at 1\u00a0January 2023. The plan will remain open for current employees and a new defined contribution plan will be implemented for employees joining from 2023 onwards.
United Kingdom
FremantleMedia Group Limited is the principal employer of the Fremantle Group Pension Plan (\u2018the Fremantle Plan\u2019 or \u2018the Plan\u2019), which was established on 29\u00a0December\u00a02000 and was, prior to 1 September 2005, known as the RTL Group UK Pension Plan. The Fremantle Plan provides benefits through two sections, one providing defined benefits and the other providing defined contribution benefits with a defined benefit underpin. Plan assets are held for both sections of the Fremantle Plan \u2013 the assets in the defined benefit section are the qualifying insurance (buy-in) policies; the assets in the defined contribution section comprise mainly equities, with the Plan holding corporate bonds in relation to the defined benefit underpin. The Plan is funded through a trust administered by a trustee company, the assets of which are held separately from the assets of the participating employers. FremantleMedia Group Limited is ultimately liable for any deficit in the Plan. Funding requirements are under section 3 of the Pensions Act 2004 (UK), which requires:
The Company has been managing and reducing the risks associated with the Fremantle Plan. The Company closed the Plan to all further benefit accrual with effect from 31 March 2013. From 19 March 2014, the Company decided to secure benefits by insuring the Plan\u2019s liabilities through a buy-in policy.
Information about the nature of the present value of the defined benefit liabilities is detailed as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Final salary plans
128
214
Career average plans
6
10
Flat salary plans/plans with fixed amounts
73
28
Other commitments given
54
64
Present value of defined benefit obligation
261
316
\u2013 thereof capital commitments
65
97
\u2018Other commitments given\u2019 broadly contains the defined contribution section of the Fremantle Plan. Under the
Fremantle Plan Rules, in the defined benefit sections, a member may opt to exchange up to around 25 per cent
of their pension benefit for a cash lump sum.
The breakdown of the present value of the defined benefit liabilities by the plan members is as follows:
\u00a0
2022
2021
2022
2021
\u00a0
Head
Head
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Active members
2,753
2,540
114
108
Deferred members
1,131
1,103
90
135
Pensioners
323
309
57
73
Total
4,207
3,952
261
316
\u2013 thereof vested
\u00a0
\u00a0
227
272
The amounts recognised in the consolidated statement of financial position are determined as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Present value of defined benefit obligation of unfunded plans
155
159
Present value of defined benefit obligation of funded plans
106
157
Total present value of defined benefit obligation
261
316
Fair value of plan assets
(106)
(148)
Net defined benefit liability
155
168
\u2013 thereof provisions for pensions
157
168
\u2013 thereof other assets
2
\u2013
The amounts recognised in profit or loss are determined as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current service cost
9
9
Past service cost and impact from settlement
1
1
Net interest expense
4
1
Net pension expense
14
11
Changes in the present value of defined benefit obligations and plan assets in the reporting period were as follows:
\u00a0
Defined benefit obligation (I)
Fair value of plan assets (II)
Net defined benefit balance (I)-(II)
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
316
354
148
170
168
184
Current service cost
9
9
\u2013
\u2013
9
9
Interest expense
6
4
\u2013
\u2013
6
4
Interest income
\u2013
\u2013
2
3
(2)
(3)
Past service cost
1
1
\u2013
\u2013
1
1
Income and expenses for defined benefit plans recognised in the consolidated income statement
16
14
2
3
14
11
Income/expense on plan assets excluding amounts included in net interest income and net interest expense
\u2013
\u2013
(34)
6
34
(6)
Actuarial gains (-) and losses (+)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 changes in financial assumptions
(141)
(13)
\u2013
\u2013
(141)
(13)
\u2013 changes in demographic assumptions
5
(1)
\u2013
\u2013
5
(1)
\u2013 experience adjustments
(7)
2
\u2013
\u2013
(7)
2
Re-measurements for defined benefit plans recognised in the consolidated statement of comprehensive income
(143)
(12)
(34)
6
(109)
(18)
Contributions to plan assets by employer
\u2013
\u2013
1
2
(1)
(2)
Contributions to plan assets by employees
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Pensions payments
(13)
(12)
(8)
(6)
(5)
(6)
Changes in foreign exchange rates
(5)
9
(5)
9
\u2013
\u2013
Changes associated with assets held for sale
\u2013
(54)
\u2013
(39)
\u2013
(15)
Change in consolidation scope
89
1
1
1
88
\u2013
Other changes
1
16
1
2
\u2013
14
Other reconciling items
72
(40)
(10)
(31)
82
(9)
Balance at 31\u00a0December
261
316
106
148
155
168
thereof
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Germany
106
74
18
17
88
57
United Kingdom
84
130
86
129
(2)
1
Other European countries
70
112
2
2
68
110
Plan assets are comprised as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Qualifying insurance policies
52
85
Equity instruments
40
46
Other funds
9
11
Debt instruments
4
5
Cash and cash equivalents
1
1
Fair value of plan assets
106
148
Significant actuarial assumptions used were as follows:
\u00a0
2022
2021
\u00a0
% a year
% a year
\u00a0
Germany
Other European countries
UK
Germany
Other European countries
UK
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Discount rate
4.20
4.20
4.80
1.40
1.16
1.80
Rate of salary increase
2.25
3.25
n/a
2.25
4.04
n/a
Rate of pension increase
2.06
2.27
3.57
1.49
1.00
3.70
The breakdown of the weighted-average duration by geographical area is as follows:
\u00a0
2022
2021
\u00a0
years
years
\u00a0
\u00a0
\u00a0
Germany
15
16
Other European countries
11
13
UK
20
23
At 31\u00a0December\u00a02022, the sensitivity of the defined benefit liabilities to changes in the weighted significant assumptions is as follows:
\u00a0
Increase
Decrease
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Effect of 0.5 percentage point change in discount rate
(14)
16
Effect of 0.5 percentage point change in rate of salary increase
7
(5)
Effect of 0.5 percentage point change in rate of pension increase
9
(5)
Effect of change in average life expectancy by 1 year
5
(5)
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
At 31\u00a0December\u00a02022, expected maturity analysis of undiscounted pension future cash flows is as follows:
\u00a0
Expected pension payments
\u00a0
\u20ac m
\u00a0
\u00a0
2023
10
2024
12
2025
14
2026
17
2027
22
2028\u20112032
88
6.16. Equity
6.16.1. Share capital
At 31\u00a0December\u00a02022, the subscribed capital amounts to \u20ac192\u00a0million (2021: \u20ac192\u00a0million) and is represented by 154,742,806 (31\u00a0December\u00a02021: 154,742,806) fully paid-up ordinary shares, without nominal value.
At 31\u00a0December\u00a02022, RTL Group\u2019s share price, as listed on the Frankfurt Stock Exchange, was \u20ac39.44 (31\u00a0December\u00a02021: \u20ac46.62).
6.16.2. Treasury shares
Since 31\u00a0December\u00a02020, the Group no longer holds treasury shares.
6.16.3. Currency translation reserve
The currency translation reserve comprises:
6.16.4. Hedging reserve
The hedging reserve (equity attributable to non-controlling interests included) comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Between 31\u00a0December\u00a02021 and 31\u00a0December\u00a02022, the hedging reserve increased by \u20ac8\u00a0million before tax effects. Between 31\u00a0December\u00a02020 and 31\u00a0December\u00a02021, the hedging reserve increased by \u20ac17\u00a0million before tax effects.
6.16.5. Revaluation reserve
The revaluation reserve includes:
6.16.6. Dividends
Based on the resolution of the Annual General Meeting of Shareholders on 27 April 2022, the Annual General Meeting of Shareholders decided to distribute a final dividend of \u20ac5 per share. Accordingly, an amount of \u20ac774\u00a0million was paid out on 5 May 2022 (2021: \u20ac464\u00a0million).
6.16.7. Share-based payment plans
Groupe M6 has established free shares plans open to directors and certain employees. The number of free shares granted to participants is approved by the Supervisory Board of M\u00e9tropole T\u00e9l\u00e9vision SA in accordance with the authorisation given by the Annual General Meeting of Shareholders.
Plans allocated in October 2022:
The maximum number of free shares granted and remaining free shares are as follows, whereby all plans are settled by physical delivery of shares:
\u00a0
Grant date
Maximum number of free shares granted1)
Remaining free shares
\u00a0
\u00a0
\u00a0
\u00a0
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
30/7/2019
246,500
\u2013
\u00a0
20/4/2021
407,200
393,600
\u00a0
20/4/2021
93,000
93,000
\u00a0
10/10/2022
291,050
291,050
\u00a0
10/10/2022
224,700
224,700
Total
\u00a0
1,262,450
1,002,350
1) The maximum number of free shares granted if the performance conditions are significantly exceeded. Such number could be reduced to nil if objectives are not met.
During the financial year, the balance of shares granted changed as follows:
\u00a0
Number of shares
\u00a0
\u00a0
Balance at 31/12/2021
733,700
Change based on performance
\u2013
Granted
515,750
Delivered
(237,000)
Forfeited
(10,100)
Balance at 31/12/2022
1,002,350
Free shares plans outstanding at the end of the year have the following terms:
\u00a0
\u00a0
Number of shares
Number of shares
\u00a0
Expiry date
2022
2021
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
2022
\u2013
237,000
\u00a0
2023
486,600
496,700
\u00a0
2024
224,700
\u2013
\u00a0
2025
291,050
\u2013
Total
\u00a0
1,002,350
733,700
The market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 at 31\u00a0December\u00a02022 (31\u00a0December\u00a02021: \u20ac17.16).
The fair value of performance shares granted is based on the value of the share at date of grant less the current value of future dividends estimated for the period of unavailability. For all performance share plans, the maturity corresponds to the vesting period (i.e. 2 years, 2 years and 6 months or 2 years and 8 months).
The features of plans, fair value of benefits granted and employee expenses are as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Employee expense
\u00a0
Share price
Risk-free interest rate
Expected return
Fair value
2022
2021
Grant date
\u20ac
% a year
% a year
\u20ac
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
25/7/2018 (2 plans)
16.92
(0.10)%
5.66%
14.97
\u2013
0.9
30/07/2019 (2 plans)
15.35
(0.30)%
6.97%
13.23
0.8
2.6
20/4/2021 (2 plans)
18.38
(0.64)%
n/a
14.34
4.1
2.3
10/10/2022 (2 plans)
10.34
2.07%
6.15%
8.38
0.4
\u2013
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
\u00a0
\u00a0
\u00a0
\u00a0
5.3
5.8
6.16.8. Non-controlling interests
RTL Group has ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6) in M\u00e9tropole T\u00e9l\u00e9vision SA which, together with its subsidiaries and investments accounted for using the equity method, represents Groupe M6, which is listed on the Paris Stock Exchange. Deviating from the ownership interests, RTL Group holds 48.3 per cent of the voting rights. The total non-controlling interests amounts to \u20ac791\u00a0million at 31\u00a0December\u00a02022 (2021: \u20ac766\u00a0million), of which \u20ac748\u00a0million (2021: \u20ac733\u00a0million), is for Groupe M6. Non-controlling interests in other subsidiaries are individually immaterial.
The following tables summarise the information relating to Groupe M6, before any intra-group elimination.
Summarised financial information (as published by Groupe M6):
\u00a0
Groupe M6
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
888
924
Current assets
1,099
1,162
Assets held for sale
\u2013
\u2013
Current liabilities
(535)
(657)
Non-current liabilities
(214)
(226)
Liabilities related to assets held for sale
\u2013
\u2013
Net assets
1,238
1,203
\u00a0
\u00a0
\u00a0
Revenue
1,357
1,390
Profit before tax
241
358
Income tax expense
(75)
(77)
Profit from continuing operations
166
281
Profit from discontinued operations
\u2013
\u2013
Group profit
166
281
\u00a0
\u00a0
\u00a0
Other comprehensive income
11
\u2013
Total comprehensive income
177
281
Dividends paid to non-controlling interest
(5)
\u2013
\u00a0
\u00a0
\u00a0
Net cash from/(used in) operating activities
296
456
Net cash from/(used in) investing activities
(80)
(67)
Net cash from/(used in) financing activities
(190)
(237)
Net increase/(decrease) in cash and cash equivalents
26
152
RTL\u00a0Group\u2019s subsidiary, M\u00e9tropole T\u00e9l\u00e9vision SA, declared and paid cash dividends during the financial year 2022. The amount received within the Group was eliminated on consolidation and the amount paid to non-controlling interests was \u20ac65\u00a0million (2021: \u20ac98\u00a0million).
Transactions on non-controlling interests without changes of control
In June\u00a02022, RTL\u00a0Group exercised its right to acquire the remaining interest in Eureka, increasing its ownership from 51 per\u00a0cent to 100 per\u00a0cent. The consideration paid amounted to \u20ac55\u00a0million and related to the settlement of a put option liability on the remaining share capital, which was recognised in connection with the acquisition of the majority interest in Eureka in 2021. The transaction was accounted for as an equity transaction in accordance with IFRS\u00a010. The transaction resulted in an increase of the equity attributable to RTL\u00a0Group shareholders in the amount of \u20ac17\u00a0million and a decrease of the equity attributable to non-controlling interests in the amount of \u20ac\u201117\u00a0million.
\u00a0
\u20ac m
\u00a0
Change in RTL\u00a0Group shareholders\u2019 equity
\u00a0
\u00a0
Carrying amount of interests acquired
17
Increase in RTL\u00a0Group shareholders\u2019 equity
17
\u2013 thereof increase in retained earnings
17
\u2013 thereof increase in other comprehensive income
-

7. FINANCIAL RISK MANAGEMENT
7.1. Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group is exposed in particular to risks from movements in foreign exchange rates as it engages in long-term purchase contracts for programme rights (output deals) denominated in foreign currency.
Risk management is carried out by the Group Treasury department under the supervision of the Chief Financial Officer under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges risks in close cooperation with the Group\u2019s operating units. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Board of Directors has issued written principles for overall risk management and written policies covering specific areas, such as market risk, credit risk, liquidity risk, use of derivatives and investment of excess liquidity.
The Group seeks to minimise the potential adverse effects of changing financial markets on its performance using standard market financial derivatives, primarily unlisted (OTC) instruments such as foreign exchange forward contracts. Transactions are entered into with selected banks in line with the Bank Relationship Policy. Derivatives are not used for speculative purposes. Risks are hedged to the extent that they influence the Group\u2019s cash flows (i.e. translational risk linked to the conversion of net investments in foreign operations is not hedged).
7.1.1. Market risk
Foreign exchange risk
Euro exchange rates for significant foreign currencies
The following significant exchange rates have been applied:
\u00a0
\u00a0
Average rates
Closing rates
Foreign currency unit per \u20ac1
\u00a0
2022
2021
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
British pound
GBP
0.8527
0.8598
0.8869
0.8413
US dollar
USD
1.0534
1.1828
1.0666
1.1370
Australian dollar
AUD
1.5165
1.5748
1.5693
1.5647
Foreign exchange exposure
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily in respect of USD and GBP. Foreign exchange risk arises from recognised assets and liabilities, future commercial transactions and net investments in foreign operations.
For the Group as a whole, cash flows, net income and net worth are optimised by reference to the Euro. However, foreign exchange risks faced by individual Group companies are managed or hedged against the functional currency of the relevant entity (as these entities generally generate their revenue in local currencies). The Group therefore manages a variety of currencies due to the numerous functional currencies of the companies constituting the Group.
In addition, market practices in the television business imply a significant forward exposure to USD as programme rights are usually denominated in USD and not paid up-front. For this reason, the main off-balance sheet exposure of the Group is towards the USD in respect of future purchases and sales of programme rights, output deals (commitments for future cash flows) and highly probable forecast transactions (US-$2\u00a0million as at 31\u00a0December\u00a02022, US-$7\u00a0million as at 31\u00a0December\u00a02021).
Management of foreign exchange exposure
RTL Group management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. Group companies are required to hedge their entire foreign currency exchange risk exposure with Group Treasury in accordance with the Group\u2019s Treasury policies. All foreign currency exchange exposures \u2013 including signed and forecast output deals and programme rights in foreign currency \u2013 are centralised in an intranet-based database. To manage their foreign exchange risk arising from recognised assets and liabilities and future commercial transactions, entities in the Group use forward contracts transacted with Group Treasury. Group Treasury is then responsible for hedging, usually on a one-to-one basis, the exposure against the functional currency of the respective entity.
The Group\u2019s Treasury policy is to hedge up to 100 per cent of the recognised monetary foreign currency exposures arising from cash, accounts receivable, accounts payable, loans receivable and borrowings denominated in currencies other than the functional currency. The Group Treasury policy is to hedge between 80 per cent and 100 per cent of short-term cash flow forecasts and between 10 per cent and 80 per cent of longer term (between two and five years) cash flow forecasts. Approximately 68 per cent (2021: 75 per cent) of anticipated cash flows constitute firm commitments or highly probable forecast transactions for the purpose of hedge accounting.
In order to monitor the compliance of the management of the foreign exchange exposure (mainly USD) with the Group\u2019s policy, a monthly report is produced and analysed by RTL Group management. This report shows each subsidiary\u2019s exposure to currencies other than their functional currency, detailing the nature (e.g. trade accounts, royalties, intercompany accounts) of on-balance sheet items, and the underlying deals and maturities of off-balance sheet items, as well as the corresponding hedging ratios.
Accounting
At interception of the hedging relationships, RTL Group documents the risk management objective and strategy for undertaking the hedge. RTL Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other.
RTL Group separates the spot component and the forward (or swap) point of the forward contracts. Only the spot component is considered as the hedging instrument. Forward (or swap) points are accounted for directly in profit or loss accounts.
The foreign currency cash flow hedge accounting model defined under IFRS\u00a09 is applied by those companies that account for the majority of the Group\u2019s foreign currency exposure, when:
When cash flow hedge accounting is applied, the effective portion of the changes in the fair value of the hedging instrument is recognised net of deferred tax in the cash flow hedging reserve as presented in \u2018Consolidated statement of changes in equity\u2019. It is released to the income statement in the periods in which the hedged item impacts the income statement. In case of hedging forecast purchases of programme rights in foreign currency the releases from cash flow hedging reserve are added to the carrying amount of the hedged item when such an item is recognised in the statement of financial position. The ineffective portion of the change in fair value of the hedging instrument is recognised directly in profit or loss. For the year ended 31\u00a0December\u00a02022, the swap points have been recognised in the income statement for \u20ac1\u00a0million (2021: \u20ac\u20114\u00a0million).
For recognised foreign currency monetary assets and liabilities there is a natural offset of gains and losses in the income statement between the revaluation of the underlying derivatives and the exposure. Therefore, hedge accounting as defined under IFRS\u00a09 is not applied.
Foreign exchange derivative contracts
The impact of forward foreign exchange contracts in the consolidated statement of financial position and in profit or loss is as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Net fair value of foreign exchange derivatives
(5)
12
\u00a0
\u00a0
\u00a0
Operating foreign exchange gains/(losses)
\u2013
(3)
Non-operating foreign exchange gains/(losses)
(19)
(10)
Gains/(losses) resulting from swap points
1
(4)
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Less than 3 months
(10)
\u2013
Less than 1 year
5
9
Less than 5 years
\u2013
3
Net fair value of foreign exchange derivatives
(5)
12
The items \u2018Operating foreign exchange gains/(losses)\u2019 and \u2018Non-operating foreign exchange gains/(losses)\u2019 relate to derivatives used to offset the currency exposure relating to recognised monetary assets and liabilities for which hedge accounting as defined under IFRS\u00a09 is not applied.
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02022, is, for the main foreign currencies, as follows:
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
388
125
12
4
4
533
Sell
(533)
(90)
(6)
(1)
(2)
(632)
Total
(145)
35
6
3
2
(99)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
767
151
14
7
2
941
Sell
(353)
(142)
(12)
(5)
(6)
(518)
Total
414
9
2
2
(4)
423
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02021 is, for the main foreign currencies, as follows:
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
175
75
87
1
2
340
Sell
(344)
(59)
(44)
(1)
(1)
(449)
Total
(169)
16
43
\u2013
1
(109)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
609
143
61
2
1
816
Sell
(560)
(126)
(106)
(1)
(3)
(796)
Total
49
17
(45)
1
(2)
20
Sensitivity analysis to foreign exchange rates
Management estimates that:
This sensitivity analysis does not include the impact of translation into \u20ac of foreign operations.
Interest rate risk
The objective of the interest rate risk management policy is to minimise the interest rate funding cost over the long-term and to maximise the excess cash return.
The Group interest rate risk arises primarily from loans payable, financing agreements with Bertelsmann SE & Co. KGaA and its subsidiaries (see note 10.1) and from cash and cash equivalents.
During the third quarter of 2017, Groupe M6 secured external funding of \u20ac170\u00a0million, including a seven-year Euro private placement bond issue (seven-year Euro private placement bond) of \u20ac50\u00a0million and two bilateral committed credit facilities for a total of \u20ac120\u00a0million with a maturity of five years. The fixed interest rate on the Euro private placement bond is 1.50 per cent (all-in). The fair value of the seven-year Euro private placement bond \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac51\u00a0million (2021: \u20ac51\u00a0million).
During the third quarter of 2019, Groupe M6 entered into a seven-year-term Schuldschein loan of \u20ac75\u00a0million including a credit line of \u20ac65\u00a0million with a fixed rate of 1 per cent and a credit facility for \u20ac10\u00a0million with a floating rate of EURIBOR six months (floored at zero per cent) plus a margin of 1 per cent per year. The fair value of the seven-year-term Schuldschein of \u20ac65\u00a0million \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac65\u00a0million (2021: \u20ac65\u00a0million).
In order to maximise the excess cash return on cash balances and to minimise the gross indebtedness of the Group, cross border cash pooling has been set up for most Group entities. The interest rate strategy defined by RTL Group depends on the net cash position of each company.
Group Treasury uses various indicators to monitor interest rate risk, such as a targeted net fixed/floating rate debt ratio, duration, basis point value (increase in interest rate costs resulting from a basis point increase in interest rate) and interest cover ratio.
If the interest rates achieved had plus or minus 100 basis points, and assuming the current amount of floating net cash available remained constant, the net interest income/(expense) at 31\u00a0December\u00a02022, would have been changed as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
Shift +1%
Shift (1)%
Shift +1%
Shift (1)%
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cash flow risks (income statement)
3.0
(3.0)
4.7
(0.3)
7.1.2. Credit risk
RTL Group\u2019s exposure to credit risk primarily arises through sales made to customers (trade receivables), investments in money market funds classified in cash and cash equivalents, and deposits made with banks and the shareholder.
Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances, which are managed by individual subsidiaries.
The Group\u2019s television and radio operations incur exposure to credit risk when making transactions with advertising agencies or direct customers. In 2022, combined television and radio advertising revenue contributed 43 per cent of the Group\u2019s revenue (2021: 50 per cent). Due to its business model, RTL Group\u2019s exposure to credit risk is directly linked to the final client. However, the risks are considered to be low due to the size of the individual companies or agency groups.
RTL Group sells, licenses and monetises content to state-owned and commercial television channels and internet platforms. In 2022, these activities contributed 34 per cent of the Group\u2019s revenue (2021: 31 per cent). Given the limited number of television broadcasters in different countries, there is a high degree of concentration of credit risk. However, given the long-standing relationships between content providers and broadcasters and the fact that the customers are large businesses with solid financial positions, the level of credit risk is significantly mitigated.
RTL Group also has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history.
According to the Group\u2019s banking policy, derivative instruments and cash transactions (including bank deposits and investments in money market funds) are operated only with high credit quality financial institutions in order to mitigate counterparty risk (only independently rated parties with a minimum rating of \u2018BBB+\u2019 are accepted for bank deposits for the smallest tranches). The Group\u2019s bank relationship policy sets forth stringent criteria for the selection of banking partners and money market funds (such as applicable supervisory authorities, investment policy, maximum volatility, track record, rating, cash and cash equivalents as defined under IAS\u00a07). To mitigate settlement risk, the Group has policies that limit the amount of credit exposure to any one financial institution on any single day. Statistics (such as the percentage of the business allocated to each bank over the year, or a summary of the highest intraday exposures by bank and maturity date) are computed and used daily to ensure credit risk is mitigated in practice at any time.
The carrying amount of financial assets represents their maximum credit exposure.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
The Group has a significant concentration of credit risk due to its relationship with Bertelsmann. Nevertheless, credit risk arising from transactions with the principal shareholder or its subsidiaries is significantly mitigated (see note 10.1). RTL Group considers that there is a low concentration of credit risk for other counterparties.
7.1.3. Price risk
The Group is subject to price risk mainly linked to equity securities, earn-out mechanisms, put options on non-controlling interests and derivatives, and investments accounted for using the equity method. The primary goal of the Group\u2019s investment in equity securities categorised as FVOCI is to hold such investments for the long term for strategic purposes. Some investments designated at FVTPL are actively monitored on a fair value basis.
7.1.4. Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying business, management aims to maintain flexibility in funding by keeping committed credit lines available despite the total cash situation. Cash flow forecasting is performed in the operating entities of the Group. Group Treasury monitors rolling forecasts on the Group\u2019s liquidity requirements to ensure it has sufficient headroom to meet operational needs. Management monitors, on a monthly basis, the level of the \u2018liquidity headroom\u2019 (total committed facilities minus current utilisation through bank loans and guarantees).
\u00a0
Under 1 year
1 to 5 years
Over 5 years
2022
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Credit facilities \u2013 banks
\u00a0
\u00a0
\u00a0
\u00a0
Committed facilities
\u2013
247
\u2013
247
Headroom
\u2013
122
\u2013
122
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
1 to 5 years
Over 5 years
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Credit facilities \u2013 banks
\u00a0
\u00a0
\u00a0
\u00a0
Committed facilities
\u2013
230
75
305
Headroom
\u2013
180
\u2013
180
Surplus cash held by the operating entities over and above balances required for working capital management is transferred to Group Treasury. Group Treasury invests surplus cash in interest-bearing current accounts, time deposits, money market funds or deposits with Bertelsmann SE & Co. KGaA (see note 10.1) choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the closing date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
547
134
4
685
Lease liabilities
91
220
97
408
Accounts payable and other non-derivative financial liabilities
1,796
139
91
2,026
At 31\u00a0December\u00a02022
2,434
493
192
3,119
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(1,027)
(181)
(2)
(1,210)
\u2013 Inflow
984
167
2
1,153
At 31\u00a0December\u00a02022
(43)
(14)
\u2013
(57)
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
49
556
79
684
Lease liabilities
65
192
102
359
Accounts payable and other non-derivative financial liabilities
2,286
81
\u2013
2,367
At 31\u00a0December\u00a02021
2,400
829
181
3,410
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(791)
(221)
\u2013
(1,012)
\u2013 Inflow
779
215
\u2013
994
At 31\u00a0December\u00a02021
(12)
(6)
\u2013
(18)
7.2. Capital management
The Group monitors capital on the basis of its net debt to EBITDA ratio (non-IFRS measure).
The Group\u2019s ability and intention to pay dividends in the future will depend on its financial condition, results of operations, capital requirements, investment alternatives and other factors that management may deem relevant. Management expects that the principal source of funds for the payment of dividends will be the cash flow and dividends received from its current and future subsidiaries.
The Group intends to pay ordinary dividends in the future targeting a dividend pay out ratio of at least 80 per cent of the adjusted net profit attributable to RTL Group shareholders.
The adjusted net profit (non-IFRS measure) is the reported net result available to RTL Group shareholders, adjusted for any material non-cash impacts such as goodwill impairments.
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
In 2021, the amount disclosed in \u2019Acquisitions and additions\u2019 mainly related to the Magnite shares RTL\u00a0Group received as a part of the non-cash consideration from the sale of SpotX (\u20ac381\u00a0million). Due to the contractual lockup the Magnite shares were assigned to Level 3. After the expiry\u00a0of the lock-up period, the listed Magnite shares were assigned to Level 1. The effect from re-measurement of these shares until the transfer out of Level 3 amounted to \u20ac\u201161\u00a0million and was disclosed in \u2018Gains and losses recognised in profit or loss\u2019. A further effect of \u20ac66\u00a0million recognised in profit or loss related to the valuation of investment in VideoAmp. The effect in \u2018Settlements\u2019 related to the partial repayment of the convertible note obtained from BBTV Holdings Inc. There were no additional transfers in or out of Level 3 during 2021.
7.4. Master netting agreement
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 e.g. when a credit event such as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.
The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a bank loan default or other credit event.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. The column \u2018net amount\u2019 shows the impact on the consolidated statement of financial position if all set-off rights were exercised.
\u00a0
At 31\u00a0December\u00a02022
At 31\u00a0December\u00a02021
\u00a0
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
52
(43)
9
29
(16)
13
\u00a0
52
(43)
9
29
(16)
13
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
(57)
43
(14)
(17)
16
(1)
\u00a0
(57)
43
(14)
(17)
16
(1)
8. COMMITMENTS AND CONTINGENCIES
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Guarantees and endorsements given
27
49
Contracts for purchasing rights, (co-)productions and programmes
1,704
1,378
Satellite transponders
20
28
Leases signed but not yet commenced
\u2013
23
Purchase obligations in respect of transmission and distribution
153
166
Other long-term contracts and commitments
236
145
The Group has investments in unlimited liability entities. In the event that these entities make losses, the Group may have to participate to the entire amount of losses, even if these entities are not wholly owned.
Some Dutch companies have elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code. In order to fulfil the conditions, set out in the regulations, the Company has given a statutory guarantee of all outstanding liabilities to which the subsidiaries are subject at the end of the financial year 2022. A full list of the concerned companies is provided in note 12.
In the course of their activities, several Group companies benefit from licence frequency agreements, which commit the Group in various ways depending upon the legal regulation in force in the countries concerned.
8.1. Purchase obligations in respect of transmission and distribution
These obligations result from agreements with providers of services related to the terrestrial and cable transmission and distribution of the signals of the Group\u2019s TV channels and radio stations.
8.2. Other long-term contracts and commitments
Long-term contracts include contracts for services, agreements to purchase assets or goods, and commitments to acquire licences other than audio-visual rights and television programming that are enforceable and legally binding and that specify all significant terms.
9. CASH FLOW STATEMENT
The consolidated cash flow statement has been prepared in accordance with IAS\u00a07 and is used to evaluate the Group\u2019s ability to generate cash and cash equivalents. Cash flows are divided into those relating to operating activities, investing activities and financing activities. Cash flows from operating activities are presented using the indirect method, whereby profit before tax is adjusted for the effects of a non-cash nature, any deferrals or accruals of past or future operating receipts or payments, and items of income or expenses associated with investing cash flows. In addition, cash flows arising from income taxes are classified as cash flows from operating activities as well as other cash flows that are neither investing nor financing.
The change in provisions for pensions and similar obligations represents the balance of personnel costs for pensions and similar obligations and company payments for these obligations (see note 6.15). Contributions to pension plans totalling \u20ac\u20111\u00a0million (2021: \u20ac\u20112\u00a0million) were also included in this item. \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 of the cash flow from operating activities includes the adjustments of results from investments accounted for using the equity method, taking into account dividends received from these investments, and adjustments in connection with non-cash income and expenses.
The consolidated cash flow statement includes the effects of changes in foreign currencies and changes in the scope of consolidation. Items in the consolidated cash flow statement thus cannot be reconciled with changes in items reported in the statement of financial position. Investing activities include payments for investments in non-current assets and purchase price payments for acquisitions as well as proceeds from the disposal of non-current assets and investments. Further explanations concerning acquisitions made during the financial year are presented in note 4.2. Disposals made during the financial year are also presented separately in note 4.3. Financial debt of \u20ac\u201146\u00a0million (2021: \u20ac\u201112\u00a0million) was assumed during the reporting period, of which \u20ac3\u00a0million was repaid at the closing date. Its repayment is presented in \u2018Acquisitions of: Subsidiaries, net of cash acquired\u2019. In 2022, no financial debt was disposed of. In the previous year, losing control of subsidiaries or other businesses resulted in the disposal of financial debt of an immaterial amount. \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019 mainly relates to disposal of the entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash in January\u00a02022. The transaction was carried out as a share buyback by VideoAmp.
\u2018Cash flow from financing activities\u2019 includes changes in equity, financial debt, lease liabilities and dividend distributions affecting cash, as well as interest paid (including interest paid due to leases). Total cash outflows from leases amounted to \u20ac\u201186\u00a0million (2021: \u20ac\u201169\u00a0million).
The following tables show the cash changes and non-cash changes of liabilities arising from financing activities:
\u00a0
1\u00a0January\u00a02022
Cash changes
Non-cash changes
31\u00a0December\u00a02022
\u00a0
Acquisitions through business combinations
Disposals through business combinations
Exchange rate effects
Other changes
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
Bank loans payable
153
(32)
36
\u2013
\u2013
\u2013
157
Loans due to investments accounted for using the equity method
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Term loan facility due to shareholder
500
\u2013
\u2013
\u2013
\u2013
\u2013
500
Other loans payable
17
(12)
7
\u2013
\u2013
1
13
Lease liabilities
332
(81)
13
(1)
\u2013
122
385
Liabilities arising from financing activities
1,003
(124)
56
(1)
\u2013
123
1,057
\u00a0
1\u00a0January\u00a02021
Cash changes
Non-cash changes
31\u00a0December\u00a02021
\u00a0
Acquisitions through business combinations
Disposals through business combinations
Exchange rate effects
Other changes
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Bank loans payable
184
(31)
\u2013
\u2013
\u2013
\u2013
153
Loans due to investments accounted for using the equity method
58
(29)
\u2013
\u2013
\u2013
(28)
1
Term loan facility due to shareholder
500
\u2013
\u2013
\u2013
\u2013
\u2013
500
Other loans payable
10
3
\u2013
\u2013
\u2013
4
17
Lease liabilities
384
(63)
13
(4)
3
(1)
332
Liabilities arising from financing activities
1,137
(120)
13
(4)
3
(26)
1,003
As at 31\u00a0December\u00a02022, the other non-cash changes in lease liabilities mainly related to lease contracts newly concluded and extended lease contracts in the financial year 2022.
As at 31\u00a0December\u00a02021, the other non-cash changes in loans due to investments accounted for using the equity method related to the conversion of the loan partly paid in 2021 into a cash pooling arrangement after Super RTL became a subsidiary of RTL Group.
10. RELATED PARTIES
Identity of related parties
At 31\u00a0December\u00a02022, the principal shareholder of RTL Group is Bertelsmann Capital Holding GmbH (BCH) (76.28\u00a0per cent). The remainder of the Group\u2019s shares are publicly listed on the Frankfurt and Luxembourg Stock Exchanges. The Group also has a related party relationship with its associates, joint ventures and with its directors and executive officers.
10.1. Transactions with shareholders and subsidiaries
Sales and purchases of goods and services
During the year the Group made sales of goods and services to and purchases of goods and services from Bertelsmann Group amounting to \u20ac34\u00a0million (2021: \u20ac112\u00a0million) and \u20ac62\u00a0million (2021: \u20ac67\u00a0million) respectively. At the year-end, the Group had trade accounts receivable and payable due from/to Bertelsmann Group amounting to \u20ac14\u00a0million (2021: \u20ac13\u00a0million) and \u20ac18\u00a0million (2021: \u20ac37\u00a0million) respectively.
Dividend income
In 2022 RTL Group received a dividend of \u20ac1 million (2021: \u20acnil) by Bertelsmann Business Support S\u00e0rl related to a 10 per cent stake in the entity. A 25-year shareholders\u2019 agreement has been concluded between Bertelsmann SE & Co. KGaA and RTL Group SA. The shareholders agreement stipulates that 50 per cent of the aggregate amount of corporate and trade tax that, in the absence of existing tax losses carried forward of Bertelsmann Business Support S\u00e0rl, if any, would have otherwise been incurred by the Company, will be paid to RTL Group SA as a preferred dividend with a minimum amount of \u20ac1 million per year. The minimum dividend of \u20ac1 million became payable as from 2016 onwards and has been recognised at contract inception for the entire contract duration. Only excessive amounts are recognised in profit or loss. The dividend accounts receivable amounts to \u20ac14 million as at 31 December 2022 (2021: \u20ac15 million).
Lease agreement
As at 1\u00a0January\u00a02022, RTL Group has entered into a sub-lease agreement with RM Hamburg Holding GmbH, a subsidiary of Bertelsmann SE & Co. KGaA, for premises in Hamburg, Germany. The lease contract expires on 31\u00a0January\u00a02025. The lease payments in the financial year 2022 amount to \u20ac12 million. The payables from this lease agreement as at 31\u00a0December\u00a02022 amount to \u20ac26 million. The lease payments of RTL Group correspond to the payments of Bertelsmann from the head lease.
Deposits Bertelsmann SE & Co. KGaA
In 2006, RTL Group SA entered into a Deposit Agreement with Bertelsmann SE & Co. KGaA, the main terms of which are the following at 31\u00a0December\u00a02022:
The shares of RM Hamburg Holding GmbH and shares of Bertelsmann UK Ltd have also been granted as pledge by Bertelsmann SE & Co. KGaA to CLT-UFA SA, a subsidiary of RTL Group, in connection with the accounts receivable related to PLP and Compensation Agreements as defined below.
On 22\u00a0December\u00a02011, RTL Group GmbH (formerly RTL Group Deutschland GmbH), a Group company, and Bertelsmann SE & Co. KGaA entered into an agreement related to the deposit of surplus cash by RTL Group GmbH with the shareholder. To secure the deposit, Bertelsmann pledged to RTL Group GmbH its shares of RM Hamburg Holding GmbH.
On 26 March 2021, an amendment to the pledge agreement was signed between RTL Group SA, RTL Group GmbH, CLT-UFA SA, Bertelsmann SE & Co. KGaA, Reinhard Mohn GmbH and Bertelsmann Business Support S\u00e0rl that precises the valuation methodology of the pledged shares and grants to RTL Group an additional pledge on all current repayment claims of Bertelsmann Business Support S\u00e0rl against RTL Group GmbH under the Term Loan Facility of \u20ac500\u00a0million.
At 31\u00a0December\u00a02022, the deposit of RTL Group GmbH with Bertelsmann SE & Co. KGaA amounted to \u20ac197\u00a0million (2021: \u20ac458 million). The interest income for the period is \u20ac1\u00a0million (2021: \u20acnil\u00a0million).
On 30 April 2021, Bertelsmann, Inc. signed a promissory note for a total amount of US-$705\u00a0million. On 1 September, an amended version was signed including a remuneration of five basis points on the outstanding amount.
At 31\u00a0December\u00a02022, the outstanding amount was EUR-equivalent \u20ac79\u00a0million (2021: \u20ac336\u00a0million). The interest income/expense for the year was \u20acnil\u00a0million (2021: \u20acnil\u00a0million).
Loans from Bertelsmann SE & Co. KGaA and Bertelsmann Business Support S.\u00e0.r.l.
On 7 March 2013, RTL Group GmbH and Bertelsmann SE & Co. KGaA entered into a shareholder loan agreement pursuant to which Bertelsmann makes available a term loan facility in the amount of \u20ac500\u00a0million and a revolving and swing line facility in the amount of up to \u20ac1 billion. The revolving loan terminated in February 2018. RTL Group has re-negotiated an extension for another five-year period. The main terms of these facilities are:
The interest expense for the period amounts to \u20ac14\u00a0million (2021: \u20ac14\u00a0million). The commitment fee charge for the period amounts to \u20ac1.2\u00a0million (2021: \u20ac1.2\u00a0million).
Tax
On 26 June 2008, the Board of Directors of RTL Group agreed to proceed with the tax pooling of its indirect subsidiary RTL Group GmbH (RGG) into BCH, a direct subsidiary of Bertelsmann SE & Co. KGaA.
To that effect, RGG entered into a Profit and Loss Pooling Agreement (PLP Agreement) with BCH for a six-year period starting 1\u00a0January\u00a02008. Simultaneously, Bertelsmann SE & Co. KGaA entered into a Compensation Agreement with CLT-UFA, a direct subsidiary of RTL Group, providing for the payment to CLT-UFA of an amount compensating the above profit transfer and an additional commission (\u2018Commission\u2019) amounting to 50 per cent of the tax saving based upon the taxable profit of RGG.
Through these agreements, as from 1\u00a0January\u00a02008, Bertelsmann SE & Co. KGaA and the RGG sub-group of RTL Group are treated as a single entity for German income tax purposes.
As the PLP Agreement does not give any authority to BCH to instruct or control RGG, it affects neither RTL Group nor RGG\u2019s ability to manage their business, including their responsibility to optimise their tax structures as they deem fit. After six years, both PLP and Compensation Agreements are renewable on a yearly basis. RGG and CLT-UFA have the right to request the early termination of the PLP and Compensation Agreements under certain conditions.
On 15 May 2013, the Board of Directors of RTL Group agreed to the amendment of the Compensation Agreement in light of the consumption of the trade tax and corporate tax losses at the level of Bertelsmann SE & Co. KGaA and of the expected level of indebtedness of RTL Group in the future.
The PLP Agreement was slightly amended in 2014 on the basis of a recent change to German corporate tax law and in 2022 following the acquisition of Gruner + Jahr Deutschland GmbH, Deutsche Medien Manufaktur GmbH & Co KG and 11 Freunde Verlag GmbH & Co KG.
In the absence of specific guidance in IFRS, RTL Group has elected to recognise current income taxes related to the RGG sub-group based on the amounts payable to Bertelsmann SE & Co. KGaA and BCH as a result of the PLP and Compensation Agreements described above. Deferred income taxes continue to be recognised, based upon the enacted tax rate, in the consolidated financial statements based on the amounts expected to be settled by the Group in the future. The Commission, being economically and contractually closely related to the Compensation, is accounted for as a reduction of the tax due under the Agreements.
At 31\u00a0December\u00a02022, the balance payable to BCH amounts to \u20ac322\u00a0million (2021: \u20ac731\u00a0million) and the balance receivable from Bertelsmann SE & Co. KGaA amounts to \u20ac306\u00a0million (2021: \u20ac648\u00a0million).
For the year ended 31\u00a0December\u00a02022, the German income tax in relation to the tax pooling with Bertelsmann SE & Co. KGaA amounts to \u20ac32\u00a0million (2021: \u20ac130\u00a0million). The Commission amounts to \u20ac16\u00a0million (2021: \u20ac46\u00a0million).
As from 1 July 2019, RGG entered into the VAT tax group with Bertelsmann SE & Co. KGaA. Bertelsmann SE & Co. KGaA and the RGG sub-group are treated as a single entity for German VAT purposes.
The UK Group relief of Fremantle Group to Bertelsmann Group resulted in a tax income of \u20ac6 million (2021: \u20ac4\u00a0million).
All Danish entities under common control by an ultimate parent are subject to Danish tax consolidation, which is mandatory under Danish tax law. Riverty Denmark A/S \u2013 a 100 per cent held subsidiary of Bertelsmann SE & Co. KGaA \u2013 was elected as the management company of the Bertelsmann Denmark Group.
All Spanish entities with a direct or indirect shareholding of at least 75 per cent by an ultimate parent are subject to Spanish tax consolidation which is mandatory under Spanish tax law. Bertelsmann SE & Co. KGaA appointed Bertelsmann Espa\u00f1a, S.L. as Spanish representative of the consolidated tax group in Spain.
Transactions under common control
In January\u00a02022, RTL Deutschland acquired 100 per\u00a0cent of the share capital of Gruner\u00a0+\u00a0Jahr Deutschland GmbH. The acquisition was preceded by the decision of RTL\u00a0Group in August 2021 to acquire Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion across TV, streaming, print, radio and digital. As part of the Gruner\u00a0+\u00a0Jahr acquisition, 50 per\u00a0cent of the capital of Deutsche Medien Manufaktur (DMM) was transferred downstream to RTL Deutschland in April 2022. For further details see note 4.2.
10.2. Transactions with investments accounted for using the equity method
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
In addition to the capital contributions in Salto during the reporting period (see note 6.5.1), RTL Group made further capital contributions to joint ventures amounting to \u20ac2 million and to its investments in associates amounting to \u20ac4 million.
10.3. Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to key management personnel and contributes to a post-employment defined benefit plan on its behalf.
The key management personnel compensation is as follows and includes benefits for the period for which the individuals held the Executive Committee position:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Short-term benefits
6.3
6.9
Post-employment benefits
\u2013
\u2013
Long-term benefits
1.5
1.7
\u00a0
7.8
8.6
Further details on the remuneration of key management personnel can be found in the remuneration report.
10.4. Directors\u2019 fees
In 2022, a total of \u20ac1.3\u00a0million (2021: \u20ac1.4\u00a0million) was allocated in the form of attendance fees to the non-executive members of the Board of Directors of RTL Group SA and the committees that emanate from it, with respect to their functions within RTL Group SA and other Group companies.
11. SUBSEQUENT EVENTS
In January 2023, Global Savings Group (GSG), an at equity investment held by Groupe M6, completed the acquisition of pepper.com. This transaction resulted in a dilution of Groupe M6\u2019s investment in GSG from 41.49 per cent at 31\u00a0December 2022 to 31.16 per cent. The preliminary impact on profit or loss in 2023 is currently under estimation and will be recognised under \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019 of the consolidated income statement for the year 2023.
In February 2023, RTL Deutschland announced a reorganisation of its publishing business to focus on its core brands Stern, Geo, Capital, Stern Crime, Brigitte, Gala, Sch\u00f6ner Wohnen, H\u00e4user, Couch, Eltern, Chefkoch, Geolino and Geolino Mini. Other brands will be sold or discontinued. During the reorganisation, costs will be reduced in all areas \u2013 especially in corporate functions, corporate IT, office space, publishing and editorial teams. Around 500 jobs will be reduced in Hamburg, while an additional 200 jobs will be transferred to new owners through the planned sale of titles. RTL Deutschland will invest \u20ac80 million in its publishing business by 2025, thereof \u20ac30 million in the expansion of the paid offer Stern+ with complementary content from Stern, Geo, Capital and Stern Crime. The potential synergies of the transaction (Adjusted EBITA run-rate impact) are estimated at around \u20ac75 million per year, to be fully realised by 2025. At the time the consolidated financial statements were authorised for issue, the management has prepared its negotiations with relevant stakeholders \u2013 mainly employee representatives \u2013 and expects the costs associated with the reorganisation to be in the high double-digit millions.
In February 2023, RTL Group GmbH and Bertelsmann SE & Co. KGaA entered into a shareholder loan agreement pursuant to which Bertelsmann makes available a revolving and swing line facility in the amount of up to \u20ac600\u00a0million. The main terms of this facility are:
In March 2023, RTL Group GmbH and Bertelsmann Business Support S\u00e0rl entered into a shareholder loan agreement pursuant to which Bertelsmann makes available two term loan facilities in the amount of \u20ac500\u00a0million The main terms of these facilities are:
In March 2023, an amendment to the pledge agreement was signed between RTL Group SA, RTL Group GmbH, CLT\u2011UFA SA, Bertelsmann SE & Co KGaA, Reinhard Mohn GmbH and Bertelsmann Business Support S\u00e0rl granting RTL\u00a0Group the pledge on all current repayment claims of Bertelsmann Business Support S\u00e0rl against RTL Group GmbH under the new Term Loan Facilities of \u20ac500 million.
12. GROUP UNDERTAKINGS
The following table presents the RTL Group undertakings as at 31\u00a0December\u00a02022 sorted by country. RTL Group SA is the parent company and incorporated in Luxembourg.
\u00a0
Group's ownership1)
Consolidation method2)
\u00a0
\u00a0
(in per cent)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Antigua and Barbuda
\u00a0
\u00a0
\u00a0
Grundy International Operations Ltd
100.0
FC
\u00a0
Argentina
\u00a0
\u00a0
\u00a0
Fremantle Productions Argentina S.A.
99.7
FC
\u00a0
Australia
\u00a0
\u00a0
\u00a0
Eureka Productions Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Holdings Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Pty Ltd
99.7
FC
\u00a0
Grundy Organization Pty Ltd
99.7
FC
\u00a0
Helium Five Pty Ltd
99.7
FC
\u00a0
Helium Four Pty Ltd
99.7
FC
\u00a0
Helium One Pty Ltd
99.7
FC
\u00a0
Helium Seven Pty Ltd
99.7
FC
\u00a0
Helium Six Pty Ltd
99.7
FC
\u00a0
Helium Three Pty Ltd
99.7
FC
\u00a0
Helium Two Pty Ltd
99.7
FC
\u00a0
Huzzah Productions Pty Ltd
99.7
FC
\u00a0
Regal Chandos Pty Ltd
99.7
FC
\u00a0
Royal Atchison Pty Ltd
99.7
FC
\u00a0
Austria
\u00a0
\u00a0
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
G+J Holding GmbH
99.7
FC
\u00a0
IP \u00d6sterreich GmbH
49.9
FC
\u00a0
RTL Austria GmbH
99.7
FC
\u00a0
Belgium
\u00a0
\u00a0
\u00a0
Freecaster BVBA
99.7
FC
\u00a0
FremantleMedia Belgium NV
99.7
FC
\u00a0
Brazil
\u00a0
\u00a0
\u00a0
FremantleMedia Brazil Producao de Televisao Ltda.
99.7
FC
\u00a0
Canada
\u00a0
\u00a0
\u00a0
FremantleMedia Canada No 2 Inc.
99.7
FC
\u00a0
China
\u00a0
\u00a0
\u00a0
Fremantle (Shanghai) Culture Media Co. Ltd.
99.7
FC
\u00a0
Fremantle Productions Asia Ltd.
100.0
FC
\u00a0
Denmark
\u00a0
\u00a0
\u00a0
Blu A/S
99.7
FC
\u00a0
Miso Film ApS
99.7
FC
\u00a0
Miso Holdings ApS
99.7
FC
\u00a0
Strong Productions A/S
99.7
FC
\u00a0
Finland
\u00a0
\u00a0
\u00a0
Fremantlemedia Finland Oy
99.7
FC
\u00a0
Grillifilms Oy
79.8
FC
\u00a0
Moskito Television Oy
99.7
FC
\u00a0
Nice Entertainment Group Oy
99.7
FC
\u00a0
France
\u00a0
\u00a0
\u00a0
123 Productions SAS
99.7
FC
\u00a0
Academee SAS
24.2
EM (JV)
\u00a0
BCE France SAS
99.7
FC
\u00a0
Bedrock SAS
74.0
FC
\u00a0
C. Productions SA
48.4
FC
\u00a0
Canal Star SARL
48.4
FC
\u00a0
CTZAR SAS
24.7
FC
\u00a0
CTZAR STUDIO SAS
24.7
FC
\u00a0
EDI TV SAS
48.4
FC
\u00a0
Extension TV SAS
24.2
EM (JV)
\u00a0
FM Graffiti SARL
48.4
FC
\u00a0
Freecaster France SAS
99.7
FC
\u00a0
FremantleMedia France SAS
99.7
FC
\u00a0
GM6 SAS
48.4
FC
\u00a0
Immobiliere 46D SAS
48.4
FC
\u00a0
Immobiliere M6 SAS
48.4
FC
\u00a0
Jeunesse TV SAS
48.4
FC
\u00a0
Kwai SAS
99.7
FC
\u00a0
M6 Communication SAS
48.4
FC
\u00a0
M6 Creations SAS
48.4
FC
\u00a0
M6 Developpement SAS
48.4
FC
\u00a0
M6 Diffusion SA
48.4
FC
\u00a0
M6 Digital Services SAS
48.4
FC
\u00a0
M6 Distribution Digital SAS
48.4
FC
\u00a0
M6 Editions SA
48.4
FC
\u00a0
M6 Evenements SA
48.4
FC
\u00a0
M6 Films SA
48.4
FC
\u00a0
M6 Foot SAS
48.4
FC
\u00a0
M6 Generation SAS
48.4
FC
\u00a0
M6 Interactions SAS
48.4
FC
\u00a0
M6 Invest 2 SAS
48.4
FC
\u00a0
M6 Plateforme SA
48.4
FC
\u00a0
M6 Publicite SAS
48.4
FC
\u00a0
M6 Shop SAS
48.4
FC
\u00a0
M6 Studio SAS
48.4
FC
\u00a0
M6 Thematique SAS
48.4
FC
\u00a0
Malesherbes SAS
48.4
FC
\u00a0
Media Strategie SARL
48.4
FC
\u00a0
Metropole Television SA
48.4
FC
\u00a0
Miliboo SA
10.4
EM (A)
\u00a0
Panora Services SAS
24.2
EM (JV)
\u00a0
Paris Premiere SAS
48.4
FC
\u00a0
Quicksign SAS
11.6
EM (A)
\u00a0
Radio Golfe SARL
48.4
FC
\u00a0
Radio Porte Sud SARL
48.4
FC
\u00a0
Realytics SAS
99.7
FC
\u00a0
RTL AdConnect SA
99.7
FC
\u00a0
RTL France Holding SAS
99.7
FC
\u00a0
RTL France Radio SAS
48.4
FC
\u00a0
Salto Gestion SAS
16.1
EM (JV)
\u00a0
Salto SNC
16.1
EM (JV)
\u00a0
SCI du 107
48.4
FC
\u00a0
SEDI TV SAS
48.4
FC
\u00a0
SNDA SAS
48.4
FC
\u00a0
Societe Communication A2B SARL
48.4
FC
\u00a0
Societe de Developpement de Radio Diffusion SA
48.4
FC
\u00a0
Societe d'Exploitation Radio Chic SA
48.4
FC
\u00a0
Societe Nouvelle de Distribution SA
48.4
FC
\u00a0
Societe Privee de Radiodiffusion Gibus Bourgogne SARL
48.4
FC
\u00a0
Stephane Plaza France SAS
24.7
FC
\u00a0
Studio 89 Productions SAS
48.4
FC
\u00a0
we are era SAS
99.7
FC
\u00a0
Wild Buzz Agency SAS
23.7
EM (A)
\u00a0
Germany
\u00a0
\u00a0
\u00a0
11 Freunde Verlag GmbH & Co KG
50.9
FC
\u00a0
99 pro media GmbH
99.7
FC
\u00a0
Ad Alliance GmbH
99.7
FC
\u00a0
Antenne Niedersachsen GmbH & Co. KG
55.8
FC
\u00a0
AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen mbH
99.7
FC
\u00a0
AVE II Verm\u00f6gensverwaltungsgesellschaft mbH & Co. KG
99.7
FC
\u00a0
BCS Broadcast Sachsen GmbH & Co. KG
47.5
EM (A)
\u00a0
Blueberry Food Studios GmbH
99.7
FC
\u00a0
Checkout Charlie GmbH
99.7
FC
\u00a0
Chefkoch GmbH
99.7
FC
\u00a0
CLT-UFA Germany GmbH
99.7
FC
\u00a0
Deutsche Medien-Manufaktur GmbH & Co. KG
49.9
FC
\u00a0
d-force GmbH
49.9
EM (JV)
\u00a0
Digital Media Hub GmbH
99.7
FC
\u00a0
DMV DER MEDIENVERTRIEB GmbH & Co. KG
48.9
EM (A)
\u00a0
DPV Deutscher Pressevertrieb GmbH
99.7
FC
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
FremantleMedia International Germany GmbH
99.7
FC
\u00a0
Funkhaus Halle GmbH & Co. KG
61.2
FC
\u00a0
G+J Electronic Media Sales GmbH
99.7
FC
\u00a0
G+J LIVING Digital GmbH
99.7
FC
\u00a0
G+J Medien GmbH
99.7
FC
\u00a0
Global Savings Group GmbH
20.1
EM (A)
\u00a0
Gruner\u00a0+\u00a0Jahr Deutschland GmbH
99.7
FC
\u00a0
Henri-Nannen-Schule Gruner+Jahr/DIE ZEIT GmbH
94.7
FC
\u00a0
HITRADIO RTL Sachsen GmbH
86.3
FC
\u00a0
Like to KNOW GmbH
99.7
FC
\u00a0
Madsack H\u00f6rfunk GmbH
99.7
FC
3)
Mediengesellschaft Mittelstand Niedersachsen GmbH
23.1
EM (A)
3)
MSP Medien-Service und Promotion GmbH
99.7
FC
\u00a0
nachrichtenmanufaktur GmbH
99.7
FC
\u00a0
Neue Spreeradio H\u00f6rfunkgesellschaft mbH
99.7
FC
\u00a0
ntv Nachrichtenfernsehen GmbH
99.7
FC
\u00a0
PVB Presse Vertrieb GmbH & Co. KG
58.3
EM (A)
\u00a0
Radio Hamburg GmbH & Co. KG
29.1
EM (A)
\u00a0
Radio NRW GmbH
21.4
EM (A)
\u00a0
Radio21 GmbH & Co. KG
21.0
EM (A)
\u00a0
RTL 2 Fernsehen Gesch\u00e4ftsf\u00fchrungs GmbH
35.8
EM (A)
\u00a0
RTL 2 Fernsehen GmbH & Co. KG
35.4
EM (A)
\u00a0
RTL AdConnect GmbH
99.7
FC
\u00a0
RTL Advertising GmbH
99.7
FC
\u00a0
RTL Audio Center Berlin GmbH
99.7
FC
\u00a0
RTL Audio Vermarktung GmbH
99.7
FC
\u00a0
RTL Deutschland GmbH
99.7
FC
\u00a0
RTL Group Financial Services GmbH
99.7
FC
\u00a0
RTL Group GmbH
99.7
FC
\u00a0
RTL Group Markenverwaltungs GmbH
99.7
FC
\u00a0
RTL Group Services GmbH
99.7
FC
\u00a0
RTL Group Verm\u00f6gensverwaltung GmbH
99.7
FC
\u00a0
RTL Hessen GmbH
99.7
FC
\u00a0
RTL Hessen Programmfenster GmbH
59.8
FC
\u00a0
RTL interactive GmbH
99.7
FC
\u00a0
RTL International GmbH
99.7
FC
\u00a0
RTL Journalistenschule GmbH
89.8
FC
\u00a0
RTL MUSIC PUBLISHING GmbH
99.7
FC
\u00a0
RTL NEWS GmbH
99.7
FC
\u00a0
RTL Nord GmbH
99.7
FC
\u00a0
RTL Radio Berlin GmbH
99.7
FC
\u00a0
RTL Radio Deutschland GmbH
99.7
FC
\u00a0
RTL Radio Luxemburg GmbH
99.7
FC
\u00a0
RTL STUDIOS GmbH
99.7
FC
\u00a0
RTL Technology GmbH
99.7
FC
\u00a0
RTL Television GmbH
99.7
FC
\u00a0
RTL WEST GmbH
74.8
FC
\u00a0
Screenworks K\u00f6ln GmbH
49.8
EM (A)
\u00a0
Sellwell GmbH & Co. KG
99.7
FC
\u00a0
Skyline Medien GmbH
49.7
EM (JV)
\u00a0
smartclip Deutschland GmbH
99.7
FC
\u00a0
smartclip Europe GmbH
99.7
FC
\u00a0
SQL Service GmbH
49.9
EM (A)
\u00a0
SUPER RTL Fernsehen GmbH
99.7
FC
\u00a0
UFA Distribution GmbH
99.7
FC
\u00a0
UFA Documentary GmbH
99.7
FC
\u00a0
UFA Fiction GmbH
99.7
FC
\u00a0
UFA Fiction Productions GmbH
99.7
FC
\u00a0
UFA Film und Fernseh GmbH
99.7
FC
\u00a0
UFA GmbH
99.7
FC
\u00a0
Ufa Radio-Programmgesellschaft in Bayern mbH
99.7
FC
\u00a0
UFA Serial Drama GmbH
99.7
FC
\u00a0
UFA Show & Factual GmbH
99.7
FC
\u00a0
VOX Holding GmbH
99.7
FC
\u00a0
VOX Television GmbH
99.4
FC
\u00a0
VSG Schwerin - Verlagsservicegesellschaft mbH
99.7
FC
\u00a0
we are era GmbH
99.7
FC
\u00a0
Greece
\u00a0
\u00a0
\u00a0
Fremantle Productions SA
99.7
FC
\u00a0
Hungary
\u00a0
\u00a0
\u00a0
Magyar RTL Televizio Zrt.
99.7
FC
\u00a0
R-Time Kft.
99.7
FC
\u00a0
RTL Services Kft.
99.7
FC
\u00a0
UFA Magyarorszag Kft.
99.7
FC
\u00a0
UFA Projekt 2022 Kft.
99.7
FC
\u00a0
India
\u00a0
\u00a0
\u00a0
Fremantle India Television Productions Pvt Ltd
99.7
FC
\u00a0
Indonesia
\u00a0
\u00a0
\u00a0
PT Dunia Visitama Produksi IDN/PMA
99.7
FC
\u00a0
Ireland
\u00a0
\u00a0
\u00a0
Element Pictures (CWF) Limited
50.9
FC
\u00a0
Element Pictures Limited
50.9
FC
\u00a0
Element Pictures Television Limited
50.9
FC
\u00a0
Sorrento TV Sales Limited
50.9
FC
\u00a0
Isle of Men
\u00a0
\u00a0
\u00a0
Element Pictures GHC
50.9
FC
\u00a0
Israel
\u00a0
\u00a0
\u00a0
Abot Hameiri Communications Ltd.
99.7
FC
\u00a0
Italy
\u00a0
\u00a0
\u00a0
Boats S.r.l.
99.7
FC
\u00a0
Film Factory S.r.l.
69.8
FC
\u00a0
FremantleMedia Italia S.p.A.
99.7
FC
\u00a0
FremantleMedia Italy Group S.r.l.
99.7
FC
\u00a0
Lux Vide F.I.A.T. S.p.A.
69.8
FC
\u00a0
Offside S.r.l.
99.7
FC
\u00a0
RTL AdConnect S.r.l.
99.7
FC
\u00a0
Smartclip S.r.l.
99.7
FC
\u00a0
The Apartment S.r.l.
99.7
FC
\u00a0
we are era S.r.l.
99.7
FC
\u00a0
Wildside S.r.l.
99.7
FC
\u00a0
Luxembourg
\u00a0
\u00a0
\u00a0
Broadcasting Center Europe International S.A.
99.7
FC
\u00a0
Broadcasting Center Europe S.A.
99.7
FC
\u00a0
CLT-UFA S.A.
99.7
FC
\u00a0
Data Center Europe S.a r.L.
99.7
FC
\u00a0
European News Exchange S.A.
64.5
FC
\u00a0
Heliovos S.A.
48.9
EM (A)
\u00a0
IP Luxembourg S.a r.l.
99.7
FC
\u00a0
Luxradio S.a r.L.
99.7
FC
\u00a0
Media Properties S.a r.l.
99.7
FC
\u00a0
Media Real Estate S.A.
99.7
FC
\u00a0
RTL AdConnect International S.A.
99.7
FC
\u00a0
RTL Group Holding S.a. r.l.
99.7
FC
\u00a0
RTL Media Support S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A. & Cie S.C.S.
99.7
FC
\u00a0
Mexico
\u00a0
\u00a0
\u00a0
FremantleMedia Mexico, S.A. de C.V.
99.7
FC
\u00a0
The Netherlands
\u00a0
\u00a0
\u00a0
Ad Alliance B.V.
99.7
FC
4)
Benelux Film Investments B.V.
49.9
EM (JV)
\u00a0
E-Health & Safety skills B.V.
48.9
EM (A)
\u00a0
Fiction Valley B.V.
99.7
FC
\u00a0
Format Creation Group B.V.
99.7
FC
4)
Fremantle Productions B.V.
99.7
FC
\u00a0
FremantleMedia Netherlands B.V.
99.7
FC
\u00a0
FremantleMedia Overseas Holdings B.V.
99.7
FC
\u00a0
Grundy International Holdings (I) B.V.
99.7
FC
\u00a0
Grundy/Endemol Nederland V.O.F.
49.9
EM (JV)
\u00a0
HelloSparkle B.V.
24.9
EM (A)
\u00a0
NLZiet Co\u00f6peratief U.A.
33.2
EM (JV)
\u00a0
RTL AdConnect B.V.
99.7
FC
\u00a0
RTL Group Beheer B.V.
99.7
FC
4)
RTL Nederland B.V.
99.7
FC
4)
RTL Nederland Holding B.V.
99.7
FC
4)
RTL Nederland Ventures B.V.
99.7
FC
4)
RTL Nieuws B.V.
99.7
FC
4)
smartclip Benelux B.V.
99.7
FC
\u00a0
Videoland B.V.
99.7
FC
4)
we are era B.V.
99.7
FC
\u00a0
Norway
\u00a0
\u00a0
\u00a0
FremantleMedia Norge AS
99.7
FC
\u00a0
Miso Film Norge AS
99.7
FC
\u00a0
Monster AS
99.7
FC
\u00a0
One Big Happy Family AS
99.7
FC
\u00a0
Playroom Events AS
99.7
FC
\u00a0
Strix Televisjon AS
99.7
FC
\u00a0
This is Nice Studios Norway AS
99.7
FC
\u00a0
Poland
\u00a0
\u00a0
\u00a0
FremantleMedia Polska Sp. z o.o.
99.7
FC
\u00a0
Portugal
\u00a0
\u00a0
\u00a0
FremantleMedia Portugal SA
99.7
FC
\u00a0
Russia
\u00a0
\u00a0
\u00a0
OOO LTI Vostok
48.4
FC
\u00a0
Singapore
\u00a0
\u00a0
\u00a0
FremantleMedia Asia Pte. Ltd.
99.7
FC
\u00a0
Spain
\u00a0
\u00a0
\u00a0
Atresmedia Corporacion de Medios de Comunicacion, S.A.
18.7
EM (A)
\u00a0
FremantleMedia Espana, S.A.
99.7
FC
\u00a0
we are era, S.L.U.
99.7
FC
\u00a0
Sweden
\u00a0
\u00a0
\u00a0
Baluba AB
99.7
FC
\u00a0
FremantleMedia Sverige AB
99.7
FC
\u00a0
Miso Film Sverige AB
99.7
FC
\u00a0
smartclip Nordics AB
99.7
FC
\u00a0
Strix Television AB
99.7
FC
\u00a0
This is Nice Studios Holding AB
99.7
FC
\u00a0
This is Nice Studios Sweden AB
99.7
FC
\u00a0
we are era AB
99.7
FC
\u00a0
Switzerland
\u00a0
\u00a0
\u00a0
Goldbach Audience (Switzerland) AG
24.9
EM (A)
\u00a0
Goldbach Media (Switzerland) AG
22.9
EM (A)
\u00a0
Swiss Radioworld AG
22.9
EM (A)
\u00a0
United Kingdom
\u00a0
\u00a0
\u00a0
72 Films Limited
54.8
FC
\u00a0
America Films Limited
50.9
FC
\u00a0
Arbie Productions Ltd
99.7
FC
\u00a0
Baxter Film Productions Limited
50.9
FC
\u00a0
Blue Star Films Limited
60.8
FC
\u00a0
CLT-UFA UK Radio
99.7
FC
\u00a0
Cockerel Films Limited
54.8
FC
\u00a0
Conversations Productions Limited
50.9
FC
\u00a0
Dancing Ledge Productions Limited
60.8
FC
\u00a0
DDE Films Limited
54.8
FC
\u00a0
DLP (Big Mood) Ltd
60.8
FC
\u00a0
DLP (Crossfire) Ltd
60.8
FC
\u00a0
DLP (Domino Day) Ltd
60.8
FC
\u00a0
DLP (Platform 7) Limited
60.8
FC
\u00a0
DLP (The Responder) Ltd
60.8
FC
\u00a0
DLP (Wedding Season) Ltd
60.8
FC
\u00a0
Dublin Murders Productions Limited
87.5
FC
\u00a0
Element Pictures (GP) Limited
50.9
FC
\u00a0
Element Pictures GVS Limited
50.9
FC
\u00a0
Element Pictures PT Limited
50.9
FC
\u00a0
Element Pictures RMF Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Two Limited
50.9
FC
\u00a0
Element Pictures UK Limited
50.9
FC
\u00a0
Eternal Daughter Productions Limited
50.9
FC
\u00a0
Euston Films Productions Limited
99.7
FC
\u00a0
Fremantle Nordic Holdings Limited
99.7
FC
\u00a0
Fremantle Periodic (Holdings) Limited
99.7
FC
\u00a0
FremantleMedia Group Limited
99.7
FC
\u00a0
FremantleMedia Limited
99.7
FC
\u00a0
FremantleMedia Overseas Limited
99.7
FC
\u00a0
House Element Wonder Limited
25.4
EM (JV)
\u00a0
Label1 Television Limited
50.9
FC
\u00a0
LBJ Films Limited
54.8
FC
\u00a0
LD Film Productions Limited
50.9
FC
\u00a0
Marlborough Film Productions Limited
50.9
FC
\u00a0
Matriarch Films Limited
50.9
FC
\u00a0
Naked Television Limited
99.7
FC
\u00a0
OBG Film Productions Limited
50.9
FC
\u00a0
Orangutan Films Limited
50.9
FC
\u00a0
Raven Facilities Limited
54.8
FC
\u00a0
RTL AdConnect UK Ltd
99.7
FC
\u00a0
RTL Group Support Services Limited
99.7
FC
\u00a0
Sentient Productions Limited
50.9
FC
\u00a0
Slade Films Limited
54.8
FC
\u00a0
Syracuse Films Limited
54.8
FC
\u00a0
Talkback Productions Limited
99.7
FC
\u00a0
TalkbackThames UK Limited
99.7
FC
\u00a0
Thames Television Limited
99.7
FC
\u00a0
Tigerstripe Films Limited
50.9
FC
\u00a0
True Life Films Limited
50.9
FC
\u00a0
UFA Fiction Limited
99.7
FC
\u00a0
Underdogs Films Limited
50.9
FC
\u00a0
Wildshot Games Limited
50.9
FC
\u00a0
Wildspark Films Limited
50.9
FC
\u00a0
WildStar Films Limited
50.9
FC
\u00a0
Yospace Enterprises Limited
99.7
FC
\u00a0
Yospace Technologies Limited
99.7
FC
\u00a0
United States
\u00a0
\u00a0
\u00a0
3 Doors Productions, Inc.
99.7
FC
\u00a0
American Idol Productions, Inc.
99.7
FC
\u00a0
Amygdala Records, Inc.
99.7
FC
\u00a0
Big Break Productions, Inc.
99.7
FC
\u00a0
Blue Orbit Productions, Inc.
99.7
FC
\u00a0
Crown Broadway Productions LLC
99.7
FC
\u00a0
Crown Cloverfield Productions LLC
99.7
FC
\u00a0
Crown Noah Productions LLC
99.7
FC
\u00a0
Crown Venice Productions LLC
99.7
FC
\u00a0
Crown Wilshire Productions LLC
99.7
FC
\u00a0
Eureka Productions LLC
99.7
FC
\u00a0
Fabel Entertainment LLC
24.9
EM (A)
\u00a0
FCB Productions, Inc.
99.7
FC
\u00a0
Fellow Travelers Productions, Inc.
99.7
FC
\u00a0
Fremantle Productions North America, Inc.
99.7
FC
\u00a0
Fremantle Productions, Inc.
99.7
FC
\u00a0
FremantleMedia Latin America, Inc.
99.7
FC
\u00a0
FremantleMedia North America, Inc.
99.7
FC
\u00a0
Good Games Live, Inc.
99.7
FC
\u00a0
Haskell Studio Rentals, Inc.
99.7
FC
\u00a0
Inception XR, Inc.
22.4
EM (A)
\u00a0
Kickoff Productions, Inc.
99.7
FC
\u00a0
L&S USA LLC
69.8
FC
\u00a0
Let's Play, Inc.
94.7
FC
\u00a0
Little Pond Television, Inc.
99.7
FC
\u00a0
Mad Sweeney Productions, Inc.
99.7
FC
\u00a0
Marathon Productions, Inc.
99.7
FC
\u00a0
Max Post, Inc.
99.7
FC
\u00a0
Music Box Library, Inc.
99.7
FC
\u00a0
OP Services, Inc.
99.7
FC
\u00a0
Original Productions, Inc.
99.7
FC
\u00a0
P & P Productions, Inc.
99.7
FC
\u00a0
Prime Media Rentals LLC
99.7
FC
\u00a0
RTL US Holding, Inc.
99.7
FC
\u00a0
SND Films LLC
48.4
FC
\u00a0
Studio Production Services, Inc.
99.7
FC
\u00a0
TCF Productions, Inc.
99.7
FC
\u00a0
Terrapin Productions, Inc.
99.7
FC
\u00a0
The Price Is Right Productions, Inc.
99.7
FC
\u00a0
Tick Tock Productions, Inc.
99.7
FC
\u00a0
Tiny Riot, Inc.
99.7
FC
\u00a0
Triple Threat Productions, Inc.
99.7
FC
\u00a0
Wanderlust Productions, Inc.
99.7
FC
\u00a0
YoSpace, Inc.
99.7
FC
\u00a0
1) The Group\u2019s ownership is based on the total number of shares as at 31\u00a0December\u00a02022
2) FC: full consolidation, EM (JV): joint venture accounted for using the equity method, EM (A): associate accounted for using the equity method
3) At 31\u00a0December\u00a02022, the Group\u00b4s share legally held in Madsack H\u00f6rfunk GmbH and Mediengesellschaft Mittelstand Niedersachsen GmbH is 24.8% and 5.7% respectively. The Group\u2019s ownership disclosed for both entities takes into account an option agreement in accordance with IAS\u00a032
4) Company has elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
RTL Group S.A. (the \u2018Company\u2019) is a company incorporated under Luxembourgish law. The consolidated financial statements of the Company as at 31\u00a0December\u00a02022, comprise the Company and its subsidiaries (together referred to as \u2018RTL Group\u2019 or \u2018the Group\u2019) and the Group\u2019s interest in associates and joint ventures.
RTL Group S.A. is a leading entertainment company across broadcast, streaming, content and digital, with interests in 56 television channels, nine streaming services and 36 radio stations and a global business for content production and distribution.
The Company is listed on the Frankfurt and Luxembourg Stock Exchanges and is a member of the MDAX stock index. Statutory accounts can be obtained at its registered office established at 43, boulevard Pierre Frieden, L\u20111543 Luxembourg.
The ultimate parent company of RTL Group S.A. preparing consolidated financial statements, Bertelsmann SE & Co. KGaA, includes in its consolidated financial statements those of RTL Group S.A. Bertelsmann SE & Co. KGaA is a company incorporated under German law whose registered office is established at Carl-Bertelsmann-Stra\u00dfe 270, D\u201133311 G\u00fctersloh, Germany. Consolidated financial statements for Bertelsmann SE & Co. KGaA can be obtained at the company\u2019s registered office.
The consolidated financial statements of the Group were authorised for issue by the Board of Directors on 15 March 2023. They will be submitted for approval to the next Shareholders' Meeting on 26 April 2023.
The consolidated financial statements are presented in millions of Euro, which is the Company\u2019s functional and Group presentation currency", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "RTL Group S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "RTL Group S.A. is a leading entertainment company across broadcast, streaming, content and digital, with interests in 56 television channels, nine streaming services and 36 radio stations and a global business for content production and distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-8": { "value": "43, boulevard Pierre Frieden, L\u20111543 Luxembourg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-7": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-9": { "value": "Bertelsmann SE & Co. KGaA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-10": { "value": "
The consolidated financial statements of the Group were authorised for issue by the Board of Directors on 15 March 2023. They will be submitted for approval to the next Shareholders' Meeting on 26 April 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-11": { "value": "
1.1. Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-12": { "value": "
1.2. Basis of preparation of consolidated financial statements
The consolidated financial statements are presented in millions of Euro, which is the Company\u2019s functional and Group presentation currency, and have been prepared under the historical cost convention except for the following material items in the statement of financial position:
The preparation of financial statements in conformity with IFRS as adopted by the European Union requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 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. Judgements made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the coming years, are discussed in note 2.
Impact of new financial reporting standards, interpretations and amendments
The first-time application of new requirements had no material impact on RTL Group.
Impact of issued financial reporting standards that are not yet effective
RTL Group has not opted for early adoption of any additional standards, interpretations or amendments that have been issued by the IASB or the IFRS IC but are not yet mandatory.
Impact of external events on the consolidated financial statements
In 2022 multiple external events impacted the business environment of RTL Group. These include geopolitical tensions with the war in Ukraine, inflation, energy supply and supply chain issues. The inflation had direct implications on the business performance of RTL Group (e.g. increase in raw material costs) as well as indirect implications (e.g. reduced levels of bookings of advertising clients).
Despite the challenging macroeconomic backdrop, RTL Group's businesses showed a robust performance in the financial year 2022. This is indicated by a strong Adjusted EBITA level, comparing favourably to almost all historical years when normalising for effects from streaming start-up losses. The external challenges and associated uncertainties have been and will continue to be regularly monitored by management from the outset to allow for early intervention if necessary. For this reason, the effects on the consolidated statement of financial position of the particularly relevant areas of impairment of goodwill and individual assets, leasing, programming rights, inventories, trade receivables, government grants, deferred tax assets, contingent losses and revenues have been analysed on an ongoing basis. Based on the current development of the business, no impairment of goodwill was considered necessary, despite the geopolitical and economic uncertainties. This also applies to the accounting areas classified as vulnerable, for which no significant negative impact on the financial position and results of operations of RTL Group is currently expected.
The assessment is based on judgements, estimates and assumptions that involve uncertainties in the current situation characterised by geopolitical and macroeconomic challenges above and beyond the level seen in recent years. Management believes it has considered these uncertainties appropriately.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-13": { "value": "
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
The different levels have been defined as follows:
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-14": { "value": "
1.20. Employee benefits
1.20.1. Pension benefits
The Group operates or participates in both defined contribution and defined benefit plans, according to the national laws and regulations of the countries in which it operates. The assets of the plans are generally held in separate trustee-administered funds, and some of the plans are operated through pension funds that are legally independent from the Group. The pension plans are generally funded by payments from employees and by the relevant Group companies, taking into account the recommendations of independent qualified actuaries.
Pension costs and obligations relating to defined benefit plans are recognised based on the projected unit credit method. The Group recognises actuarial gains and losses in other comprehensive income. Past-service costs are recognised immediately through profit or loss.
Pension costs relating to defined contribution plans (including deferred compensation plans that are defined contribution plans in nature) are recognised when an employee has rendered service in exchange for the contributions due by the employer.
1.20.2. Other benefits
Many Group companies provide death in service benefits, and spouses\u2019 and children\u2019s benefits. The costs associated with these benefits are recognised when an employee has rendered service in exchange for the contributions due by the employer.
1.20.3. Share-based transactions
Share options are granted to directors, senior executives and other employees of the Group. They may also be granted to suppliers for settlement of their professional services. Share options entitle holders to purchase shares at a price (the \u2018strike price\u2019) payable at the exercise date of the options. Options are initially measured at their fair value determined on the date of grant.
The grant date fair value of equity-settled share-based payment arrangements is recognised as an expense with a corresponding increase in equity over the vesting period of the options. The amount recognised as an expense is adjusted to reflect the number of options that are expected to ultimately vest, considering vesting service conditions and non-market performance conditions.
For cash settled share-based payment arrangements, the fair value of the amount payable to employees is recognised as an expense with a corresponding increase in liability until the employees exercise their options. The liability is re-measured to fair value at each reporting date up until the settlement date. Any changes in the liability are recognised in the income statement. The fair value of the options is measured using specific valuation models.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-15": { "value": "
Impact of new financial reporting standards, interpretations and amendments
The first-time application of new requirements had no material impact on RTL Group.
Impact of issued financial reporting standards that are not yet effective
RTL Group has not opted for early adoption of any additional standards, interpretations or amendments that have been issued by the IASB or the IFRS IC but are not yet mandatory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-16": { "value": "
Impact of new financial reporting standards, interpretations and amendments
The first-time application of new requirements had no material impact on RTL Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-17": { "value": "
1.3. Principles of consolidation
1.3.1. Subsidiaries
Subsidiaries are those undertakings controlled by the Company. Control exists when the Company has power or ability, directly or indirectly, over an entity; is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when assessing whether the Company controls another entity. Directly or indirectly held subsidiaries are consolidated from the date on which control is transferred to the Company, and are no longer consolidated from the date that control ceases.
The full consolidation method is used, whereby the assets, liabilities, income and expenses are fully incorporated. The proportion of the net assets and net income attributable to non-controlling interests is presented separately as non-controlling interests in the consolidated statement of financial position and in the consolidated income statement.
Intra-group balances and transactions, and any unrealised income and expense (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.
Accounting for business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
For acquisitions on or after 1\u00a0January\u00a02010, the Group measures goodwill at the acquisition date as:
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Costs related to the acquisition \u2013 other than those associated with the issue of debt or equity securities \u2013 that the Group incurs in connection with a business combination, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. Contingent consideration is classified as either equity or a financial liability. If an obligation to pay contingent consideration is classified as equity, then it is not re-measured, and settlement is accounted for within equity. It is a Level 3 fair value measurement based on the discounted cash flows (DCF) and derived from market sources as described in notes 6.2 and 7.3.
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised for the present value of the redemption amount within accounts payable with a corresponding charge directly to equity or through goodwill in case of a business combination with the transfer of the risks and rewards of the non-controlling interests to the Group. Subsequent measurement of liabilities from put options is recognised in profit or loss. The income/(expense) arising is recorded in \u2018Other financial income\u2019 or \u2018Other financial expense\u2019.
On an acquisition-by-acquisition basis the Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.
Accounting for transactions under common control
For transaction under common control RTL Group applies the accounting policy choice to recognise assets acquired and liabilities assumed at carrying amounts, while the difference between assets/liabilities and consideration transferred is recognised in equity under \u2018Other changes\u2019.
Accounting for transactions with non-controlling interests
The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying amount of the net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity.
Loss of control
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value subsequently becomes the initial carrying amount for the purposes of accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
1.3.2. Investments accounted for using the equity method
The investments accounted for using the equity method comprise interests in associates and joint ventures. Associates are defined as those investments where the Group can exercise a significant influence. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of arrangements, rather than rights to their assets and obligations for their liabilities. Such investments are recorded in the consolidated statement of financial position using the equity method of accounting and are initially recognised at cost, which includes transaction costs. Under this method the Group\u2019s share of the post-acquisition profits or losses of investments accounted for using the equity method (impairment loss included) is recognised in profit or loss, and its share of post-acquisition movements in reserves is recognised in reserves.
When the Group\u2019s share of losses in an investment accounted for using the equity method equals or exceeds its interest in the investment accounted for using the equity method, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the investment accounted for using the equity method.
Unrealised gains on transactions between the Group and its investments accounted for using the equity method are eliminated against the investment accounted for using the equity method to the extent of the Group\u2019s interest in the investee. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies for investments accounted for using the equity method have been changed where necessary to ensure consistency with the policies adopted by the Group and restated in the case of specific transactions on RTL Group level in relation to investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-18": { "value": "
1.3.1. Subsidiaries
Subsidiaries are those undertakings controlled by the Company. Control exists when the Company has power or ability, directly or indirectly, over an entity; is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect these returns through its power over the entity. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when assessing whether the Company controls another entity. Directly or indirectly held subsidiaries are consolidated from the date on which control is transferred to the Company, and are no longer consolidated from the date that control ceases.
The full consolidation method is used, whereby the assets, liabilities, income and expenses are fully incorporated. The proportion of the net assets and net income attributable to non-controlling interests is presented separately as non-controlling interests in the consolidated statement of financial position and in the consolidated income statement.
Intra-group balances and transactions, and any unrealised income and expense (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.
Accounting for business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
For acquisitions on or after 1\u00a0January\u00a02010, the Group measures goodwill at the acquisition date as:
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Costs related to the acquisition \u2013 other than those associated with the issue of debt or equity securities \u2013 that the Group incurs in connection with a business combination, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. Contingent consideration is classified as either equity or a financial liability. If an obligation to pay contingent consideration is classified as equity, then it is not re-measured, and settlement is accounted for within equity. It is a Level 3 fair value measurement based on the discounted cash flows (DCF) and derived from market sources as described in notes 6.2 and 7.3.
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised for the present value of the redemption amount within accounts payable with a corresponding charge directly to equity or through goodwill in case of a business combination with the transfer of the risks and rewards of the non-controlling interests to the Group. Subsequent measurement of liabilities from put options is recognised in profit or loss. The income/(expense) arising is recorded in \u2018Other financial income\u2019 or \u2018Other financial expense\u2019.
On an acquisition-by-acquisition basis the Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.
Accounting for transactions under common control
For transaction under common control RTL Group applies the accounting policy choice to recognise assets acquired and liabilities assumed at carrying amounts, while the difference between assets/liabilities and consideration transferred is recognised in equity under \u2018Other changes\u2019.
Accounting for transactions with non-controlling interests
The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying amount of the net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity.
Loss of control
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value subsequently becomes the initial carrying amount for the purposes of accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-19": { "value": "
Accounting for business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
For acquisitions on or after 1\u00a0January\u00a02010, the Group measures goodwill at the acquisition date as:
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Costs related to the acquisition \u2013 other than those associated with the issue of debt or equity securities \u2013 that the Group incurs in connection with a business combination, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. Contingent consideration is classified as either equity or a financial liability. If an obligation to pay contingent consideration is classified as equity, then it is not re-measured, and settlement is accounted for within equity. It is a Level 3 fair value measurement based on the discounted cash flows (DCF) and derived from market sources as described in notes 6.2 and 7.3.
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised for the present value of the redemption amount within accounts payable with a corresponding charge directly to equity or through goodwill in case of a business combination with the transfer of the risks and rewards of the non-controlling interests to the Group. Subsequent measurement of liabilities from put options is recognised in profit or loss. The income/(expense) arising is recorded in \u2018Other financial income\u2019 or \u2018Other financial expense\u2019.
On an acquisition-by-acquisition basis the Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.
1.7.2. Goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date. Goodwill arising from applying this method is measured at initial recognition as detailed in note 1.3.1.
Goodwill on acquisitions of subsidiaries is recognised as an intangible asset. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit represents the Group\u2019s investment in a geographical area of operation by business segment, except for Fremantle and We Are Era which are global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom.
No goodwill is recognised on the acquisition of non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-20": { "value": "
Accounting for business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
For acquisitions on or after 1\u00a0January\u00a02010, the Group measures goodwill at the acquisition date as:
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Costs related to the acquisition \u2013 other than those associated with the issue of debt or equity securities \u2013 that the Group incurs in connection with a business combination, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. Contingent consideration is classified as either equity or a financial liability. If an obligation to pay contingent consideration is classified as equity, then it is not re-measured, and settlement is accounted for within equity. It is a Level 3 fair value measurement based on the discounted cash flows (DCF) and derived from market sources as described in notes 6.2 and 7.3.
The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities. The amount that may become payable under the option on exercise is initially recognised for the present value of the redemption amount within accounts payable with a corresponding charge directly to equity or through goodwill in case of a business combination with the transfer of the risks and rewards of the non-controlling interests to the Group. Subsequent measurement of liabilities from put options is recognised in profit or loss. The income/(expense) arising is recorded in \u2018Other financial income\u2019 or \u2018Other financial expense\u2019.
On an acquisition-by-acquisition basis the Group recognises any non-controlling interests in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-21": { "value": "
Accounting for transactions with non-controlling interests
The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For acquisitions from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying amount of the net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity.
No goodwill is recognised on the acquisition of non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-22": { "value": "
1.3.2. Investments accounted for using the equity method
The investments accounted for using the equity method comprise interests in associates and joint ventures. Associates are defined as those investments where the Group can exercise a significant influence. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of arrangements, rather than rights to their assets and obligations for their liabilities. Such investments are recorded in the consolidated statement of financial position using the equity method of accounting and are initially recognised at cost, which includes transaction costs. Under this method the Group\u2019s share of the post-acquisition profits or losses of investments accounted for using the equity method (impairment loss included) is recognised in profit or loss, and its share of post-acquisition movements in reserves is recognised in reserves.
When the Group\u2019s share of losses in an investment accounted for using the equity method equals or exceeds its interest in the investment accounted for using the equity method, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the investment accounted for using the equity method.
Unrealised gains on transactions between the Group and its investments accounted for using the equity method are eliminated against the investment accounted for using the equity method to the extent of the Group\u2019s interest in the investee. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies for investments accounted for using the equity method have been changed where necessary to ensure consistency with the policies adopted by the Group and restated in the case of specific transactions on RTL Group level in relation to investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-23": { "value": "Associates are defined as those investments where the Group can exercise a significant influence.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-24": { "value": "Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of arrangements, rather than rights to their assets and obligations for their liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-25": { "value": "
1.4. Foreign currency translation
1.4.1. Foreign currency translations and balances
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are generally recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Euro at foreign exchange rates ruling at the date the fair value was determined.
1.4.2. Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill, and fair value adjustments arising on consolidation, are translated to Euro using the foreign exchange rate prevailing at the reporting date. Income and expenses are translated at the average exchange rate for the year under review. The foreign currency translation differences resulting from this treatment and those resulting from the translation of the foreign operations' opening net asset values at year-end rates are recognised directly in a separate component of equity.
Exchange differences arising from the translation of the net investment in a foreign operation, or associated undertaking and financial instruments, which are designated and qualified as hedges of such investments, are recognised directly in a separate component of equity. On disposal or partial disposal of a foreign operation, such exchange differences or proportion of exchange differences are recognised in profit or loss as part of the gain or loss on sale.
1.5. Derivative financial instruments and hedging activities
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
Cash flow hedges
For qualifying hedge relationships, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. Thereby the qualifying instrument is separated in the spot element and forward element and only the change in the fair value of the spot element is designated as a hedging instrument. The hedge ratio of 1:1 is applied accordingly. The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
The accounting treatment applied to cash flow hedges in respect of off-balance sheet assets and liabilities can be summarised as follows:
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the \u2018Hedging reserve\u2019 remains in equity until \u2013 for a hedge of a transaction resulting in the recognition of the programme rights \u2013 it is included in the costs of the programme rights on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, the amounts that have accumulated in the \u2018Hedging reserve\u2019 are immediately reclassified to profit or loss.
1.6. Current/non-current distinction
Current assets are assets expected to be realised or consumed in the normal course of the Group\u2019s operating cycle (normally within one year). All other assets are classified as non-current assets.
Current liabilities are liabilities expected to be settled by use of cash generated in the normal course of the Group\u2019s operating cycle (normally within one year) or liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities.
1.7. Intangible assets
1.7.1. Non-current programme and other rights
Non-current programme and other rights are initially recognised at acquisition cost or production cost \u2013 which includes staff costs and an appropriate portion of relevant overheads \u2013 when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Non-current programme and other rights include (co-)productions, audio-visual and other rights acquired with the primary intention to broadcast, distribute or trade them as part of the Group\u2019s long-term operations. The economic benefits of the rights are highly correlated to their consumption patterns, which themselves are linked to the revenue. These non-current programme and other rights are therefore amortised based on expected revenue. The amortisation charge is based on the ratio of net revenue for the period over total estimated net revenue. The (co-)production shares and flat fees of distributors are amortised over the applicable product lifecycle based on the ratio of the current period\u2019s revenue to the estimated remaining total revenue (ultimate revenue) for each (co-)production.
Estimates of total net revenue are periodically reviewed and additional impairment losses are recognised if appropriate.
1.7.2. Goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date. Goodwill arising from applying this method is measured at initial recognition as detailed in note 1.3.1.
Goodwill on acquisitions of subsidiaries is recognised as an intangible asset. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit represents the Group\u2019s investment in a geographical area of operation by business segment, except for Fremantle and We Are Era which are global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom.
No goodwill is recognised on the acquisition of non-controlling interests.
1.7.3. Other intangible assets
Other intangible assets with a definite useful life, which are acquired by the Group, are stated at cost less accumulated amortisation and impairment losses. They comprise licences (other than (co-)production, audio-visual and other rights), trademarks and similar rights as well as software. They are amortised on a straight-line basis over their estimated useful life as follows:
Brands, unless an indefinite useful life can be justified, and customer relationships acquired through business combinations are mainly amortised on a straight-line basis over their estimated useful life.
Other intangible assets with an indefinite useful life are tested annually for impairment and whenever there is an indication that the intangible asset may be impaired.
1.8. Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful lives of the assets as follows:
Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in profit from operating activities.
Depreciation methods and useful lives, as well as residual values, are reassessed annually.
Expenditure incurred to replace a component of an item of property, plant and equipment that is separately accounted for is capitalised with the carrying amount of the component that is to be replaced being written off. Other subsequent expenditure is capitalised only when it increases the future economic benefits that will be derived from the item of property, plant and equipment. All other expenditure is expensed as incurred.
1.9. Leases
The Group mainly leases premises for operating businesses. Leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
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 re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of the lease liabilities recognised, initial direct costs incurred, restoration costs, and lease payments made at, or before, the commencement date less any incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term. Right-of-use assets are subject to impairment testing.
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 in substance fixed payments) less any lease incentive 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 that is reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period on which the event or condition that triggers the payment occurs. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s maturity, currency and risk-specific incremental borrowing rate is used. The incremental borrowing rate represents the cost of obtaining external financing for a corresponding asset with a financing period corresponding to the term of the lease denominated in the currency in which lease payments are settled.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets for all classes of assets
The Group applies the short-term lease recognition exemption to its leases (i.e. those leases that have a term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the exemption of low-value leased assets. Lease payments on short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term.
1.10. Loans and other financial assets
Initial recognition
The Group classifies its financial assets in the following measurement categories:
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets (with the exception of trade receivables without a significant financing component) are recognised initially at fair value, taking into account transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets recognised at fair value through profit or loss are immediately expensed in profit or loss. Trade receivables without a significant financing component are initially recognised at their transaction price.
For financial assets \u2013 debt instruments and investments in equity instruments \u2013 measured at fair value through profit or loss, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity instrument at fair value through other comprehensive income (FVOCI).
Financial assets with embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.
The fair value of publicly traded investments is based on quoted market prices at the reporting date. The fair value of non-publicly traded investments is based on the estimated discounted value of future cash flows.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
1.11. Current programme rights
Current programme rights are initially recognised at acquisition cost or Group production cost when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Current programme rights include programmes in progress, (co-)productions and rights acquired with the primary intention to broadcast or sell them in the normal course of the Group\u2019s operating cycle. Current programme rights include an appropriate portion of overheads and are stated at the lower of cost and net realisable value. The net realisable value assessment is based on the advertising revenue expected to be generated when broadcast, and on estimated net sales. Weak audience shares or changes from a prime-time to a late-night slot constitute indicators that a valuation allowance may be recorded. They are consumed based on either the expected number of transmissions or expected revenue in order to match the costs of consumption with the benefits received. The rates of consumption applied for broadcasting rights are as follows:
1.12. Accounts receivable and contract assets
Trade accounts receivable arise from the sale of goods and services related to the Group\u2019s operating activities. Trade accounts receivable are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less impairment loss.
Contract assets relate to the conditional right to consideration for complete satisfaction of the contractual obligations. Other accounts receivable include \u2013 in addition to deposits and amounts related to Profit and Loss Pooling (PLP) and Compensation Agreements with RTL Group\u2019s controlling shareholder \u2013 VAT recoverable, and prepaid expenses.
Impairment losses on trade accounts receivable, other financial instruments measured at amortised costs and contract assets are recognised when:
Additions to valuation allowance and subsequent recoveries of amounts previously written off are reported in the income statement within \u2018Other operating expenses\u2019.
Accrued income is stated at the amounts expected to be received.
1.13. Cash and cash equivalents
Cash consists of cash in hand and at bank. Cash equivalents are assets that are readily convertible into cash, such as short-term highly liquid investments, commercial paper, bank deposits and marketable securities, all of which mature within three months from the date of purchase, and money market funds that qualify as cash and cash equivalents under IAS\u00a07. Bank overdrafts are included within current liabilities.
1.14. Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. In assessing value in use, and fair value less costs of disposal where applicable, the estimated future cash flows are discounted to their present value using a discount rate after tax that reflects current market assessments of the time value of money and the risks specific to the asset.
In respect of assets other than goodwill, an impairment loss is reversed when there is an indication that the conditions that caused the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. The carrying amount after the reversal of the impairment loss cannot exceed the carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been recognised.
1.15. Impairment of financial assets
RTL Group applies the expected credit loss (ECL) model in accordance with IFRS\u00a09 for debt instruments at amortised cost and for contract assets. Accordingly, the amount of expected credit losses recognised as a loss allowance depends on the extent to which the default risk has increased since initial recognition. According to the so-called general approach, a distinction is made between the following two measurement bases:
Appropriate quantitative and qualitative information and analyses based on the Group\u2019s past experience and reasonable assessments \u2013 including forward-looking information such as customer-specific information and forecasts of future economic conditions \u2013 are taken into consideration when determining the credit risk. When a financial asset is more than 30 days past due, its credit risk is assumed to have increased significantly. A default of a financial asset is assumed at the latest when the counterparty fails to make contractual payments within 90 days of when they fall due, unless reasonable and supportable information is available that justifies a different time of overdue payment. The Group assesses whether a financial asset is credit-impaired at the end of each reporting period. This is the case when one or more events that have a detrimental impact on the expected future cash flows of that financial asset have occurred. A financial asset is written off when it is no longer reasonably expected to be fully or partially recoverable.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
1.16. Non-current assets held for sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less costs of disposal if their carrying amount is recovered principally through a sale transaction rather than through continuing use.
1.17. Accounts payable
Trade accounts payable arise from the purchase of assets, goods and services relating to the Group\u2019s operating activities and include accrued expenses. Other accounts payable comprise \u2013 in addition to amounts related to the Profit and Loss Pooling Agreement (PLP) with RTL Group\u2019s controlling shareholder \u2013 VAT payable, fair value of derivative liabilities, and accounts payable on capital expenditure. Trade and other accounts payable are measured at amortised cost using the effective interest method, except derivative liabilities, which are measured at fair value.
1.18. Loans payable
Interest-bearing current and non-current liabilities are recognised initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing current and non-current liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings using the effective interest method.
1.19. Provisions
Provisions are recognised when the Group has a present legal or constructive obligation to transfer economic benefits as a result of past events. The amounts recognised represent management\u2019s best estimate of the expenditures that will be required to settle the obligation at the reporting date. Provisions are measured by discounting the expected future cash flows to settle the obligation at a pre-tax risk-free rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or been announced publicly. Costs relating to the ongoing activities of the Group are not provided for.
Provisions for onerous contracts mainly relate to unavoidable costs for individual programme rights, the performance of which is assessed as clearly below that originally planned when the contract was agreed. Such situations mainly arise in case of executory obligations to purchase programmes that will not be aired due to lack of audience capacity or to a mismatch with the current editorial policy. In addition, an expected or actual fall in audience can be evidenced by several indicators, such as the underperformance of a previous season, the withdrawal of the programme\u2019s main advertisers or a decline in the popularity or success of sports programmes. Long-term sourcing agreements aim to secure the programme supply of broadcasters. These are mainly output deals, production agreements given European quota obligations, and arrangements with sports organisations. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.
1.20. Employee benefits
1.20.1. Pension benefits
The Group operates or participates in both defined contribution and defined benefit plans, according to the national laws and regulations of the countries in which it operates. The assets of the plans are generally held in separate trustee-administered funds, and some of the plans are operated through pension funds that are legally independent from the Group. The pension plans are generally funded by payments from employees and by the relevant Group companies, taking into account the recommendations of independent qualified actuaries.
Pension costs and obligations relating to defined benefit plans are recognised based on the projected unit credit method. The Group recognises actuarial gains and losses in other comprehensive income. Past-service costs are recognised immediately through profit or loss.
Pension costs relating to defined contribution plans (including deferred compensation plans that are defined contribution plans in nature) are recognised when an employee has rendered service in exchange for the contributions due by the employer.
1.20.2. Other benefits
Many Group companies provide death in service benefits, and spouses\u2019 and children\u2019s benefits. The costs associated with these benefits are recognised when an employee has rendered service in exchange for the contributions due by the employer.
1.20.3. Share-based transactions
Share options are granted to directors, senior executives and other employees of the Group. They may also be granted to suppliers for settlement of their professional services. Share options entitle holders to purchase shares at a price (the \u2018strike price\u2019) payable at the exercise date of the options. Options are initially measured at their fair value determined on the date of grant.
The grant date fair value of equity-settled share-based payment arrangements is recognised as an expense with a corresponding increase in equity over the vesting period of the options. The amount recognised as an expense is adjusted to reflect the number of options that are expected to ultimately vest, considering vesting service conditions and non-market performance conditions.
For cash settled share-based payment arrangements, the fair value of the amount payable to employees is recognised as an expense with a corresponding increase in liability until the employees exercise their options. The liability is re-measured to fair value at each reporting date up until the settlement date. Any changes in the liability are recognised in the income statement. The fair value of the options is measured using specific valuation models.
1.21. Share capital
1.21.1. Equity transaction costs
Incremental external costs directly attributable to the issue of new shares, other than in connection with a business combination, are deducted, net of the related income taxes, against the gross proceeds recorded in equity.
1.21.2. Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s own equity, the consideration paid, including any attributable transaction costs net of income taxes, is shown in deduction of equity as \u2018Treasury shares\u2019.
1.21.3. Dividends
Dividends on ordinary shares are recorded in the consolidated financial statements in the period in which they are approved at the Shareholders\u2019 meeting or authorised by the Board of Directors in case of interim dividends.
1.22. Revenue presentation and recognition
Revenue relates to advertising, the production, distribution and licensing of films, programmes and other rights, the rendering of services and the sales of merchandise. Revenue is presented net of sales deductions such as cash rebates, credit notes, discounts, refunds and VAT. Revenue comprises the fair value of the consideration received or receivable in the ordinary course of the Group\u2019s activities. The transaction price is determined based on the contractually agreed terms. The nature and timing of satisfaction of performance obligations and significant payment terms differ between the categories of revenue , whereas payments are generally due within short time.
Advertising revenue
Advertising arrangements mostly include spots aired or advertisements published as part of a campaign on various media (TV, radio, internet or printed magazines), generally for a period of up to one year. RTL Group considers that spots aired constitute a series of performance obligations for which the clients benefit from the visibility of their brands as the spot is broadcast. Therefore, RTL Group treats the series of spots as a single performance obligation. The same applies to advertisements in printed magazines.
Advertising revenue is recognised during the period over which the related advertisement is broadcast or appears before the public. Commissions paid to sales houses and other agencies are directly deducted from advertising revenue.
Both normal and free advertising spots of an advertising campaign are considered as separate performance obligations and recognised for their relative standalone selling price. Free advertising spots and printed advertisements generate a contract asset if they are aired or published before normal advertising spots and printed advertisements, and a contract liability in the reverse case.
Content revenue
Content revenue mostly consists of revenue generated from the production and licensing of intellectual property to customers.
Customer contracts typically have a wide variety of performance obligations, from production licence contracts to multi-year format licence agreements, as well as ancillary rights and services (e.g. merchandising rights, sponsorship rights and production consulting services) and distribution activities. IFRS\u00a015 requires an assessment of the nature of promise at contract level, of the unit of account regarding licences and payment terms. The Group assesses whether licences are determined to be a right to access the content (revenue recognised over time) versus a right to use the content (revenue recognised at a point in time).
RTL Group has determined that, for most of the licences granted, the involvement of the Group is limited to the transfer of the licence, where the performance obligation is satisfied at a point in time. Non-refundable minimum guarantees recoupable over royalties are received as part of some production or distribution arrangements. These are recognised in accordance with the classification of the type of licence granted.
Granting licences for streaming agreements (e.g. RTL+) stipulate obligations to provide access to the content over the subscription period. These are recognised in accordance with the classification of the type of licence granted, i.e. over time.
In the case of sales-based or usage-based royalties in exchange for a licence of intellectual property, the Group recognises revenue when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied) and when the subsequent sale or usage has occurred.
Most of the licences granted are licences for which revenue, including minimum guarantees, should be recognised at a point in time. In parallel, advance payments received from a customer to fulfil non-cancellable arrangements generate a contract liability.
When the customer has a right to return the product within a given period, the entity is obliged to refund the purchase price. Under IFRS\u00a015, a refund liability for the expected refunds to customers is recognised as an adjustment to revenue in trade and other accounts payable.
A significant part of operations developed by the digital video networks consists of distributing videos licenced by talents/influencers that are advertising-financed. The related revenue, due to a variable basis, is reported in content revenue.
Distribution revenue is recognised when the Group\u2019s TV channels are providing a signal to cable, satellite platforms and internet TV for a fee.
Other revenue
Revenue from own products is recognised at a point in time when control is transferred. Depending on the underlying respective terms of sale, this is generally upon delivery to the customer. Expected returns from sales of products, mainly from print magazines, are shown as liabilities in the position \u2019Accounts payable and other liabilities\u2019. In individual business models, giveaways to customers meet the criteria of a separate performance obligation. Any giveaways to an agent are capitalised as costs to obtain a contract and are amortised over the expected term of the subscription.
Revenue from services is recognised in the period in which the service has been rendered for the consideration that the Group expects to receive.
Sales of merchandise are recognised when the customer has obtained controls of the goods for the amount that the Group expects to receive.
For the sale of third-party goods and services and especially in the context of the Group\u2019s digital businesses, the Group assesses whether it operates as a principal, and reports revenue on a gross basis, or as an agent, and reports revenue on a net basis. The decision is primarily based on who the customer is and whether the agent obtains control of the specified goods or services before they are transferred to the customer. Other indicators include who is primarily responsible for fulfilment, inventory risk, and discretion in establishing the sales price.
In the Directors\u2019 report, \u2018Digital\u2019 refers to internet-related activities with the exception of online sales of merchandise (e-commerce). Digital revenue is spread over three different categories: digital advertising sales, revenue from distribution and licensing content, and consumer and professional services. In contrast to some competitors, RTL Group recognises only pure digital businesses as digital revenue and does not consider e-commerce, home shopping and platform revenue as digital revenue. Revenue from e-commerce and home shopping are included in \u2018Revenue from selling goods and merchandise and providing services\u2019. \u2018Content\u2019 mainly embraces the non-scripted and scripted production and related distribution operations.
IFRS 15 stipulates some practical expedients of which the following are applied in the RTL Group:
1.23. Government grants
Grants from government and inter-governmental agencies are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Government grants related to assets are initially presented as a deduction in arriving at the carrying amount of the asset. Grants that compensate the Group for expenses incurred are recognised in \u2018Other operating income\u2019 on a systematic basis in the same period in which the expenses are recognised.
Forgivable loans are loans which government and inter-governmental agencies undertake to waive repayment of under certain prescribed conditions. Forgivable loans are recognised in \u2018Other operating income\u2019 where there is reasonable assurance the loan will be waived.
1.24. Gain and loss from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree
Gains and losses on disposal or loss of control of subsidiaries owning only one non-financial asset or a group of similar assets are classified in \u2018Other operating income\u2019/\u2019Other operating expenses\u2019 to reflect the substance of the transaction.
1.25. Interest income and expense
Interest income and expense is recognised on a time proportion basis using the effective interest method.
1.26. Income tax
Recognition and measurement of income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly to other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted in the countries in which the Group\u2019s entities operate and generate taxable income at the reporting date and any adjustment to tax payable in respect of previous years.
Deferred taxes are recognised on any temporary difference between the carrying amount for consolidation purposes and the tax base of the Group\u2019s assets and liabilities, as well as for unused tax loss carry forwards and tax credits. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which the deductible temporary differences, unused tax credits and tax loss carry forwards can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax is not recognised for:
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same tax authority.
Global minimum tax
In October 2021, more than 130 countries agreed to implement a minimum tax regime for multinational groups, known as Pillar Two, to reform the international corporate taxation. Pillar Two aims to ensure that multinational groups in scope are liable to a minimum effective corporate tax rate of 15 per cent per country. In December 2021, the OECD released the Pillar Two model rules \u2013 accompanied by a comment and guidelines \u2013 which are due to be passed into national legislation but adapted by local conditions. In Europe, the individual countries enact the related law based on the latest EU directive before 31 December 2023. Management closely monitors the progress of the legislative process in each country in which the Group operates. As at 31 December 2022, the Group did not have sufficient information to determine any potential quantitative impact.
1.27. Discontinued operations
A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or a geographical area of operations that has been disposed of or is held for sale or distribution, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
1.28. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as treasury shares and the shares held under the liquidity programme, if any.
The diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There is currently no category of dilutive potential ordinary shares.
1.29. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Executive Committee of RTL Group, which makes strategic decisions.
An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Group\u2019s other components.
The operating results of all operating segments are regularly reviewed by the Group\u2019s Executive Committee, which makes decisions about resources to be allocated to the segment and assesses its performance, and for which discrete financial information is available.
The invested capital is disclosed for each reportable segment as reported to the Group\u2019s Executive Committee. Invested capital is calculated on the basis of the Group\u2019s operating assets (right-of-use assets included) less non-interest bearing operating liabilities (lease liabilities not included). Intercompany revenues are recognised using the same arm\u2019s-length conditions applied to transactions with third parties. No measure of segment assets and liabilities other than invested capital is reported to the Group\u2019s Executive Committee.
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1.4. Foreign currency translation
1.4.1. Foreign currency translations and balances
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are generally recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Euro at foreign exchange rates ruling at the date the fair value was determined.
1.4.2. Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill, and fair value adjustments arising on consolidation, are translated to Euro using the foreign exchange rate prevailing at the reporting date. Income and expenses are translated at the average exchange rate for the year under review. The foreign currency translation differences resulting from this treatment and those resulting from the translation of the foreign operations' opening net asset values at year-end rates are recognised directly in a separate component of equity.
Exchange differences arising from the translation of the net investment in a foreign operation, or associated undertaking and financial instruments, which are designated and qualified as hedges of such investments, are recognised directly in a separate component of equity. On disposal or partial disposal of a foreign operation, such exchange differences or proportion of exchange differences are recognised in profit or loss as part of the gain or loss on sale.
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1.5. Derivative financial instruments and hedging activities
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
Cash flow hedges
For qualifying hedge relationships, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. Thereby the qualifying instrument is separated in the spot element and forward element and only the change in the fair value of the spot element is designated as a hedging instrument. The hedge ratio of 1:1 is applied accordingly. The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
The accounting treatment applied to cash flow hedges in respect of off-balance sheet assets and liabilities can be summarised as follows:
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the \u2018Hedging reserve\u2019 remains in equity until \u2013 for a hedge of a transaction resulting in the recognition of the programme rights \u2013 it is included in the costs of the programme rights on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, the amounts that have accumulated in the \u2018Hedging reserve\u2019 are immediately reclassified to profit or loss.
1.10. Loans and other financial assets
Initial recognition
The Group classifies its financial assets in the following measurement categories:
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets (with the exception of trade receivables without a significant financing component) are recognised initially at fair value, taking into account transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets recognised at fair value through profit or loss are immediately expensed in profit or loss. Trade receivables without a significant financing component are initially recognised at their transaction price.
For financial assets \u2013 debt instruments and investments in equity instruments \u2013 measured at fair value through profit or loss, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity instrument at fair value through other comprehensive income (FVOCI).
Financial assets with embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.
The fair value of publicly traded investments is based on quoted market prices at the reporting date. The fair value of non-publicly traded investments is based on the estimated discounted value of future cash flows.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-29": { "value": "
1.5. Derivative financial instruments and hedging activities
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
Cash flow hedges
For qualifying hedge relationships, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. Thereby the qualifying instrument is separated in the spot element and forward element and only the change in the fair value of the spot element is designated as a hedging instrument. The hedge ratio of 1:1 is applied accordingly. The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
The accounting treatment applied to cash flow hedges in respect of off-balance sheet assets and liabilities can be summarised as follows:
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the \u2018Hedging reserve\u2019 remains in equity until \u2013 for a hedge of a transaction resulting in the recognition of the programme rights \u2013 it is included in the costs of the programme rights on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, the amounts that have accumulated in the \u2018Hedging reserve\u2019 are immediately reclassified to profit or loss.
1.10. Loans and other financial assets
Initial recognition
The Group classifies its financial assets in the following measurement categories:
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets (with the exception of trade receivables without a significant financing component) are recognised initially at fair value, taking into account transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets recognised at fair value through profit or loss are immediately expensed in profit or loss. Trade receivables without a significant financing component are initially recognised at their transaction price.
For financial assets \u2013 debt instruments and investments in equity instruments \u2013 measured at fair value through profit or loss, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity instrument at fair value through other comprehensive income (FVOCI).
Financial assets with embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.
The fair value of publicly traded investments is based on quoted market prices at the reporting date. The fair value of non-publicly traded investments is based on the estimated discounted value of future cash flows.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
1.12. Accounts receivable and contract assets
Trade accounts receivable arise from the sale of goods and services related to the Group\u2019s operating activities. Trade accounts receivable are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less impairment loss.
Contract assets relate to the conditional right to consideration for complete satisfaction of the contractual obligations. Other accounts receivable include \u2013 in addition to deposits and amounts related to Profit and Loss Pooling (PLP) and Compensation Agreements with RTL Group\u2019s controlling shareholder \u2013 VAT recoverable, and prepaid expenses.
Impairment losses on trade accounts receivable, other financial instruments measured at amortised costs and contract assets are recognised when:
Additions to valuation allowance and subsequent recoveries of amounts previously written off are reported in the income statement within \u2018Other operating expenses\u2019.
Accrued income is stated at the amounts expected to be received.
1.15. Impairment of financial assets
RTL Group applies the expected credit loss (ECL) model in accordance with IFRS\u00a09 for debt instruments at amortised cost and for contract assets. Accordingly, the amount of expected credit losses recognised as a loss allowance depends on the extent to which the default risk has increased since initial recognition. According to the so-called general approach, a distinction is made between the following two measurement bases:
Appropriate quantitative and qualitative information and analyses based on the Group\u2019s past experience and reasonable assessments \u2013 including forward-looking information such as customer-specific information and forecasts of future economic conditions \u2013 are taken into consideration when determining the credit risk. When a financial asset is more than 30 days past due, its credit risk is assumed to have increased significantly. A default of a financial asset is assumed at the latest when the counterparty fails to make contractual payments within 90 days of when they fall due, unless reasonable and supportable information is available that justifies a different time of overdue payment. The Group assesses whether a financial asset is credit-impaired at the end of each reporting period. This is the case when one or more events that have a detrimental impact on the expected future cash flows of that financial asset have occurred. A financial asset is written off when it is no longer reasonably expected to be fully or partially recoverable.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
1.17. Accounts payable
Trade accounts payable arise from the purchase of assets, goods and services relating to the Group\u2019s operating activities and include accrued expenses. Other accounts payable comprise \u2013 in addition to amounts related to the Profit and Loss Pooling Agreement (PLP) with RTL Group\u2019s controlling shareholder \u2013 VAT payable, fair value of derivative liabilities, and accounts payable on capital expenditure. Trade and other accounts payable are measured at amortised cost using the effective interest method, except derivative liabilities, which are measured at fair value.
1.18. Loans payable
Interest-bearing current and non-current liabilities are recognised initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing current and non-current liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-30": { "value": "
1.5. Derivative financial instruments and hedging activities
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
Cash flow hedges
For qualifying hedge relationships, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. Thereby the qualifying instrument is separated in the spot element and forward element and only the change in the fair value of the spot element is designated as a hedging instrument. The hedge ratio of 1:1 is applied accordingly. The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
The accounting treatment applied to cash flow hedges in respect of off-balance sheet assets and liabilities can be summarised as follows:
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the \u2018Hedging reserve\u2019 remains in equity until \u2013 for a hedge of a transaction resulting in the recognition of the programme rights \u2013 it is included in the costs of the programme rights on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, the amounts that have accumulated in the \u2018Hedging reserve\u2019 are immediately reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-31": { "value": "
Fair value
Derivative financial instruments are initially recognised at fair value in the statement of financial position at the date a derivative contract is entered into and are subsequently re-measured at fair value. The fair value of foreign currency forward contracts is determined by using forward exchange market rates at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-32": { "value": "
Cash flow hedges
For qualifying hedge relationships, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. Thereby the qualifying instrument is separated in the spot element and forward element and only the change in the fair value of the spot element is designated as a hedging instrument. The hedge ratio of 1:1 is applied accordingly. The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
The accounting treatment applied to cash flow hedges in respect of off-balance sheet assets and liabilities can be summarised as follows:
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the \u2018Hedging reserve\u2019 remains in equity until \u2013 for a hedge of a transaction resulting in the recognition of the programme rights \u2013 it is included in the costs of the programme rights on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, the amounts that have accumulated in the \u2018Hedging reserve\u2019 are immediately reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-33": { "value": "The Group also documents, both at the hedge inception and on an ongoing basis, its assessment of whether the hedging derivatives are effective in offsetting changes in fair values or cash flows of the hedged items.
Foreign exchange derivative contracts
The impact of forward foreign exchange contracts in the consolidated statement of financial position and in profit or loss is as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Net fair value of foreign exchange derivatives
(5)
12
\u00a0
\u00a0
\u00a0
Operating foreign exchange gains/(losses)
\u2013
(3)
Non-operating foreign exchange gains/(losses)
(19)
(10)
Gains/(losses) resulting from swap points
1
(4)
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Less than 3 months
(10)
\u2013
Less than 1 year
5
9
Less than 5 years
\u2013
3
Net fair value of foreign exchange derivatives
(5)
12
The items \u2018Operating foreign exchange gains/(losses)\u2019 and \u2018Non-operating foreign exchange gains/(losses)\u2019 relate to derivatives used to offset the currency exposure relating to recognised monetary assets and liabilities for which hedge accounting as defined under IFRS\u00a09 is not applied.
7.4. Master netting agreement
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 e.g. when a credit event such as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.
The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a bank loan default or other credit event.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. The column \u2018net amount\u2019 shows the impact on the consolidated statement of financial position if all set-off rights were exercised.
\u00a0
At 31\u00a0December\u00a02022
At 31\u00a0December\u00a02021
\u00a0
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
52
(43)
9
29
(16)
13
\u00a0
52
(43)
9
29
(16)
13
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
(57)
43
(14)
(17)
16
(1)
\u00a0
(57)
43
(14)
(17)
16
(1)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-34": { "value": "
1.7. Intangible assets
1.7.1. Non-current programme and other rights
Non-current programme and other rights are initially recognised at acquisition cost or production cost \u2013 which includes staff costs and an appropriate portion of relevant overheads \u2013 when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Non-current programme and other rights include (co-)productions, audio-visual and other rights acquired with the primary intention to broadcast, distribute or trade them as part of the Group\u2019s long-term operations. The economic benefits of the rights are highly correlated to their consumption patterns, which themselves are linked to the revenue. These non-current programme and other rights are therefore amortised based on expected revenue. The amortisation charge is based on the ratio of net revenue for the period over total estimated net revenue. The (co-)production shares and flat fees of distributors are amortised over the applicable product lifecycle based on the ratio of the current period\u2019s revenue to the estimated remaining total revenue (ultimate revenue) for each (co-)production.
Estimates of total net revenue are periodically reviewed and additional impairment losses are recognised if appropriate.
1.7.2. Goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date. Goodwill arising from applying this method is measured at initial recognition as detailed in note 1.3.1.
Goodwill on acquisitions of subsidiaries is recognised as an intangible asset. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit represents the Group\u2019s investment in a geographical area of operation by business segment, except for Fremantle and We Are Era which are global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom.
No goodwill is recognised on the acquisition of non-controlling interests.
1.7.3. Other intangible assets
Other intangible assets with a definite useful life, which are acquired by the Group, are stated at cost less accumulated amortisation and impairment losses. They comprise licences (other than (co-)production, audio-visual and other rights), trademarks and similar rights as well as software. They are amortised on a straight-line basis over their estimated useful life as follows:
Brands, unless an indefinite useful life can be justified, and customer relationships acquired through business combinations are mainly amortised on a straight-line basis over their estimated useful life.
Other intangible assets with an indefinite useful life are tested annually for impairment and whenever there is an indication that the intangible asset may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-35": { "value": "
1.7.1. Non-current programme and other rights
Non-current programme and other rights are initially recognised at acquisition cost or production cost \u2013 which includes staff costs and an appropriate portion of relevant overheads \u2013 when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Non-current programme and other rights include (co-)productions, audio-visual and other rights acquired with the primary intention to broadcast, distribute or trade them as part of the Group\u2019s long-term operations. The economic benefits of the rights are highly correlated to their consumption patterns, which themselves are linked to the revenue. These non-current programme and other rights are therefore amortised based on expected revenue. The amortisation charge is based on the ratio of net revenue for the period over total estimated net revenue. The (co-)production shares and flat fees of distributors are amortised over the applicable product lifecycle based on the ratio of the current period\u2019s revenue to the estimated remaining total revenue (ultimate revenue) for each (co-)production.
Estimates of total net revenue are periodically reviewed and additional impairment losses are recognised if appropriate.
1.7.3. Other intangible assets
Other intangible assets with a definite useful life, which are acquired by the Group, are stated at cost less accumulated amortisation and impairment losses. They comprise licences (other than (co-)production, audio-visual and other rights), trademarks and similar rights as well as software. They are amortised on a straight-line basis over their estimated useful life as follows:
Brands, unless an indefinite useful life can be justified, and customer relationships acquired through business combinations are mainly amortised on a straight-line basis over their estimated useful life.
Other intangible assets with an indefinite useful life are tested annually for impairment and whenever there is an indication that the intangible asset may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-36": { "value": "These non-current programme and other rights are therefore amortised based on expected revenue. The amortisation charge is based on the ratio of net revenue for the period over total estimated net revenue. The (co-)production shares and flat fees of distributors are amortised over the applicable product lifecycle based on the ratio of the current period\u2019s revenue to the estimated remaining total revenue (ultimate revenue) for each (co-)production.
Other intangible assets with a definite useful life, which are acquired by the Group, are stated at cost less accumulated amortisation and impairment losses. They comprise licences (other than (co-)production, audio-visual and other rights), trademarks and similar rights as well as software. They are amortised on a straight-line basis over their estimated useful life as follows:
Brands, unless an indefinite useful life can be justified, and customer relationships acquired through business combinations are mainly amortised on a straight-line basis over their estimated useful life.
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful lives of the assets as follows:
Depreciation methods and useful lives, as well as residual values, are reassessed annually.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-37": { "value": "
Estimates of total net revenue are periodically reviewed and additional impairment losses are recognised if appropriate.
Goodwill on acquisitions of subsidiaries is recognised as an intangible asset. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit represents the Group\u2019s investment in a geographical area of operation by business segment, except for Fremantle and We Are Era which are global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom.
Other intangible assets with an indefinite useful life are tested annually for impairment and whenever there is an indication that the intangible asset may be impaired.
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful lives of the assets as follows:
Right-of-use assets are subject to impairment testing.
1.14. Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. In assessing value in use, and fair value less costs of disposal where applicable, the estimated future cash flows are discounted to their present value using a discount rate after tax that reflects current market assessments of the time value of money and the risks specific to the asset.
In respect of assets other than goodwill, an impairment loss is reversed when there is an indication that the conditions that caused the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. The carrying amount after the reversal of the impairment loss cannot exceed the carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been recognised.
1.15. Impairment of financial assets
RTL Group applies the expected credit loss (ECL) model in accordance with IFRS\u00a09 for debt instruments at amortised cost and for contract assets. Accordingly, the amount of expected credit losses recognised as a loss allowance depends on the extent to which the default risk has increased since initial recognition. According to the so-called general approach, a distinction is made between the following two measurement bases:
Appropriate quantitative and qualitative information and analyses based on the Group\u2019s past experience and reasonable assessments \u2013 including forward-looking information such as customer-specific information and forecasts of future economic conditions \u2013 are taken into consideration when determining the credit risk. When a financial asset is more than 30 days past due, its credit risk is assumed to have increased significantly. A default of a financial asset is assumed at the latest when the counterparty fails to make contractual payments within 90 days of when they fall due, unless reasonable and supportable information is available that justifies a different time of overdue payment. The Group assesses whether a financial asset is credit-impaired at the end of each reporting period. This is the case when one or more events that have a detrimental impact on the expected future cash flows of that financial asset have occurred. A financial asset is written off when it is no longer reasonably expected to be fully or partially recoverable.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-38": { "value": "
1.7.2. Goodwill
Business combinations are accounted for using the acquisition method as at the acquisition date. Goodwill arising from applying this method is measured at initial recognition as detailed in note 1.3.1.
Goodwill on acquisitions of subsidiaries is recognised as an intangible asset. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each cash-generating unit represents the Group\u2019s investment in a geographical area of operation by business segment, except for Fremantle and We Are Era which are global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom.
No goodwill is recognised on the acquisition of non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-39": { "value": "
1.8. Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is recognised on a straight-line basis over the estimated useful lives of the assets as follows:
Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are included in profit from operating activities.
Depreciation methods and useful lives, as well as residual values, are reassessed annually.
Expenditure incurred to replace a component of an item of property, plant and equipment that is separately accounted for is capitalised with the carrying amount of the component that is to be replaced being written off. Other subsequent expenditure is capitalised only when it increases the future economic benefits that will be derived from the item of property, plant and equipment. All other expenditure is expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-40": { "value": "
1.9. Leases
The Group mainly leases premises for operating businesses. Leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
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 re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of the lease liabilities recognised, initial direct costs incurred, restoration costs, and lease payments made at, or before, the commencement date less any incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term. Right-of-use assets are subject to impairment testing.
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 in substance fixed payments) less any lease incentive 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 that is reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period on which the event or condition that triggers the payment occurs. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s maturity, currency and risk-specific incremental borrowing rate is used. The incremental borrowing rate represents the cost of obtaining external financing for a corresponding asset with a financing period corresponding to the term of the lease denominated in the currency in which lease payments are settled.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets for all classes of assets
The Group applies the short-term lease recognition exemption to its leases (i.e. those leases that have a term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the exemption of low-value leased assets. Lease payments on short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-41": { "value": "
1.10. Loans and other financial assets
Initial recognition
The Group classifies its financial assets in the following measurement categories:
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets (with the exception of trade receivables without a significant financing component) are recognised initially at fair value, taking into account transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets recognised at fair value through profit or loss are immediately expensed in profit or loss. Trade receivables without a significant financing component are initially recognised at their transaction price.
For financial assets \u2013 debt instruments and investments in equity instruments \u2013 measured at fair value through profit or loss, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity instrument at fair value through other comprehensive income (FVOCI).
Financial assets with embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.
The fair value of publicly traded investments is based on quoted market prices at the reporting date. The fair value of non-publicly traded investments is based on the estimated discounted value of future cash flows.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-42": { "value": "
1.10. Loans and other financial assets
Initial recognition
The Group classifies its financial assets in the following measurement categories:
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Financial assets (with the exception of trade receivables without a significant financing component) are recognised initially at fair value, taking into account transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets recognised at fair value through profit or loss are immediately expensed in profit or loss. Trade receivables without a significant financing component are initially recognised at their transaction price.
For financial assets \u2013 debt instruments and investments in equity instruments \u2013 measured at fair value through profit or loss, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity instrument at fair value through other comprehensive income (FVOCI).
Financial assets with embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.
The fair value of publicly traded investments is based on quoted market prices at the reporting date. The fair value of non-publicly traded investments is based on the estimated discounted value of future cash flows.
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
1.12. Accounts receivable and contract assets
Trade accounts receivable arise from the sale of goods and services related to the Group\u2019s operating activities. Trade accounts receivable are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less impairment loss.
Contract assets relate to the conditional right to consideration for complete satisfaction of the contractual obligations. Other accounts receivable include \u2013 in addition to deposits and amounts related to Profit and Loss Pooling (PLP) and Compensation Agreements with RTL Group\u2019s controlling shareholder \u2013 VAT recoverable, and prepaid expenses.
Impairment losses on trade accounts receivable, other financial instruments measured at amortised costs and contract assets are recognised when:
Additions to valuation allowance and subsequent recoveries of amounts previously written off are reported in the income statement within \u2018Other operating expenses\u2019.
Accrued income is stated at the amounts expected to be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-43": { "value": "
Subsequent measurement
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments in three measurement categories:
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Equity instruments
The Group subsequently measures all equity instruments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity instruments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to receive payments is established.
Impairment losses (and reversal of impairment losses) on equity instruments at FVOCI are not reported separately from \u2018Equity instruments at FVOCI \u2013 change in fair value, net of tax\u2019 in the revaluation reserve of the consolidated statement of changes in equity.
Changes in the fair value of financial assets at FVTPL are recognised within \u2018Fair value measurement of investments\u2019 in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-44": { "value": "
1.11. Current programme rights
Current programme rights are initially recognised at acquisition cost or Group production cost when the Group controls, in substance, the respective assets and the risks and rewards attached to them.
Current programme rights include programmes in progress, (co-)productions and rights acquired with the primary intention to broadcast or sell them in the normal course of the Group\u2019s operating cycle. Current programme rights include an appropriate portion of overheads and are stated at the lower of cost and net realisable value. The net realisable value assessment is based on the advertising revenue expected to be generated when broadcast, and on estimated net sales. Weak audience shares or changes from a prime-time to a late-night slot constitute indicators that a valuation allowance may be recorded. They are consumed based on either the expected number of transmissions or expected revenue in order to match the costs of consumption with the benefits received. The rates of consumption applied for broadcasting rights are as follows:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-45": { "value": "
1.12. Accounts receivable and contract assets
Trade accounts receivable arise from the sale of goods and services related to the Group\u2019s operating activities. Trade accounts receivable are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less impairment loss.
Contract assets relate to the conditional right to consideration for complete satisfaction of the contractual obligations. Other accounts receivable include \u2013 in addition to deposits and amounts related to Profit and Loss Pooling (PLP) and Compensation Agreements with RTL Group\u2019s controlling shareholder \u2013 VAT recoverable, and prepaid expenses.
Impairment losses on trade accounts receivable, other financial instruments measured at amortised costs and contract assets are recognised when:
Additions to valuation allowance and subsequent recoveries of amounts previously written off are reported in the income statement within \u2018Other operating expenses\u2019.
Accrued income is stated at the amounts expected to be received.
1.15. Impairment of financial assets
RTL Group applies the expected credit loss (ECL) model in accordance with IFRS\u00a09 for debt instruments at amortised cost and for contract assets. Accordingly, the amount of expected credit losses recognised as a loss allowance depends on the extent to which the default risk has increased since initial recognition. According to the so-called general approach, a distinction is made between the following two measurement bases:
Appropriate quantitative and qualitative information and analyses based on the Group\u2019s past experience and reasonable assessments \u2013 including forward-looking information such as customer-specific information and forecasts of future economic conditions \u2013 are taken into consideration when determining the credit risk. When a financial asset is more than 30 days past due, its credit risk is assumed to have increased significantly. A default of a financial asset is assumed at the latest when the counterparty fails to make contractual payments within 90 days of when they fall due, unless reasonable and supportable information is available that justifies a different time of overdue payment. The Group assesses whether a financial asset is credit-impaired at the end of each reporting period. This is the case when one or more events that have a detrimental impact on the expected future cash flows of that financial asset have occurred. A financial asset is written off when it is no longer reasonably expected to be fully or partially recoverable.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-46": { "value": "
1.12. Accounts receivable and contract assets
Trade accounts receivable arise from the sale of goods and services related to the Group\u2019s operating activities. Trade accounts receivable are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less impairment loss.
Contract assets relate to the conditional right to consideration for complete satisfaction of the contractual obligations. Other accounts receivable include \u2013 in addition to deposits and amounts related to Profit and Loss Pooling (PLP) and Compensation Agreements with RTL Group\u2019s controlling shareholder \u2013 VAT recoverable, and prepaid expenses.
Impairment losses on trade accounts receivable, other financial instruments measured at amortised costs and contract assets are recognised when:
Additions to valuation allowance and subsequent recoveries of amounts previously written off are reported in the income statement within \u2018Other operating expenses\u2019.
Accrued income is stated at the amounts expected to be received.
1.15. Impairment of financial assets
RTL Group applies the expected credit loss (ECL) model in accordance with IFRS\u00a09 for debt instruments at amortised cost and for contract assets. Accordingly, the amount of expected credit losses recognised as a loss allowance depends on the extent to which the default risk has increased since initial recognition. According to the so-called general approach, a distinction is made between the following two measurement bases:
Appropriate quantitative and qualitative information and analyses based on the Group\u2019s past experience and reasonable assessments \u2013 including forward-looking information such as customer-specific information and forecasts of future economic conditions \u2013 are taken into consideration when determining the credit risk. When a financial asset is more than 30 days past due, its credit risk is assumed to have increased significantly. A default of a financial asset is assumed at the latest when the counterparty fails to make contractual payments within 90 days of when they fall due, unless reasonable and supportable information is available that justifies a different time of overdue payment. The Group assesses whether a financial asset is credit-impaired at the end of each reporting period. This is the case when one or more events that have a detrimental impact on the expected future cash flows of that financial asset have occurred. A financial asset is written off when it is no longer reasonably expected to be fully or partially recoverable.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-47": { "value": "
1.13. Cash and cash equivalents
Cash consists of cash in hand and at bank. Cash equivalents are assets that are readily convertible into cash, such as short-term highly liquid investments, commercial paper, bank deposits and marketable securities, all of which mature within three months from the date of purchase, and money market funds that qualify as cash and cash equivalents under IAS\u00a07. Bank overdrafts are included within current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-48": { "value": "
1.14. Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. In assessing value in use, and fair value less costs of disposal where applicable, the estimated future cash flows are discounted to their present value using a discount rate after tax that reflects current market assessments of the time value of money and the risks specific to the asset.
In respect of assets other than goodwill, an impairment loss is reversed when there is an indication that the conditions that caused the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. The carrying amount after the reversal of the impairment loss cannot exceed the carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-49": { "value": "
1.16. Non-current assets held for sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less costs of disposal if their carrying amount is recovered principally through a sale transaction rather than through continuing use.
1.27. Discontinued operations
A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or a geographical area of operations that has been disposed of or is held for sale or distribution, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-50": { "value": "
1.16. Non-current assets held for sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less costs of disposal if their carrying amount is recovered principally through a sale transaction rather than through continuing use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-51": { "value": "
1.17. Accounts payable
Trade accounts payable arise from the purchase of assets, goods and services relating to the Group\u2019s operating activities and include accrued expenses. Other accounts payable comprise \u2013 in addition to amounts related to the Profit and Loss Pooling Agreement (PLP) with RTL Group\u2019s controlling shareholder \u2013 VAT payable, fair value of derivative liabilities, and accounts payable on capital expenditure. Trade and other accounts payable are measured at amortised cost using the effective interest method, except derivative liabilities, which are measured at fair value.
1.18. Loans payable
Interest-bearing current and non-current liabilities are recognised initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing current and non-current liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-52": { "value": "
1.17. Accounts payable
Trade accounts payable arise from the purchase of assets, goods and services relating to the Group\u2019s operating activities and include accrued expenses. Other accounts payable comprise \u2013 in addition to amounts related to the Profit and Loss Pooling Agreement (PLP) with RTL Group\u2019s controlling shareholder \u2013 VAT payable, fair value of derivative liabilities, and accounts payable on capital expenditure. Trade and other accounts payable are measured at amortised cost using the effective interest method, except derivative liabilities, which are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-53": { "value": "
1.18. Loans payable
Interest-bearing current and non-current liabilities are recognised initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing current and non-current liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-54": { "value": "
1.19. Provisions
Provisions are recognised when the Group has a present legal or constructive obligation to transfer economic benefits as a result of past events. The amounts recognised represent management\u2019s best estimate of the expenditures that will be required to settle the obligation at the reporting date. Provisions are measured by discounting the expected future cash flows to settle the obligation at a pre-tax risk-free rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the obligation.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or been announced publicly. Costs relating to the ongoing activities of the Group are not provided for.
Provisions for onerous contracts mainly relate to unavoidable costs for individual programme rights, the performance of which is assessed as clearly below that originally planned when the contract was agreed. Such situations mainly arise in case of executory obligations to purchase programmes that will not be aired due to lack of audience capacity or to a mismatch with the current editorial policy. In addition, an expected or actual fall in audience can be evidenced by several indicators, such as the underperformance of a previous season, the withdrawal of the programme\u2019s main advertisers or a decline in the popularity or success of sports programmes. Long-term sourcing agreements aim to secure the programme supply of broadcasters. These are mainly output deals, production agreements given European quota obligations, and arrangements with sports organisations. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-55": { "value": "
1.20.3. Share-based transactions
Share options are granted to directors, senior executives and other employees of the Group. They may also be granted to suppliers for settlement of their professional services. Share options entitle holders to purchase shares at a price (the \u2018strike price\u2019) payable at the exercise date of the options. Options are initially measured at their fair value determined on the date of grant.
The grant date fair value of equity-settled share-based payment arrangements is recognised as an expense with a corresponding increase in equity over the vesting period of the options. The amount recognised as an expense is adjusted to reflect the number of options that are expected to ultimately vest, considering vesting service conditions and non-market performance conditions.
For cash settled share-based payment arrangements, the fair value of the amount payable to employees is recognised as an expense with a corresponding increase in liability until the employees exercise their options. The liability is re-measured to fair value at each reporting date up until the settlement date. Any changes in the liability are recognised in the income statement. The fair value of the options is measured using specific valuation models.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-56": { "value": "
1.21. Share capital
1.21.1. Equity transaction costs
Incremental external costs directly attributable to the issue of new shares, other than in connection with a business combination, are deducted, net of the related income taxes, against the gross proceeds recorded in equity.
1.21.2. Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s own equity, the consideration paid, including any attributable transaction costs net of income taxes, is shown in deduction of equity as \u2018Treasury shares\u2019.
1.21.3. Dividends
Dividends on ordinary shares are recorded in the consolidated financial statements in the period in which they are approved at the Shareholders\u2019 meeting or authorised by the Board of Directors in case of interim dividends.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-57": { "value": "
1.21.2. Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s own equity, the consideration paid, including any attributable transaction costs net of income taxes, is shown in deduction of equity as \u2018Treasury shares\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-58": { "value": "
1.21.3. Dividends
Dividends on ordinary shares are recorded in the consolidated financial statements in the period in which they are approved at the Shareholders\u2019 meeting or authorised by the Board of Directors in case of interim dividends.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-59": { "value": "
1.22. Revenue presentation and recognition
Revenue relates to advertising, the production, distribution and licensing of films, programmes and other rights, the rendering of services and the sales of merchandise. Revenue is presented net of sales deductions such as cash rebates, credit notes, discounts, refunds and VAT. Revenue comprises the fair value of the consideration received or receivable in the ordinary course of the Group\u2019s activities. The transaction price is determined based on the contractually agreed terms. The nature and timing of satisfaction of performance obligations and significant payment terms differ between the categories of revenue , whereas payments are generally due within short time.
Advertising revenue
Advertising arrangements mostly include spots aired or advertisements published as part of a campaign on various media (TV, radio, internet or printed magazines), generally for a period of up to one year. RTL Group considers that spots aired constitute a series of performance obligations for which the clients benefit from the visibility of their brands as the spot is broadcast. Therefore, RTL Group treats the series of spots as a single performance obligation. The same applies to advertisements in printed magazines.
Advertising revenue is recognised during the period over which the related advertisement is broadcast or appears before the public. Commissions paid to sales houses and other agencies are directly deducted from advertising revenue.
Both normal and free advertising spots of an advertising campaign are considered as separate performance obligations and recognised for their relative standalone selling price. Free advertising spots and printed advertisements generate a contract asset if they are aired or published before normal advertising spots and printed advertisements, and a contract liability in the reverse case.
Content revenue
Content revenue mostly consists of revenue generated from the production and licensing of intellectual property to customers.
Customer contracts typically have a wide variety of performance obligations, from production licence contracts to multi-year format licence agreements, as well as ancillary rights and services (e.g. merchandising rights, sponsorship rights and production consulting services) and distribution activities. IFRS\u00a015 requires an assessment of the nature of promise at contract level, of the unit of account regarding licences and payment terms. The Group assesses whether licences are determined to be a right to access the content (revenue recognised over time) versus a right to use the content (revenue recognised at a point in time).
RTL Group has determined that, for most of the licences granted, the involvement of the Group is limited to the transfer of the licence, where the performance obligation is satisfied at a point in time. Non-refundable minimum guarantees recoupable over royalties are received as part of some production or distribution arrangements. These are recognised in accordance with the classification of the type of licence granted.
Granting licences for streaming agreements (e.g. RTL+) stipulate obligations to provide access to the content over the subscription period. These are recognised in accordance with the classification of the type of licence granted, i.e. over time.
In the case of sales-based or usage-based royalties in exchange for a licence of intellectual property, the Group recognises revenue when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied) and when the subsequent sale or usage has occurred.
Most of the licences granted are licences for which revenue, including minimum guarantees, should be recognised at a point in time. In parallel, advance payments received from a customer to fulfil non-cancellable arrangements generate a contract liability.
When the customer has a right to return the product within a given period, the entity is obliged to refund the purchase price. Under IFRS\u00a015, a refund liability for the expected refunds to customers is recognised as an adjustment to revenue in trade and other accounts payable.
A significant part of operations developed by the digital video networks consists of distributing videos licenced by talents/influencers that are advertising-financed. The related revenue, due to a variable basis, is reported in content revenue.
Distribution revenue is recognised when the Group\u2019s TV channels are providing a signal to cable, satellite platforms and internet TV for a fee.
Other revenue
Revenue from own products is recognised at a point in time when control is transferred. Depending on the underlying respective terms of sale, this is generally upon delivery to the customer. Expected returns from sales of products, mainly from print magazines, are shown as liabilities in the position \u2019Accounts payable and other liabilities\u2019. In individual business models, giveaways to customers meet the criteria of a separate performance obligation. Any giveaways to an agent are capitalised as costs to obtain a contract and are amortised over the expected term of the subscription.
Revenue from services is recognised in the period in which the service has been rendered for the consideration that the Group expects to receive.
Sales of merchandise are recognised when the customer has obtained controls of the goods for the amount that the Group expects to receive.
For the sale of third-party goods and services and especially in the context of the Group\u2019s digital businesses, the Group assesses whether it operates as a principal, and reports revenue on a gross basis, or as an agent, and reports revenue on a net basis. The decision is primarily based on who the customer is and whether the agent obtains control of the specified goods or services before they are transferred to the customer. Other indicators include who is primarily responsible for fulfilment, inventory risk, and discretion in establishing the sales price.
In the Directors\u2019 report, \u2018Digital\u2019 refers to internet-related activities with the exception of online sales of merchandise (e-commerce). Digital revenue is spread over three different categories: digital advertising sales, revenue from distribution and licensing content, and consumer and professional services. In contrast to some competitors, RTL Group recognises only pure digital businesses as digital revenue and does not consider e-commerce, home shopping and platform revenue as digital revenue. Revenue from e-commerce and home shopping are included in \u2018Revenue from selling goods and merchandise and providing services\u2019. \u2018Content\u2019 mainly embraces the non-scripted and scripted production and related distribution operations.
IFRS 15 stipulates some practical expedients of which the following are applied in the RTL Group:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-60": { "value": "
Other revenue
Revenue from own products is recognised at a point in time when control is transferred. Depending on the underlying respective terms of sale, this is generally upon delivery to the customer. Expected returns from sales of products, mainly from print magazines, are shown as liabilities in the position \u2019Accounts payable and other liabilities\u2019. In individual business models, giveaways to customers meet the criteria of a separate performance obligation. Any giveaways to an agent are capitalised as costs to obtain a contract and are amortised over the expected term of the subscription.
IFRS 15 stipulates some practical expedients of which the following are applied in the RTL Group:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-61": { "value": "
1.23. Government grants
Grants from government and inter-governmental agencies are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Government grants related to assets are initially presented as a deduction in arriving at the carrying amount of the asset. Grants that compensate the Group for expenses incurred are recognised in \u2018Other operating income\u2019 on a systematic basis in the same period in which the expenses are recognised.
Forgivable loans are loans which government and inter-governmental agencies undertake to waive repayment of under certain prescribed conditions. Forgivable loans are recognised in \u2018Other operating income\u2019 where there is reasonable assurance the loan will be waived.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-62": { "value": "
1.25. Interest income and expense
Interest income and expense is recognised on a time proportion basis using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-63": { "value": "
1.25. Interest income and expense
Interest income and expense is recognised on a time proportion basis using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-64": { "value": "
1.25. Interest income and expense
Interest income and expense is recognised on a time proportion basis using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-65": { "value": "
Recognition and measurement of income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly to other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted in the countries in which the Group\u2019s entities operate and generate taxable income at the reporting date and any adjustment to tax payable in respect of previous years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-66": { "value": "
Deferred taxes are recognised on any temporary difference between the carrying amount for consolidation purposes and the tax base of the Group\u2019s assets and liabilities, as well as for unused tax loss carry forwards and tax credits. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, against which the deductible temporary differences, unused tax credits and tax loss carry forwards can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax is not recognised for:
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same tax authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-67": { "value": "
1.27. Discontinued operations
A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or a geographical area of operations that has been disposed of or is held for sale or distribution, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-68": { "value": "
1.28. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Group and held as treasury shares and the shares held under the liquidity programme, if any.
The diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There is currently no category of dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-69": { "value": "
1.29. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Executive Committee of RTL Group, which makes strategic decisions.
An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Group\u2019s other components.
The operating results of all operating segments are regularly reviewed by the Group\u2019s Executive Committee, which makes decisions about resources to be allocated to the segment and assesses its performance, and for which discrete financial information is available.
The invested capital is disclosed for each reportable segment as reported to the Group\u2019s Executive Committee. Invested capital is calculated on the basis of the Group\u2019s operating assets (right-of-use assets included) less non-interest bearing operating liabilities (lease liabilities not included). Intercompany revenues are recognised using the same arm\u2019s-length conditions applied to transactions with third parties. No measure of segment assets and liabilities other than invested capital is reported to the Group\u2019s Executive Committee.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-70": { "value": "
1.30. Prior year information
In December\u00a02021, Groupe M6 acquired a 2 per cent stake in St\u00e9phane Plaza Immobilier, in which it already held a 49 per cent shareholding. As a result of obtaining control, the investment previously accounted for using the equity method is fully consolidated from the date of acquisition. The initial accounting for the acquisition had not yet been completed in the last financial year. During the measurement period in 2022, the provisional amounts recognised at the\u00a0acquisition date\u00a0were retrospectively adjusted to reflect new information obtained about facts and circumstances that existed as at the acquisition date. In accordance with IFRS\u00a03.49, goodwill from the acquisition of St\u00e9phane Plaza Immobilier was decreased from \u20ac56 million to \u20ac23 million. The decrease results mainly from the valuation of intangible assets acquired for \u20ac88 million in total (consisting of \u20ac51 million for brands and \u20ac37 million for customer relationships) and respective adjustments in the deferred tax liability for \u20ac23 million as well as non-controlling interests for \u20ac32 million. Due to the finalisation of the purchase price allocation in 2022 the figures from the previous year in the consolidated statement of financial position have been adjusted accordingly. Further information is presented in note 4.2.
4.2. Acquisitions
In the financial year 2022, the cash flow from acquisition activities \u2013 without acquisition of businesses under common control \u2013 totalled \u20ac-113 million (2021: \u20ac-136\u00a0million), of which, after consideration of cash and cash equivalents acquired, \u20ac\u2011110\u00a0million relates to new acquisitions during the reporting period. Considering the acquisition of businesses under common control, the total cash flow from acquisition activities amounted to \u20ac53 million (2021: \u20ac\u2011353 million). The consideration transferred in accordance with IFRS\u00a03 amounted to \u20ac189\u00a0million (2021: \u20ac190\u00a0million) taking into account contingent consideration of \u20ac22\u00a0million (2021: \u20acnil\u00a0million). In addition, put options were recognised in the amount of \u20ac149\u00a0million (2021: \u20ac38\u00a0million) in connection with the acquisitions.
In March 2022, Fremantle acquired 70 per\u00a0cent of Lux Vide, Italy\u2019s leading independent television production company. The acquisition of Lux Vide forms part of Fremantle\u2019s growth strategy to invest in premium production companies, content creators, and talents from around the world \u2013 developing and securing original formats and exclusive IP. The consideration transferred amounted to \u20ac43\u00a0million and was fully paid in cash. The purchase price allocation resulted in goodwill of \u20ac8\u00a0million, mainly reflecting the expertise of the management and synergy potential with Fremantle. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Furthermore, in connection with the acquisition, the related put options on the remaining 30 per\u00a0cent share capital were recognised for an amount of \u20ac32\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Lux Vide has contributed \u20ac56\u00a0million to Group revenue and \u20ac6\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Lux Vide would have contributed \u20ac67\u00a0million to Group revenue and \u20ac7\u00a0million to Group profit or loss.
In April 2022, Fremantle acquired a further 36 per\u00a0cent of the shares in Dancing Ledge Productions. RTL\u00a0Group\u2019s shareholding in Dancing Ledge Productions is now 61 per\u00a0cent. The acquisition underlines Fremantle\u2019s strategic plan to invest in and grow premium production companies and creative talents from around the world. As a result of obtaining control, the investment previously accounted for using the equity method is fully consolidated from the date of acquisition. The consideration transferred in terms of IFRS\u00a03 was \u20ac6\u00a0million and was fully paid in cash. Obtaining control led to a derecognition of the associate previously accounted for using the equity method, the fair value of which amounted to \u20ac3 million immediately before the acquisition date. The re-measurement of the investment already held resulted in an income of \u20ac3\u00a0million recognised in \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019. The purchase price allocation resulted in goodwill of \u20ac5\u00a0million, mainly reflecting growth opportunities in the UK market and international distribution opportunities for their content. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Furthermore, in connection with the acquisition, the related put option on the 39 per\u00a0cent share capital was recognised for an amount of \u20ac9\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs were insignificant and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Dancing Ledge Productions has contributed \u20ac32\u00a0million to Group revenue and \u20acnil\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Dancing Ledge Productions would have contributed \u20ac32\u00a0million to Group revenue and \u20acnil\u00a0million to Group profit or loss.
In May 2022, Fremantle acquired 51 per\u00a0cent of Element Pictures, the production company behind Academy Award, Golden Globe and BAFTA-winning films The Favourite and Room, the global drama Normal People, and the mini-series Conversations With Friends. The acquisition of Element Pictures also forms part of Fremantle\u2019s growth strategy to invest in premium production companies, content, and talents around the world to source the best creative ideas, and to develop and create strong and exclusive IP. The consideration transferred amounted to \u20ac56\u00a0million and comprises a purchase price payment already made in the amount of \u20ac46\u00a0million and a contingent consideration in the amount of \u20ac10\u00a0million. The purchase price allocation resulted in goodwill of \u20ac51\u00a0million, mainly reflecting synergies with Fremantle and international distribution growth opportunities. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Furthermore, in connection with the acquisition, the related put options on the remaining 49 per\u00a0cent share capital were recognised for an amount of \u20ac54\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Element Pictures has contributed \u20ac51 million to Group revenue and \u20ac5\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Element Pictures would have contributed \u20ac66\u00a0million to Group revenue and \u20ac\u20112\u00a0million to Group profit or loss.
In May 2022, Smartclip \u2013 the ad-tech business of RTL Deutschland \u2013 acquired 100 per\u00a0cent of Realytics, a French ad-tech company that is spearheading the convergence between TV and digital in Europe. The combined ad-tech solutions of Smartclip and Realytics help to measure the impact of TV campaigns on websites. The integration of Paris-based Realytics into Smartclip\u2019s ad-tech stack marks Smartclip\u2019s entry into the French market. The consideration transferred amounted to \u20ac7\u00a0million and was fully paid in cash. The purchase price allocation resulted in goodwill of \u20ac8\u00a0million, mainly reflecting revenue synergies by the roll-out of Realytics\u00b4 offerings across other RTL\u00a0Group countries and cost synergies. Goodwill is not tax deductible and was allocated to the RTL Deutschland cash-generating unit. In the financial year 2022, transaction-related costs were insignificant and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Realytics has contributed \u20ac1\u00a0million to Group revenue and \u20ac\u20112\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Realytics would have contributed \u20ac2\u00a0million to Group revenue and \u20ac\u20113\u00a0million to Group profit or loss.
In November 2022, Fremantle acquired 55 per\u00a0cent of 72 Films, an independent TV production company focusing on documentaries and factual entertainment. The acquisition further underlines Fremantle\u2019s strategic plan to invest in and help develop premium production companies with exceptional creative talents. The consideration transferred amounted to \u20ac51\u00a0million, of which \u20ac44\u00a0million was paid in cash. Earn-out consideration amounted to \u20ac7\u00a0million. The preliminary purchase price allocation at a very early stage resulted in provisional goodwill of \u20ac50\u00a0million, mainly reflecting the expertise of the management and synergy potential with Fremantle. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Further, in connection with the acquisition, the related put options on the remaining 45 per\u00a0cent share capital were recognised for an amount of \u20ac39\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, 72 Films has contributed \u20ac3\u00a0million to Group revenue and \u20acnil\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, 72 Films would have contributed \u20ac25\u00a0million to Group revenue and \u20ac2\u00a0million to Group profit or loss.
Also in November 2022, Fremantle acquired 51 per\u00a0cent of Wildstar Films, a production company focused on natural history documentaries. The acquisition is in line with Fremantle\u2019s strategic plan to invest in and develop premium production companies and creative talents from around the world. The consideration transferred amounted to \u20ac19\u00a0million, of which \u20ac13\u00a0million was paid in cash. The earn-out consideration amounted to \u20ac5\u00a0million and the deferred payment to \u20ac1 million. The preliminary purchase price allocation at a very early stage resulted in provisional goodwill of \u20ac14\u00a0million, mainly reflecting the expertise of the management and synergy potential with Fremantle. Goodwill is not tax deductible and was allocated to the Fremantle cash-generating unit. Further, in connection with the acquisition, the related put option on the remaining 49 per\u00a0cent share capital was recognised for an amount of \u20ac15\u00a0million through equity for the present value of the redemption amount. In the financial year 2022, transaction-related costs amounted to \u20ac1\u00a0million and have been recognised in profit or loss as other operating expenses. Since the initial consolidation, Wildstar Films has contributed \u20ac7\u00a0million to Group revenue and \u20ac1\u00a0million to Group profit or loss. If consolidated as at 1\u00a0January\u00a02022, Wildstar Films would have contributed \u20ac62\u00a0million to Group revenue and \u20ac4\u00a0million to Group profit or loss.
At the time the consolidated financial statements were authorised for issue, RTL\u00a0Group had not yet completed the accounting for the acquisitions of 72 Films and Wildstar Films. As the valuations have not yet been finalised, the fair values of identifiable assets \u2013 especially intangible assets \u2013 and liabilities acquired have only been determined provisionally and have not been recognised accordingly. The accounting for these acquisitions will be revised in 2023 based on facts and circumstances that existed at the date of gain of control.
In addition, RTL Group made further acquisitions in the financial year 2022, none of which were material on a standalone basis. The consideration transferred in terms of IFRS\u00a03 for other minor acquisitions amounted to \u20ac7\u00a0million. Other acquisitions resulted in goodwill totalling \u20ac4\u00a0million, which reflects synergy potential and is not tax deductible. Transaction-related costs were insignificant in the financial year 2022 and have been recognised in profit or loss.
The purchase price allocations consider all the facts and circumstances prevailing as at the respective dates of acquisition that were known prior to the preparation of the consolidated financial statements. In accordance with IFRS\u00a03, should further facts and circumstances become known within the 12-month measurement period, the purchase price allocation will be adjusted accordingly.
In accordance with IFRS\u00a03, the fair values of the identifiable assets, liabilities and contingent liabilities acquired are measured primarily using the market price-oriented method. According to this method, assets and liabilities are measured at the prices observed in active markets. If measurement using the market price-oriented method is not feasible, the capital value-oriented method is generally applied. According to that method, the fair value of an asset or a liability corresponds to the present value of the future cash inflows or outflows (cash flows).
The following table shows the fair values of the assets and liabilities of the acquisitions on their dates of initial consolidation based on the purchase price allocations, some of which are currently preliminary:
\u00a0
Lux Vide
Dancing Ledge Productions
Element Pictures
Realytics
72 Films
Wildstar Films
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Programme and other rights
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Other intangible assets
10
5
13
5
\u2013
\u2013
\u2013
33
Property, plant and equipment
8
\u2013
1
\u2013
1
3
\u2013
13
Right-of-use assets
9
\u2013
1
\u2013
\u2013
2
\u2013
12
Other non-current assets
\u2013
\u2013
1
\u2013
2
\u2013
1
4
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Programme rights
42
34
72
\u2013
12
\u2013
\u2013
160
Trade and other accounts receivable
37
2
4
\u2013
4
7
1
55
Other current assets
28
\u2013
\u2013
1
1
3
\u2013
33
Cash and cash equivalents
3
7
20
2
7
17
3
59
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
(32)
\u2013
(7)
(4)
\u2013
\u2013
\u2013
(43)
Lease liabilities
(5)
\u2013
(1)
\u2013
\u2013
(2)
\u2013
(8)
Other liabilities
(50)
(42)
(93)
(5)
(25)
(21)
(1)
(237)
Net assets acquired
50
6
11
(1)
2
9
5
82
Goodwill
8
5
51
8
50
14
4
140
Non-controlling interests
(15)
(2)
(6)
\u2013
(1)
(4)
\u2013
(28)
Fair value of pre-existing interests
\u2013
(3)
\u2013
\u2013
\u2013
\u2013
(2)
(5)
Consideration transferred according to IFRS\u00a03
43
6
56
7
51
19
7
189
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Less earn-out consideration
\u2013
\u2013
(10)
\u2013
(7)
(5)
\u2013
(22)
Less other deferred consideration
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
(1)
Consideration paid in cash
43
6
46
7
44
13
7
166
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents acquired
(3)
(7)
(20)
(2)
(7)
(17)
(3)
(59)
Financial debt repaid at closing
\u2013
\u2013
\u2013
3
\u2013
\u2013
\u2013
3
Cash outflow/(inflow) on acquisitions in terms of IFRS\u00a03
40
(1)
26
8
37
(4)
4
110
On the acquisition date, the fair value of the acquired receivables was \u20ac55\u00a0million. Of that amount, \u20ac52\u00a0million is attributable to trade receivables and \u20ac3\u00a0million to other receivables. Trade receivables are impaired in the amount of \u20ac\u20111\u00a0million, so that the gross amount of trade receivables amounts to \u20ac53\u00a0million. The other receivables were not impaired, so that the fair value is equal to the gross amount.
Since initial consolidation, all new acquisitions in accordance with IFRS\u00a03 in the financial year 2022 have contributed \u20ac150\u00a0million to revenue and \u20ac10\u00a0million to Group profit. If consolidated as at 1\u00a0January\u00a02022, these would have contributed \u20ac253\u00a0million to revenue and \u20ac7\u00a0million to Group profit.
In addition, RTL Group made transactions under common control in the financial year 2022.
In January\u00a02022, RTL Deutschland acquired 100 per cent of the share capital of Gruner\u00a0+\u00a0Jahr Deutschland GmbH. The acquisition was preceded by the decision of RTL Group in August 2021 to acquire Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion across TV, streaming, print, radio and digital. As part of the Gruner\u00a0+\u00a0Jahr acquisition, 50 per cent of the capital of Deutsche Medien Manufaktur (DMM) was transferred downstream to RTL Deutschland in April 2022.
The total consideration transferred \u2013 including final working capital adjustment \u2013 amounted to \u20ac228\u00a0million, of which \u20ac210\u00a0million was paid in 2021. Considering cash acquired of \u20ac181 million, the net cash inflows from the transaction amount to \u20ac166\u00a0million in 2022. The transactions were accounted for as a transaction under common control, whereby RTL Group applies the accounting policy choice to recognise assets acquired and liabilities assumed at carrying amounts, while the difference between assets/liabilities and consideration transferred amounted to \u20ac16\u00a0million, recognised in equity under \u2018Other changes\u2019.
The following table provides an outline of the impact of the transaction on RTL Group\u2019s financial position:
\u00a0
Total
\u00a0
\u20ac m
\u00a0
\u00a0
Non-current assets
\u00a0
Goodwill
179
Other intangible assets
18
Property, plant and equipment
3
Right-of-use assets
4
Investments accounted for using the equity method
13
Other non-current assets
7
Deferred tax assets
23
Current assets
\u00a0
Other inventories
13
Trade and other accounts receivable
50
Other current assets
7
Cash and cash equivalents
181
Liabilities
\u00a0
Provisions for pensions and similar obligations
(96)
Lease liabilities
(4)
Income tax payable
(31)
Trade and other accounts payable
(82)
Other liabilities
(10)
Contract liabilities
(46)
Other provisions
(15)
Deferred tax liabilities
(2)
Net assets acquired
212
The following table summarises the total cash flow from acquisition activities during the financial year 2022:
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash outflow/(inflow) on acquisitions in terms of IFRS\u00a03
\u00a0
\u00a0
110
135
Cash outflow/(inflow) on acquisition of businesses under common control
\u00a0
\u00a0
(166)
217
Payments on prior years\u2019 acquisitions
\u00a0
\u00a0
3
1
Total cash flow from acquisition activities
\u00a0
\u00a0
(53)
353
In December 2021, Groupe M6 finalised the acquisition of a 2 per cent stake in St\u00e9phane Plaza Immobilier, in which it already held a 49 per cent shareholding, thereby assuming control of this network of franchised estate agents. As a result of obtaining control, the investment previously accounted for using the equity method was fully consolidated from the date of acquisition. The consideration transferred in terms of IFRS 3 was \u20ac3 million. The final purchase price allocation\u00a0was completed in the second half 2022 and thus the figures from the previous year in the consolidated statement of financial position have been adjusted accordingly. The following table summarises the recognised amounts of assets acquired and liabilities assumed after completion of the purchase price allocation in comparison with published financial statements for the year-end 2021.
\u00a0
St\u00e9phane Plaza Immobilier
\u00a0
\u20ac m
\u20ac m
\u00a0
Published in 2021\u00a0
Restated 2021\u00a0
Non-current assets
\u2013
\u2013
Programme and other rights
\u2013
\u2013
Other intangible assets
\u2013
88
Property, plant and equipment
\u2013
\u2013
Right-of-use assets
\u2013
\u2013
Other non-current assets
\u2013
\u2013
Current assets
Programme rights
\u2013
\u2013
Trade and other accounts receivable
\u2013
\u2013
Other current assets
\u2013
\u2013
Cash and cash equivalents
18
18
\u00a0
Liabilities
Lease liabilities
\u2013
\u2013
Other liabilities
(3)
(26)
Net assets acquired
15
80
Goodwill
56
23
Non-controlling interests
(7)
(39)
Fair value of pre-existing interests
(61)
(61)
Consideration transferred according to IFRS\u00a03
3
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-71": { "value": "
2. ACCOUNTING JUDGEMENTS AND ESTIMATES
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
2.1. Consolidation of entities in which the Group holds less than 50 per cent
Even though the Group has less than 50 per cent of the voting rights of Groupe M6, management considers that the Group has control of Groupe M6. The Group is the controlling shareholder of Groupe M6 while the balance of other holdings remains highly dispersed and the other shareholders have not organised their interest in such a way that they intend to vote differently from the Group.
2.2. Significant influence with less than 20 per cent
Although the Group holds less than 20 per cent of the equity shares of Atresmedia, management consider that the Group exercises a significant influence in Atresmedia in view of the representation of RTL Group on the Board of Directors and other governing bodies of Atresmedia.
2.3. Lease accounting
Extension and termination options are included in several real estate leases across the Group. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option and considers all relevant factors that create an economic incentive to exercise the option. After the commencement date, the Group re-assesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option or not. Most of the extension and termination options held are exercisable only by the Group and not by the respective lessor. Incremental borrowing rates determined by currency and maturity are updated on a yearly basis unless a triggering event occurs.
2.4. Programme and other rights (assets and provisions for onerous contracts)
The Group\u2019s accounting for non-current programme rights requires estimates by management as it relates to total net revenue used in the determination of the amortisation charge and impairment loss for the year.
In addition, management estimates must consider factors such as the future programme grid, the realised/expected audience of the programme, the current programme rights that are not likely to be broadcast, and the related valuation allowance.
Provisions for onerous contracts related to programme and other rights are also recognised when the Group has constructive obligations, and it is probable that unavoidable costs exceed the economic benefits originally planned. These provisions have been determined by discounting the expected future cash inflows for which the amount and timing are dependent on future events.
2.5. Estimated impairment of goodwill, intangible assets with indefinite useful life and investments accounted for using the equity method
The Group tests at least annually whether goodwill and intangible assets with indefinite useful life have suffered any impairment. The Group also tests annually whether investments accounted for using the equity method have suffered any impairment, and if any impairment should be reversed.
The Group has used a combination of long-term trends, industry forecasts and in-house knowledge \u2013 with greater emphasis on recent experience \u2013 in forming its assumptions about the development of the various advertising markets in which the Group operates. This is an area highly exposed to general economic conditions. The state of the advertising market is just one of the key operational drivers used by the Group to assess individual business models. Other key drivers (non-IFRS measures) include audience shares, advertising market shares, EBITA and EBITA margin, and operating cash conversion rates. Each of these elements is variable, inter-related and difficult to isolate as the main driver of the various business models and respective valuations.
The Group performs sensitivity analysis of the recoverable amount of the cash-generating units, especially on those where the headroom between the recoverable amount and the carrying amount is low.
2.6. Contingent consideration and put option liabilities on non-controlling interests
Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination, and subsequently re-measured at each reporting date. The determination of the fair value is based on discounted cash flow and takes into account the probability of meeting each performance target. Put option liabilities on non-controlling interests are recognised at the present value of the redemption amount in case of exercise of the option by the counterparty.
2.7. Fair value of equity instruments at fair value through OCI
The Group has used discounted cash flow analysis for the equity instruments at FVOCI that were not traded in active markets.
2.8. Assets held for sale and discontinued operations
The determination of the fair value less costs to sell requires management judgement as it relates to estimates of proceeds of the disposal, residual obligations and direct disposal costs. The classification as assets held for sale and discontinued operations also requires management judgement.
2.9. Provisions for litigations
Most claims involve complex issues, and the probability of loss and an estimation of damages are difficult to ascertain. A provision is recognised when the risk of a loss becomes more likely than not and when it is possible to make a reasonable estimate of the expected financial effect. RTL Group management reviews on a regular basis the expected settlement of the provisions.
2.10. Income tax, deferred tax and other taxes
The Group is subject to income and other taxes in numerous jurisdictions. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.
Uncertain tax positions and future tax benefits are based on assumptions and estimations that may arise from the interpretation of tax regulations. An asset or liability arising from an uncertain tax position is recognised in accordance with IAS\u00a012 if a payment or reimbursement for the uncertain tax position is probable. The valuation of the uncertain tax positions is based on their most probable amount in accordance with IFRIC 23. Deferred tax assets are recognised in the amount in which they are likely to be utilised later. Various factors are used to assess the probability of the future usability of deferred tax assets. This includes past profit and loss, corporate planning and tax planning strategies, and loss periods.
2.11. Post-employment benefits
Post-employment benefits rely on several assumptions such as:
2.12. Recognition of revenue
In the event of return rights, mostly for print products, estimates must be made with regard to the anticipated return volume, as revenues are recognised taking the anticipated returns into account. Return ratios determined using statistical methods are used to identify the anticipated returns. The transaction prices to be determined using the contract-based five-step model defined in IFRS 15 often include both fixed and variable consideration. The variable components are determined on the basis of estimates, which are made and updated in accordance with constraint conditions. For various business models, qualitative estimates must be made as part of principal-agent considerations as to who is to be regarded as a customer of an RTL Group company and whether an RTL Group company is to be regarded as principal or agent in a transaction.
2.13. Contingent liabilities
Contingent liabilities are disclosed unless management considers that the likelihood of an outflow of economic benefits is remote.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-72": { "value": "
2. ACCOUNTING JUDGEMENTS AND ESTIMATES
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
2.1. Consolidation of entities in which the Group holds less than 50 per cent
Even though the Group has less than 50 per cent of the voting rights of Groupe M6, management considers that the Group has control of Groupe M6. The Group is the controlling shareholder of Groupe M6 while the balance of other holdings remains highly dispersed and the other shareholders have not organised their interest in such a way that they intend to vote differently from the Group.
2.2. Significant influence with less than 20 per cent
Although the Group holds less than 20 per cent of the equity shares of Atresmedia, management consider that the Group exercises a significant influence in Atresmedia in view of the representation of RTL Group on the Board of Directors and other governing bodies of Atresmedia.
2.3. Lease accounting
Extension and termination options are included in several real estate leases across the Group. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option and considers all relevant factors that create an economic incentive to exercise the option. After the commencement date, the Group re-assesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise the option or not. Most of the extension and termination options held are exercisable only by the Group and not by the respective lessor. Incremental borrowing rates determined by currency and maturity are updated on a yearly basis unless a triggering event occurs.
2.4. Programme and other rights (assets and provisions for onerous contracts)
The Group\u2019s accounting for non-current programme rights requires estimates by management as it relates to total net revenue used in the determination of the amortisation charge and impairment loss for the year.
In addition, management estimates must consider factors such as the future programme grid, the realised/expected audience of the programme, the current programme rights that are not likely to be broadcast, and the related valuation allowance.
Provisions for onerous contracts related to programme and other rights are also recognised when the Group has constructive obligations, and it is probable that unavoidable costs exceed the economic benefits originally planned. These provisions have been determined by discounting the expected future cash inflows for which the amount and timing are dependent on future events.
2.5. Estimated impairment of goodwill, intangible assets with indefinite useful life and investments accounted for using the equity method
The Group tests at least annually whether goodwill and intangible assets with indefinite useful life have suffered any impairment. The Group also tests annually whether investments accounted for using the equity method have suffered any impairment, and if any impairment should be reversed.
The Group has used a combination of long-term trends, industry forecasts and in-house knowledge \u2013 with greater emphasis on recent experience \u2013 in forming its assumptions about the development of the various advertising markets in which the Group operates. This is an area highly exposed to general economic conditions. The state of the advertising market is just one of the key operational drivers used by the Group to assess individual business models. Other key drivers (non-IFRS measures) include audience shares, advertising market shares, EBITA and EBITA margin, and operating cash conversion rates. Each of these elements is variable, inter-related and difficult to isolate as the main driver of the various business models and respective valuations.
The Group performs sensitivity analysis of the recoverable amount of the cash-generating units, especially on those where the headroom between the recoverable amount and the carrying amount is low.
2.6. Contingent consideration and put option liabilities on non-controlling interests
Contingent consideration, resulting from business combinations, is valued at fair value at the acquisition date as part of the business combination, and subsequently re-measured at each reporting date. The determination of the fair value is based on discounted cash flow and takes into account the probability of meeting each performance target. Put option liabilities on non-controlling interests are recognised at the present value of the redemption amount in case of exercise of the option by the counterparty.
2.7. Fair value of equity instruments at fair value through OCI
The Group has used discounted cash flow analysis for the equity instruments at FVOCI that were not traded in active markets.
2.8. Assets held for sale and discontinued operations
The determination of the fair value less costs to sell requires management judgement as it relates to estimates of proceeds of the disposal, residual obligations and direct disposal costs. The classification as assets held for sale and discontinued operations also requires management judgement.
2.9. Provisions for litigations
Most claims involve complex issues, and the probability of loss and an estimation of damages are difficult to ascertain. A provision is recognised when the risk of a loss becomes more likely than not and when it is possible to make a reasonable estimate of the expected financial effect. RTL Group management reviews on a regular basis the expected settlement of the provisions.
2.10. Income tax, deferred tax and other taxes
The Group is subject to income and other taxes in numerous jurisdictions. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.
Uncertain tax positions and future tax benefits are based on assumptions and estimations that may arise from the interpretation of tax regulations. An asset or liability arising from an uncertain tax position is recognised in accordance with IAS\u00a012 if a payment or reimbursement for the uncertain tax position is probable. The valuation of the uncertain tax positions is based on their most probable amount in accordance with IFRIC 23. Deferred tax assets are recognised in the amount in which they are likely to be utilised later. Various factors are used to assess the probability of the future usability of deferred tax assets. This includes past profit and loss, corporate planning and tax planning strategies, and loss periods.
2.11. Post-employment benefits
Post-employment benefits rely on several assumptions such as:
2.12. Recognition of revenue
In the event of return rights, mostly for print products, estimates must be made with regard to the anticipated return volume, as revenues are recognised taking the anticipated returns into account. Return ratios determined using statistical methods are used to identify the anticipated returns. The transaction prices to be determined using the contract-based five-step model defined in IFRS 15 often include both fixed and variable consideration. The variable components are determined on the basis of estimates, which are made and updated in accordance with constraint conditions. For various business models, qualitative estimates must be made as part of principal-agent considerations as to who is to be regarded as a customer of an RTL Group company and whether an RTL Group company is to be regarded as principal or agent in a transaction.
2.13. Contingent liabilities
Contingent liabilities are disclosed unless management considers that the likelihood of an outflow of economic benefits is remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-73": { "value": "
2.13. Contingent liabilities
Contingent liabilities are disclosed unless management considers that the likelihood of an outflow of economic benefits is remote.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-74": { "value": "
3. SEGMENT REPORTING
The determination of the Group\u2019s operating segments is based on the operational and management-related entities for which information is reported to the Executive Committee.
The Group has 14 business units (of which Atresmedia is accounted for using the equity method) at 31\u00a0December\u00a02022, each one led by a CEO. The Group owns interests in 56 television channels, nine streaming services and 36 radio stations, of which 10 TV channels, three radio stations and a streaming service are held by Atresmedia as an associate (see note 6.5.2).
In addition, Fremantle and We Are Era operate global/multi-territory networks in content, digital video and advertising technology businesses.
The following reported segments meet the quantitative thresholds required by IFRS\u00a08:
The revenue of \u2018Other segments\u2019 amounts to \u20ac411\u00a0million (2021: \u20ac604\u00a0million). The major contributors are RTL Hungary with \u20ac113\u00a0million (2021: \u20ac116\u00a0million), We Are Era with \u20ac64\u00a0million (2021: \u20ac62\u00a0million), RTL Belgium (before disposal) with \u20ac40\u00a0million (2021: \u20ac176\u00a0million), and RTL Croatia (before disposal) with \u20ac19\u00a0million (2021: \u20ac46\u00a0million). The Group\u2019s Corporate Centre, which provides services and initiates projects, is also reported in \u2018Other segments\u2019.
RTL Group\u2019s Executive Committee primarily assesses the performance of the operating segments based on Adjusted EBITA. Interest income, interest expense, other financial income, other financial expense and income tax are not allocated to segments, as these are centrally managed. Inter-segment pricing is determined on an arm\u2019s length basis.
The Executive Committee also reviews, on a regular basis, the amount of the invested capital of each business unit.
As a rule, all management financial information reported to RTL Group\u2019s Executive Committee is fully compliant and consistent with the Group\u2019s accounting policies and primary statements, except intercompany leases. For segment reporting, intercompany leases are presented as operating leases with income and expenses recognised using the straight-line method in accordance with IFRS 8, in line with internal management.
3.1. Segment information
\u00a0
RTL Deutschland
Groupe M6
Fremantle
RTL Nederland
Other segments1)
Eliminations
Total Group
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from external customers
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
\u2013
\u2013
7,224
6,637
Inter-segment revenue
\u2013
3
5
11
200
199
1
(2)
87
72
(293)
(283)
\u2013
\u2013
Total revenue
2,766
2,425
1,357
1,390
2,347
1,926
636
575
411
604
(293)
(283)
7,224
6,637
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation, amortisation and impairment including on goodwill and on fair value adjustments on acquisitions of subsidiaries
(76)
(43)
(105)
(95)
(62)
(43)
(9)
(9)
(34)
(38)
\u2013
\u2013
(286)
(228)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
25
32
(34)
(26)
1
2
\u2013
\u2013
22
19
\u2013
\u2013
14
27
Impairment and reversals of investments accounted for using the equity method
(5)
\u2013
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Adjusted EBITA
459
541
304
329
162
141
161
107
(12)
33
9
1
1,083
1,152
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Adjusted EBITA margin
16.6%
22.3%
22.4%
23.7%
6.9%
7.3%
25.3%
18.6%
(2.9)%
5.5%
n/a
n/a
15.0%
17.4%
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Invested capital
1,464
963
1,419
1,370
1,980
1,610
167
165
390
623
5
(3)
5,425
4,728
1) Other segments include the Adjusted EBITA loss of \u20ac\u201131\u00a0million generated by Group Corporate Centre (2021: \u20ac\u201134\u00a0million).
The following table shows the reconciliation of segment information to the consolidated financial statements.
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Adjusted EBITA
\u00a0
1,083
1,152
Impairment of goodwill of subsidiaries
\u00a0
\u2013
\u2013
Amortisation and impairment of fair value adjustments on acquisitions of subsidiaries
\u00a0
(46)
(19)
Impairment and reversals of investments accounted for using the equity method
\u00a0
(5)
2
Impairment and reversals on other financial assets at amortised cost
\u00a0
(30)
\u2013
Re-measurement of earn-out arrangements
\u00a0
\u2013
\u2013
Fair value measurement of investments
\u00a0
(78)
(115)
Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree
\u00a0
107
949
Significant special items
\u00a0
(44)
(61)
Earnings before interest and taxes (EBIT)
\u00a0
987
1,908
Financial result
\u00a0
(55)
(27)
Profit before tax
\u00a0
932
1,881
Income tax expense
\u00a0
(166)
(427)
Group profit
\u00a0
766
1,454
In 2022, \u2018Significant special items\u2019 reflects restructuring and integration costs in Germany (\u20ac-33 million) following the Gruner + Jahr transaction as well as the impact of expenses in connection with strategic portfolio management (\u20ac-11 million). In 2021, \u2018Significant special items\u2019 reflected the impact of restructuring expenses at RTL Deutschland (\u20ac\u201138\u00a0million), reversal of negative effects from onerous advertising sales contracts (\u20ac10\u00a0million) and the impact of expenses in connection with strategic portfolio management (\u20ac\u201133\u00a0million).
3.2. Geographical information
Geographical areas are based on where customers (revenue) and the Group\u2019s non-current assets are located. Goodwill has been allocated to a geographical area based on whether the Group\u2019s risks and returns are affected predominantly by the products and services it produces.
\u00a0
Germany
France
United States
The Netherlands
UK
Belgium
Other regions
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from external customers
2,606
2,241
1,367
1,392
1,003
901
628
610
319
233
72
203
1,229
1,057
7,224
6,637
Non-current assets1)
1,738
1,465
1,183
1,193
507
481
336
338
559
435
2
2
260
242
4,585
4,156
Assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
164
\u2013
32
\u2013
196
Capital expenditure
391
256
114
173
28
53
7
10
136
5
2
6
57
77
735
580
1) Non-current assets comprise intangible assets (including goodwill), property, plant and equipment and right-of-use assets
The revenue generated in Luxembourg amounts to \u20ac91\u00a0million (2021: \u20ac75\u00a0million). The total of non-current assets other than investments accounted for using the equity method, financial instruments, deferred tax assets and post-employment benefit assets located in Luxembourg amounts to \u20ac60\u00a0million (2021: \u20ac66\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-75": { "value": "
4.1. Scope of consolidation
RTL Deutschland, Fremantle and RTL Nederland are wholly owned by RTL Group. Additionally, RTL Group is the controlling shareholder of Groupe M6 with ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6), and groups further investments under \u2018Other segments\u2019, in 2022 including RTL Hungary, Atresmedia and We Are Era (in 2021 including RTL Belgium, RTL Croatia, RTL Hungary, Atresmedia and We Are Era).
The following table shows the composition of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Subsidiaries
Joint ventures1
Associates1
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
67
50
2
2
14
13
83
65
Groupe M6
47
49
5
4
4
3
56
56
Fremantle
174
104
2
1
1
1
177
106
RTL Nederland
8
6
2
2
2
2
12
10
Other segments
39
54
\u2013
\u2013
3
3
42
57
Total
335
263
11
9
24
22
370
294
1) The joint ventures and associates included in the table are investments accounted for using the equity method.
The following table shows the changes of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Germany
France
United States
The Netherlands
UK
Belgium
Other regions
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated as at 31\u00a0December\u00a02021
69
62
22
21
18
10
92
294
Additions
17
4
23
\u2013
40
\u2013
23
107
Disposals
2
3
1
\u2013
\u2013
8
17
31
Consolidated as at 31\u00a0December\u00a02022
84
63
44
21
58
2
98
370
A total of 61 (2021: 64) companies were excluded from the scope of consolidation. These consist of entities without significant business operations and of negligible importance for the financial position and financial performance of RTL Group as a whole.
The complete list of RTL Group\u2019s undertakings as at 31\u00a0December\u00a02022 is presented in note 12.
12. GROUP UNDERTAKINGS
The following table presents the RTL Group undertakings as at 31\u00a0December\u00a02022 sorted by country. RTL Group SA is the parent company and incorporated in Luxembourg.
\u00a0
Group's ownership1)
Consolidation method2)
\u00a0
\u00a0
(in per cent)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Antigua and Barbuda
\u00a0
\u00a0
\u00a0
Grundy International Operations Ltd
100.0
FC
\u00a0
Argentina
\u00a0
\u00a0
\u00a0
Fremantle Productions Argentina S.A.
99.7
FC
\u00a0
Australia
\u00a0
\u00a0
\u00a0
Eureka Productions Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Holdings Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Pty Ltd
99.7
FC
\u00a0
Grundy Organization Pty Ltd
99.7
FC
\u00a0
Helium Five Pty Ltd
99.7
FC
\u00a0
Helium Four Pty Ltd
99.7
FC
\u00a0
Helium One Pty Ltd
99.7
FC
\u00a0
Helium Seven Pty Ltd
99.7
FC
\u00a0
Helium Six Pty Ltd
99.7
FC
\u00a0
Helium Three Pty Ltd
99.7
FC
\u00a0
Helium Two Pty Ltd
99.7
FC
\u00a0
Huzzah Productions Pty Ltd
99.7
FC
\u00a0
Regal Chandos Pty Ltd
99.7
FC
\u00a0
Royal Atchison Pty Ltd
99.7
FC
\u00a0
Austria
\u00a0
\u00a0
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
G+J Holding GmbH
99.7
FC
\u00a0
IP \u00d6sterreich GmbH
49.9
FC
\u00a0
RTL Austria GmbH
99.7
FC
\u00a0
Belgium
\u00a0
\u00a0
\u00a0
Freecaster BVBA
99.7
FC
\u00a0
FremantleMedia Belgium NV
99.7
FC
\u00a0
Brazil
\u00a0
\u00a0
\u00a0
FremantleMedia Brazil Producao de Televisao Ltda.
99.7
FC
\u00a0
Canada
\u00a0
\u00a0
\u00a0
FremantleMedia Canada No 2 Inc.
99.7
FC
\u00a0
China
\u00a0
\u00a0
\u00a0
Fremantle (Shanghai) Culture Media Co. Ltd.
99.7
FC
\u00a0
Fremantle Productions Asia Ltd.
100.0
FC
\u00a0
Denmark
\u00a0
\u00a0
\u00a0
Blu A/S
99.7
FC
\u00a0
Miso Film ApS
99.7
FC
\u00a0
Miso Holdings ApS
99.7
FC
\u00a0
Strong Productions A/S
99.7
FC
\u00a0
Finland
\u00a0
\u00a0
\u00a0
Fremantlemedia Finland Oy
99.7
FC
\u00a0
Grillifilms Oy
79.8
FC
\u00a0
Moskito Television Oy
99.7
FC
\u00a0
Nice Entertainment Group Oy
99.7
FC
\u00a0
France
\u00a0
\u00a0
\u00a0
123 Productions SAS
99.7
FC
\u00a0
Academee SAS
24.2
EM (JV)
\u00a0
BCE France SAS
99.7
FC
\u00a0
Bedrock SAS
74.0
FC
\u00a0
C. Productions SA
48.4
FC
\u00a0
Canal Star SARL
48.4
FC
\u00a0
CTZAR SAS
24.7
FC
\u00a0
CTZAR STUDIO SAS
24.7
FC
\u00a0
EDI TV SAS
48.4
FC
\u00a0
Extension TV SAS
24.2
EM (JV)
\u00a0
FM Graffiti SARL
48.4
FC
\u00a0
Freecaster France SAS
99.7
FC
\u00a0
FremantleMedia France SAS
99.7
FC
\u00a0
GM6 SAS
48.4
FC
\u00a0
Immobiliere 46D SAS
48.4
FC
\u00a0
Immobiliere M6 SAS
48.4
FC
\u00a0
Jeunesse TV SAS
48.4
FC
\u00a0
Kwai SAS
99.7
FC
\u00a0
M6 Communication SAS
48.4
FC
\u00a0
M6 Creations SAS
48.4
FC
\u00a0
M6 Developpement SAS
48.4
FC
\u00a0
M6 Diffusion SA
48.4
FC
\u00a0
M6 Digital Services SAS
48.4
FC
\u00a0
M6 Distribution Digital SAS
48.4
FC
\u00a0
M6 Editions SA
48.4
FC
\u00a0
M6 Evenements SA
48.4
FC
\u00a0
M6 Films SA
48.4
FC
\u00a0
M6 Foot SAS
48.4
FC
\u00a0
M6 Generation SAS
48.4
FC
\u00a0
M6 Interactions SAS
48.4
FC
\u00a0
M6 Invest 2 SAS
48.4
FC
\u00a0
M6 Plateforme SA
48.4
FC
\u00a0
M6 Publicite SAS
48.4
FC
\u00a0
M6 Shop SAS
48.4
FC
\u00a0
M6 Studio SAS
48.4
FC
\u00a0
M6 Thematique SAS
48.4
FC
\u00a0
Malesherbes SAS
48.4
FC
\u00a0
Media Strategie SARL
48.4
FC
\u00a0
Metropole Television SA
48.4
FC
\u00a0
Miliboo SA
10.4
EM (A)
\u00a0
Panora Services SAS
24.2
EM (JV)
\u00a0
Paris Premiere SAS
48.4
FC
\u00a0
Quicksign SAS
11.6
EM (A)
\u00a0
Radio Golfe SARL
48.4
FC
\u00a0
Radio Porte Sud SARL
48.4
FC
\u00a0
Realytics SAS
99.7
FC
\u00a0
RTL AdConnect SA
99.7
FC
\u00a0
RTL France Holding SAS
99.7
FC
\u00a0
RTL France Radio SAS
48.4
FC
\u00a0
Salto Gestion SAS
16.1
EM (JV)
\u00a0
Salto SNC
16.1
EM (JV)
\u00a0
SCI du 107
48.4
FC
\u00a0
SEDI TV SAS
48.4
FC
\u00a0
SNDA SAS
48.4
FC
\u00a0
Societe Communication A2B SARL
48.4
FC
\u00a0
Societe de Developpement de Radio Diffusion SA
48.4
FC
\u00a0
Societe d'Exploitation Radio Chic SA
48.4
FC
\u00a0
Societe Nouvelle de Distribution SA
48.4
FC
\u00a0
Societe Privee de Radiodiffusion Gibus Bourgogne SARL
48.4
FC
\u00a0
Stephane Plaza France SAS
24.7
FC
\u00a0
Studio 89 Productions SAS
48.4
FC
\u00a0
we are era SAS
99.7
FC
\u00a0
Wild Buzz Agency SAS
23.7
EM (A)
\u00a0
Germany
\u00a0
\u00a0
\u00a0
11 Freunde Verlag GmbH & Co KG
50.9
FC
\u00a0
99 pro media GmbH
99.7
FC
\u00a0
Ad Alliance GmbH
99.7
FC
\u00a0
Antenne Niedersachsen GmbH & Co. KG
55.8
FC
\u00a0
AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen mbH
99.7
FC
\u00a0
AVE II Verm\u00f6gensverwaltungsgesellschaft mbH & Co. KG
99.7
FC
\u00a0
BCS Broadcast Sachsen GmbH & Co. KG
47.5
EM (A)
\u00a0
Blueberry Food Studios GmbH
99.7
FC
\u00a0
Checkout Charlie GmbH
99.7
FC
\u00a0
Chefkoch GmbH
99.7
FC
\u00a0
CLT-UFA Germany GmbH
99.7
FC
\u00a0
Deutsche Medien-Manufaktur GmbH & Co. KG
49.9
FC
\u00a0
d-force GmbH
49.9
EM (JV)
\u00a0
Digital Media Hub GmbH
99.7
FC
\u00a0
DMV DER MEDIENVERTRIEB GmbH & Co. KG
48.9
EM (A)
\u00a0
DPV Deutscher Pressevertrieb GmbH
99.7
FC
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
FremantleMedia International Germany GmbH
99.7
FC
\u00a0
Funkhaus Halle GmbH & Co. KG
61.2
FC
\u00a0
G+J Electronic Media Sales GmbH
99.7
FC
\u00a0
G+J LIVING Digital GmbH
99.7
FC
\u00a0
G+J Medien GmbH
99.7
FC
\u00a0
Global Savings Group GmbH
20.1
EM (A)
\u00a0
Gruner\u00a0+\u00a0Jahr Deutschland GmbH
99.7
FC
\u00a0
Henri-Nannen-Schule Gruner+Jahr/DIE ZEIT GmbH
94.7
FC
\u00a0
HITRADIO RTL Sachsen GmbH
86.3
FC
\u00a0
Like to KNOW GmbH
99.7
FC
\u00a0
Madsack H\u00f6rfunk GmbH
99.7
FC
3)
Mediengesellschaft Mittelstand Niedersachsen GmbH
23.1
EM (A)
3)
MSP Medien-Service und Promotion GmbH
99.7
FC
\u00a0
nachrichtenmanufaktur GmbH
99.7
FC
\u00a0
Neue Spreeradio H\u00f6rfunkgesellschaft mbH
99.7
FC
\u00a0
ntv Nachrichtenfernsehen GmbH
99.7
FC
\u00a0
PVB Presse Vertrieb GmbH & Co. KG
58.3
EM (A)
\u00a0
Radio Hamburg GmbH & Co. KG
29.1
EM (A)
\u00a0
Radio NRW GmbH
21.4
EM (A)
\u00a0
Radio21 GmbH & Co. KG
21.0
EM (A)
\u00a0
RTL 2 Fernsehen Gesch\u00e4ftsf\u00fchrungs GmbH
35.8
EM (A)
\u00a0
RTL 2 Fernsehen GmbH & Co. KG
35.4
EM (A)
\u00a0
RTL AdConnect GmbH
99.7
FC
\u00a0
RTL Advertising GmbH
99.7
FC
\u00a0
RTL Audio Center Berlin GmbH
99.7
FC
\u00a0
RTL Audio Vermarktung GmbH
99.7
FC
\u00a0
RTL Deutschland GmbH
99.7
FC
\u00a0
RTL Group Financial Services GmbH
99.7
FC
\u00a0
RTL Group GmbH
99.7
FC
\u00a0
RTL Group Markenverwaltungs GmbH
99.7
FC
\u00a0
RTL Group Services GmbH
99.7
FC
\u00a0
RTL Group Verm\u00f6gensverwaltung GmbH
99.7
FC
\u00a0
RTL Hessen GmbH
99.7
FC
\u00a0
RTL Hessen Programmfenster GmbH
59.8
FC
\u00a0
RTL interactive GmbH
99.7
FC
\u00a0
RTL International GmbH
99.7
FC
\u00a0
RTL Journalistenschule GmbH
89.8
FC
\u00a0
RTL MUSIC PUBLISHING GmbH
99.7
FC
\u00a0
RTL NEWS GmbH
99.7
FC
\u00a0
RTL Nord GmbH
99.7
FC
\u00a0
RTL Radio Berlin GmbH
99.7
FC
\u00a0
RTL Radio Deutschland GmbH
99.7
FC
\u00a0
RTL Radio Luxemburg GmbH
99.7
FC
\u00a0
RTL STUDIOS GmbH
99.7
FC
\u00a0
RTL Technology GmbH
99.7
FC
\u00a0
RTL Television GmbH
99.7
FC
\u00a0
RTL WEST GmbH
74.8
FC
\u00a0
Screenworks K\u00f6ln GmbH
49.8
EM (A)
\u00a0
Sellwell GmbH & Co. KG
99.7
FC
\u00a0
Skyline Medien GmbH
49.7
EM (JV)
\u00a0
smartclip Deutschland GmbH
99.7
FC
\u00a0
smartclip Europe GmbH
99.7
FC
\u00a0
SQL Service GmbH
49.9
EM (A)
\u00a0
SUPER RTL Fernsehen GmbH
99.7
FC
\u00a0
UFA Distribution GmbH
99.7
FC
\u00a0
UFA Documentary GmbH
99.7
FC
\u00a0
UFA Fiction GmbH
99.7
FC
\u00a0
UFA Fiction Productions GmbH
99.7
FC
\u00a0
UFA Film und Fernseh GmbH
99.7
FC
\u00a0
UFA GmbH
99.7
FC
\u00a0
Ufa Radio-Programmgesellschaft in Bayern mbH
99.7
FC
\u00a0
UFA Serial Drama GmbH
99.7
FC
\u00a0
UFA Show & Factual GmbH
99.7
FC
\u00a0
VOX Holding GmbH
99.7
FC
\u00a0
VOX Television GmbH
99.4
FC
\u00a0
VSG Schwerin - Verlagsservicegesellschaft mbH
99.7
FC
\u00a0
we are era GmbH
99.7
FC
\u00a0
Greece
\u00a0
\u00a0
\u00a0
Fremantle Productions SA
99.7
FC
\u00a0
Hungary
\u00a0
\u00a0
\u00a0
Magyar RTL Televizio Zrt.
99.7
FC
\u00a0
R-Time Kft.
99.7
FC
\u00a0
RTL Services Kft.
99.7
FC
\u00a0
UFA Magyarorszag Kft.
99.7
FC
\u00a0
UFA Projekt 2022 Kft.
99.7
FC
\u00a0
India
\u00a0
\u00a0
\u00a0
Fremantle India Television Productions Pvt Ltd
99.7
FC
\u00a0
Indonesia
\u00a0
\u00a0
\u00a0
PT Dunia Visitama Produksi IDN/PMA
99.7
FC
\u00a0
Ireland
\u00a0
\u00a0
\u00a0
Element Pictures (CWF) Limited
50.9
FC
\u00a0
Element Pictures Limited
50.9
FC
\u00a0
Element Pictures Television Limited
50.9
FC
\u00a0
Sorrento TV Sales Limited
50.9
FC
\u00a0
Isle of Men
\u00a0
\u00a0
\u00a0
Element Pictures GHC
50.9
FC
\u00a0
Israel
\u00a0
\u00a0
\u00a0
Abot Hameiri Communications Ltd.
99.7
FC
\u00a0
Italy
\u00a0
\u00a0
\u00a0
Boats S.r.l.
99.7
FC
\u00a0
Film Factory S.r.l.
69.8
FC
\u00a0
FremantleMedia Italia S.p.A.
99.7
FC
\u00a0
FremantleMedia Italy Group S.r.l.
99.7
FC
\u00a0
Lux Vide F.I.A.T. S.p.A.
69.8
FC
\u00a0
Offside S.r.l.
99.7
FC
\u00a0
RTL AdConnect S.r.l.
99.7
FC
\u00a0
Smartclip S.r.l.
99.7
FC
\u00a0
The Apartment S.r.l.
99.7
FC
\u00a0
we are era S.r.l.
99.7
FC
\u00a0
Wildside S.r.l.
99.7
FC
\u00a0
Luxembourg
\u00a0
\u00a0
\u00a0
Broadcasting Center Europe International S.A.
99.7
FC
\u00a0
Broadcasting Center Europe S.A.
99.7
FC
\u00a0
CLT-UFA S.A.
99.7
FC
\u00a0
Data Center Europe S.a r.L.
99.7
FC
\u00a0
European News Exchange S.A.
64.5
FC
\u00a0
Heliovos S.A.
48.9
EM (A)
\u00a0
IP Luxembourg S.a r.l.
99.7
FC
\u00a0
Luxradio S.a r.L.
99.7
FC
\u00a0
Media Properties S.a r.l.
99.7
FC
\u00a0
Media Real Estate S.A.
99.7
FC
\u00a0
RTL AdConnect International S.A.
99.7
FC
\u00a0
RTL Group Holding S.a. r.l.
99.7
FC
\u00a0
RTL Media Support S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A. & Cie S.C.S.
99.7
FC
\u00a0
Mexico
\u00a0
\u00a0
\u00a0
FremantleMedia Mexico, S.A. de C.V.
99.7
FC
\u00a0
The Netherlands
\u00a0
\u00a0
\u00a0
Ad Alliance B.V.
99.7
FC
4)
Benelux Film Investments B.V.
49.9
EM (JV)
\u00a0
E-Health & Safety skills B.V.
48.9
EM (A)
\u00a0
Fiction Valley B.V.
99.7
FC
\u00a0
Format Creation Group B.V.
99.7
FC
4)
Fremantle Productions B.V.
99.7
FC
\u00a0
FremantleMedia Netherlands B.V.
99.7
FC
\u00a0
FremantleMedia Overseas Holdings B.V.
99.7
FC
\u00a0
Grundy International Holdings (I) B.V.
99.7
FC
\u00a0
Grundy/Endemol Nederland V.O.F.
49.9
EM (JV)
\u00a0
HelloSparkle B.V.
24.9
EM (A)
\u00a0
NLZiet Co\u00f6peratief U.A.
33.2
EM (JV)
\u00a0
RTL AdConnect B.V.
99.7
FC
\u00a0
RTL Group Beheer B.V.
99.7
FC
4)
RTL Nederland B.V.
99.7
FC
4)
RTL Nederland Holding B.V.
99.7
FC
4)
RTL Nederland Ventures B.V.
99.7
FC
4)
RTL Nieuws B.V.
99.7
FC
4)
smartclip Benelux B.V.
99.7
FC
\u00a0
Videoland B.V.
99.7
FC
4)
we are era B.V.
99.7
FC
\u00a0
Norway
\u00a0
\u00a0
\u00a0
FremantleMedia Norge AS
99.7
FC
\u00a0
Miso Film Norge AS
99.7
FC
\u00a0
Monster AS
99.7
FC
\u00a0
One Big Happy Family AS
99.7
FC
\u00a0
Playroom Events AS
99.7
FC
\u00a0
Strix Televisjon AS
99.7
FC
\u00a0
This is Nice Studios Norway AS
99.7
FC
\u00a0
Poland
\u00a0
\u00a0
\u00a0
FremantleMedia Polska Sp. z o.o.
99.7
FC
\u00a0
Portugal
\u00a0
\u00a0
\u00a0
FremantleMedia Portugal SA
99.7
FC
\u00a0
Russia
\u00a0
\u00a0
\u00a0
OOO LTI Vostok
48.4
FC
\u00a0
Singapore
\u00a0
\u00a0
\u00a0
FremantleMedia Asia Pte. Ltd.
99.7
FC
\u00a0
Spain
\u00a0
\u00a0
\u00a0
Atresmedia Corporacion de Medios de Comunicacion, S.A.
18.7
EM (A)
\u00a0
FremantleMedia Espana, S.A.
99.7
FC
\u00a0
we are era, S.L.U.
99.7
FC
\u00a0
Sweden
\u00a0
\u00a0
\u00a0
Baluba AB
99.7
FC
\u00a0
FremantleMedia Sverige AB
99.7
FC
\u00a0
Miso Film Sverige AB
99.7
FC
\u00a0
smartclip Nordics AB
99.7
FC
\u00a0
Strix Television AB
99.7
FC
\u00a0
This is Nice Studios Holding AB
99.7
FC
\u00a0
This is Nice Studios Sweden AB
99.7
FC
\u00a0
we are era AB
99.7
FC
\u00a0
Switzerland
\u00a0
\u00a0
\u00a0
Goldbach Audience (Switzerland) AG
24.9
EM (A)
\u00a0
Goldbach Media (Switzerland) AG
22.9
EM (A)
\u00a0
Swiss Radioworld AG
22.9
EM (A)
\u00a0
United Kingdom
\u00a0
\u00a0
\u00a0
72 Films Limited
54.8
FC
\u00a0
America Films Limited
50.9
FC
\u00a0
Arbie Productions Ltd
99.7
FC
\u00a0
Baxter Film Productions Limited
50.9
FC
\u00a0
Blue Star Films Limited
60.8
FC
\u00a0
CLT-UFA UK Radio
99.7
FC
\u00a0
Cockerel Films Limited
54.8
FC
\u00a0
Conversations Productions Limited
50.9
FC
\u00a0
Dancing Ledge Productions Limited
60.8
FC
\u00a0
DDE Films Limited
54.8
FC
\u00a0
DLP (Big Mood) Ltd
60.8
FC
\u00a0
DLP (Crossfire) Ltd
60.8
FC
\u00a0
DLP (Domino Day) Ltd
60.8
FC
\u00a0
DLP (Platform 7) Limited
60.8
FC
\u00a0
DLP (The Responder) Ltd
60.8
FC
\u00a0
DLP (Wedding Season) Ltd
60.8
FC
\u00a0
Dublin Murders Productions Limited
87.5
FC
\u00a0
Element Pictures (GP) Limited
50.9
FC
\u00a0
Element Pictures GVS Limited
50.9
FC
\u00a0
Element Pictures PT Limited
50.9
FC
\u00a0
Element Pictures RMF Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Two Limited
50.9
FC
\u00a0
Element Pictures UK Limited
50.9
FC
\u00a0
Eternal Daughter Productions Limited
50.9
FC
\u00a0
Euston Films Productions Limited
99.7
FC
\u00a0
Fremantle Nordic Holdings Limited
99.7
FC
\u00a0
Fremantle Periodic (Holdings) Limited
99.7
FC
\u00a0
FremantleMedia Group Limited
99.7
FC
\u00a0
FremantleMedia Limited
99.7
FC
\u00a0
FremantleMedia Overseas Limited
99.7
FC
\u00a0
House Element Wonder Limited
25.4
EM (JV)
\u00a0
Label1 Television Limited
50.9
FC
\u00a0
LBJ Films Limited
54.8
FC
\u00a0
LD Film Productions Limited
50.9
FC
\u00a0
Marlborough Film Productions Limited
50.9
FC
\u00a0
Matriarch Films Limited
50.9
FC
\u00a0
Naked Television Limited
99.7
FC
\u00a0
OBG Film Productions Limited
50.9
FC
\u00a0
Orangutan Films Limited
50.9
FC
\u00a0
Raven Facilities Limited
54.8
FC
\u00a0
RTL AdConnect UK Ltd
99.7
FC
\u00a0
RTL Group Support Services Limited
99.7
FC
\u00a0
Sentient Productions Limited
50.9
FC
\u00a0
Slade Films Limited
54.8
FC
\u00a0
Syracuse Films Limited
54.8
FC
\u00a0
Talkback Productions Limited
99.7
FC
\u00a0
TalkbackThames UK Limited
99.7
FC
\u00a0
Thames Television Limited
99.7
FC
\u00a0
Tigerstripe Films Limited
50.9
FC
\u00a0
True Life Films Limited
50.9
FC
\u00a0
UFA Fiction Limited
99.7
FC
\u00a0
Underdogs Films Limited
50.9
FC
\u00a0
Wildshot Games Limited
50.9
FC
\u00a0
Wildspark Films Limited
50.9
FC
\u00a0
WildStar Films Limited
50.9
FC
\u00a0
Yospace Enterprises Limited
99.7
FC
\u00a0
Yospace Technologies Limited
99.7
FC
\u00a0
United States
\u00a0
\u00a0
\u00a0
3 Doors Productions, Inc.
99.7
FC
\u00a0
American Idol Productions, Inc.
99.7
FC
\u00a0
Amygdala Records, Inc.
99.7
FC
\u00a0
Big Break Productions, Inc.
99.7
FC
\u00a0
Blue Orbit Productions, Inc.
99.7
FC
\u00a0
Crown Broadway Productions LLC
99.7
FC
\u00a0
Crown Cloverfield Productions LLC
99.7
FC
\u00a0
Crown Noah Productions LLC
99.7
FC
\u00a0
Crown Venice Productions LLC
99.7
FC
\u00a0
Crown Wilshire Productions LLC
99.7
FC
\u00a0
Eureka Productions LLC
99.7
FC
\u00a0
Fabel Entertainment LLC
24.9
EM (A)
\u00a0
FCB Productions, Inc.
99.7
FC
\u00a0
Fellow Travelers Productions, Inc.
99.7
FC
\u00a0
Fremantle Productions North America, Inc.
99.7
FC
\u00a0
Fremantle Productions, Inc.
99.7
FC
\u00a0
FremantleMedia Latin America, Inc.
99.7
FC
\u00a0
FremantleMedia North America, Inc.
99.7
FC
\u00a0
Good Games Live, Inc.
99.7
FC
\u00a0
Haskell Studio Rentals, Inc.
99.7
FC
\u00a0
Inception XR, Inc.
22.4
EM (A)
\u00a0
Kickoff Productions, Inc.
99.7
FC
\u00a0
L&S USA LLC
69.8
FC
\u00a0
Let's Play, Inc.
94.7
FC
\u00a0
Little Pond Television, Inc.
99.7
FC
\u00a0
Mad Sweeney Productions, Inc.
99.7
FC
\u00a0
Marathon Productions, Inc.
99.7
FC
\u00a0
Max Post, Inc.
99.7
FC
\u00a0
Music Box Library, Inc.
99.7
FC
\u00a0
OP Services, Inc.
99.7
FC
\u00a0
Original Productions, Inc.
99.7
FC
\u00a0
P & P Productions, Inc.
99.7
FC
\u00a0
Prime Media Rentals LLC
99.7
FC
\u00a0
RTL US Holding, Inc.
99.7
FC
\u00a0
SND Films LLC
48.4
FC
\u00a0
Studio Production Services, Inc.
99.7
FC
\u00a0
TCF Productions, Inc.
99.7
FC
\u00a0
Terrapin Productions, Inc.
99.7
FC
\u00a0
The Price Is Right Productions, Inc.
99.7
FC
\u00a0
Tick Tock Productions, Inc.
99.7
FC
\u00a0
Tiny Riot, Inc.
99.7
FC
\u00a0
Triple Threat Productions, Inc.
99.7
FC
\u00a0
Wanderlust Productions, Inc.
99.7
FC
\u00a0
YoSpace, Inc.
99.7
FC
\u00a0
1) The Group\u2019s ownership is based on the total number of shares as at 31\u00a0December\u00a02022
2) FC: full consolidation, EM (JV): joint venture accounted for using the equity method, EM (A): associate accounted for using the equity method
3) At 31\u00a0December\u00a02022, the Group\u00b4s share legally held in Madsack H\u00f6rfunk GmbH and Mediengesellschaft Mittelstand Niedersachsen GmbH is 24.8% and 5.7% respectively. The Group\u2019s ownership disclosed for both entities takes into account an option agreement in accordance with IAS\u00a032
4) Company has elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-76": { "value": "
4.1. Scope of consolidation
RTL Deutschland, Fremantle and RTL Nederland are wholly owned by RTL Group. Additionally, RTL Group is the controlling shareholder of Groupe M6 with ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6), and groups further investments under \u2018Other segments\u2019, in 2022 including RTL Hungary, Atresmedia and We Are Era (in 2021 including RTL Belgium, RTL Croatia, RTL Hungary, Atresmedia and We Are Era).
The following table shows the composition of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Subsidiaries
Joint ventures1
Associates1
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
67
50
2
2
14
13
83
65
Groupe M6
47
49
5
4
4
3
56
56
Fremantle
174
104
2
1
1
1
177
106
RTL Nederland
8
6
2
2
2
2
12
10
Other segments
39
54
\u2013
\u2013
3
3
42
57
Total
335
263
11
9
24
22
370
294
1) The joint ventures and associates included in the table are investments accounted for using the equity method.
The following table shows the changes of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Germany
France
United States
The Netherlands
UK
Belgium
Other regions
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated as at 31\u00a0December\u00a02021
69
62
22
21
18
10
92
294
Additions
17
4
23
\u2013
40
\u2013
23
107
Disposals
2
3
1
\u2013
\u2013
8
17
31
Consolidated as at 31\u00a0December\u00a02022
84
63
44
21
58
2
98
370
A total of 61 (2021: 64) companies were excluded from the scope of consolidation. These consist of entities without significant business operations and of negligible importance for the financial position and financial performance of RTL Group as a whole.
The complete list of RTL Group\u2019s undertakings as at 31\u00a0December\u00a02022 is presented in note 12.
6.5. Investments accounted for using the equity method
As at 31\u00a0December\u00a02022, investments in 11 joint ventures (31\u00a0December\u00a02021: 9) and 24 associates (31\u00a0December\u00a02021: 22) were accounted for in the consolidated financial statements.
The amounts recognised in the consolidated statement of financial position are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Associates
370
360
Joint ventures
6
6
Balance at 31\u00a0December
376
366
The amounts recognised in the income statement are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
\u00a0
\u00a0
Associates
33
50
Joint ventures
(19)
(23)
\u00a0
14
27
\u00a0
\u00a0
\u00a0
Impairment and reversals of investments accounted for using the equity method
\u00a0
\u00a0
Associates
(5)
2
Joint ventures
\u2013
\u2013
\u00a0
(5)
2
In the year 2022, dividends received from investments accounted for using the equity method amounted to \u20ac53\u00a0million (2021: \u20ac45\u00a0million). This amount is considered as an adjustment in \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 when calculating cash flows from operating activities.
6.5.1. Investments in joint ventures
Individually material joint venture
As at 31\u00a0December\u00a02022, RTL Group had no joint venture, which, in the opinion of management, is material to the Group.
Individually immaterial joint venture
The following table shows summarised financial information on joint ventures that management considers individually immaterial. The information provided represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
10
22
Current assets
66
19
Non-current liabilities
4
42
Current liabilities
85
34
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
(19)
(27)
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
\u2013
\u2013
Total comprehensive income
(19)
(27)
On 29 March 2022, Groupe M6 subscribed to the capital increase of the joint venture Salto (the streaming platform held jointly by Groupe M6, TF1 and France T\u00e9l\u00e9visions) for \u20ac41 million by offsetting its receivable held in its shareholder current account. Further, Groupe M6 provided Salto with a loan which, in substance, forms part of its investment in Salto. The proposed Groupe M6/Groupe TF1 merger having been abandoned, and in the absence of satisfactory offers for a sale of the platform, the three shareholders of Salto have unanimously decided to proceed with the voluntary liquidation of Salto. According to IAS 28.14A RTL Group applied IFRS 9 to the loan and recognised an impairment amount of \u20ac-28 million through profit or loss presented in \u2018Impairment and reversals on other financial assets at amortised cost\u2019 as part of \u2018Other operating expenses\u2019 (see note 5.3). The costs of the withdrawal for each of the partners were recognised by way of provisions as at 31\u00a0December 2022, over and above their share of Salto\u2019s net loss for the year. Thus, the excess of \u20ac15 million was recognised as a provision (see note 6.14.1).
There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
6.5.2. Investments in associates
Individually material associates
Set out below are the associates of the Group at 31\u00a0December\u00a02022, which, in the opinion of the management, are material to the Group:
Name of entity
Country of incorporation
Principal activity
Percentage ownership interest
Measurement method
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Atresmedia
Spain
Broadcasting TV
18.7
18.7
At equity
Global Savings Group (GSG)
Germany
Shopping rewards
41.5
41.5
At equity
RTL 2 Fernsehen GmbH & Co KG
Germany
Broadcasting TV
35.9
35.9
At equity
Atresmedia Corporaci\u00f3n de Medios de Comunicaci\u00f3n S.A. (and subsidiaries, \u2018Atresmedia\u2019) is listed on the Madrid Stock Exchange. Based on the published share price at 31\u00a0December\u00a02022, the market capitalisation of 100 per cent of Atresmedia amounts to \u20ac721\u00a0million, i.e. \u20ac3.19 per share (2021: \u20ac753\u00a0million, i.e. \u20ac3.34 per share). Global Savings Group (GSG) is a private company providing shopping rewards activities and there is no quoted market price available for its shares. RTL 2 Fernsehen GmbH & Co KG is a private company and there is no quoted market price available for its shares.
The following table shows summarised financial information for Atresmedia, Global Savings Group (GSG) and RTL 2 Fernsehen GmbH & Co KG. The information presented represents the amounts included in the financial statements of the material associates plus adjustments for using the equity method, and not RTL Group\u2019s share of these amounts.
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
686
549
189
180
63
51
Current assets
825
853
87
91
70
92
Current liabilities
(529)
(478)
(128)
(85)
(34)
(43)
Non-current liabilities
(295)
(381)
(56)
(59)
(47)
(38)
Net assets
687
543
92
127
52
62
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
951
963
167
148
256
283
Earnings after taxes from continuing operations
112
118
(34)
(11)
38
52
Earnings after taxes from discontinued operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income
127
(2)
\u2013
(1)
\u2013
\u2013
Total comprehensive income
239
116
(34)
(12)
38
52
Dividends received from associates
18
8
\u2013
\u2013
19
15
The reconciliation of the summarised financial information shown to the carrying amount of the interest in each material associate in the consolidated financial statements is shown in the following table:
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net assets at 31\u00a0December
687
543
92
127
52
62
Proportionate equity
128
101
38
52
17
33
Goodwill
166
166
42
42
24
24
Impairment on investments accounted for using the equity method
(110)
(110)
\u2013
\u2013
\u2013
\u2013
Carrying amount
184
157
80
94
41
57
Investments in associates are tested for impairment according to the same methodology applied for the impairment test of goodwill.
The perpetual growth and discount rates used are as follows:
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
Atresmedia
0.0
10.0
0.0
8.1
RTL 2 Fernsehen GmbH & Co. KG
0.5
6.7
0.5
7.0
As at 31\u00a0December\u00a02022, the investment in Atresmedia was tested for impairment in accordance with IAS\u00a036. The recoverable amount of Atresmedia on 31\u00a0December\u00a02022 was based on the value in use determined using a discounted cash flow model, as management considered the share price of Atresmedia did not fully reflect its earning potential, which includes the new diversification strategy through expansion of its investment portfolio, strengthen its digital streaming offers and building its leading position in locally relevant content production. The ongoing challenging economic environment in Spain combined with strong competition, changing viewing preferences and continued dependence on linear television continues to lead to high uncertainty in terms of forecasts. As at 31\u00a0December\u00a02022 neither additional impairment loss nor reversal of impairment loss had to be recognised on the at equity investment in Atresmedia.
As at 31\u00a0December\u00a02022, the share price of Atresmedia was \u20ac3.19 (31\u00a0December\u00a02021: \u20ac3.34) which results in a fair value less costs of disposal of \u20ac132\u00a0million for the 18.7 per cent held by RTL Group (31\u00a0December\u00a02021: \u20ac138\u00a0million).
The assumptions based on the value in use using a discounted cash flow model are shown in the above table.
Management has identified that a reasonably possible change in three key assumptions could cause the carrying amount to exceed the recoverable amount. In the event of changes of these assumptions individually, as described in the following table, the estimated recoverable amount would be equal to the carrying amount.
\u00a0
31\u00a0December\u00a02022
\u00a0
Percentage point
EBITA margin
(0.6)
Discount rate
0.7
Perpetual growth rate
(0.7)
In November 2019, the Spanish Competition Authority (CNMC) arrived at a decision in disciplinary proceedings imposing a fine on Atresmedia and Mediaset and barring both operators from specified courses of conduct. The parties were ordered to take steps to align their commercial and contractual relations to the requirements of the decision. The fine imposed on Atresmedia amounts to \u20ac38.2 million. In 2020, Atresmedia challenged the decision by filing an application for judicial review with the Administrative Chamber of the Audiencia Nacional, Spain\u2019s national court. The application was found admissible. Consequently, Atresmedia will proceed with an appeal in the aforementioned court. The directors and legal advisors of Atresmedia believe that the application for judicial review against the CNMC\u2019s decision is likely to succeed. No provision has been recognised.
For Global Savings Group no triggering events for an impairment test have been identified.
The recoverable amount of RTL 2 Fernsehen GmbH & Co KG has been determined on the basis of the fair value less costs of disposal at 31\u00a0December\u00a02022. This is a Level 3 fair value measurement.
Individually immaterial associates
The following table shows summarised financial information on associates that management considers individually immaterial. The information given represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
53
43
Current assets
72
52
Non-current liabilities
8
3
Current liabilities
50
38
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
12
14
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
1
1
Total comprehensive income
13
15
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
6.16.8. Non-controlling interests
RTL Group has ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6) in M\u00e9tropole T\u00e9l\u00e9vision SA which, together with its subsidiaries and investments accounted for using the equity method, represents Groupe M6, which is listed on the Paris Stock Exchange. Deviating from the ownership interests, RTL Group holds 48.3 per cent of the voting rights. The total non-controlling interests amounts to \u20ac791\u00a0million at 31\u00a0December\u00a02022 (2021: \u20ac766\u00a0million), of which \u20ac748\u00a0million (2021: \u20ac733\u00a0million), is for Groupe M6. Non-controlling interests in other subsidiaries are individually immaterial.
The following tables summarise the information relating to Groupe M6, before any intra-group elimination.
Summarised financial information (as published by Groupe M6):
\u00a0
Groupe M6
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
888
924
Current assets
1,099
1,162
Assets held for sale
\u2013
\u2013
Current liabilities
(535)
(657)
Non-current liabilities
(214)
(226)
Liabilities related to assets held for sale
\u2013
\u2013
Net assets
1,238
1,203
\u00a0
\u00a0
\u00a0
Revenue
1,357
1,390
Profit before tax
241
358
Income tax expense
(75)
(77)
Profit from continuing operations
166
281
Profit from discontinued operations
\u2013
\u2013
Group profit
166
281
\u00a0
\u00a0
\u00a0
Other comprehensive income
11
\u2013
Total comprehensive income
177
281
Dividends paid to non-controlling interest
(5)
\u2013
\u00a0
\u00a0
\u00a0
Net cash from/(used in) operating activities
296
456
Net cash from/(used in) investing activities
(80)
(67)
Net cash from/(used in) financing activities
(190)
(237)
Net increase/(decrease) in cash and cash equivalents
26
152
RTL\u00a0Group\u2019s subsidiary, M\u00e9tropole T\u00e9l\u00e9vision SA, declared and paid cash dividends during the financial year 2022. The amount received within the Group was eliminated on consolidation and the amount paid to non-controlling interests was \u20ac65\u00a0million (2021: \u20ac98\u00a0million).
Transactions on non-controlling interests without changes of control
In June\u00a02022, RTL\u00a0Group exercised its right to acquire the remaining interest in Eureka, increasing its ownership from 51 per\u00a0cent to 100 per\u00a0cent. The consideration paid amounted to \u20ac55\u00a0million and related to the settlement of a put option liability on the remaining share capital, which was recognised in connection with the acquisition of the majority interest in Eureka in 2021. The transaction was accounted for as an equity transaction in accordance with IFRS\u00a010. The transaction resulted in an increase of the equity attributable to RTL\u00a0Group shareholders in the amount of \u20ac17\u00a0million and a decrease of the equity attributable to non-controlling interests in the amount of \u20ac\u201117\u00a0million.
\u00a0
\u20ac m
\u00a0
Change in RTL\u00a0Group shareholders\u2019 equity
\u00a0
\u00a0
Carrying amount of interests acquired
17
Increase in RTL\u00a0Group shareholders\u2019 equity
17
\u2013 thereof increase in retained earnings
17
\u2013 thereof increase in other comprehensive income
-
12. GROUP UNDERTAKINGS
The following table presents the RTL Group undertakings as at 31\u00a0December\u00a02022 sorted by country. RTL Group SA is the parent company and incorporated in Luxembourg.
\u00a0
Group's ownership1)
Consolidation method2)
\u00a0
\u00a0
(in per cent)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Antigua and Barbuda
\u00a0
\u00a0
\u00a0
Grundy International Operations Ltd
100.0
FC
\u00a0
Argentina
\u00a0
\u00a0
\u00a0
Fremantle Productions Argentina S.A.
99.7
FC
\u00a0
Australia
\u00a0
\u00a0
\u00a0
Eureka Productions Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Holdings Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Pty Ltd
99.7
FC
\u00a0
Grundy Organization Pty Ltd
99.7
FC
\u00a0
Helium Five Pty Ltd
99.7
FC
\u00a0
Helium Four Pty Ltd
99.7
FC
\u00a0
Helium One Pty Ltd
99.7
FC
\u00a0
Helium Seven Pty Ltd
99.7
FC
\u00a0
Helium Six Pty Ltd
99.7
FC
\u00a0
Helium Three Pty Ltd
99.7
FC
\u00a0
Helium Two Pty Ltd
99.7
FC
\u00a0
Huzzah Productions Pty Ltd
99.7
FC
\u00a0
Regal Chandos Pty Ltd
99.7
FC
\u00a0
Royal Atchison Pty Ltd
99.7
FC
\u00a0
Austria
\u00a0
\u00a0
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
G+J Holding GmbH
99.7
FC
\u00a0
IP \u00d6sterreich GmbH
49.9
FC
\u00a0
RTL Austria GmbH
99.7
FC
\u00a0
Belgium
\u00a0
\u00a0
\u00a0
Freecaster BVBA
99.7
FC
\u00a0
FremantleMedia Belgium NV
99.7
FC
\u00a0
Brazil
\u00a0
\u00a0
\u00a0
FremantleMedia Brazil Producao de Televisao Ltda.
99.7
FC
\u00a0
Canada
\u00a0
\u00a0
\u00a0
FremantleMedia Canada No 2 Inc.
99.7
FC
\u00a0
China
\u00a0
\u00a0
\u00a0
Fremantle (Shanghai) Culture Media Co. Ltd.
99.7
FC
\u00a0
Fremantle Productions Asia Ltd.
100.0
FC
\u00a0
Denmark
\u00a0
\u00a0
\u00a0
Blu A/S
99.7
FC
\u00a0
Miso Film ApS
99.7
FC
\u00a0
Miso Holdings ApS
99.7
FC
\u00a0
Strong Productions A/S
99.7
FC
\u00a0
Finland
\u00a0
\u00a0
\u00a0
Fremantlemedia Finland Oy
99.7
FC
\u00a0
Grillifilms Oy
79.8
FC
\u00a0
Moskito Television Oy
99.7
FC
\u00a0
Nice Entertainment Group Oy
99.7
FC
\u00a0
France
\u00a0
\u00a0
\u00a0
123 Productions SAS
99.7
FC
\u00a0
Academee SAS
24.2
EM (JV)
\u00a0
BCE France SAS
99.7
FC
\u00a0
Bedrock SAS
74.0
FC
\u00a0
C. Productions SA
48.4
FC
\u00a0
Canal Star SARL
48.4
FC
\u00a0
CTZAR SAS
24.7
FC
\u00a0
CTZAR STUDIO SAS
24.7
FC
\u00a0
EDI TV SAS
48.4
FC
\u00a0
Extension TV SAS
24.2
EM (JV)
\u00a0
FM Graffiti SARL
48.4
FC
\u00a0
Freecaster France SAS
99.7
FC
\u00a0
FremantleMedia France SAS
99.7
FC
\u00a0
GM6 SAS
48.4
FC
\u00a0
Immobiliere 46D SAS
48.4
FC
\u00a0
Immobiliere M6 SAS
48.4
FC
\u00a0
Jeunesse TV SAS
48.4
FC
\u00a0
Kwai SAS
99.7
FC
\u00a0
M6 Communication SAS
48.4
FC
\u00a0
M6 Creations SAS
48.4
FC
\u00a0
M6 Developpement SAS
48.4
FC
\u00a0
M6 Diffusion SA
48.4
FC
\u00a0
M6 Digital Services SAS
48.4
FC
\u00a0
M6 Distribution Digital SAS
48.4
FC
\u00a0
M6 Editions SA
48.4
FC
\u00a0
M6 Evenements SA
48.4
FC
\u00a0
M6 Films SA
48.4
FC
\u00a0
M6 Foot SAS
48.4
FC
\u00a0
M6 Generation SAS
48.4
FC
\u00a0
M6 Interactions SAS
48.4
FC
\u00a0
M6 Invest 2 SAS
48.4
FC
\u00a0
M6 Plateforme SA
48.4
FC
\u00a0
M6 Publicite SAS
48.4
FC
\u00a0
M6 Shop SAS
48.4
FC
\u00a0
M6 Studio SAS
48.4
FC
\u00a0
M6 Thematique SAS
48.4
FC
\u00a0
Malesherbes SAS
48.4
FC
\u00a0
Media Strategie SARL
48.4
FC
\u00a0
Metropole Television SA
48.4
FC
\u00a0
Miliboo SA
10.4
EM (A)
\u00a0
Panora Services SAS
24.2
EM (JV)
\u00a0
Paris Premiere SAS
48.4
FC
\u00a0
Quicksign SAS
11.6
EM (A)
\u00a0
Radio Golfe SARL
48.4
FC
\u00a0
Radio Porte Sud SARL
48.4
FC
\u00a0
Realytics SAS
99.7
FC
\u00a0
RTL AdConnect SA
99.7
FC
\u00a0
RTL France Holding SAS
99.7
FC
\u00a0
RTL France Radio SAS
48.4
FC
\u00a0
Salto Gestion SAS
16.1
EM (JV)
\u00a0
Salto SNC
16.1
EM (JV)
\u00a0
SCI du 107
48.4
FC
\u00a0
SEDI TV SAS
48.4
FC
\u00a0
SNDA SAS
48.4
FC
\u00a0
Societe Communication A2B SARL
48.4
FC
\u00a0
Societe de Developpement de Radio Diffusion SA
48.4
FC
\u00a0
Societe d'Exploitation Radio Chic SA
48.4
FC
\u00a0
Societe Nouvelle de Distribution SA
48.4
FC
\u00a0
Societe Privee de Radiodiffusion Gibus Bourgogne SARL
48.4
FC
\u00a0
Stephane Plaza France SAS
24.7
FC
\u00a0
Studio 89 Productions SAS
48.4
FC
\u00a0
we are era SAS
99.7
FC
\u00a0
Wild Buzz Agency SAS
23.7
EM (A)
\u00a0
Germany
\u00a0
\u00a0
\u00a0
11 Freunde Verlag GmbH & Co KG
50.9
FC
\u00a0
99 pro media GmbH
99.7
FC
\u00a0
Ad Alliance GmbH
99.7
FC
\u00a0
Antenne Niedersachsen GmbH & Co. KG
55.8
FC
\u00a0
AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen mbH
99.7
FC
\u00a0
AVE II Verm\u00f6gensverwaltungsgesellschaft mbH & Co. KG
99.7
FC
\u00a0
BCS Broadcast Sachsen GmbH & Co. KG
47.5
EM (A)
\u00a0
Blueberry Food Studios GmbH
99.7
FC
\u00a0
Checkout Charlie GmbH
99.7
FC
\u00a0
Chefkoch GmbH
99.7
FC
\u00a0
CLT-UFA Germany GmbH
99.7
FC
\u00a0
Deutsche Medien-Manufaktur GmbH & Co. KG
49.9
FC
\u00a0
d-force GmbH
49.9
EM (JV)
\u00a0
Digital Media Hub GmbH
99.7
FC
\u00a0
DMV DER MEDIENVERTRIEB GmbH & Co. KG
48.9
EM (A)
\u00a0
DPV Deutscher Pressevertrieb GmbH
99.7
FC
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
FremantleMedia International Germany GmbH
99.7
FC
\u00a0
Funkhaus Halle GmbH & Co. KG
61.2
FC
\u00a0
G+J Electronic Media Sales GmbH
99.7
FC
\u00a0
G+J LIVING Digital GmbH
99.7
FC
\u00a0
G+J Medien GmbH
99.7
FC
\u00a0
Global Savings Group GmbH
20.1
EM (A)
\u00a0
Gruner\u00a0+\u00a0Jahr Deutschland GmbH
99.7
FC
\u00a0
Henri-Nannen-Schule Gruner+Jahr/DIE ZEIT GmbH
94.7
FC
\u00a0
HITRADIO RTL Sachsen GmbH
86.3
FC
\u00a0
Like to KNOW GmbH
99.7
FC
\u00a0
Madsack H\u00f6rfunk GmbH
99.7
FC
3)
Mediengesellschaft Mittelstand Niedersachsen GmbH
23.1
EM (A)
3)
MSP Medien-Service und Promotion GmbH
99.7
FC
\u00a0
nachrichtenmanufaktur GmbH
99.7
FC
\u00a0
Neue Spreeradio H\u00f6rfunkgesellschaft mbH
99.7
FC
\u00a0
ntv Nachrichtenfernsehen GmbH
99.7
FC
\u00a0
PVB Presse Vertrieb GmbH & Co. KG
58.3
EM (A)
\u00a0
Radio Hamburg GmbH & Co. KG
29.1
EM (A)
\u00a0
Radio NRW GmbH
21.4
EM (A)
\u00a0
Radio21 GmbH & Co. KG
21.0
EM (A)
\u00a0
RTL 2 Fernsehen Gesch\u00e4ftsf\u00fchrungs GmbH
35.8
EM (A)
\u00a0
RTL 2 Fernsehen GmbH & Co. KG
35.4
EM (A)
\u00a0
RTL AdConnect GmbH
99.7
FC
\u00a0
RTL Advertising GmbH
99.7
FC
\u00a0
RTL Audio Center Berlin GmbH
99.7
FC
\u00a0
RTL Audio Vermarktung GmbH
99.7
FC
\u00a0
RTL Deutschland GmbH
99.7
FC
\u00a0
RTL Group Financial Services GmbH
99.7
FC
\u00a0
RTL Group GmbH
99.7
FC
\u00a0
RTL Group Markenverwaltungs GmbH
99.7
FC
\u00a0
RTL Group Services GmbH
99.7
FC
\u00a0
RTL Group Verm\u00f6gensverwaltung GmbH
99.7
FC
\u00a0
RTL Hessen GmbH
99.7
FC
\u00a0
RTL Hessen Programmfenster GmbH
59.8
FC
\u00a0
RTL interactive GmbH
99.7
FC
\u00a0
RTL International GmbH
99.7
FC
\u00a0
RTL Journalistenschule GmbH
89.8
FC
\u00a0
RTL MUSIC PUBLISHING GmbH
99.7
FC
\u00a0
RTL NEWS GmbH
99.7
FC
\u00a0
RTL Nord GmbH
99.7
FC
\u00a0
RTL Radio Berlin GmbH
99.7
FC
\u00a0
RTL Radio Deutschland GmbH
99.7
FC
\u00a0
RTL Radio Luxemburg GmbH
99.7
FC
\u00a0
RTL STUDIOS GmbH
99.7
FC
\u00a0
RTL Technology GmbH
99.7
FC
\u00a0
RTL Television GmbH
99.7
FC
\u00a0
RTL WEST GmbH
74.8
FC
\u00a0
Screenworks K\u00f6ln GmbH
49.8
EM (A)
\u00a0
Sellwell GmbH & Co. KG
99.7
FC
\u00a0
Skyline Medien GmbH
49.7
EM (JV)
\u00a0
smartclip Deutschland GmbH
99.7
FC
\u00a0
smartclip Europe GmbH
99.7
FC
\u00a0
SQL Service GmbH
49.9
EM (A)
\u00a0
SUPER RTL Fernsehen GmbH
99.7
FC
\u00a0
UFA Distribution GmbH
99.7
FC
\u00a0
UFA Documentary GmbH
99.7
FC
\u00a0
UFA Fiction GmbH
99.7
FC
\u00a0
UFA Fiction Productions GmbH
99.7
FC
\u00a0
UFA Film und Fernseh GmbH
99.7
FC
\u00a0
UFA GmbH
99.7
FC
\u00a0
Ufa Radio-Programmgesellschaft in Bayern mbH
99.7
FC
\u00a0
UFA Serial Drama GmbH
99.7
FC
\u00a0
UFA Show & Factual GmbH
99.7
FC
\u00a0
VOX Holding GmbH
99.7
FC
\u00a0
VOX Television GmbH
99.4
FC
\u00a0
VSG Schwerin - Verlagsservicegesellschaft mbH
99.7
FC
\u00a0
we are era GmbH
99.7
FC
\u00a0
Greece
\u00a0
\u00a0
\u00a0
Fremantle Productions SA
99.7
FC
\u00a0
Hungary
\u00a0
\u00a0
\u00a0
Magyar RTL Televizio Zrt.
99.7
FC
\u00a0
R-Time Kft.
99.7
FC
\u00a0
RTL Services Kft.
99.7
FC
\u00a0
UFA Magyarorszag Kft.
99.7
FC
\u00a0
UFA Projekt 2022 Kft.
99.7
FC
\u00a0
India
\u00a0
\u00a0
\u00a0
Fremantle India Television Productions Pvt Ltd
99.7
FC
\u00a0
Indonesia
\u00a0
\u00a0
\u00a0
PT Dunia Visitama Produksi IDN/PMA
99.7
FC
\u00a0
Ireland
\u00a0
\u00a0
\u00a0
Element Pictures (CWF) Limited
50.9
FC
\u00a0
Element Pictures Limited
50.9
FC
\u00a0
Element Pictures Television Limited
50.9
FC
\u00a0
Sorrento TV Sales Limited
50.9
FC
\u00a0
Isle of Men
\u00a0
\u00a0
\u00a0
Element Pictures GHC
50.9
FC
\u00a0
Israel
\u00a0
\u00a0
\u00a0
Abot Hameiri Communications Ltd.
99.7
FC
\u00a0
Italy
\u00a0
\u00a0
\u00a0
Boats S.r.l.
99.7
FC
\u00a0
Film Factory S.r.l.
69.8
FC
\u00a0
FremantleMedia Italia S.p.A.
99.7
FC
\u00a0
FremantleMedia Italy Group S.r.l.
99.7
FC
\u00a0
Lux Vide F.I.A.T. S.p.A.
69.8
FC
\u00a0
Offside S.r.l.
99.7
FC
\u00a0
RTL AdConnect S.r.l.
99.7
FC
\u00a0
Smartclip S.r.l.
99.7
FC
\u00a0
The Apartment S.r.l.
99.7
FC
\u00a0
we are era S.r.l.
99.7
FC
\u00a0
Wildside S.r.l.
99.7
FC
\u00a0
Luxembourg
\u00a0
\u00a0
\u00a0
Broadcasting Center Europe International S.A.
99.7
FC
\u00a0
Broadcasting Center Europe S.A.
99.7
FC
\u00a0
CLT-UFA S.A.
99.7
FC
\u00a0
Data Center Europe S.a r.L.
99.7
FC
\u00a0
European News Exchange S.A.
64.5
FC
\u00a0
Heliovos S.A.
48.9
EM (A)
\u00a0
IP Luxembourg S.a r.l.
99.7
FC
\u00a0
Luxradio S.a r.L.
99.7
FC
\u00a0
Media Properties S.a r.l.
99.7
FC
\u00a0
Media Real Estate S.A.
99.7
FC
\u00a0
RTL AdConnect International S.A.
99.7
FC
\u00a0
RTL Group Holding S.a. r.l.
99.7
FC
\u00a0
RTL Media Support S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A. & Cie S.C.S.
99.7
FC
\u00a0
Mexico
\u00a0
\u00a0
\u00a0
FremantleMedia Mexico, S.A. de C.V.
99.7
FC
\u00a0
The Netherlands
\u00a0
\u00a0
\u00a0
Ad Alliance B.V.
99.7
FC
4)
Benelux Film Investments B.V.
49.9
EM (JV)
\u00a0
E-Health & Safety skills B.V.
48.9
EM (A)
\u00a0
Fiction Valley B.V.
99.7
FC
\u00a0
Format Creation Group B.V.
99.7
FC
4)
Fremantle Productions B.V.
99.7
FC
\u00a0
FremantleMedia Netherlands B.V.
99.7
FC
\u00a0
FremantleMedia Overseas Holdings B.V.
99.7
FC
\u00a0
Grundy International Holdings (I) B.V.
99.7
FC
\u00a0
Grundy/Endemol Nederland V.O.F.
49.9
EM (JV)
\u00a0
HelloSparkle B.V.
24.9
EM (A)
\u00a0
NLZiet Co\u00f6peratief U.A.
33.2
EM (JV)
\u00a0
RTL AdConnect B.V.
99.7
FC
\u00a0
RTL Group Beheer B.V.
99.7
FC
4)
RTL Nederland B.V.
99.7
FC
4)
RTL Nederland Holding B.V.
99.7
FC
4)
RTL Nederland Ventures B.V.
99.7
FC
4)
RTL Nieuws B.V.
99.7
FC
4)
smartclip Benelux B.V.
99.7
FC
\u00a0
Videoland B.V.
99.7
FC
4)
we are era B.V.
99.7
FC
\u00a0
Norway
\u00a0
\u00a0
\u00a0
FremantleMedia Norge AS
99.7
FC
\u00a0
Miso Film Norge AS
99.7
FC
\u00a0
Monster AS
99.7
FC
\u00a0
One Big Happy Family AS
99.7
FC
\u00a0
Playroom Events AS
99.7
FC
\u00a0
Strix Televisjon AS
99.7
FC
\u00a0
This is Nice Studios Norway AS
99.7
FC
\u00a0
Poland
\u00a0
\u00a0
\u00a0
FremantleMedia Polska Sp. z o.o.
99.7
FC
\u00a0
Portugal
\u00a0
\u00a0
\u00a0
FremantleMedia Portugal SA
99.7
FC
\u00a0
Russia
\u00a0
\u00a0
\u00a0
OOO LTI Vostok
48.4
FC
\u00a0
Singapore
\u00a0
\u00a0
\u00a0
FremantleMedia Asia Pte. Ltd.
99.7
FC
\u00a0
Spain
\u00a0
\u00a0
\u00a0
Atresmedia Corporacion de Medios de Comunicacion, S.A.
18.7
EM (A)
\u00a0
FremantleMedia Espana, S.A.
99.7
FC
\u00a0
we are era, S.L.U.
99.7
FC
\u00a0
Sweden
\u00a0
\u00a0
\u00a0
Baluba AB
99.7
FC
\u00a0
FremantleMedia Sverige AB
99.7
FC
\u00a0
Miso Film Sverige AB
99.7
FC
\u00a0
smartclip Nordics AB
99.7
FC
\u00a0
Strix Television AB
99.7
FC
\u00a0
This is Nice Studios Holding AB
99.7
FC
\u00a0
This is Nice Studios Sweden AB
99.7
FC
\u00a0
we are era AB
99.7
FC
\u00a0
Switzerland
\u00a0
\u00a0
\u00a0
Goldbach Audience (Switzerland) AG
24.9
EM (A)
\u00a0
Goldbach Media (Switzerland) AG
22.9
EM (A)
\u00a0
Swiss Radioworld AG
22.9
EM (A)
\u00a0
United Kingdom
\u00a0
\u00a0
\u00a0
72 Films Limited
54.8
FC
\u00a0
America Films Limited
50.9
FC
\u00a0
Arbie Productions Ltd
99.7
FC
\u00a0
Baxter Film Productions Limited
50.9
FC
\u00a0
Blue Star Films Limited
60.8
FC
\u00a0
CLT-UFA UK Radio
99.7
FC
\u00a0
Cockerel Films Limited
54.8
FC
\u00a0
Conversations Productions Limited
50.9
FC
\u00a0
Dancing Ledge Productions Limited
60.8
FC
\u00a0
DDE Films Limited
54.8
FC
\u00a0
DLP (Big Mood) Ltd
60.8
FC
\u00a0
DLP (Crossfire) Ltd
60.8
FC
\u00a0
DLP (Domino Day) Ltd
60.8
FC
\u00a0
DLP (Platform 7) Limited
60.8
FC
\u00a0
DLP (The Responder) Ltd
60.8
FC
\u00a0
DLP (Wedding Season) Ltd
60.8
FC
\u00a0
Dublin Murders Productions Limited
87.5
FC
\u00a0
Element Pictures (GP) Limited
50.9
FC
\u00a0
Element Pictures GVS Limited
50.9
FC
\u00a0
Element Pictures PT Limited
50.9
FC
\u00a0
Element Pictures RMF Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Two Limited
50.9
FC
\u00a0
Element Pictures UK Limited
50.9
FC
\u00a0
Eternal Daughter Productions Limited
50.9
FC
\u00a0
Euston Films Productions Limited
99.7
FC
\u00a0
Fremantle Nordic Holdings Limited
99.7
FC
\u00a0
Fremantle Periodic (Holdings) Limited
99.7
FC
\u00a0
FremantleMedia Group Limited
99.7
FC
\u00a0
FremantleMedia Limited
99.7
FC
\u00a0
FremantleMedia Overseas Limited
99.7
FC
\u00a0
House Element Wonder Limited
25.4
EM (JV)
\u00a0
Label1 Television Limited
50.9
FC
\u00a0
LBJ Films Limited
54.8
FC
\u00a0
LD Film Productions Limited
50.9
FC
\u00a0
Marlborough Film Productions Limited
50.9
FC
\u00a0
Matriarch Films Limited
50.9
FC
\u00a0
Naked Television Limited
99.7
FC
\u00a0
OBG Film Productions Limited
50.9
FC
\u00a0
Orangutan Films Limited
50.9
FC
\u00a0
Raven Facilities Limited
54.8
FC
\u00a0
RTL AdConnect UK Ltd
99.7
FC
\u00a0
RTL Group Support Services Limited
99.7
FC
\u00a0
Sentient Productions Limited
50.9
FC
\u00a0
Slade Films Limited
54.8
FC
\u00a0
Syracuse Films Limited
54.8
FC
\u00a0
Talkback Productions Limited
99.7
FC
\u00a0
TalkbackThames UK Limited
99.7
FC
\u00a0
Thames Television Limited
99.7
FC
\u00a0
Tigerstripe Films Limited
50.9
FC
\u00a0
True Life Films Limited
50.9
FC
\u00a0
UFA Fiction Limited
99.7
FC
\u00a0
Underdogs Films Limited
50.9
FC
\u00a0
Wildshot Games Limited
50.9
FC
\u00a0
Wildspark Films Limited
50.9
FC
\u00a0
WildStar Films Limited
50.9
FC
\u00a0
Yospace Enterprises Limited
99.7
FC
\u00a0
Yospace Technologies Limited
99.7
FC
\u00a0
United States
\u00a0
\u00a0
\u00a0
3 Doors Productions, Inc.
99.7
FC
\u00a0
American Idol Productions, Inc.
99.7
FC
\u00a0
Amygdala Records, Inc.
99.7
FC
\u00a0
Big Break Productions, Inc.
99.7
FC
\u00a0
Blue Orbit Productions, Inc.
99.7
FC
\u00a0
Crown Broadway Productions LLC
99.7
FC
\u00a0
Crown Cloverfield Productions LLC
99.7
FC
\u00a0
Crown Noah Productions LLC
99.7
FC
\u00a0
Crown Venice Productions LLC
99.7
FC
\u00a0
Crown Wilshire Productions LLC
99.7
FC
\u00a0
Eureka Productions LLC
99.7
FC
\u00a0
Fabel Entertainment LLC
24.9
EM (A)
\u00a0
FCB Productions, Inc.
99.7
FC
\u00a0
Fellow Travelers Productions, Inc.
99.7
FC
\u00a0
Fremantle Productions North America, Inc.
99.7
FC
\u00a0
Fremantle Productions, Inc.
99.7
FC
\u00a0
FremantleMedia Latin America, Inc.
99.7
FC
\u00a0
FremantleMedia North America, Inc.
99.7
FC
\u00a0
Good Games Live, Inc.
99.7
FC
\u00a0
Haskell Studio Rentals, Inc.
99.7
FC
\u00a0
Inception XR, Inc.
22.4
EM (A)
\u00a0
Kickoff Productions, Inc.
99.7
FC
\u00a0
L&S USA LLC
69.8
FC
\u00a0
Let's Play, Inc.
94.7
FC
\u00a0
Little Pond Television, Inc.
99.7
FC
\u00a0
Mad Sweeney Productions, Inc.
99.7
FC
\u00a0
Marathon Productions, Inc.
99.7
FC
\u00a0
Max Post, Inc.
99.7
FC
\u00a0
Music Box Library, Inc.
99.7
FC
\u00a0
OP Services, Inc.
99.7
FC
\u00a0
Original Productions, Inc.
99.7
FC
\u00a0
P & P Productions, Inc.
99.7
FC
\u00a0
Prime Media Rentals LLC
99.7
FC
\u00a0
RTL US Holding, Inc.
99.7
FC
\u00a0
SND Films LLC
48.4
FC
\u00a0
Studio Production Services, Inc.
99.7
FC
\u00a0
TCF Productions, Inc.
99.7
FC
\u00a0
Terrapin Productions, Inc.
99.7
FC
\u00a0
The Price Is Right Productions, Inc.
99.7
FC
\u00a0
Tick Tock Productions, Inc.
99.7
FC
\u00a0
Tiny Riot, Inc.
99.7
FC
\u00a0
Triple Threat Productions, Inc.
99.7
FC
\u00a0
Wanderlust Productions, Inc.
99.7
FC
\u00a0
YoSpace, Inc.
99.7
FC
\u00a0
1) The Group\u2019s ownership is based on the total number of shares as at 31\u00a0December\u00a02022
2) FC: full consolidation, EM (JV): joint venture accounted for using the equity method, EM (A): associate accounted for using the equity method
3) At 31\u00a0December\u00a02022, the Group\u00b4s share legally held in Madsack H\u00f6rfunk GmbH and Mediengesellschaft Mittelstand Niedersachsen GmbH is 24.8% and 5.7% respectively. The Group\u2019s ownership disclosed for both entities takes into account an option agreement in accordance with IAS\u00a032
4) Company has elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-77": { "value": "
The following table shows the composition of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Subsidiaries
Joint ventures1
Associates1
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
67
50
2
2
14
13
83
65
Groupe M6
47
49
5
4
4
3
56
56
Fremantle
174
104
2
1
1
1
177
106
RTL Nederland
8
6
2
2
2
2
12
10
Other segments
39
54
\u2013
\u2013
3
3
42
57
Total
335
263
11
9
24
22
370
294
1) The joint ventures and associates included in the table are investments accounted for using the equity method.
6.5. Investments accounted for using the equity method
As at 31\u00a0December\u00a02022, investments in 11 joint ventures (31\u00a0December\u00a02021: 9) and 24 associates (31\u00a0December\u00a02021: 22) were accounted for in the consolidated financial statements.
The amounts recognised in the consolidated statement of financial position are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Associates
370
360
Joint ventures
6
6
Balance at 31\u00a0December
376
366
The amounts recognised in the income statement are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
\u00a0
\u00a0
Associates
33
50
Joint ventures
(19)
(23)
\u00a0
14
27
\u00a0
\u00a0
\u00a0
Impairment and reversals of investments accounted for using the equity method
\u00a0
\u00a0
Associates
(5)
2
Joint ventures
\u2013
\u2013
\u00a0
(5)
2
In the year 2022, dividends received from investments accounted for using the equity method amounted to \u20ac53\u00a0million (2021: \u20ac45\u00a0million). This amount is considered as an adjustment in \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 when calculating cash flows from operating activities.
6.5.2. Investments in associates
Individually material associates
Set out below are the associates of the Group at 31\u00a0December\u00a02022, which, in the opinion of the management, are material to the Group:
Name of entity
Country of incorporation
Principal activity
Percentage ownership interest
Measurement method
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Atresmedia
Spain
Broadcasting TV
18.7
18.7
At equity
Global Savings Group (GSG)
Germany
Shopping rewards
41.5
41.5
At equity
RTL 2 Fernsehen GmbH & Co KG
Germany
Broadcasting TV
35.9
35.9
At equity
Atresmedia Corporaci\u00f3n de Medios de Comunicaci\u00f3n S.A. (and subsidiaries, \u2018Atresmedia\u2019) is listed on the Madrid Stock Exchange. Based on the published share price at 31\u00a0December\u00a02022, the market capitalisation of 100 per cent of Atresmedia amounts to \u20ac721\u00a0million, i.e. \u20ac3.19 per share (2021: \u20ac753\u00a0million, i.e. \u20ac3.34 per share). Global Savings Group (GSG) is a private company providing shopping rewards activities and there is no quoted market price available for its shares. RTL 2 Fernsehen GmbH & Co KG is a private company and there is no quoted market price available for its shares.
The following table shows summarised financial information for Atresmedia, Global Savings Group (GSG) and RTL 2 Fernsehen GmbH & Co KG. The information presented represents the amounts included in the financial statements of the material associates plus adjustments for using the equity method, and not RTL Group\u2019s share of these amounts.
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
686
549
189
180
63
51
Current assets
825
853
87
91
70
92
Current liabilities
(529)
(478)
(128)
(85)
(34)
(43)
Non-current liabilities
(295)
(381)
(56)
(59)
(47)
(38)
Net assets
687
543
92
127
52
62
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
951
963
167
148
256
283
Earnings after taxes from continuing operations
112
118
(34)
(11)
38
52
Earnings after taxes from discontinued operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income
127
(2)
\u2013
(1)
\u2013
\u2013
Total comprehensive income
239
116
(34)
(12)
38
52
Dividends received from associates
18
8
\u2013
\u2013
19
15
The reconciliation of the summarised financial information shown to the carrying amount of the interest in each material associate in the consolidated financial statements is shown in the following table:
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net assets at 31\u00a0December
687
543
92
127
52
62
Proportionate equity
128
101
38
52
17
33
Goodwill
166
166
42
42
24
24
Impairment on investments accounted for using the equity method
(110)
(110)
\u2013
\u2013
\u2013
\u2013
Carrying amount
184
157
80
94
41
57
Investments in associates are tested for impairment according to the same methodology applied for the impairment test of goodwill.
The perpetual growth and discount rates used are as follows:
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
Atresmedia
0.0
10.0
0.0
8.1
RTL 2 Fernsehen GmbH & Co. KG
0.5
6.7
0.5
7.0
As at 31\u00a0December\u00a02022, the investment in Atresmedia was tested for impairment in accordance with IAS\u00a036. The recoverable amount of Atresmedia on 31\u00a0December\u00a02022 was based on the value in use determined using a discounted cash flow model, as management considered the share price of Atresmedia did not fully reflect its earning potential, which includes the new diversification strategy through expansion of its investment portfolio, strengthen its digital streaming offers and building its leading position in locally relevant content production. The ongoing challenging economic environment in Spain combined with strong competition, changing viewing preferences and continued dependence on linear television continues to lead to high uncertainty in terms of forecasts. As at 31\u00a0December\u00a02022 neither additional impairment loss nor reversal of impairment loss had to be recognised on the at equity investment in Atresmedia.
As at 31\u00a0December\u00a02022, the share price of Atresmedia was \u20ac3.19 (31\u00a0December\u00a02021: \u20ac3.34) which results in a fair value less costs of disposal of \u20ac132\u00a0million for the 18.7 per cent held by RTL Group (31\u00a0December\u00a02021: \u20ac138\u00a0million).
The assumptions based on the value in use using a discounted cash flow model are shown in the above table.
Management has identified that a reasonably possible change in three key assumptions could cause the carrying amount to exceed the recoverable amount. In the event of changes of these assumptions individually, as described in the following table, the estimated recoverable amount would be equal to the carrying amount.
\u00a0
31\u00a0December\u00a02022
\u00a0
Percentage point
EBITA margin
(0.6)
Discount rate
0.7
Perpetual growth rate
(0.7)
In November 2019, the Spanish Competition Authority (CNMC) arrived at a decision in disciplinary proceedings imposing a fine on Atresmedia and Mediaset and barring both operators from specified courses of conduct. The parties were ordered to take steps to align their commercial and contractual relations to the requirements of the decision. The fine imposed on Atresmedia amounts to \u20ac38.2 million. In 2020, Atresmedia challenged the decision by filing an application for judicial review with the Administrative Chamber of the Audiencia Nacional, Spain\u2019s national court. The application was found admissible. Consequently, Atresmedia will proceed with an appeal in the aforementioned court. The directors and legal advisors of Atresmedia believe that the application for judicial review against the CNMC\u2019s decision is likely to succeed. No provision has been recognised.
For Global Savings Group no triggering events for an impairment test have been identified.
The recoverable amount of RTL 2 Fernsehen GmbH & Co KG has been determined on the basis of the fair value less costs of disposal at 31\u00a0December\u00a02022. This is a Level 3 fair value measurement.
Individually immaterial associates
The following table shows summarised financial information on associates that management considers individually immaterial. The information given represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
53
43
Current assets
72
52
Non-current liabilities
8
3
Current liabilities
50
38
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
12
14
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
1
1
Total comprehensive income
13
15
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
10.2. Transactions with investments accounted for using the equity method
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
In addition to the capital contributions in Salto during the reporting period (see note 6.5.1), RTL Group made further capital contributions to joint ventures amounting to \u20ac2 million and to its investments in associates amounting to \u20ac4 million.
12. GROUP UNDERTAKINGS
The following table presents the RTL Group undertakings as at 31\u00a0December\u00a02022 sorted by country. RTL Group SA is the parent company and incorporated in Luxembourg.
\u00a0
Group's ownership1)
Consolidation method2)
\u00a0
\u00a0
(in per cent)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Antigua and Barbuda
\u00a0
\u00a0
\u00a0
Grundy International Operations Ltd
100.0
FC
\u00a0
Argentina
\u00a0
\u00a0
\u00a0
Fremantle Productions Argentina S.A.
99.7
FC
\u00a0
Australia
\u00a0
\u00a0
\u00a0
Eureka Productions Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Holdings Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Pty Ltd
99.7
FC
\u00a0
Grundy Organization Pty Ltd
99.7
FC
\u00a0
Helium Five Pty Ltd
99.7
FC
\u00a0
Helium Four Pty Ltd
99.7
FC
\u00a0
Helium One Pty Ltd
99.7
FC
\u00a0
Helium Seven Pty Ltd
99.7
FC
\u00a0
Helium Six Pty Ltd
99.7
FC
\u00a0
Helium Three Pty Ltd
99.7
FC
\u00a0
Helium Two Pty Ltd
99.7
FC
\u00a0
Huzzah Productions Pty Ltd
99.7
FC
\u00a0
Regal Chandos Pty Ltd
99.7
FC
\u00a0
Royal Atchison Pty Ltd
99.7
FC
\u00a0
Austria
\u00a0
\u00a0
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
G+J Holding GmbH
99.7
FC
\u00a0
IP \u00d6sterreich GmbH
49.9
FC
\u00a0
RTL Austria GmbH
99.7
FC
\u00a0
Belgium
\u00a0
\u00a0
\u00a0
Freecaster BVBA
99.7
FC
\u00a0
FremantleMedia Belgium NV
99.7
FC
\u00a0
Brazil
\u00a0
\u00a0
\u00a0
FremantleMedia Brazil Producao de Televisao Ltda.
99.7
FC
\u00a0
Canada
\u00a0
\u00a0
\u00a0
FremantleMedia Canada No 2 Inc.
99.7
FC
\u00a0
China
\u00a0
\u00a0
\u00a0
Fremantle (Shanghai) Culture Media Co. Ltd.
99.7
FC
\u00a0
Fremantle Productions Asia Ltd.
100.0
FC
\u00a0
Denmark
\u00a0
\u00a0
\u00a0
Blu A/S
99.7
FC
\u00a0
Miso Film ApS
99.7
FC
\u00a0
Miso Holdings ApS
99.7
FC
\u00a0
Strong Productions A/S
99.7
FC
\u00a0
Finland
\u00a0
\u00a0
\u00a0
Fremantlemedia Finland Oy
99.7
FC
\u00a0
Grillifilms Oy
79.8
FC
\u00a0
Moskito Television Oy
99.7
FC
\u00a0
Nice Entertainment Group Oy
99.7
FC
\u00a0
France
\u00a0
\u00a0
\u00a0
123 Productions SAS
99.7
FC
\u00a0
Academee SAS
24.2
EM (JV)
\u00a0
BCE France SAS
99.7
FC
\u00a0
Bedrock SAS
74.0
FC
\u00a0
C. Productions SA
48.4
FC
\u00a0
Canal Star SARL
48.4
FC
\u00a0
CTZAR SAS
24.7
FC
\u00a0
CTZAR STUDIO SAS
24.7
FC
\u00a0
EDI TV SAS
48.4
FC
\u00a0
Extension TV SAS
24.2
EM (JV)
\u00a0
FM Graffiti SARL
48.4
FC
\u00a0
Freecaster France SAS
99.7
FC
\u00a0
FremantleMedia France SAS
99.7
FC
\u00a0
GM6 SAS
48.4
FC
\u00a0
Immobiliere 46D SAS
48.4
FC
\u00a0
Immobiliere M6 SAS
48.4
FC
\u00a0
Jeunesse TV SAS
48.4
FC
\u00a0
Kwai SAS
99.7
FC
\u00a0
M6 Communication SAS
48.4
FC
\u00a0
M6 Creations SAS
48.4
FC
\u00a0
M6 Developpement SAS
48.4
FC
\u00a0
M6 Diffusion SA
48.4
FC
\u00a0
M6 Digital Services SAS
48.4
FC
\u00a0
M6 Distribution Digital SAS
48.4
FC
\u00a0
M6 Editions SA
48.4
FC
\u00a0
M6 Evenements SA
48.4
FC
\u00a0
M6 Films SA
48.4
FC
\u00a0
M6 Foot SAS
48.4
FC
\u00a0
M6 Generation SAS
48.4
FC
\u00a0
M6 Interactions SAS
48.4
FC
\u00a0
M6 Invest 2 SAS
48.4
FC
\u00a0
M6 Plateforme SA
48.4
FC
\u00a0
M6 Publicite SAS
48.4
FC
\u00a0
M6 Shop SAS
48.4
FC
\u00a0
M6 Studio SAS
48.4
FC
\u00a0
M6 Thematique SAS
48.4
FC
\u00a0
Malesherbes SAS
48.4
FC
\u00a0
Media Strategie SARL
48.4
FC
\u00a0
Metropole Television SA
48.4
FC
\u00a0
Miliboo SA
10.4
EM (A)
\u00a0
Panora Services SAS
24.2
EM (JV)
\u00a0
Paris Premiere SAS
48.4
FC
\u00a0
Quicksign SAS
11.6
EM (A)
\u00a0
Radio Golfe SARL
48.4
FC
\u00a0
Radio Porte Sud SARL
48.4
FC
\u00a0
Realytics SAS
99.7
FC
\u00a0
RTL AdConnect SA
99.7
FC
\u00a0
RTL France Holding SAS
99.7
FC
\u00a0
RTL France Radio SAS
48.4
FC
\u00a0
Salto Gestion SAS
16.1
EM (JV)
\u00a0
Salto SNC
16.1
EM (JV)
\u00a0
SCI du 107
48.4
FC
\u00a0
SEDI TV SAS
48.4
FC
\u00a0
SNDA SAS
48.4
FC
\u00a0
Societe Communication A2B SARL
48.4
FC
\u00a0
Societe de Developpement de Radio Diffusion SA
48.4
FC
\u00a0
Societe d'Exploitation Radio Chic SA
48.4
FC
\u00a0
Societe Nouvelle de Distribution SA
48.4
FC
\u00a0
Societe Privee de Radiodiffusion Gibus Bourgogne SARL
48.4
FC
\u00a0
Stephane Plaza France SAS
24.7
FC
\u00a0
Studio 89 Productions SAS
48.4
FC
\u00a0
we are era SAS
99.7
FC
\u00a0
Wild Buzz Agency SAS
23.7
EM (A)
\u00a0
Germany
\u00a0
\u00a0
\u00a0
11 Freunde Verlag GmbH & Co KG
50.9
FC
\u00a0
99 pro media GmbH
99.7
FC
\u00a0
Ad Alliance GmbH
99.7
FC
\u00a0
Antenne Niedersachsen GmbH & Co. KG
55.8
FC
\u00a0
AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen mbH
99.7
FC
\u00a0
AVE II Verm\u00f6gensverwaltungsgesellschaft mbH & Co. KG
99.7
FC
\u00a0
BCS Broadcast Sachsen GmbH & Co. KG
47.5
EM (A)
\u00a0
Blueberry Food Studios GmbH
99.7
FC
\u00a0
Checkout Charlie GmbH
99.7
FC
\u00a0
Chefkoch GmbH
99.7
FC
\u00a0
CLT-UFA Germany GmbH
99.7
FC
\u00a0
Deutsche Medien-Manufaktur GmbH & Co. KG
49.9
FC
\u00a0
d-force GmbH
49.9
EM (JV)
\u00a0
Digital Media Hub GmbH
99.7
FC
\u00a0
DMV DER MEDIENVERTRIEB GmbH & Co. KG
48.9
EM (A)
\u00a0
DPV Deutscher Pressevertrieb GmbH
99.7
FC
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
FremantleMedia International Germany GmbH
99.7
FC
\u00a0
Funkhaus Halle GmbH & Co. KG
61.2
FC
\u00a0
G+J Electronic Media Sales GmbH
99.7
FC
\u00a0
G+J LIVING Digital GmbH
99.7
FC
\u00a0
G+J Medien GmbH
99.7
FC
\u00a0
Global Savings Group GmbH
20.1
EM (A)
\u00a0
Gruner\u00a0+\u00a0Jahr Deutschland GmbH
99.7
FC
\u00a0
Henri-Nannen-Schule Gruner+Jahr/DIE ZEIT GmbH
94.7
FC
\u00a0
HITRADIO RTL Sachsen GmbH
86.3
FC
\u00a0
Like to KNOW GmbH
99.7
FC
\u00a0
Madsack H\u00f6rfunk GmbH
99.7
FC
3)
Mediengesellschaft Mittelstand Niedersachsen GmbH
23.1
EM (A)
3)
MSP Medien-Service und Promotion GmbH
99.7
FC
\u00a0
nachrichtenmanufaktur GmbH
99.7
FC
\u00a0
Neue Spreeradio H\u00f6rfunkgesellschaft mbH
99.7
FC
\u00a0
ntv Nachrichtenfernsehen GmbH
99.7
FC
\u00a0
PVB Presse Vertrieb GmbH & Co. KG
58.3
EM (A)
\u00a0
Radio Hamburg GmbH & Co. KG
29.1
EM (A)
\u00a0
Radio NRW GmbH
21.4
EM (A)
\u00a0
Radio21 GmbH & Co. KG
21.0
EM (A)
\u00a0
RTL 2 Fernsehen Gesch\u00e4ftsf\u00fchrungs GmbH
35.8
EM (A)
\u00a0
RTL 2 Fernsehen GmbH & Co. KG
35.4
EM (A)
\u00a0
RTL AdConnect GmbH
99.7
FC
\u00a0
RTL Advertising GmbH
99.7
FC
\u00a0
RTL Audio Center Berlin GmbH
99.7
FC
\u00a0
RTL Audio Vermarktung GmbH
99.7
FC
\u00a0
RTL Deutschland GmbH
99.7
FC
\u00a0
RTL Group Financial Services GmbH
99.7
FC
\u00a0
RTL Group GmbH
99.7
FC
\u00a0
RTL Group Markenverwaltungs GmbH
99.7
FC
\u00a0
RTL Group Services GmbH
99.7
FC
\u00a0
RTL Group Verm\u00f6gensverwaltung GmbH
99.7
FC
\u00a0
RTL Hessen GmbH
99.7
FC
\u00a0
RTL Hessen Programmfenster GmbH
59.8
FC
\u00a0
RTL interactive GmbH
99.7
FC
\u00a0
RTL International GmbH
99.7
FC
\u00a0
RTL Journalistenschule GmbH
89.8
FC
\u00a0
RTL MUSIC PUBLISHING GmbH
99.7
FC
\u00a0
RTL NEWS GmbH
99.7
FC
\u00a0
RTL Nord GmbH
99.7
FC
\u00a0
RTL Radio Berlin GmbH
99.7
FC
\u00a0
RTL Radio Deutschland GmbH
99.7
FC
\u00a0
RTL Radio Luxemburg GmbH
99.7
FC
\u00a0
RTL STUDIOS GmbH
99.7
FC
\u00a0
RTL Technology GmbH
99.7
FC
\u00a0
RTL Television GmbH
99.7
FC
\u00a0
RTL WEST GmbH
74.8
FC
\u00a0
Screenworks K\u00f6ln GmbH
49.8
EM (A)
\u00a0
Sellwell GmbH & Co. KG
99.7
FC
\u00a0
Skyline Medien GmbH
49.7
EM (JV)
\u00a0
smartclip Deutschland GmbH
99.7
FC
\u00a0
smartclip Europe GmbH
99.7
FC
\u00a0
SQL Service GmbH
49.9
EM (A)
\u00a0
SUPER RTL Fernsehen GmbH
99.7
FC
\u00a0
UFA Distribution GmbH
99.7
FC
\u00a0
UFA Documentary GmbH
99.7
FC
\u00a0
UFA Fiction GmbH
99.7
FC
\u00a0
UFA Fiction Productions GmbH
99.7
FC
\u00a0
UFA Film und Fernseh GmbH
99.7
FC
\u00a0
UFA GmbH
99.7
FC
\u00a0
Ufa Radio-Programmgesellschaft in Bayern mbH
99.7
FC
\u00a0
UFA Serial Drama GmbH
99.7
FC
\u00a0
UFA Show & Factual GmbH
99.7
FC
\u00a0
VOX Holding GmbH
99.7
FC
\u00a0
VOX Television GmbH
99.4
FC
\u00a0
VSG Schwerin - Verlagsservicegesellschaft mbH
99.7
FC
\u00a0
we are era GmbH
99.7
FC
\u00a0
Greece
\u00a0
\u00a0
\u00a0
Fremantle Productions SA
99.7
FC
\u00a0
Hungary
\u00a0
\u00a0
\u00a0
Magyar RTL Televizio Zrt.
99.7
FC
\u00a0
R-Time Kft.
99.7
FC
\u00a0
RTL Services Kft.
99.7
FC
\u00a0
UFA Magyarorszag Kft.
99.7
FC
\u00a0
UFA Projekt 2022 Kft.
99.7
FC
\u00a0
India
\u00a0
\u00a0
\u00a0
Fremantle India Television Productions Pvt Ltd
99.7
FC
\u00a0
Indonesia
\u00a0
\u00a0
\u00a0
PT Dunia Visitama Produksi IDN/PMA
99.7
FC
\u00a0
Ireland
\u00a0
\u00a0
\u00a0
Element Pictures (CWF) Limited
50.9
FC
\u00a0
Element Pictures Limited
50.9
FC
\u00a0
Element Pictures Television Limited
50.9
FC
\u00a0
Sorrento TV Sales Limited
50.9
FC
\u00a0
Isle of Men
\u00a0
\u00a0
\u00a0
Element Pictures GHC
50.9
FC
\u00a0
Israel
\u00a0
\u00a0
\u00a0
Abot Hameiri Communications Ltd.
99.7
FC
\u00a0
Italy
\u00a0
\u00a0
\u00a0
Boats S.r.l.
99.7
FC
\u00a0
Film Factory S.r.l.
69.8
FC
\u00a0
FremantleMedia Italia S.p.A.
99.7
FC
\u00a0
FremantleMedia Italy Group S.r.l.
99.7
FC
\u00a0
Lux Vide F.I.A.T. S.p.A.
69.8
FC
\u00a0
Offside S.r.l.
99.7
FC
\u00a0
RTL AdConnect S.r.l.
99.7
FC
\u00a0
Smartclip S.r.l.
99.7
FC
\u00a0
The Apartment S.r.l.
99.7
FC
\u00a0
we are era S.r.l.
99.7
FC
\u00a0
Wildside S.r.l.
99.7
FC
\u00a0
Luxembourg
\u00a0
\u00a0
\u00a0
Broadcasting Center Europe International S.A.
99.7
FC
\u00a0
Broadcasting Center Europe S.A.
99.7
FC
\u00a0
CLT-UFA S.A.
99.7
FC
\u00a0
Data Center Europe S.a r.L.
99.7
FC
\u00a0
European News Exchange S.A.
64.5
FC
\u00a0
Heliovos S.A.
48.9
EM (A)
\u00a0
IP Luxembourg S.a r.l.
99.7
FC
\u00a0
Luxradio S.a r.L.
99.7
FC
\u00a0
Media Properties S.a r.l.
99.7
FC
\u00a0
Media Real Estate S.A.
99.7
FC
\u00a0
RTL AdConnect International S.A.
99.7
FC
\u00a0
RTL Group Holding S.a. r.l.
99.7
FC
\u00a0
RTL Media Support S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A. & Cie S.C.S.
99.7
FC
\u00a0
Mexico
\u00a0
\u00a0
\u00a0
FremantleMedia Mexico, S.A. de C.V.
99.7
FC
\u00a0
The Netherlands
\u00a0
\u00a0
\u00a0
Ad Alliance B.V.
99.7
FC
4)
Benelux Film Investments B.V.
49.9
EM (JV)
\u00a0
E-Health & Safety skills B.V.
48.9
EM (A)
\u00a0
Fiction Valley B.V.
99.7
FC
\u00a0
Format Creation Group B.V.
99.7
FC
4)
Fremantle Productions B.V.
99.7
FC
\u00a0
FremantleMedia Netherlands B.V.
99.7
FC
\u00a0
FremantleMedia Overseas Holdings B.V.
99.7
FC
\u00a0
Grundy International Holdings (I) B.V.
99.7
FC
\u00a0
Grundy/Endemol Nederland V.O.F.
49.9
EM (JV)
\u00a0
HelloSparkle B.V.
24.9
EM (A)
\u00a0
NLZiet Co\u00f6peratief U.A.
33.2
EM (JV)
\u00a0
RTL AdConnect B.V.
99.7
FC
\u00a0
RTL Group Beheer B.V.
99.7
FC
4)
RTL Nederland B.V.
99.7
FC
4)
RTL Nederland Holding B.V.
99.7
FC
4)
RTL Nederland Ventures B.V.
99.7
FC
4)
RTL Nieuws B.V.
99.7
FC
4)
smartclip Benelux B.V.
99.7
FC
\u00a0
Videoland B.V.
99.7
FC
4)
we are era B.V.
99.7
FC
\u00a0
Norway
\u00a0
\u00a0
\u00a0
FremantleMedia Norge AS
99.7
FC
\u00a0
Miso Film Norge AS
99.7
FC
\u00a0
Monster AS
99.7
FC
\u00a0
One Big Happy Family AS
99.7
FC
\u00a0
Playroom Events AS
99.7
FC
\u00a0
Strix Televisjon AS
99.7
FC
\u00a0
This is Nice Studios Norway AS
99.7
FC
\u00a0
Poland
\u00a0
\u00a0
\u00a0
FremantleMedia Polska Sp. z o.o.
99.7
FC
\u00a0
Portugal
\u00a0
\u00a0
\u00a0
FremantleMedia Portugal SA
99.7
FC
\u00a0
Russia
\u00a0
\u00a0
\u00a0
OOO LTI Vostok
48.4
FC
\u00a0
Singapore
\u00a0
\u00a0
\u00a0
FremantleMedia Asia Pte. Ltd.
99.7
FC
\u00a0
Spain
\u00a0
\u00a0
\u00a0
Atresmedia Corporacion de Medios de Comunicacion, S.A.
18.7
EM (A)
\u00a0
FremantleMedia Espana, S.A.
99.7
FC
\u00a0
we are era, S.L.U.
99.7
FC
\u00a0
Sweden
\u00a0
\u00a0
\u00a0
Baluba AB
99.7
FC
\u00a0
FremantleMedia Sverige AB
99.7
FC
\u00a0
Miso Film Sverige AB
99.7
FC
\u00a0
smartclip Nordics AB
99.7
FC
\u00a0
Strix Television AB
99.7
FC
\u00a0
This is Nice Studios Holding AB
99.7
FC
\u00a0
This is Nice Studios Sweden AB
99.7
FC
\u00a0
we are era AB
99.7
FC
\u00a0
Switzerland
\u00a0
\u00a0
\u00a0
Goldbach Audience (Switzerland) AG
24.9
EM (A)
\u00a0
Goldbach Media (Switzerland) AG
22.9
EM (A)
\u00a0
Swiss Radioworld AG
22.9
EM (A)
\u00a0
United Kingdom
\u00a0
\u00a0
\u00a0
72 Films Limited
54.8
FC
\u00a0
America Films Limited
50.9
FC
\u00a0
Arbie Productions Ltd
99.7
FC
\u00a0
Baxter Film Productions Limited
50.9
FC
\u00a0
Blue Star Films Limited
60.8
FC
\u00a0
CLT-UFA UK Radio
99.7
FC
\u00a0
Cockerel Films Limited
54.8
FC
\u00a0
Conversations Productions Limited
50.9
FC
\u00a0
Dancing Ledge Productions Limited
60.8
FC
\u00a0
DDE Films Limited
54.8
FC
\u00a0
DLP (Big Mood) Ltd
60.8
FC
\u00a0
DLP (Crossfire) Ltd
60.8
FC
\u00a0
DLP (Domino Day) Ltd
60.8
FC
\u00a0
DLP (Platform 7) Limited
60.8
FC
\u00a0
DLP (The Responder) Ltd
60.8
FC
\u00a0
DLP (Wedding Season) Ltd
60.8
FC
\u00a0
Dublin Murders Productions Limited
87.5
FC
\u00a0
Element Pictures (GP) Limited
50.9
FC
\u00a0
Element Pictures GVS Limited
50.9
FC
\u00a0
Element Pictures PT Limited
50.9
FC
\u00a0
Element Pictures RMF Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Two Limited
50.9
FC
\u00a0
Element Pictures UK Limited
50.9
FC
\u00a0
Eternal Daughter Productions Limited
50.9
FC
\u00a0
Euston Films Productions Limited
99.7
FC
\u00a0
Fremantle Nordic Holdings Limited
99.7
FC
\u00a0
Fremantle Periodic (Holdings) Limited
99.7
FC
\u00a0
FremantleMedia Group Limited
99.7
FC
\u00a0
FremantleMedia Limited
99.7
FC
\u00a0
FremantleMedia Overseas Limited
99.7
FC
\u00a0
House Element Wonder Limited
25.4
EM (JV)
\u00a0
Label1 Television Limited
50.9
FC
\u00a0
LBJ Films Limited
54.8
FC
\u00a0
LD Film Productions Limited
50.9
FC
\u00a0
Marlborough Film Productions Limited
50.9
FC
\u00a0
Matriarch Films Limited
50.9
FC
\u00a0
Naked Television Limited
99.7
FC
\u00a0
OBG Film Productions Limited
50.9
FC
\u00a0
Orangutan Films Limited
50.9
FC
\u00a0
Raven Facilities Limited
54.8
FC
\u00a0
RTL AdConnect UK Ltd
99.7
FC
\u00a0
RTL Group Support Services Limited
99.7
FC
\u00a0
Sentient Productions Limited
50.9
FC
\u00a0
Slade Films Limited
54.8
FC
\u00a0
Syracuse Films Limited
54.8
FC
\u00a0
Talkback Productions Limited
99.7
FC
\u00a0
TalkbackThames UK Limited
99.7
FC
\u00a0
Thames Television Limited
99.7
FC
\u00a0
Tigerstripe Films Limited
50.9
FC
\u00a0
True Life Films Limited
50.9
FC
\u00a0
UFA Fiction Limited
99.7
FC
\u00a0
Underdogs Films Limited
50.9
FC
\u00a0
Wildshot Games Limited
50.9
FC
\u00a0
Wildspark Films Limited
50.9
FC
\u00a0
WildStar Films Limited
50.9
FC
\u00a0
Yospace Enterprises Limited
99.7
FC
\u00a0
Yospace Technologies Limited
99.7
FC
\u00a0
United States
\u00a0
\u00a0
\u00a0
3 Doors Productions, Inc.
99.7
FC
\u00a0
American Idol Productions, Inc.
99.7
FC
\u00a0
Amygdala Records, Inc.
99.7
FC
\u00a0
Big Break Productions, Inc.
99.7
FC
\u00a0
Blue Orbit Productions, Inc.
99.7
FC
\u00a0
Crown Broadway Productions LLC
99.7
FC
\u00a0
Crown Cloverfield Productions LLC
99.7
FC
\u00a0
Crown Noah Productions LLC
99.7
FC
\u00a0
Crown Venice Productions LLC
99.7
FC
\u00a0
Crown Wilshire Productions LLC
99.7
FC
\u00a0
Eureka Productions LLC
99.7
FC
\u00a0
Fabel Entertainment LLC
24.9
EM (A)
\u00a0
FCB Productions, Inc.
99.7
FC
\u00a0
Fellow Travelers Productions, Inc.
99.7
FC
\u00a0
Fremantle Productions North America, Inc.
99.7
FC
\u00a0
Fremantle Productions, Inc.
99.7
FC
\u00a0
FremantleMedia Latin America, Inc.
99.7
FC
\u00a0
FremantleMedia North America, Inc.
99.7
FC
\u00a0
Good Games Live, Inc.
99.7
FC
\u00a0
Haskell Studio Rentals, Inc.
99.7
FC
\u00a0
Inception XR, Inc.
22.4
EM (A)
\u00a0
Kickoff Productions, Inc.
99.7
FC
\u00a0
L&S USA LLC
69.8
FC
\u00a0
Let's Play, Inc.
94.7
FC
\u00a0
Little Pond Television, Inc.
99.7
FC
\u00a0
Mad Sweeney Productions, Inc.
99.7
FC
\u00a0
Marathon Productions, Inc.
99.7
FC
\u00a0
Max Post, Inc.
99.7
FC
\u00a0
Music Box Library, Inc.
99.7
FC
\u00a0
OP Services, Inc.
99.7
FC
\u00a0
Original Productions, Inc.
99.7
FC
\u00a0
P & P Productions, Inc.
99.7
FC
\u00a0
Prime Media Rentals LLC
99.7
FC
\u00a0
RTL US Holding, Inc.
99.7
FC
\u00a0
SND Films LLC
48.4
FC
\u00a0
Studio Production Services, Inc.
99.7
FC
\u00a0
TCF Productions, Inc.
99.7
FC
\u00a0
Terrapin Productions, Inc.
99.7
FC
\u00a0
The Price Is Right Productions, Inc.
99.7
FC
\u00a0
Tick Tock Productions, Inc.
99.7
FC
\u00a0
Tiny Riot, Inc.
99.7
FC
\u00a0
Triple Threat Productions, Inc.
99.7
FC
\u00a0
Wanderlust Productions, Inc.
99.7
FC
\u00a0
YoSpace, Inc.
99.7
FC
\u00a0
1) The Group\u2019s ownership is based on the total number of shares as at 31\u00a0December\u00a02022
2) FC: full consolidation, EM (JV): joint venture accounted for using the equity method, EM (A): associate accounted for using the equity method
3) At 31\u00a0December\u00a02022, the Group\u00b4s share legally held in Madsack H\u00f6rfunk GmbH and Mediengesellschaft Mittelstand Niedersachsen GmbH is 24.8% and 5.7% respectively. The Group\u2019s ownership disclosed for both entities takes into account an option agreement in accordance with IAS\u00a032
4) Company has elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-78": { "value": "
The following table shows the composition of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Subsidiaries
Joint ventures1
Associates1
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
67
50
2
2
14
13
83
65
Groupe M6
47
49
5
4
4
3
56
56
Fremantle
174
104
2
1
1
1
177
106
RTL Nederland
8
6
2
2
2
2
12
10
Other segments
39
54
\u2013
\u2013
3
3
42
57
Total
335
263
11
9
24
22
370
294
1) The joint ventures and associates included in the table are investments accounted for using the equity method.
6.5. Investments accounted for using the equity method
As at 31\u00a0December\u00a02022, investments in 11 joint ventures (31\u00a0December\u00a02021: 9) and 24 associates (31\u00a0December\u00a02021: 22) were accounted for in the consolidated financial statements.
The amounts recognised in the consolidated statement of financial position are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Associates
370
360
Joint ventures
6
6
Balance at 31\u00a0December
376
366
The amounts recognised in the income statement are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
\u00a0
\u00a0
Associates
33
50
Joint ventures
(19)
(23)
\u00a0
14
27
\u00a0
\u00a0
\u00a0
Impairment and reversals of investments accounted for using the equity method
\u00a0
\u00a0
Associates
(5)
2
Joint ventures
\u2013
\u2013
\u00a0
(5)
2
In the year 2022, dividends received from investments accounted for using the equity method amounted to \u20ac53\u00a0million (2021: \u20ac45\u00a0million). This amount is considered as an adjustment in \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 when calculating cash flows from operating activities.
6.5.1. Investments in joint ventures
Individually material joint venture
As at 31\u00a0December\u00a02022, RTL Group had no joint venture, which, in the opinion of management, is material to the Group.
Individually immaterial joint venture
The following table shows summarised financial information on joint ventures that management considers individually immaterial. The information provided represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
10
22
Current assets
66
19
Non-current liabilities
4
42
Current liabilities
85
34
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
(19)
(27)
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
\u2013
\u2013
Total comprehensive income
(19)
(27)
On 29 March 2022, Groupe M6 subscribed to the capital increase of the joint venture Salto (the streaming platform held jointly by Groupe M6, TF1 and France T\u00e9l\u00e9visions) for \u20ac41 million by offsetting its receivable held in its shareholder current account. Further, Groupe M6 provided Salto with a loan which, in substance, forms part of its investment in Salto. The proposed Groupe M6/Groupe TF1 merger having been abandoned, and in the absence of satisfactory offers for a sale of the platform, the three shareholders of Salto have unanimously decided to proceed with the voluntary liquidation of Salto. According to IAS 28.14A RTL Group applied IFRS 9 to the loan and recognised an impairment amount of \u20ac-28 million through profit or loss presented in \u2018Impairment and reversals on other financial assets at amortised cost\u2019 as part of \u2018Other operating expenses\u2019 (see note 5.3). The costs of the withdrawal for each of the partners were recognised by way of provisions as at 31\u00a0December 2022, over and above their share of Salto\u2019s net loss for the year. Thus, the excess of \u20ac15 million was recognised as a provision (see note 6.14.1).
There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
6.5.2. Investments in associates
Individually material associates
Set out below are the associates of the Group at 31\u00a0December\u00a02022, which, in the opinion of the management, are material to the Group:
Name of entity
Country of incorporation
Principal activity
Percentage ownership interest
Measurement method
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Atresmedia
Spain
Broadcasting TV
18.7
18.7
At equity
Global Savings Group (GSG)
Germany
Shopping rewards
41.5
41.5
At equity
RTL 2 Fernsehen GmbH & Co KG
Germany
Broadcasting TV
35.9
35.9
At equity
Atresmedia Corporaci\u00f3n de Medios de Comunicaci\u00f3n S.A. (and subsidiaries, \u2018Atresmedia\u2019) is listed on the Madrid Stock Exchange. Based on the published share price at 31\u00a0December\u00a02022, the market capitalisation of 100 per cent of Atresmedia amounts to \u20ac721\u00a0million, i.e. \u20ac3.19 per share (2021: \u20ac753\u00a0million, i.e. \u20ac3.34 per share). Global Savings Group (GSG) is a private company providing shopping rewards activities and there is no quoted market price available for its shares. RTL 2 Fernsehen GmbH & Co KG is a private company and there is no quoted market price available for its shares.
The following table shows summarised financial information for Atresmedia, Global Savings Group (GSG) and RTL 2 Fernsehen GmbH & Co KG. The information presented represents the amounts included in the financial statements of the material associates plus adjustments for using the equity method, and not RTL Group\u2019s share of these amounts.
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
686
549
189
180
63
51
Current assets
825
853
87
91
70
92
Current liabilities
(529)
(478)
(128)
(85)
(34)
(43)
Non-current liabilities
(295)
(381)
(56)
(59)
(47)
(38)
Net assets
687
543
92
127
52
62
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
951
963
167
148
256
283
Earnings after taxes from continuing operations
112
118
(34)
(11)
38
52
Earnings after taxes from discontinued operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income
127
(2)
\u2013
(1)
\u2013
\u2013
Total comprehensive income
239
116
(34)
(12)
38
52
Dividends received from associates
18
8
\u2013
\u2013
19
15
The reconciliation of the summarised financial information shown to the carrying amount of the interest in each material associate in the consolidated financial statements is shown in the following table:
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net assets at 31\u00a0December
687
543
92
127
52
62
Proportionate equity
128
101
38
52
17
33
Goodwill
166
166
42
42
24
24
Impairment on investments accounted for using the equity method
(110)
(110)
\u2013
\u2013
\u2013
\u2013
Carrying amount
184
157
80
94
41
57
Investments in associates are tested for impairment according to the same methodology applied for the impairment test of goodwill.
The perpetual growth and discount rates used are as follows:
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
Atresmedia
0.0
10.0
0.0
8.1
RTL 2 Fernsehen GmbH & Co. KG
0.5
6.7
0.5
7.0
As at 31\u00a0December\u00a02022, the investment in Atresmedia was tested for impairment in accordance with IAS\u00a036. The recoverable amount of Atresmedia on 31\u00a0December\u00a02022 was based on the value in use determined using a discounted cash flow model, as management considered the share price of Atresmedia did not fully reflect its earning potential, which includes the new diversification strategy through expansion of its investment portfolio, strengthen its digital streaming offers and building its leading position in locally relevant content production. The ongoing challenging economic environment in Spain combined with strong competition, changing viewing preferences and continued dependence on linear television continues to lead to high uncertainty in terms of forecasts. As at 31\u00a0December\u00a02022 neither additional impairment loss nor reversal of impairment loss had to be recognised on the at equity investment in Atresmedia.
As at 31\u00a0December\u00a02022, the share price of Atresmedia was \u20ac3.19 (31\u00a0December\u00a02021: \u20ac3.34) which results in a fair value less costs of disposal of \u20ac132\u00a0million for the 18.7 per cent held by RTL Group (31\u00a0December\u00a02021: \u20ac138\u00a0million).
The assumptions based on the value in use using a discounted cash flow model are shown in the above table.
Management has identified that a reasonably possible change in three key assumptions could cause the carrying amount to exceed the recoverable amount. In the event of changes of these assumptions individually, as described in the following table, the estimated recoverable amount would be equal to the carrying amount.
\u00a0
31\u00a0December\u00a02022
\u00a0
Percentage point
EBITA margin
(0.6)
Discount rate
0.7
Perpetual growth rate
(0.7)
In November 2019, the Spanish Competition Authority (CNMC) arrived at a decision in disciplinary proceedings imposing a fine on Atresmedia and Mediaset and barring both operators from specified courses of conduct. The parties were ordered to take steps to align their commercial and contractual relations to the requirements of the decision. The fine imposed on Atresmedia amounts to \u20ac38.2 million. In 2020, Atresmedia challenged the decision by filing an application for judicial review with the Administrative Chamber of the Audiencia Nacional, Spain\u2019s national court. The application was found admissible. Consequently, Atresmedia will proceed with an appeal in the aforementioned court. The directors and legal advisors of Atresmedia believe that the application for judicial review against the CNMC\u2019s decision is likely to succeed. No provision has been recognised.
For Global Savings Group no triggering events for an impairment test have been identified.
The recoverable amount of RTL 2 Fernsehen GmbH & Co KG has been determined on the basis of the fair value less costs of disposal at 31\u00a0December\u00a02022. This is a Level 3 fair value measurement.
Individually immaterial associates
The following table shows summarised financial information on associates that management considers individually immaterial. The information given represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
53
43
Current assets
72
52
Non-current liabilities
8
3
Current liabilities
50
38
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
12
14
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
1
1
Total comprehensive income
13
15
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
10.2. Transactions with investments accounted for using the equity method
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
In addition to the capital contributions in Salto during the reporting period (see note 6.5.1), RTL Group made further capital contributions to joint ventures amounting to \u20ac2 million and to its investments in associates amounting to \u20ac4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-79": { "value": "
The following table shows the composition of the scope of consolidation excluding the parent company RTL Group SA, based in Luxembourg:
\u00a0
Subsidiaries
Joint ventures1
Associates1
Total
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
67
50
2
2
14
13
83
65
Groupe M6
47
49
5
4
4
3
56
56
Fremantle
174
104
2
1
1
1
177
106
RTL Nederland
8
6
2
2
2
2
12
10
Other segments
39
54
\u2013
\u2013
3
3
42
57
Total
335
263
11
9
24
22
370
294
1) The joint ventures and associates included in the table are investments accounted for using the equity method.
6.5. Investments accounted for using the equity method
As at 31\u00a0December\u00a02022, investments in 11 joint ventures (31\u00a0December\u00a02021: 9) and 24 associates (31\u00a0December\u00a02021: 22) were accounted for in the consolidated financial statements.
The amounts recognised in the consolidated statement of financial position are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Associates
370
360
Joint ventures
6
6
Balance at 31\u00a0December
376
366
The amounts recognised in the income statement are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Share of results of investments accounted for using the equity method
\u00a0
\u00a0
Associates
33
50
Joint ventures
(19)
(23)
\u00a0
14
27
\u00a0
\u00a0
\u00a0
Impairment and reversals of investments accounted for using the equity method
\u00a0
\u00a0
Associates
(5)
2
Joint ventures
\u2013
\u2013
\u00a0
(5)
2
In the year 2022, dividends received from investments accounted for using the equity method amounted to \u20ac53\u00a0million (2021: \u20ac45\u00a0million). This amount is considered as an adjustment in \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 when calculating cash flows from operating activities.
6.5.1. Investments in joint ventures
Individually material joint venture
As at 31\u00a0December\u00a02022, RTL Group had no joint venture, which, in the opinion of management, is material to the Group.
Individually immaterial joint venture
The following table shows summarised financial information on joint ventures that management considers individually immaterial. The information provided represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
10
22
Current assets
66
19
Non-current liabilities
4
42
Current liabilities
85
34
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
(19)
(27)
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
\u2013
\u2013
Total comprehensive income
(19)
(27)
On 29 March 2022, Groupe M6 subscribed to the capital increase of the joint venture Salto (the streaming platform held jointly by Groupe M6, TF1 and France T\u00e9l\u00e9visions) for \u20ac41 million by offsetting its receivable held in its shareholder current account. Further, Groupe M6 provided Salto with a loan which, in substance, forms part of its investment in Salto. The proposed Groupe M6/Groupe TF1 merger having been abandoned, and in the absence of satisfactory offers for a sale of the platform, the three shareholders of Salto have unanimously decided to proceed with the voluntary liquidation of Salto. According to IAS 28.14A RTL Group applied IFRS 9 to the loan and recognised an impairment amount of \u20ac-28 million through profit or loss presented in \u2018Impairment and reversals on other financial assets at amortised cost\u2019 as part of \u2018Other operating expenses\u2019 (see note 5.3). The costs of the withdrawal for each of the partners were recognised by way of provisions as at 31\u00a0December 2022, over and above their share of Salto\u2019s net loss for the year. Thus, the excess of \u20ac15 million was recognised as a provision (see note 6.14.1).
There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
10.2. Transactions with investments accounted for using the equity method
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
In addition to the capital contributions in Salto during the reporting period (see note 6.5.1), RTL Group made further capital contributions to joint ventures amounting to \u20ac2 million and to its investments in associates amounting to \u20ac4 million.
12. GROUP UNDERTAKINGS
The following table presents the RTL Group undertakings as at 31\u00a0December\u00a02022 sorted by country. RTL Group SA is the parent company and incorporated in Luxembourg.
\u00a0
Group's ownership1)
Consolidation method2)
\u00a0
\u00a0
(in per cent)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Antigua and Barbuda
\u00a0
\u00a0
\u00a0
Grundy International Operations Ltd
100.0
FC
\u00a0
Argentina
\u00a0
\u00a0
\u00a0
Fremantle Productions Argentina S.A.
99.7
FC
\u00a0
Australia
\u00a0
\u00a0
\u00a0
Eureka Productions Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Holdings Pty Ltd
99.7
FC
\u00a0
FremantleMedia Australia Pty Ltd
99.7
FC
\u00a0
Grundy Organization Pty Ltd
99.7
FC
\u00a0
Helium Five Pty Ltd
99.7
FC
\u00a0
Helium Four Pty Ltd
99.7
FC
\u00a0
Helium One Pty Ltd
99.7
FC
\u00a0
Helium Seven Pty Ltd
99.7
FC
\u00a0
Helium Six Pty Ltd
99.7
FC
\u00a0
Helium Three Pty Ltd
99.7
FC
\u00a0
Helium Two Pty Ltd
99.7
FC
\u00a0
Huzzah Productions Pty Ltd
99.7
FC
\u00a0
Regal Chandos Pty Ltd
99.7
FC
\u00a0
Royal Atchison Pty Ltd
99.7
FC
\u00a0
Austria
\u00a0
\u00a0
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
G+J Holding GmbH
99.7
FC
\u00a0
IP \u00d6sterreich GmbH
49.9
FC
\u00a0
RTL Austria GmbH
99.7
FC
\u00a0
Belgium
\u00a0
\u00a0
\u00a0
Freecaster BVBA
99.7
FC
\u00a0
FremantleMedia Belgium NV
99.7
FC
\u00a0
Brazil
\u00a0
\u00a0
\u00a0
FremantleMedia Brazil Producao de Televisao Ltda.
99.7
FC
\u00a0
Canada
\u00a0
\u00a0
\u00a0
FremantleMedia Canada No 2 Inc.
99.7
FC
\u00a0
China
\u00a0
\u00a0
\u00a0
Fremantle (Shanghai) Culture Media Co. Ltd.
99.7
FC
\u00a0
Fremantle Productions Asia Ltd.
100.0
FC
\u00a0
Denmark
\u00a0
\u00a0
\u00a0
Blu A/S
99.7
FC
\u00a0
Miso Film ApS
99.7
FC
\u00a0
Miso Holdings ApS
99.7
FC
\u00a0
Strong Productions A/S
99.7
FC
\u00a0
Finland
\u00a0
\u00a0
\u00a0
Fremantlemedia Finland Oy
99.7
FC
\u00a0
Grillifilms Oy
79.8
FC
\u00a0
Moskito Television Oy
99.7
FC
\u00a0
Nice Entertainment Group Oy
99.7
FC
\u00a0
France
\u00a0
\u00a0
\u00a0
123 Productions SAS
99.7
FC
\u00a0
Academee SAS
24.2
EM (JV)
\u00a0
BCE France SAS
99.7
FC
\u00a0
Bedrock SAS
74.0
FC
\u00a0
C. Productions SA
48.4
FC
\u00a0
Canal Star SARL
48.4
FC
\u00a0
CTZAR SAS
24.7
FC
\u00a0
CTZAR STUDIO SAS
24.7
FC
\u00a0
EDI TV SAS
48.4
FC
\u00a0
Extension TV SAS
24.2
EM (JV)
\u00a0
FM Graffiti SARL
48.4
FC
\u00a0
Freecaster France SAS
99.7
FC
\u00a0
FremantleMedia France SAS
99.7
FC
\u00a0
GM6 SAS
48.4
FC
\u00a0
Immobiliere 46D SAS
48.4
FC
\u00a0
Immobiliere M6 SAS
48.4
FC
\u00a0
Jeunesse TV SAS
48.4
FC
\u00a0
Kwai SAS
99.7
FC
\u00a0
M6 Communication SAS
48.4
FC
\u00a0
M6 Creations SAS
48.4
FC
\u00a0
M6 Developpement SAS
48.4
FC
\u00a0
M6 Diffusion SA
48.4
FC
\u00a0
M6 Digital Services SAS
48.4
FC
\u00a0
M6 Distribution Digital SAS
48.4
FC
\u00a0
M6 Editions SA
48.4
FC
\u00a0
M6 Evenements SA
48.4
FC
\u00a0
M6 Films SA
48.4
FC
\u00a0
M6 Foot SAS
48.4
FC
\u00a0
M6 Generation SAS
48.4
FC
\u00a0
M6 Interactions SAS
48.4
FC
\u00a0
M6 Invest 2 SAS
48.4
FC
\u00a0
M6 Plateforme SA
48.4
FC
\u00a0
M6 Publicite SAS
48.4
FC
\u00a0
M6 Shop SAS
48.4
FC
\u00a0
M6 Studio SAS
48.4
FC
\u00a0
M6 Thematique SAS
48.4
FC
\u00a0
Malesherbes SAS
48.4
FC
\u00a0
Media Strategie SARL
48.4
FC
\u00a0
Metropole Television SA
48.4
FC
\u00a0
Miliboo SA
10.4
EM (A)
\u00a0
Panora Services SAS
24.2
EM (JV)
\u00a0
Paris Premiere SAS
48.4
FC
\u00a0
Quicksign SAS
11.6
EM (A)
\u00a0
Radio Golfe SARL
48.4
FC
\u00a0
Radio Porte Sud SARL
48.4
FC
\u00a0
Realytics SAS
99.7
FC
\u00a0
RTL AdConnect SA
99.7
FC
\u00a0
RTL France Holding SAS
99.7
FC
\u00a0
RTL France Radio SAS
48.4
FC
\u00a0
Salto Gestion SAS
16.1
EM (JV)
\u00a0
Salto SNC
16.1
EM (JV)
\u00a0
SCI du 107
48.4
FC
\u00a0
SEDI TV SAS
48.4
FC
\u00a0
SNDA SAS
48.4
FC
\u00a0
Societe Communication A2B SARL
48.4
FC
\u00a0
Societe de Developpement de Radio Diffusion SA
48.4
FC
\u00a0
Societe d'Exploitation Radio Chic SA
48.4
FC
\u00a0
Societe Nouvelle de Distribution SA
48.4
FC
\u00a0
Societe Privee de Radiodiffusion Gibus Bourgogne SARL
48.4
FC
\u00a0
Stephane Plaza France SAS
24.7
FC
\u00a0
Studio 89 Productions SAS
48.4
FC
\u00a0
we are era SAS
99.7
FC
\u00a0
Wild Buzz Agency SAS
23.7
EM (A)
\u00a0
Germany
\u00a0
\u00a0
\u00a0
11 Freunde Verlag GmbH & Co KG
50.9
FC
\u00a0
99 pro media GmbH
99.7
FC
\u00a0
Ad Alliance GmbH
99.7
FC
\u00a0
Antenne Niedersachsen GmbH & Co. KG
55.8
FC
\u00a0
AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen mbH
99.7
FC
\u00a0
AVE II Verm\u00f6gensverwaltungsgesellschaft mbH & Co. KG
99.7
FC
\u00a0
BCS Broadcast Sachsen GmbH & Co. KG
47.5
EM (A)
\u00a0
Blueberry Food Studios GmbH
99.7
FC
\u00a0
Checkout Charlie GmbH
99.7
FC
\u00a0
Chefkoch GmbH
99.7
FC
\u00a0
CLT-UFA Germany GmbH
99.7
FC
\u00a0
Deutsche Medien-Manufaktur GmbH & Co. KG
49.9
FC
\u00a0
d-force GmbH
49.9
EM (JV)
\u00a0
Digital Media Hub GmbH
99.7
FC
\u00a0
DMV DER MEDIENVERTRIEB GmbH & Co. KG
48.9
EM (A)
\u00a0
DPV Deutscher Pressevertrieb GmbH
99.7
FC
\u00a0
Eat the World GmbH
99.7
FC
\u00a0
FremantleMedia International Germany GmbH
99.7
FC
\u00a0
Funkhaus Halle GmbH & Co. KG
61.2
FC
\u00a0
G+J Electronic Media Sales GmbH
99.7
FC
\u00a0
G+J LIVING Digital GmbH
99.7
FC
\u00a0
G+J Medien GmbH
99.7
FC
\u00a0
Global Savings Group GmbH
20.1
EM (A)
\u00a0
Gruner\u00a0+\u00a0Jahr Deutschland GmbH
99.7
FC
\u00a0
Henri-Nannen-Schule Gruner+Jahr/DIE ZEIT GmbH
94.7
FC
\u00a0
HITRADIO RTL Sachsen GmbH
86.3
FC
\u00a0
Like to KNOW GmbH
99.7
FC
\u00a0
Madsack H\u00f6rfunk GmbH
99.7
FC
3)
Mediengesellschaft Mittelstand Niedersachsen GmbH
23.1
EM (A)
3)
MSP Medien-Service und Promotion GmbH
99.7
FC
\u00a0
nachrichtenmanufaktur GmbH
99.7
FC
\u00a0
Neue Spreeradio H\u00f6rfunkgesellschaft mbH
99.7
FC
\u00a0
ntv Nachrichtenfernsehen GmbH
99.7
FC
\u00a0
PVB Presse Vertrieb GmbH & Co. KG
58.3
EM (A)
\u00a0
Radio Hamburg GmbH & Co. KG
29.1
EM (A)
\u00a0
Radio NRW GmbH
21.4
EM (A)
\u00a0
Radio21 GmbH & Co. KG
21.0
EM (A)
\u00a0
RTL 2 Fernsehen Gesch\u00e4ftsf\u00fchrungs GmbH
35.8
EM (A)
\u00a0
RTL 2 Fernsehen GmbH & Co. KG
35.4
EM (A)
\u00a0
RTL AdConnect GmbH
99.7
FC
\u00a0
RTL Advertising GmbH
99.7
FC
\u00a0
RTL Audio Center Berlin GmbH
99.7
FC
\u00a0
RTL Audio Vermarktung GmbH
99.7
FC
\u00a0
RTL Deutschland GmbH
99.7
FC
\u00a0
RTL Group Financial Services GmbH
99.7
FC
\u00a0
RTL Group GmbH
99.7
FC
\u00a0
RTL Group Markenverwaltungs GmbH
99.7
FC
\u00a0
RTL Group Services GmbH
99.7
FC
\u00a0
RTL Group Verm\u00f6gensverwaltung GmbH
99.7
FC
\u00a0
RTL Hessen GmbH
99.7
FC
\u00a0
RTL Hessen Programmfenster GmbH
59.8
FC
\u00a0
RTL interactive GmbH
99.7
FC
\u00a0
RTL International GmbH
99.7
FC
\u00a0
RTL Journalistenschule GmbH
89.8
FC
\u00a0
RTL MUSIC PUBLISHING GmbH
99.7
FC
\u00a0
RTL NEWS GmbH
99.7
FC
\u00a0
RTL Nord GmbH
99.7
FC
\u00a0
RTL Radio Berlin GmbH
99.7
FC
\u00a0
RTL Radio Deutschland GmbH
99.7
FC
\u00a0
RTL Radio Luxemburg GmbH
99.7
FC
\u00a0
RTL STUDIOS GmbH
99.7
FC
\u00a0
RTL Technology GmbH
99.7
FC
\u00a0
RTL Television GmbH
99.7
FC
\u00a0
RTL WEST GmbH
74.8
FC
\u00a0
Screenworks K\u00f6ln GmbH
49.8
EM (A)
\u00a0
Sellwell GmbH & Co. KG
99.7
FC
\u00a0
Skyline Medien GmbH
49.7
EM (JV)
\u00a0
smartclip Deutschland GmbH
99.7
FC
\u00a0
smartclip Europe GmbH
99.7
FC
\u00a0
SQL Service GmbH
49.9
EM (A)
\u00a0
SUPER RTL Fernsehen GmbH
99.7
FC
\u00a0
UFA Distribution GmbH
99.7
FC
\u00a0
UFA Documentary GmbH
99.7
FC
\u00a0
UFA Fiction GmbH
99.7
FC
\u00a0
UFA Fiction Productions GmbH
99.7
FC
\u00a0
UFA Film und Fernseh GmbH
99.7
FC
\u00a0
UFA GmbH
99.7
FC
\u00a0
Ufa Radio-Programmgesellschaft in Bayern mbH
99.7
FC
\u00a0
UFA Serial Drama GmbH
99.7
FC
\u00a0
UFA Show & Factual GmbH
99.7
FC
\u00a0
VOX Holding GmbH
99.7
FC
\u00a0
VOX Television GmbH
99.4
FC
\u00a0
VSG Schwerin - Verlagsservicegesellschaft mbH
99.7
FC
\u00a0
we are era GmbH
99.7
FC
\u00a0
Greece
\u00a0
\u00a0
\u00a0
Fremantle Productions SA
99.7
FC
\u00a0
Hungary
\u00a0
\u00a0
\u00a0
Magyar RTL Televizio Zrt.
99.7
FC
\u00a0
R-Time Kft.
99.7
FC
\u00a0
RTL Services Kft.
99.7
FC
\u00a0
UFA Magyarorszag Kft.
99.7
FC
\u00a0
UFA Projekt 2022 Kft.
99.7
FC
\u00a0
India
\u00a0
\u00a0
\u00a0
Fremantle India Television Productions Pvt Ltd
99.7
FC
\u00a0
Indonesia
\u00a0
\u00a0
\u00a0
PT Dunia Visitama Produksi IDN/PMA
99.7
FC
\u00a0
Ireland
\u00a0
\u00a0
\u00a0
Element Pictures (CWF) Limited
50.9
FC
\u00a0
Element Pictures Limited
50.9
FC
\u00a0
Element Pictures Television Limited
50.9
FC
\u00a0
Sorrento TV Sales Limited
50.9
FC
\u00a0
Isle of Men
\u00a0
\u00a0
\u00a0
Element Pictures GHC
50.9
FC
\u00a0
Israel
\u00a0
\u00a0
\u00a0
Abot Hameiri Communications Ltd.
99.7
FC
\u00a0
Italy
\u00a0
\u00a0
\u00a0
Boats S.r.l.
99.7
FC
\u00a0
Film Factory S.r.l.
69.8
FC
\u00a0
FremantleMedia Italia S.p.A.
99.7
FC
\u00a0
FremantleMedia Italy Group S.r.l.
99.7
FC
\u00a0
Lux Vide F.I.A.T. S.p.A.
69.8
FC
\u00a0
Offside S.r.l.
99.7
FC
\u00a0
RTL AdConnect S.r.l.
99.7
FC
\u00a0
Smartclip S.r.l.
99.7
FC
\u00a0
The Apartment S.r.l.
99.7
FC
\u00a0
we are era S.r.l.
99.7
FC
\u00a0
Wildside S.r.l.
99.7
FC
\u00a0
Luxembourg
\u00a0
\u00a0
\u00a0
Broadcasting Center Europe International S.A.
99.7
FC
\u00a0
Broadcasting Center Europe S.A.
99.7
FC
\u00a0
CLT-UFA S.A.
99.7
FC
\u00a0
Data Center Europe S.a r.L.
99.7
FC
\u00a0
European News Exchange S.A.
64.5
FC
\u00a0
Heliovos S.A.
48.9
EM (A)
\u00a0
IP Luxembourg S.a r.l.
99.7
FC
\u00a0
Luxradio S.a r.L.
99.7
FC
\u00a0
Media Properties S.a r.l.
99.7
FC
\u00a0
Media Real Estate S.A.
99.7
FC
\u00a0
RTL AdConnect International S.A.
99.7
FC
\u00a0
RTL Group Holding S.a. r.l.
99.7
FC
\u00a0
RTL Media Support S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A.
99.7
FC
\u00a0
RTL Nederland Media Services S.A. & Cie S.C.S.
99.7
FC
\u00a0
Mexico
\u00a0
\u00a0
\u00a0
FremantleMedia Mexico, S.A. de C.V.
99.7
FC
\u00a0
The Netherlands
\u00a0
\u00a0
\u00a0
Ad Alliance B.V.
99.7
FC
4)
Benelux Film Investments B.V.
49.9
EM (JV)
\u00a0
E-Health & Safety skills B.V.
48.9
EM (A)
\u00a0
Fiction Valley B.V.
99.7
FC
\u00a0
Format Creation Group B.V.
99.7
FC
4)
Fremantle Productions B.V.
99.7
FC
\u00a0
FremantleMedia Netherlands B.V.
99.7
FC
\u00a0
FremantleMedia Overseas Holdings B.V.
99.7
FC
\u00a0
Grundy International Holdings (I) B.V.
99.7
FC
\u00a0
Grundy/Endemol Nederland V.O.F.
49.9
EM (JV)
\u00a0
HelloSparkle B.V.
24.9
EM (A)
\u00a0
NLZiet Co\u00f6peratief U.A.
33.2
EM (JV)
\u00a0
RTL AdConnect B.V.
99.7
FC
\u00a0
RTL Group Beheer B.V.
99.7
FC
4)
RTL Nederland B.V.
99.7
FC
4)
RTL Nederland Holding B.V.
99.7
FC
4)
RTL Nederland Ventures B.V.
99.7
FC
4)
RTL Nieuws B.V.
99.7
FC
4)
smartclip Benelux B.V.
99.7
FC
\u00a0
Videoland B.V.
99.7
FC
4)
we are era B.V.
99.7
FC
\u00a0
Norway
\u00a0
\u00a0
\u00a0
FremantleMedia Norge AS
99.7
FC
\u00a0
Miso Film Norge AS
99.7
FC
\u00a0
Monster AS
99.7
FC
\u00a0
One Big Happy Family AS
99.7
FC
\u00a0
Playroom Events AS
99.7
FC
\u00a0
Strix Televisjon AS
99.7
FC
\u00a0
This is Nice Studios Norway AS
99.7
FC
\u00a0
Poland
\u00a0
\u00a0
\u00a0
FremantleMedia Polska Sp. z o.o.
99.7
FC
\u00a0
Portugal
\u00a0
\u00a0
\u00a0
FremantleMedia Portugal SA
99.7
FC
\u00a0
Russia
\u00a0
\u00a0
\u00a0
OOO LTI Vostok
48.4
FC
\u00a0
Singapore
\u00a0
\u00a0
\u00a0
FremantleMedia Asia Pte. Ltd.
99.7
FC
\u00a0
Spain
\u00a0
\u00a0
\u00a0
Atresmedia Corporacion de Medios de Comunicacion, S.A.
18.7
EM (A)
\u00a0
FremantleMedia Espana, S.A.
99.7
FC
\u00a0
we are era, S.L.U.
99.7
FC
\u00a0
Sweden
\u00a0
\u00a0
\u00a0
Baluba AB
99.7
FC
\u00a0
FremantleMedia Sverige AB
99.7
FC
\u00a0
Miso Film Sverige AB
99.7
FC
\u00a0
smartclip Nordics AB
99.7
FC
\u00a0
Strix Television AB
99.7
FC
\u00a0
This is Nice Studios Holding AB
99.7
FC
\u00a0
This is Nice Studios Sweden AB
99.7
FC
\u00a0
we are era AB
99.7
FC
\u00a0
Switzerland
\u00a0
\u00a0
\u00a0
Goldbach Audience (Switzerland) AG
24.9
EM (A)
\u00a0
Goldbach Media (Switzerland) AG
22.9
EM (A)
\u00a0
Swiss Radioworld AG
22.9
EM (A)
\u00a0
United Kingdom
\u00a0
\u00a0
\u00a0
72 Films Limited
54.8
FC
\u00a0
America Films Limited
50.9
FC
\u00a0
Arbie Productions Ltd
99.7
FC
\u00a0
Baxter Film Productions Limited
50.9
FC
\u00a0
Blue Star Films Limited
60.8
FC
\u00a0
CLT-UFA UK Radio
99.7
FC
\u00a0
Cockerel Films Limited
54.8
FC
\u00a0
Conversations Productions Limited
50.9
FC
\u00a0
Dancing Ledge Productions Limited
60.8
FC
\u00a0
DDE Films Limited
54.8
FC
\u00a0
DLP (Big Mood) Ltd
60.8
FC
\u00a0
DLP (Crossfire) Ltd
60.8
FC
\u00a0
DLP (Domino Day) Ltd
60.8
FC
\u00a0
DLP (Platform 7) Limited
60.8
FC
\u00a0
DLP (The Responder) Ltd
60.8
FC
\u00a0
DLP (Wedding Season) Ltd
60.8
FC
\u00a0
Dublin Murders Productions Limited
87.5
FC
\u00a0
Element Pictures (GP) Limited
50.9
FC
\u00a0
Element Pictures GVS Limited
50.9
FC
\u00a0
Element Pictures PT Limited
50.9
FC
\u00a0
Element Pictures RMF Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Limited
50.9
FC
\u00a0
Element Pictures UK Holdings Two Limited
50.9
FC
\u00a0
Element Pictures UK Limited
50.9
FC
\u00a0
Eternal Daughter Productions Limited
50.9
FC
\u00a0
Euston Films Productions Limited
99.7
FC
\u00a0
Fremantle Nordic Holdings Limited
99.7
FC
\u00a0
Fremantle Periodic (Holdings) Limited
99.7
FC
\u00a0
FremantleMedia Group Limited
99.7
FC
\u00a0
FremantleMedia Limited
99.7
FC
\u00a0
FremantleMedia Overseas Limited
99.7
FC
\u00a0
House Element Wonder Limited
25.4
EM (JV)
\u00a0
Label1 Television Limited
50.9
FC
\u00a0
LBJ Films Limited
54.8
FC
\u00a0
LD Film Productions Limited
50.9
FC
\u00a0
Marlborough Film Productions Limited
50.9
FC
\u00a0
Matriarch Films Limited
50.9
FC
\u00a0
Naked Television Limited
99.7
FC
\u00a0
OBG Film Productions Limited
50.9
FC
\u00a0
Orangutan Films Limited
50.9
FC
\u00a0
Raven Facilities Limited
54.8
FC
\u00a0
RTL AdConnect UK Ltd
99.7
FC
\u00a0
RTL Group Support Services Limited
99.7
FC
\u00a0
Sentient Productions Limited
50.9
FC
\u00a0
Slade Films Limited
54.8
FC
\u00a0
Syracuse Films Limited
54.8
FC
\u00a0
Talkback Productions Limited
99.7
FC
\u00a0
TalkbackThames UK Limited
99.7
FC
\u00a0
Thames Television Limited
99.7
FC
\u00a0
Tigerstripe Films Limited
50.9
FC
\u00a0
True Life Films Limited
50.9
FC
\u00a0
UFA Fiction Limited
99.7
FC
\u00a0
Underdogs Films Limited
50.9
FC
\u00a0
Wildshot Games Limited
50.9
FC
\u00a0
Wildspark Films Limited
50.9
FC
\u00a0
WildStar Films Limited
50.9
FC
\u00a0
Yospace Enterprises Limited
99.7
FC
\u00a0
Yospace Technologies Limited
99.7
FC
\u00a0
United States
\u00a0
\u00a0
\u00a0
3 Doors Productions, Inc.
99.7
FC
\u00a0
American Idol Productions, Inc.
99.7
FC
\u00a0
Amygdala Records, Inc.
99.7
FC
\u00a0
Big Break Productions, Inc.
99.7
FC
\u00a0
Blue Orbit Productions, Inc.
99.7
FC
\u00a0
Crown Broadway Productions LLC
99.7
FC
\u00a0
Crown Cloverfield Productions LLC
99.7
FC
\u00a0
Crown Noah Productions LLC
99.7
FC
\u00a0
Crown Venice Productions LLC
99.7
FC
\u00a0
Crown Wilshire Productions LLC
99.7
FC
\u00a0
Eureka Productions LLC
99.7
FC
\u00a0
Fabel Entertainment LLC
24.9
EM (A)
\u00a0
FCB Productions, Inc.
99.7
FC
\u00a0
Fellow Travelers Productions, Inc.
99.7
FC
\u00a0
Fremantle Productions North America, Inc.
99.7
FC
\u00a0
Fremantle Productions, Inc.
99.7
FC
\u00a0
FremantleMedia Latin America, Inc.
99.7
FC
\u00a0
FremantleMedia North America, Inc.
99.7
FC
\u00a0
Good Games Live, Inc.
99.7
FC
\u00a0
Haskell Studio Rentals, Inc.
99.7
FC
\u00a0
Inception XR, Inc.
22.4
EM (A)
\u00a0
Kickoff Productions, Inc.
99.7
FC
\u00a0
L&S USA LLC
69.8
FC
\u00a0
Let's Play, Inc.
94.7
FC
\u00a0
Little Pond Television, Inc.
99.7
FC
\u00a0
Mad Sweeney Productions, Inc.
99.7
FC
\u00a0
Marathon Productions, Inc.
99.7
FC
\u00a0
Max Post, Inc.
99.7
FC
\u00a0
Music Box Library, Inc.
99.7
FC
\u00a0
OP Services, Inc.
99.7
FC
\u00a0
Original Productions, Inc.
99.7
FC
\u00a0
P & P Productions, Inc.
99.7
FC
\u00a0
Prime Media Rentals LLC
99.7
FC
\u00a0
RTL US Holding, Inc.
99.7
FC
\u00a0
SND Films LLC
48.4
FC
\u00a0
Studio Production Services, Inc.
99.7
FC
\u00a0
TCF Productions, Inc.
99.7
FC
\u00a0
Terrapin Productions, Inc.
99.7
FC
\u00a0
The Price Is Right Productions, Inc.
99.7
FC
\u00a0
Tick Tock Productions, Inc.
99.7
FC
\u00a0
Tiny Riot, Inc.
99.7
FC
\u00a0
Triple Threat Productions, Inc.
99.7
FC
\u00a0
Wanderlust Productions, Inc.
99.7
FC
\u00a0
YoSpace, Inc.
99.7
FC
\u00a0
1) The Group\u2019s ownership is based on the total number of shares as at 31\u00a0December\u00a02022
2) FC: full consolidation, EM (JV): joint venture accounted for using the equity method, EM (A): associate accounted for using the equity method
3) At 31\u00a0December\u00a02022, the Group\u00b4s share legally held in Madsack H\u00f6rfunk GmbH and Mediengesellschaft Mittelstand Niedersachsen GmbH is 24.8% and 5.7% respectively. The Group\u2019s ownership disclosed for both entities takes into account an option agreement in accordance with IAS\u00a032
4) Company has elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-80": { "value": "
5.1. Revenue
Revenue is disaggregated below by nature and timing of recognition. The table also includes a reconciliation with reportable segments.
\u00a0
RTL Deutschland
Groupe M6
Fremantle
RTL Nederland
Other segments
Total Group
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from advertising
2,053
1,937
1,084
1,126
16
21
403
362
166
328
3,722
3,774
Revenue from exploitation of programmes, rights and other assets
334
302
174
172
2,112
1,689
206
189
89
106
2,915
2,458
Revenue from selling goods and merchandise and providing services
379
183
94
81
19
17
26
26
69
98
587
405
\u00a0
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
7,224
6,637
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Timing of revenue recognition
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At a point in time
353
88
94
103
2,035
1,674
1
\u2013
63
72
2,546
1,937
Over time
2,413
2,334
1,258
1,276
112
53
634
577
261
460
4,678
4,700
\u00a0
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
7,224
6,637
The increase in \u2018Revenue from exploitation of programmes, rights and other assets\u2019 is mainly due to the several acquisitions conducted by Fremantle and its organic growth. The increase in \u2018Revenue from selling goods and merchandise and providing services\u2019 is mainly due to publishing business through the acquisition of Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands.
The following table shows how much of the revenue recognised in the reporting period relates to carried forward contract liabilities and how much relates to performance obligations that were satisfied in previous periods:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Revenue recognised that was included in the contract liabilities balance at the beginning of the period
553
358
Revenue recognised from performance obligations satisfied in previous periods
\u2013
-
As at 31 December 2022, RTL Group expects future revenues from existing long-term agreements of \u20ac77 million (2021: \u20ac17 million), which will be attributable to unsatisfied (or partially unsatisfied) performance obligations as at the end of the reporting period and is expected to be recognised in the amount of \u20ac41 million (2021: \u20ac16 million) in the next financial year and in the amount of \u20ac36 million (2021: \u20ac1 million) in the following years.
The increase in current contract liabilities from \u20ac449 million at 31 December 2021 to \u20ac596 million at 31 December 2022 is due to the increased volume of activity still to be completed on Fremantle productions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-81": { "value": "
5.1. Revenue
Revenue is disaggregated below by nature and timing of recognition. The table also includes a reconciliation with reportable segments.
\u00a0
RTL Deutschland
Groupe M6
Fremantle
RTL Nederland
Other segments
Total Group
\u00a0
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue from advertising
2,053
1,937
1,084
1,126
16
21
403
362
166
328
3,722
3,774
Revenue from exploitation of programmes, rights and other assets
334
302
174
172
2,112
1,689
206
189
89
106
2,915
2,458
Revenue from selling goods and merchandise and providing services
379
183
94
81
19
17
26
26
69
98
587
405
\u00a0
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
7,224
6,637
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Timing of revenue recognition
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At a point in time
353
88
94
103
2,035
1,674
1
\u2013
63
72
2,546
1,937
Over time
2,413
2,334
1,258
1,276
112
53
634
577
261
460
4,678
4,700
\u00a0
2,766
2,422
1,352
1,379
2,147
1,727
635
577
324
532
7,224
6,637
The increase in \u2018Revenue from exploitation of programmes, rights and other assets\u2019 is mainly due to the several acquisitions conducted by Fremantle and its organic growth. The increase in \u2018Revenue from selling goods and merchandise and providing services\u2019 is mainly due to publishing business through the acquisition of Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands.
The following table shows how much of the revenue recognised in the reporting period relates to carried forward contract liabilities and how much relates to performance obligations that were satisfied in previous periods:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Revenue recognised that was included in the contract liabilities balance at the beginning of the period
553
358
Revenue recognised from performance obligations satisfied in previous periods
\u2013
-
As at 31 December 2022, RTL Group expects future revenues from existing long-term agreements of \u20ac77 million (2021: \u20ac17 million), which will be attributable to unsatisfied (or partially unsatisfied) performance obligations as at the end of the reporting period and is expected to be recognised in the amount of \u20ac41 million (2021: \u20ac16 million) in the next financial year and in the amount of \u20ac36 million (2021: \u20ac1 million) in the following years.
The increase in current contract liabilities from \u20ac449 million at 31 December 2021 to \u20ac596 million at 31 December 2022 is due to the increased volume of activity still to be completed on Fremantle productions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-82": { "value": "
The following table shows how much of the revenue recognised in the reporting period relates to carried forward contract liabilities and how much relates to performance obligations that were satisfied in previous periods:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Revenue recognised that was included in the contract liabilities balance at the beginning of the period
553
358
Revenue recognised from performance obligations satisfied in previous periods
\u2013
-
The increase in current contract liabilities from \u20ac449 million at 31 December 2021 to \u20ac596 million at 31 December 2022 is due to the increased volume of activity still to be completed on Fremantle productions.
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-83": { "value": "
5.2. Other operating income
The other operating income amounting to \u20ac84 million (2021: \u20ac88 million) was characterised by a decline in Groupe M6 due to higher tax credits and operating subsidies in the prior year, partly balanced by scope effects in RTL\u00a0Deutschland following the acquisition of Gruner + Jahr.
5.3. Other operating expenses
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
In the financial years 2022 and 2021, the item \u2018Fair value measurement of investments\u2019 included mainly effects from the valuation of Magnite shares and VideoAmp shares. The item \u2018Valuation allowance\u2019 includes the impairment of the loan provided by Groupe M6 to Salto (see note 6.5.1). The item \u2018Rentals and other lease expenses\u2019 includes expenses from short-term leases of \u20ac17\u00a0million (2021: \u20ac12\u00a0million) and expenses for low-value assets for \u20acnil\u00a0million (2021: \u20acnil\u00a0million). Expenses from variable lease payments, which are not included in the lease liabilities, are immaterial for RTL Group.
The item \u2018Audit and consulting fees\u2019 includes fees related to the Group\u2019s auditor, KPMG, and its affiliates regarding continuing operations. These are set out below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Audit services pursuant to legislation
3.8
3.5
Audit-related services
0.5
0.5
Non-audit services
0.3
0.7
\u00a0
4.6
4.7
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
The average number of employees for undertakings held by the Group is set out below:
\u00a0
2022
2021
\u00a0
\u00a0
Employees of fully consolidated undertakings
12,975
10,861
\u00a0
12,975
10,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-84": { "value": "
5.2. Other operating income
The other operating income amounting to \u20ac84 million (2021: \u20ac88 million) was characterised by a decline in Groupe M6 due to higher tax credits and operating subsidies in the prior year, partly balanced by scope effects in RTL\u00a0Deutschland following the acquisition of Gruner + Jahr.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-85": { "value": "
5.3. Other operating expenses
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
In the financial years 2022 and 2021, the item \u2018Fair value measurement of investments\u2019 included mainly effects from the valuation of Magnite shares and VideoAmp shares. The item \u2018Valuation allowance\u2019 includes the impairment of the loan provided by Groupe M6 to Salto (see note 6.5.1). The item \u2018Rentals and other lease expenses\u2019 includes expenses from short-term leases of \u20ac17\u00a0million (2021: \u20ac12\u00a0million) and expenses for low-value assets for \u20acnil\u00a0million (2021: \u20acnil\u00a0million). Expenses from variable lease payments, which are not included in the lease liabilities, are immaterial for RTL Group.
The item \u2018Audit and consulting fees\u2019 includes fees related to the Group\u2019s auditor, KPMG, and its affiliates regarding continuing operations. These are set out below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Audit services pursuant to legislation
3.8
3.5
Audit-related services
0.5
0.5
Non-audit services
0.3
0.7
\u00a0
4.6
4.7
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
The average number of employees for undertakings held by the Group is set out below:
\u00a0
2022
2021
\u00a0
\u00a0
Employees of fully consolidated undertakings
12,975
10,861
\u00a0
12,975
10,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-86": { "value": "
5.3. Other operating expenses
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
In the financial years 2022 and 2021, the item \u2018Fair value measurement of investments\u2019 included mainly effects from the valuation of Magnite shares and VideoAmp shares. The item \u2018Valuation allowance\u2019 includes the impairment of the loan provided by Groupe M6 to Salto (see note 6.5.1). The item \u2018Rentals and other lease expenses\u2019 includes expenses from short-term leases of \u20ac17\u00a0million (2021: \u20ac12\u00a0million) and expenses for low-value assets for \u20acnil\u00a0million (2021: \u20acnil\u00a0million). Expenses from variable lease payments, which are not included in the lease liabilities, are immaterial for RTL Group.
The item \u2018Audit and consulting fees\u2019 includes fees related to the Group\u2019s auditor, KPMG, and its affiliates regarding continuing operations. These are set out below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Audit services pursuant to legislation
3.8
3.5
Audit-related services
0.5
0.5
Non-audit services
0.3
0.7
\u00a0
4.6
4.7
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
The average number of employees for undertakings held by the Group is set out below:
\u00a0
2022
2021
\u00a0
\u00a0
Employees of fully consolidated undertakings
12,975
10,861
\u00a0
12,975
10,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-87": { "value": "
5.3. Other operating expenses
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
In the financial years 2022 and 2021, the item \u2018Fair value measurement of investments\u2019 included mainly effects from the valuation of Magnite shares and VideoAmp shares. The item \u2018Valuation allowance\u2019 includes the impairment of the loan provided by Groupe M6 to Salto (see note 6.5.1). The item \u2018Rentals and other lease expenses\u2019 includes expenses from short-term leases of \u20ac17\u00a0million (2021: \u20ac12\u00a0million) and expenses for low-value assets for \u20acnil\u00a0million (2021: \u20acnil\u00a0million). Expenses from variable lease payments, which are not included in the lease liabilities, are immaterial for RTL Group.
The item \u2018Audit and consulting fees\u2019 includes fees related to the Group\u2019s auditor, KPMG, and its affiliates regarding continuing operations. These are set out below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Audit services pursuant to legislation
3.8
3.5
Audit-related services
0.5
0.5
Non-audit services
0.3
0.7
\u00a0
4.6
4.7
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
The average number of employees for undertakings held by the Group is set out below:
\u00a0
2022
2021
\u00a0
\u00a0
Employees of fully consolidated undertakings
12,975
10,861
\u00a0
12,975
10,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-88": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
In the financial years 2022 and 2021, the item \u2018Fair value measurement of investments\u2019 included mainly effects from the valuation of Magnite shares and VideoAmp shares.
In December 2022, RTL Group sold its entire shareholding in Beyond International Limited, a company listed on the Australian Stock Exchange (2021: 19.5 per cent share capital). Beyond International Limited was a Level 1 fair value measurement. In 2022, RTL Group recorded an increase in the fair value of this equity instrument at FVOCI of \u20ac1\u00a0million (2021: increase of \u20ac1\u00a0million).
The movements in equity instruments at FVOCI are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
37
35
Net acquisitions and disposals
(3)
\u2013
Change in fair value
(5)
1
Other changes
\u2013
1
Balance at 31\u00a0December
29
37
\u2018Equity instruments at FVTPL\u2019 includes minority investments in Magnite amounting to \u20ac123\u00a0million (31\u00a0December\u00a02021: \u20ac190\u00a0million) as well as a number of minority investments held by different entities. The fair value of the listed investment in Magnite is measured on the basis of its market value. The gains and losses resulting from changes in the fair value are recognised in \u2018Fair value measurement of investments\u2019 as presented in note 5.3.
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
In 2021, the amount disclosed in \u2019Acquisitions and additions\u2019 mainly related to the Magnite shares RTL\u00a0Group received as a part of the non-cash consideration from the sale of SpotX (\u20ac381\u00a0million). Due to the contractual lockup the Magnite shares were assigned to Level 3. After the expiry\u00a0of the lock-up period, the listed Magnite shares were assigned to Level 1. The effect from re-measurement of these shares until the transfer out of Level 3 amounted to \u20ac\u201161\u00a0million and was disclosed in \u2018Gains and losses recognised in profit or loss\u2019. A further effect of \u20ac66\u00a0million recognised in profit or loss related to the valuation of investment in VideoAmp. The effect in \u2018Settlements\u2019 related to the partial repayment of the convertible note obtained from BBTV Holdings Inc. There were no additional transfers in or out of Level 3 during 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-89": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Employee benefits expenses
1,335
1,159
Production subcontracting expenses
461
392
Intellectual property expenses
312
342
Expenses related to live programmes
262
339
Repairs and maintenance
160
125
Marketing and promotion expenses
157
131
Transmission expenses including satellite capacity
90
91
Audit and consulting fees
80
88
Fair value measurement of investments
78
115
Consumption of other inventories
58
24
Operating taxes
55
64
Valuation allowance
44
1
Rentals and other lease expenses
38
27
Marketing and promotion barter expenses
23
30
Commissions on sales
16
4
Administration and sundry expenses
88
123
\u00a0
3,257
3,055
The item \u2018Valuation allowance\u2019 includes the impairment of the loan provided by Groupe M6 to Salto (see note 6.5.1).
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
Additions and reversals of valuation allowance have been recorded for \u20ac\u201126\u00a0million and \u20ac19\u00a0million respectively in 2022 (2021: \u20ac\u201121\u00a0million and \u20ac20\u00a0million respectively).
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
The Group has a significant concentration of credit risk due to its relationship with Bertelsmann. Nevertheless, credit risk arising from transactions with the principal shareholder or its subsidiaries is significantly mitigated (see note 10.1). RTL Group considers that there is a low concentration of credit risk for other counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-90": { "value": "The item \u2018Rentals and other lease expenses\u2019 includes expenses from short-term leases of \u20ac17\u00a0million (2021: \u20ac12\u00a0million) and expenses for low-value assets for \u20acnil\u00a0million (2021: \u20acnil\u00a0million). Expenses from variable lease payments, which are not included in the lease liabilities, are immaterial for RTL Group.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Gains resulting from swap points
1
\u2013
Net gains on put/call options
\u2013
18
Sundry financial income
5
1
Other financial income
6
19
\u00a0
\u00a0
\u00a0
Losses resulting from swap points
\u2013
(4)
Net losses on put/call options
(4)
\u2013
Interest expense on lease liabilities
(6)
(6)
Interest on defined benefit obligations
(4)
(1)
Sundry financial expenses
(34)
(22)
Other financial expense
(48)
(33)
Depreciation, additions and carrying amounts of right-of-use from leased property, plant and equipment are as follows:
\u00a0
Land and equivalent real estate rights and buildings
Technical equipment and machinery
Other equipment, fixtures, furniture and office equipment
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
277
1
5
283
Effect of movements in foreign exchange
(1)
\u2013
\u2013
(1)
Depreciation charge
(72)
\u2013
(4)
(76)
Additions
76
\u2013
5
81
Other changes
55
\u2013
\u2013
55
Balance at 31\u00a0December\u00a02022
335
1
6
342
\u00a0
Land and equivalent real estate rights and buildings
Technical equipment and machinery
Other equipment, fixtures, furniture and office equipment
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
320
1
8
329
Effect of movements in foreign exchange
2
\u2013
\u2013
2
Depreciation charge
(51)
(1)
(4)
(56)
Additions
12
\u2013
4
16
Other changes
(6)
1
(3)
(8)
Balance at 31\u00a0December\u00a02021
277
1
5
283
\u2019Other changes\u2019 includes an amount of \u20ac46 million increases in right-of-use assets from the extension of existing lease contracts and an amount of \u20ac4\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
1
Bank loans payable \u2013 fixed rate
22
133
155
Bank loans payable \u2013 floating rate
3
\u2013
3
Loans due to investments accounted for using the equity method \u2013 floating rate
\u2013
\u2013
\u2013
Term loan facility due to shareholder \u2013 fixed rate
511
\u2013
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
10
\u2013
10
\u00a0
547
138
685
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
85
300
385
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
\u2013
\u2013
Bank loans payable \u2013 fixed rate
16
130
146
Bank loans payable \u2013 floating rate
7
\u2013
7
Loans due to investments accounted for using the equity method \u2013 floating rate
1
\u2013
1
Term loan facility due to shareholder \u2013 fixed rate
11
500
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
14
\u2013
14
\u00a0
49
635
684
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
59
273
332
As at 31\u00a0December\u00a02022, potential future cash outflows of \u20ac179\u00a0million (undiscounted) have not been included in the lease liabilities as it is not reasonably certain that the leases will be extended (or not terminated) (2021: \u20ac219\u00a0million).
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the closing date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
547
134
4
685
Lease liabilities
91
220
97
408
Accounts payable and other non-derivative financial liabilities
1,796
139
91
2,026
At 31\u00a0December\u00a02022
2,434
493
192
3,119
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(1,027)
(181)
(2)
(1,210)
\u2013 Inflow
984
167
2
1,153
At 31\u00a0December\u00a02022
(43)
(14)
\u2013
(57)
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
49
556
79
684
Lease liabilities
65
192
102
359
Accounts payable and other non-derivative financial liabilities
2,286
81
\u2013
2,367
At 31\u00a0December\u00a02021
2,400
829
181
3,410
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(791)
(221)
\u2013
(1,012)
\u2013 Inflow
779
215
\u2013
994
At 31\u00a0December\u00a02021
(12)
(6)
\u2013
(18)
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Guarantees and endorsements given
27
49
Contracts for purchasing rights, (co-)productions and programmes
1,704
1,378
Satellite transponders
20
28
Leases signed but not yet commenced
\u2013
23
Purchase obligations in respect of transmission and distribution
153
166
Other long-term contracts and commitments
236
145
Total cash outflows from leases amounted to \u20ac\u201186\u00a0million (2021: \u20ac\u201169\u00a0million).
The following tables show the cash changes and non-cash changes of liabilities arising from financing activities:
\u00a0
1\u00a0January\u00a02022
Cash changes
Non-cash changes
31\u00a0December\u00a02022
\u00a0
Acquisitions through business combinations
Disposals through business combinations
Exchange rate effects
Other changes
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
Bank loans payable
153
(32)
36
\u2013
\u2013
\u2013
157
Loans due to investments accounted for using the equity method
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Term loan facility due to shareholder
500
\u2013
\u2013
\u2013
\u2013
\u2013
500
Other loans payable
17
(12)
7
\u2013
\u2013
1
13
Lease liabilities
332
(81)
13
(1)
\u2013
122
385
Liabilities arising from financing activities
1,003
(124)
56
(1)
\u2013
123
1,057
\u00a0
1\u00a0January\u00a02021
Cash changes
Non-cash changes
31\u00a0December\u00a02021
\u00a0
Acquisitions through business combinations
Disposals through business combinations
Exchange rate effects
Other changes
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Bank loans payable
184
(31)
\u2013
\u2013
\u2013
\u2013
153
Loans due to investments accounted for using the equity method
58
(29)
\u2013
\u2013
\u2013
(28)
1
Term loan facility due to shareholder
500
\u2013
\u2013
\u2013
\u2013
\u2013
500
Other loans payable
10
3
\u2013
\u2013
\u2013
4
17
Lease liabilities
384
(63)
13
(4)
3
(1)
332
Liabilities arising from financing activities
1,137
(120)
13
(4)
3
(26)
1,003
As at 31\u00a0December\u00a02022, the other non-cash changes in lease liabilities mainly related to lease contracts newly concluded and extended lease contracts in the financial year 2022.
As at 31\u00a0December\u00a02021, the other non-cash changes in loans due to investments accounted for using the equity method related to the conversion of the loan partly paid in 2021 into a cash pooling arrangement after Super RTL became a subsidiary of RTL Group.
Lease agreement
As at 1\u00a0January\u00a02022, RTL Group has entered into a sub-lease agreement with RM Hamburg Holding GmbH, a subsidiary of Bertelsmann SE & Co. KGaA, for premises in Hamburg, Germany. The lease contract expires on 31\u00a0January\u00a02025. The lease payments in the financial year 2022 amount to \u20ac12 million. The payables from this lease agreement as at 31\u00a0December\u00a02022 amount to \u20ac26 million. The lease payments of RTL Group correspond to the payments of Bertelsmann from the head lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-91": { "value": "
The item \u2018Audit and consulting fees\u2019 includes fees related to the Group\u2019s auditor, KPMG, and its affiliates regarding continuing operations. These are set out below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Audit services pursuant to legislation
3.8
3.5
Audit-related services
0.5
0.5
Non-audit services
0.3
0.7
\u00a0
4.6
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-92": { "value": "
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
The average number of employees for undertakings held by the Group is set out below:
\u00a0
2022
2021
\u00a0
\u00a0
Employees of fully consolidated undertakings
12,975
10,861
\u00a0
12,975
10,861
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-93": { "value": "
Employee benefits expenses are set out in more detail below:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Wages and salaries
1,030
883
Termination benefits
29
43
Social security costs
198
169
Share options granted to employees
5
6
Pension costs
25
24
Other employee expenses
48
34
\u00a0
1,335
1,159
Of which restructuring costs
23
28
The increase of the total amount of \u2019Employee benefits expenses\u2019 compared to the previous year is mainly due to the acquisition of Gruner + Jahr publishing business and scope effects from Fremantle\u2019s acquisitions in 2021 and 2022.
The amounts set out above exclude personnel costs of \u20ac307\u00a0million (2021: \u20ac257\u00a0million), which are capitalised, and which represent employee costs directly allocated to the production of assets.
In addition to other short-term bonus schemes, RTL Group has implemented for its senior management a long-term incentive plan (RTL Group-LTIP 2020-2022 \u2018LTIP\u2019) which runs for the term 2020 to 2022. The liability related to the LTIP-Tranche 2022 amounted to \u20ac14 million at 31 December 2022, (LTIP-Tranche 2021: \u20ac19 million at 31 December 2021). Further details on the terms and conditions of the LTIP are contained in the RTL Group Remuneration Report. RTL Group operates a sub-plan for senior management of Fremantle (New Format Incentive Scheme 2020-2022 \u2018NFIS2020-2022\u2019). NFIS2020-2022 is a long-term plan based on cumulative creative targets. The creative target achievement is linked to a defined ranking scheme set out for new productions created and marketed during the plan\u2019s term. The liability related to the NFIS2020-2022 amounted to \u20ac6 million at 31 December 2022.
Groupe M6 operates a specific long-term incentive plan based on free shares plans (see note 6.16.7). Pension costs relate to defined contributions for \u20ac14\u00a0million (2021: \u20ac14\u00a0million) and defined benefit plans for \u20ac10\u00a0million (2021: \u20ac10\u00a0million).
6.14.2. Post-employment benefits
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
176
188
Provisions charged/(credited) to the income statement:
\u00a0
\u00a0
\u2013 Additions1)
36
28
\u2013 Reversals
(1)
(1)
Provisions used during the year1)
(28)
(13)
Actuarial (gains)/losses directly recognised in other comprehensive income
(106)
(18)
Change in consolidation scope
96
\u2013
Other
(1)
(8)
Balance at 31\u00a0December
172
176
1) Of which defined contribution plan for \u20ac14\u00a0million (2021: \u20ac14\u00a0million)
\u2018Post-employment benefits\u2019 comprise provision for defined benefit obligations for \u20ac157\u00a0million (2021: \u20ac168\u00a0million) and provision for other employee benefits for \u20ac15\u00a0million (2021: \u20ac8\u00a0million). \u2018Change in consolidation scope\u2019 includes an amount of \u20ac96 million from the Gruner + Jahr acquisition (see note 4.2).
6.15. Defined benefit obligations
RTL Group operates or participates in a number of defined benefit and defined contribution plans throughout Europe. FremantleMedia North America in the United States also operates a medical care plan which is also a defined benefit obligation and is included in \u2018Provisions\u2019 in the statement of financial position. These plans have been set up and are operated in accordance with national laws and regulations. A description of the principal defined benefit plans of the Group and associated risks is given below:
France
Groupe M6 operates retirement indemnity plans which, by law, provide lump sums to employees on retirement. The lump sums are based on service and salary at the date of the retirement in accordance with the applicable collective agreement. The M\u00e9tropole T\u00e9l\u00e9vision (following the merger with Ediradio) and ID retirement indemnity plan is partly funded by an insurance contract with AXA. M\u00e9tropole T\u00e9l\u00e9vision (following the merger with Ediradio) also participates in a defined benefit plan that provides pension benefits to members on retirement. This plan is partly funded by an insurance contract with AXA. The assets of the insurance contract are not segregated but mutualised within the global assets of the insurance company. A guaranteed interest rate is provided by AXA and the plan should not be affected by financial market development. By nature, the lifetime risk of the beneficiaries is no longer supported by M\u00e9tropole T\u00e9l\u00e9vision at retirement. The risk is externalised to the insurer.
Germany
Employees of UFA companies (including UFA Fiction GmbH, UFA Shows & Factual GmbH, UFA GmbH, UFA Serial Drama GmbH), Radio Center Berlin, AVE Gesellschaft f\u00fcr H\u00f6rfunkbeteiligungen GmbH, UFA Film & Fernsehen GmbH, RTL Group GmbH and RTL Group Central & Eastern Europe participate in an unfunded common group retirement plan. The company UFA Serial Drama has a partly funded plan. Related obligations and plan assets are subject to demographic, legal and economic risks. The main risk relates to longevity risk for pension recipients. Each employer that participates in this plan has separately identifiable liabilities.
RTL Television, Super RTL, RTL Deutschland and Ad Alliance (former IP Deutschland GmbH) operate their own retirement arrangements. The pension obligations of Super RTL Fernsehen GmbH provide for a one-time lump-sum benefit and a widow\u2019s pension, which is subject to an annual increase of 1 per cent. Reinsurance policies have been taken out partially for the promised benefits. The reinsurance policies are classified as plan assets.
The pension obligations of RTL Deutschland GmbH are based on individual commitments of mostly deferred compensation. A monthly retirement pension is promised in an individually agreed amount, including entitlement for benefits in case of disability or death of the beneficiary. Current pension benefits are increased by 2 per cent annually. One reinsurance policy without benefit-determining character exists with AXA. Further there exists an individual commitment for a one-time lump-sum benefit, which is partially funded. The reinsurance policies are classified as plan assets. Ad Alliance GmbH (former IP Deutschland GmbH) sponsors individual plans for five former employees, providing defined pension benefits to each employee at retirement. RTL Television sponsors individual plans for two former employees, providing defined pension benefits to each employee at retirement. In addition, a number of employees participate in a support fund providing pension benefits to members and their dependants on retirement and death. The plan of RTL Television is partly funded by a life insurance contract with AXA. The assets of the insurance contract are not segregated but mutualised within the global assets of the insurance company. A guaranteed interest rate is provided by AXA and the plan should not be affected by financial market development. Both companies are exposed to certain risks associated with defined benefits plans such as longevity, inflation and
the increase of wages and salaries.
The Gruner + Jahr companies participate in a pension plan, which has been closed to new members for many years. The pension entitlement amounts to 50 per cent of the pensionable income, which is fixed at the age of 41. Pension payments are paid annually adjusted by at least 2 per cent.
Luxembourg
CLT-UFA, RTL Group and Broadcasting Center Europe (BCE) sponsor a post-employment defined benefit plan in favour of their employees. The occupational pension plan provides benefits to the affiliates (members and their dependants) in case of retirement, death in service or disability. The pension benefits are financed through an internal book reserve, as one of the allowed funding vehicles described in the law of 8 June 1999 on occupational pension plans in Luxembourg. Therefore CLT-UFA, RTL Group and BCE set up provision for the unfunded retirement benefit plan. Nevertheless, in such cases, the law requires the company to subscribe to insolvency insurance with the German Pension Protection Fund (Pensionssicherungsverein). The CLT-UFA, RTL Group and BCE occupational pension scheme is a defined benefit plan final pay with integration of the state pension. Consequently, the Company is exposed to certain risks associated with defined benefits plans \u2013 such as longevity, inflation, the effect of compensation increases \u2013 and of the State pension legislation.
Death and disability are insured with La Luxembourgeoise-Vie SA.
At the end of 2022 the Executive Committee of RTL Group decided to close this plan to new hires as at 1\u00a0January 2023. The plan will remain open for current employees and a new defined contribution plan will be implemented for employees joining from 2023 onwards.
United Kingdom
FremantleMedia Group Limited is the principal employer of the Fremantle Group Pension Plan (\u2018the Fremantle Plan\u2019 or \u2018the Plan\u2019), which was established on 29\u00a0December\u00a02000 and was, prior to 1 September 2005, known as the RTL Group UK Pension Plan. The Fremantle Plan provides benefits through two sections, one providing defined benefits and the other providing defined contribution benefits with a defined benefit underpin. Plan assets are held for both sections of the Fremantle Plan \u2013 the assets in the defined benefit section are the qualifying insurance (buy-in) policies; the assets in the defined contribution section comprise mainly equities, with the Plan holding corporate bonds in relation to the defined benefit underpin. The Plan is funded through a trust administered by a trustee company, the assets of which are held separately from the assets of the participating employers. FremantleMedia Group Limited is ultimately liable for any deficit in the Plan. Funding requirements are under section 3 of the Pensions Act 2004 (UK), which requires:
The Company has been managing and reducing the risks associated with the Fremantle Plan. The Company closed the Plan to all further benefit accrual with effect from 31 March 2013. From 19 March 2014, the Company decided to secure benefits by insuring the Plan\u2019s liabilities through a buy-in policy.
Information about the nature of the present value of the defined benefit liabilities is detailed as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Final salary plans
128
214
Career average plans
6
10
Flat salary plans/plans with fixed amounts
73
28
Other commitments given
54
64
Present value of defined benefit obligation
261
316
\u2013 thereof capital commitments
65
97
\u2018Other commitments given\u2019 broadly contains the defined contribution section of the Fremantle Plan. Under the
Fremantle Plan Rules, in the defined benefit sections, a member may opt to exchange up to around 25 per cent
of their pension benefit for a cash lump sum.
The breakdown of the present value of the defined benefit liabilities by the plan members is as follows:
\u00a0
2022
2021
2022
2021
\u00a0
Head
Head
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Active members
2,753
2,540
114
108
Deferred members
1,131
1,103
90
135
Pensioners
323
309
57
73
Total
4,207
3,952
261
316
\u2013 thereof vested
\u00a0
\u00a0
227
272
The amounts recognised in the consolidated statement of financial position are determined as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Present value of defined benefit obligation of unfunded plans
155
159
Present value of defined benefit obligation of funded plans
106
157
Total present value of defined benefit obligation
261
316
Fair value of plan assets
(106)
(148)
Net defined benefit liability
155
168
\u2013 thereof provisions for pensions
157
168
\u2013 thereof other assets
2
\u2013
The amounts recognised in profit or loss are determined as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current service cost
9
9
Past service cost and impact from settlement
1
1
Net interest expense
4
1
Net pension expense
14
11
Changes in the present value of defined benefit obligations and plan assets in the reporting period were as follows:
\u00a0
Defined benefit obligation (I)
Fair value of plan assets (II)
Net defined benefit balance (I)-(II)
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
316
354
148
170
168
184
Current service cost
9
9
\u2013
\u2013
9
9
Interest expense
6
4
\u2013
\u2013
6
4
Interest income
\u2013
\u2013
2
3
(2)
(3)
Past service cost
1
1
\u2013
\u2013
1
1
Income and expenses for defined benefit plans recognised in the consolidated income statement
16
14
2
3
14
11
Income/expense on plan assets excluding amounts included in net interest income and net interest expense
\u2013
\u2013
(34)
6
34
(6)
Actuarial gains (-) and losses (+)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 changes in financial assumptions
(141)
(13)
\u2013
\u2013
(141)
(13)
\u2013 changes in demographic assumptions
5
(1)
\u2013
\u2013
5
(1)
\u2013 experience adjustments
(7)
2
\u2013
\u2013
(7)
2
Re-measurements for defined benefit plans recognised in the consolidated statement of comprehensive income
(143)
(12)
(34)
6
(109)
(18)
Contributions to plan assets by employer
\u2013
\u2013
1
2
(1)
(2)
Contributions to plan assets by employees
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Pensions payments
(13)
(12)
(8)
(6)
(5)
(6)
Changes in foreign exchange rates
(5)
9
(5)
9
\u2013
\u2013
Changes associated with assets held for sale
\u2013
(54)
\u2013
(39)
\u2013
(15)
Change in consolidation scope
89
1
1
1
88
\u2013
Other changes
1
16
1
2
\u2013
14
Other reconciling items
72
(40)
(10)
(31)
82
(9)
Balance at 31\u00a0December
261
316
106
148
155
168
thereof
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Germany
106
74
18
17
88
57
United Kingdom
84
130
86
129
(2)
1
Other European countries
70
112
2
2
68
110
Plan assets are comprised as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Qualifying insurance policies
52
85
Equity instruments
40
46
Other funds
9
11
Debt instruments
4
5
Cash and cash equivalents
1
1
Fair value of plan assets
106
148
Significant actuarial assumptions used were as follows:
\u00a0
2022
2021
\u00a0
% a year
% a year
\u00a0
Germany
Other European countries
UK
Germany
Other European countries
UK
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Discount rate
4.20
4.20
4.80
1.40
1.16
1.80
Rate of salary increase
2.25
3.25
n/a
2.25
4.04
n/a
Rate of pension increase
2.06
2.27
3.57
1.49
1.00
3.70
The breakdown of the weighted-average duration by geographical area is as follows:
\u00a0
2022
2021
\u00a0
years
years
\u00a0
\u00a0
\u00a0
Germany
15
16
Other European countries
11
13
UK
20
23
At 31\u00a0December\u00a02022, the sensitivity of the defined benefit liabilities to changes in the weighted significant assumptions is as follows:
\u00a0
Increase
Decrease
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Effect of 0.5 percentage point change in discount rate
(14)
16
Effect of 0.5 percentage point change in rate of salary increase
7
(5)
Effect of 0.5 percentage point change in rate of pension increase
9
(5)
Effect of change in average life expectancy by 1 year
5
(5)
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
At 31\u00a0December\u00a02022, expected maturity analysis of undiscounted pension future cash flows is as follows:
\u00a0
Expected pension payments
\u00a0
\u20ac m
\u00a0
\u00a0
2023
10
2024
12
2025
14
2026
17
2027
22
2028\u20112032
88
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-94": { "value": "
5.4. Interest income and interest expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
Interest expense on financial liabilities includes an amount of \u20ac14\u00a0million (2021: \u20ac14\u00a0million) in respect of the loans from Bertelsmann Business Support S\u00e0rl (see note 10.1).
5.5. Other financial income and other financial expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Gains resulting from swap points
1
\u2013
Net gains on put/call options
\u2013
18
Sundry financial income
5
1
Other financial income
6
19
\u00a0
\u00a0
\u00a0
Losses resulting from swap points
\u2013
(4)
Net losses on put/call options
(4)
\u2013
Interest expense on lease liabilities
(6)
(6)
Interest on defined benefit obligations
(4)
(1)
Sundry financial expenses
(34)
(22)
Other financial expense
(48)
(33)
In 2022, the item \u2018Net losses on put/call options\u2019 relates to the re-measurement effects of put options in connection with recent acquisitions of Fremantle. In 2021, \u2018Net gains on put/call options\u2019 mainly included the re-measurement effects of Eureka call and put options.
Interest on defined benefit obligations comprises interest income on plan assets of \u20ac2\u00a0million (2021: \u20ac3\u00a0million) and unwind of discount on defined benefit obligations of \u20ac\u20116\u00a0million (2021: \u20ac\u20114\u00a0million).
The item \u2018Sundry financial expenses\u2019 includes among others, non-operating foreign exchange effects of \u20ac\u201119\u00a0million (2021: \u20ac\u201110\u00a0million) and negative impact of the net wealth tax of \u20ac\u20113\u00a0million (2021: \u20ac\u20114\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-95": { "value": "
5.4. Interest income and interest expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
Interest expense on financial liabilities includes an amount of \u20ac14\u00a0million (2021: \u20ac14\u00a0million) in respect of the loans from Bertelsmann Business Support S\u00e0rl (see note 10.1).
5.5. Other financial income and other financial expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Gains resulting from swap points
1
\u2013
Net gains on put/call options
\u2013
18
Sundry financial income
5
1
Other financial income
6
19
\u00a0
\u00a0
\u00a0
Losses resulting from swap points
\u2013
(4)
Net losses on put/call options
(4)
\u2013
Interest expense on lease liabilities
(6)
(6)
Interest on defined benefit obligations
(4)
(1)
Sundry financial expenses
(34)
(22)
Other financial expense
(48)
(33)
In 2022, the item \u2018Net losses on put/call options\u2019 relates to the re-measurement effects of put options in connection with recent acquisitions of Fremantle. In 2021, \u2018Net gains on put/call options\u2019 mainly included the re-measurement effects of Eureka call and put options.
Interest on defined benefit obligations comprises interest income on plan assets of \u20ac2\u00a0million (2021: \u20ac3\u00a0million) and unwind of discount on defined benefit obligations of \u20ac\u20116\u00a0million (2021: \u20ac\u20114\u00a0million).
The item \u2018Sundry financial expenses\u2019 includes among others, non-operating foreign exchange effects of \u20ac\u201119\u00a0million (2021: \u20ac\u201110\u00a0million) and negative impact of the net wealth tax of \u20ac\u20113\u00a0million (2021: \u20ac\u20114\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-96": { "value": "
5.4. Interest income and interest expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
Interest expense on financial liabilities includes an amount of \u20ac14\u00a0million (2021: \u20ac14\u00a0million) in respect of the loans from Bertelsmann Business Support S\u00e0rl (see note 10.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-97": { "value": "
5.4. Interest income and interest expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
Interest expense on financial liabilities includes an amount of \u20ac14\u00a0million (2021: \u20ac14\u00a0million) in respect of the loans from Bertelsmann Business Support S\u00e0rl (see note 10.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-98": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Gains resulting from swap points
1
\u2013
Net gains on put/call options
\u2013
18
Sundry financial income
5
1
Other financial income
6
19
\u00a0
\u00a0
\u00a0
Losses resulting from swap points
\u2013
(4)
Net losses on put/call options
(4)
\u2013
Interest expense on lease liabilities
(6)
(6)
Interest on defined benefit obligations
(4)
(1)
Sundry financial expenses
(34)
(22)
Other financial expense
(48)
(33)
In 2022, the item \u2018Net losses on put/call options\u2019 relates to the re-measurement effects of put options in connection with recent acquisitions of Fremantle. In 2021, \u2018Net gains on put/call options\u2019 mainly included the re-measurement effects of Eureka call and put options.
Interest on defined benefit obligations comprises interest income on plan assets of \u20ac2\u00a0million (2021: \u20ac3\u00a0million) and unwind of discount on defined benefit obligations of \u20ac\u20116\u00a0million (2021: \u20ac\u20114\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-99": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
Interest income on loans and accounts receivable
4
4
Tax-related interest income
1
1
Interest income
5
5
\u00a0
\u00a0
\u00a0
Interest expense on financial liabilities
(18)
(18)
Interest expense
(18)
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-100": { "value": "The item \u2018Sundry financial expenses\u2019 includes among others, non-operating foreign exchange effects of \u20ac\u201119\u00a0million (2021: \u20ac\u201110\u00a0million)
6.16.3. Currency translation reserve
The currency translation reserve comprises:
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-101": { "value": "
5.6. Income tax expense
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current tax expense
(177)
(421)
Deferred tax income/(expense)
11
(6)
\u00a0
(166)
(427)
In 2022, the significant change in the income tax expense compared to the previous year is due to lower profit before tax, mainly resulting from a decrease of taxable capital gains realised in the previous period.
The income tax on the Group profit before tax differs from the theoretical amount that would arise using the Luxembourg tax rate as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Profit before tax
932
1,881
\u00a0
\u00a0
\u00a0
Income tax rate applicable to RTL Group SA
24.94%
24.94%
\u00a0
\u00a0
\u00a0
Expected tax expense
(232)
(469)
\u00a0
\u00a0
\u00a0
The tax effects of the following items led to differences between the expected and actual tax expense:
\u00a0
\u00a0
Adjustment to different national tax rates
(16)
(19)
Effect of changes in tax rate and tax law
2
(2)
Tax effects in respect of results from disposals of investments
32
6
Current income taxes for previous years
6
10
Deferred income taxes for previous years
(3)
1
Effects of measurements of deferred tax assets
48
(3)
Commission received in relation to the Compensation Agreement
16
46
Permanent differences
(14)
42
Other adjustments
(5)
(39)
Total adjustments
66
42
\u00a0
\u00a0
\u00a0
Actual tax expense
(166)
(427)
Effect of tax rates in material foreign jurisdictions mainly results from the differentiated rates applicable in the following countries:
\u2018Tax effects in respect of results from disposals of investments\u2018 mainly includes the effect from the disposal of RTL Belgium. \u2018Effects of measurements of deferred tax assets\u2018 considers the recognition of deferred tax assets on losses carry forward based on projections of the future taxable income derived from financial budgets approved by management. \u2018Permanent differences\u2019 mainly include the effects of non-taxable fair value measurements of investments and effects from other taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-102": { "value": "
5.7. Earnings per share
The determination of basic earnings per share is based on the profit attributable to RTL Group shareholders of \u20ac673\u00a0million (2021: \u20ac1,301\u00a0million) and a weighted average number of ordinary shares outstanding during the year of 154,742,806 (2021: 154,742,806), calculated as follows:
\u00a0
2022
2021
\u00a0
\u00a0
\u00a0
Profit attributable to RTL Group shareholders (in \u20ac million)
673
1,301
Weighted average number of ordinary shares:
\u00a0
\u00a0
Issued ordinary shares at 1\u00a0January
154,742,806
154,742,806
Weighted average number of ordinary shares
154,742,806
154,742,806
\u00a0
\u00a0
\u00a0
Basic earnings per share (in \u20ac)
4.35
8.41
Diluted earnings per share (in \u20ac)
4.35
8.41
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-103": { "value": "
6.1. Programme and other rights, goodwill and other intangible assets
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
\u2018Other intangible assets\u2019 mainly includes brands for an amount of \u20ac307\u00a0million (2021: \u20ac263\u00a0million), primarily related to brands within Groupe\u00a0M6 (the M6 brand, Gulli-related brands and St\u00e9phane Plaza brand) and RTL Deutschland (the Toggo brand).
The M6 brand and Gulli-related brands are considered to have an indefinite useful life and were recognised for an amount of \u20ac120\u00a0million and \u20ac38\u00a0million, respectively. At 31\u00a0December\u00a02022, an impairment test was performed and did not lead to any impairment.
In determining that the M6 brand has an indefinite useful life, management has considered various factors such as the historical and expected longevity of the brand, the impact of possible changes in broadcasting technologies, the impact of possible evolutions of the regulatory environment in the French television industry, the current and expected audience share of the M6 channel, and M6 management\u2019s strategy to maintain and strengthen the trademark \u2018M6\u2019. Based on the analysis of these factors, management has determined and confirmed at 31\u00a0December\u00a02022, that there is no foreseeable limit to the period over which the brand M6 is expected to generate cash inflows for the Group. Gulli-related brands correspond to Gulli, Canal J and Tiji. Given their positioning, the market\u2019s awareness of the brands and their history, they are considered to have an indefinite useful life.
\u2019Subsidiaries acquired\u2019 includes an amount of \u20ac179 million for goodwill and of \u20ac18\u00a0million for other intangible assets from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
6.2. Impairment test for goodwill
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) on the basis of the business units and at the level at which independent cash flows are generated. In January\u00a02022, RTL Deutschland acquired Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion. Fremantle extended its global content business by acquisitions in Lux Vide, Dancing Ledge, Element Pictures, 72 Films and Wildstar Films. In May 2022, Smartclip \u2013 the ad-tech business of RTL Deutschland \u2013 acquired and integrated Realytics, a French ad\u2011tech company.
Business units and CGUs mainly operate in one country, except Fremantle and We Are Era, which have global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom. Goodwill is allocated by CGU as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
RTL Deutschland
1,269
1,080
Groupe M6
613
614
Fremantle
1,252
1,123
RTL Nederland
159
159
We Are Era
32
33
Others
2
1
Total goodwill on cash-generating units
3,327
3,010
Goodwill is tested for impairment annually, as at 31\u00a0December, or whenever changes in circumstances indicate that the carrying amount may not be recoverable.
The recoverable amount of a CGU has been determined on the basis of the higher of its value in use and its fair value less costs of disposal:
The Group supports its fair values less costs of disposal on market-based valuations, if an active market exists, and on the basis of a discounted cash flow (DCF) model to the extent that it would reflect the value that \u2018any market participant\u2019 would be ready to pay in an arm\u2019s length transaction. Differently from the \u2018value in use\u2019 approach, which reflects the perspective of the Group for a long-term use of the CGU, a \u2018fair value less costs of disposal\u2019 DCF model would include future cash flows expected to arise from restructuring plans and future investments, as all rational market participants would be expected to undertake these restructurings and investments in order to extract the best value from the acquisition.
Furthermore, the discount rate of each CGU is calculated based on a market approach and most of the parameters used are derived from market sources. The discount rates are based on a mixed interest rate represented by the weighted average cost of equity and cost of capital (WACC) after tax. The discount rates reflect the time value of money and the perception of risk associated with projected future cash flows, both from the equity shareholders\u2019 and the debt holders\u2019 point of view.
The discount rates have been determined, CGU by CGU, and embody, where appropriate, the following factors:
The recoverable amount of all CGUs is based on their fair value less costs of disposal and is a Level 3 fair value measurement, with exception of Groupe M6 which is listed on Euronext Paris, Compartment A (Paris Stock Exchange). As at 31\u00a0December\u00a02022, the market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 (2021: \u20ac17.16). The recoverable amount of Groupe M6 at that date was based on value in use using a discounted cash flow method (Level 3), as management considered the share price of Groupe M6 did not fully reflect its earning potential due to the expected growth in AVOD offers and diversification business of the Groupe M6. The value in use determined significantly exceeded the carrying amount.
Cash flow projections are based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period for a total of up to five years are prepared using the estimated growth rates and other key drivers. For the cash-generating units\u2019 operating advertising revenue, the projections consider audience and advertising market shares, the EBITA margin, operating cash conversion rates based on past performance, and expectations regarding market development. Management also relies on wider macro-economic indicators from external sources to verify the veracity of their own budgeting assumptions. Finally, the market positions of the Group\u2019s channels are also reviewed in the context of the competitive landscape, including the impact of new technologies and consumption habits. For Fremantle, which operates a multi-territory/worldwide and diversified operation, the expected growth rate is determined according to a weighted average of growth expectations of its multiple regions, markets and product offerings.
Cash flows beyond the three and five-year period are extrapolated using the estimated perpetual growth and EBITA margin rates and applying the discount rates stated below.
The perpetual growth and EBITA margins are based on the expected outcome of the strategy implemented by the Group in the different markets, on macro-economic and industry trends, and on in-house estimates.

Capital expenditure is assumed to be in line with depreciation and amortisation. Management also considers that the moderate perpetual growth would not result in a significant increase of the net working capital.
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash-generating units
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
0.5
7.4
0.5
6.3
Groupe M6
0.0
8.2
0.0
6.8
Fremantle
1.8
8.0
1.8
8.2
RTL Nederland
0.5
7.4
0.0
6.1
We Are Era
2.0
12.4
2.0
10.0
We Are Era\u2019s shift to higher margin project business leads to a higher level of uncertainty in terms of forecast. For the CGU We Are Era, in the event of an increase in the discount rate by 2.4 percentage points, a decrease in the long-term growth rate by 3.8 percentage points or a decrease in the EBITA margin by 1.1 percentage points, the recoverable amount would fall below the carrying amount.
For other CGUs, management considers that, at 31\u00a0December\u00a02022, no reasonably possible change in the market shares, EBITA margin and operating cash conversion rates would reduce the headroom between the recoverable amounts and the carrying amounts of the CGUs to zero, when the recoverable amount is solely based on a DCF approach.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-104": { "value": "
6.1. Programme and other rights, goodwill and other intangible assets
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
\u2018Other intangible assets\u2019 mainly includes brands for an amount of \u20ac307\u00a0million (2021: \u20ac263\u00a0million), primarily related to brands within Groupe\u00a0M6 (the M6 brand, Gulli-related brands and St\u00e9phane Plaza brand) and RTL Deutschland (the Toggo brand).
The M6 brand and Gulli-related brands are considered to have an indefinite useful life and were recognised for an amount of \u20ac120\u00a0million and \u20ac38\u00a0million, respectively. At 31\u00a0December\u00a02022, an impairment test was performed and did not lead to any impairment.
In determining that the M6 brand has an indefinite useful life, management has considered various factors such as the historical and expected longevity of the brand, the impact of possible changes in broadcasting technologies, the impact of possible evolutions of the regulatory environment in the French television industry, the current and expected audience share of the M6 channel, and M6 management\u2019s strategy to maintain and strengthen the trademark \u2018M6\u2019. Based on the analysis of these factors, management has determined and confirmed at 31\u00a0December\u00a02022, that there is no foreseeable limit to the period over which the brand M6 is expected to generate cash inflows for the Group. Gulli-related brands correspond to Gulli, Canal J and Tiji. Given their positioning, the market\u2019s awareness of the brands and their history, they are considered to have an indefinite useful life.
\u2019Subsidiaries acquired\u2019 includes an amount of \u20ac179 million for goodwill and of \u20ac18\u00a0million for other intangible assets from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-105": { "value": "
6.1. Programme and other rights, goodwill and other intangible assets
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
\u2018Other intangible assets\u2019 mainly includes brands for an amount of \u20ac307\u00a0million (2021: \u20ac263\u00a0million), primarily related to brands within Groupe\u00a0M6 (the M6 brand, Gulli-related brands and St\u00e9phane Plaza brand) and RTL Deutschland (the Toggo brand).
The M6 brand and Gulli-related brands are considered to have an indefinite useful life and were recognised for an amount of \u20ac120\u00a0million and \u20ac38\u00a0million, respectively. At 31\u00a0December\u00a02022, an impairment test was performed and did not lead to any impairment.
6.2. Impairment test for goodwill
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) on the basis of the business units and at the level at which independent cash flows are generated. In January\u00a02022, RTL Deutschland acquired Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion. Fremantle extended its global content business by acquisitions in Lux Vide, Dancing Ledge, Element Pictures, 72 Films and Wildstar Films. In May 2022, Smartclip \u2013 the ad-tech business of RTL Deutschland \u2013 acquired and integrated Realytics, a French ad\u2011tech company.
Business units and CGUs mainly operate in one country, except Fremantle and We Are Era, which have global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom. Goodwill is allocated by CGU as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
RTL Deutschland
1,269
1,080
Groupe M6
613
614
Fremantle
1,252
1,123
RTL Nederland
159
159
We Are Era
32
33
Others
2
1
Total goodwill on cash-generating units
3,327
3,010
Goodwill is tested for impairment annually, as at 31\u00a0December, or whenever changes in circumstances indicate that the carrying amount may not be recoverable.
The recoverable amount of a CGU has been determined on the basis of the higher of its value in use and its fair value less costs of disposal:
The Group supports its fair values less costs of disposal on market-based valuations, if an active market exists, and on the basis of a discounted cash flow (DCF) model to the extent that it would reflect the value that \u2018any market participant\u2019 would be ready to pay in an arm\u2019s length transaction. Differently from the \u2018value in use\u2019 approach, which reflects the perspective of the Group for a long-term use of the CGU, a \u2018fair value less costs of disposal\u2019 DCF model would include future cash flows expected to arise from restructuring plans and future investments, as all rational market participants would be expected to undertake these restructurings and investments in order to extract the best value from the acquisition.
Furthermore, the discount rate of each CGU is calculated based on a market approach and most of the parameters used are derived from market sources. The discount rates are based on a mixed interest rate represented by the weighted average cost of equity and cost of capital (WACC) after tax. The discount rates reflect the time value of money and the perception of risk associated with projected future cash flows, both from the equity shareholders\u2019 and the debt holders\u2019 point of view.
The discount rates have been determined, CGU by CGU, and embody, where appropriate, the following factors:
The recoverable amount of all CGUs is based on their fair value less costs of disposal and is a Level 3 fair value measurement, with exception of Groupe M6 which is listed on Euronext Paris, Compartment A (Paris Stock Exchange). As at 31\u00a0December\u00a02022, the market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 (2021: \u20ac17.16). The recoverable amount of Groupe M6 at that date was based on value in use using a discounted cash flow method (Level 3), as management considered the share price of Groupe M6 did not fully reflect its earning potential due to the expected growth in AVOD offers and diversification business of the Groupe M6. The value in use determined significantly exceeded the carrying amount.
Cash flow projections are based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period for a total of up to five years are prepared using the estimated growth rates and other key drivers. For the cash-generating units\u2019 operating advertising revenue, the projections consider audience and advertising market shares, the EBITA margin, operating cash conversion rates based on past performance, and expectations regarding market development. Management also relies on wider macro-economic indicators from external sources to verify the veracity of their own budgeting assumptions. Finally, the market positions of the Group\u2019s channels are also reviewed in the context of the competitive landscape, including the impact of new technologies and consumption habits. For Fremantle, which operates a multi-territory/worldwide and diversified operation, the expected growth rate is determined according to a weighted average of growth expectations of its multiple regions, markets and product offerings.
Cash flows beyond the three and five-year period are extrapolated using the estimated perpetual growth and EBITA margin rates and applying the discount rates stated below.
The perpetual growth and EBITA margins are based on the expected outcome of the strategy implemented by the Group in the different markets, on macro-economic and industry trends, and on in-house estimates.

Capital expenditure is assumed to be in line with depreciation and amortisation. Management also considers that the moderate perpetual growth would not result in a significant increase of the net working capital.
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash-generating units
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
0.5
7.4
0.5
6.3
Groupe M6
0.0
8.2
0.0
6.8
Fremantle
1.8
8.0
1.8
8.2
RTL Nederland
0.5
7.4
0.0
6.1
We Are Era
2.0
12.4
2.0
10.0
We Are Era\u2019s shift to higher margin project business leads to a higher level of uncertainty in terms of forecast. For the CGU We Are Era, in the event of an increase in the discount rate by 2.4 percentage points, a decrease in the long-term growth rate by 3.8 percentage points or a decrease in the EBITA margin by 1.1 percentage points, the recoverable amount would fall below the carrying amount.
For other CGUs, management considers that, at 31\u00a0December\u00a02022, no reasonably possible change in the market shares, EBITA margin and operating cash conversion rates would reduce the headroom between the recoverable amounts and the carrying amounts of the CGUs to zero, when the recoverable amount is solely based on a DCF approach.
6.3. Property, plant and equipment
\u00a0
Land, buildings and improvements
Technical equipment
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
393
362
245
1,000
Effect of movements in foreign exchange
1
\u2013
2
3
Additions
2
14
28
44
Disposals
(9)
(12)
(9)
(30)
Subsidiaries acquired
\u2013
1
3
4
Subsidiaries disposed of
(2)
\u2013
(1)
(3)
Transfer to assets held for sale
(2)
(55)
(26)
(83)
Transfers and other changes
3
3
(5)
1
Balance at 31\u00a0December\u00a02021
386
313
237
936
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
(2)
(1)
(3)
Additions
12
13
30
55
Disposals
(3)
(12)
(24)
(39)
Subsidiaries acquired
7
3
6
16
Subsidiaries disposed of
\u2013
\u2013
(1)
(1)
Transfer to assets held for sale
(3)
(16)
(3)
(22)
Transfers and other changes
\u2013
(1)
1
\u2013
Balance at 31\u00a0December\u00a02022
399
298
245
942
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(215)
(306)
(188)
(709)
Effect of movements in foreign exchange
(1)
\u2013
(2)
(3)
Depreciation charge
(18)
(20)
(21)
(59)
Disposals
10
12
7
29
Transfer to assets held for sale
2
49
19
70
Balance at 31\u00a0December\u00a02021
(222)
(265)
(185)
(672)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
1
1
2
Depreciation charge
(16)
(18)
(24)
(58)
Disposals
3
16
21
40
Transfer to assets held for sale
2
14
2
18
Balance at 31\u00a0December\u00a02022
(233)
(252)
(185)
(670)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
164
48
52
264
At 31\u00a0December\u00a02022
166
46
60
272
Individually immaterial joint venture
The following table shows summarised financial information on joint ventures that management considers individually immaterial. The information provided represents RTL Group\u2019s interest in each case.
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
10
22
Current assets
66
19
Non-current liabilities
4
42
Current liabilities
85
34
\u00a0
\u00a0
\u00a0
Earnings after taxes from continuing operations
(19)
(27)
Earnings after taxes from discontinued operations
\u2013
\u2013
Other comprehensive income
\u2013
\u2013
Total comprehensive income
(19)
(27)
On 29 March 2022, Groupe M6 subscribed to the capital increase of the joint venture Salto (the streaming platform held jointly by Groupe M6, TF1 and France T\u00e9l\u00e9visions) for \u20ac41 million by offsetting its receivable held in its shareholder current account. Further, Groupe M6 provided Salto with a loan which, in substance, forms part of its investment in Salto. The proposed Groupe M6/Groupe TF1 merger having been abandoned, and in the absence of satisfactory offers for a sale of the platform, the three shareholders of Salto have unanimously decided to proceed with the voluntary liquidation of Salto. According to IAS 28.14A RTL Group applied IFRS 9 to the loan and recognised an impairment amount of \u20ac-28 million through profit or loss presented in \u2018Impairment and reversals on other financial assets at amortised cost\u2019 as part of \u2018Other operating expenses\u2019 (see note 5.3). The costs of the withdrawal for each of the partners were recognised by way of provisions as at 31\u00a0December 2022, over and above their share of Salto\u2019s net loss for the year. Thus, the excess of \u20ac15 million was recognised as a provision (see note 6.14.1).
The reconciliation of the summarised financial information shown to the carrying amount of the interest in each material associate in the consolidated financial statements is shown in the following table:
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net assets at 31\u00a0December
687
543
92
127
52
62
Proportionate equity
128
101
38
52
17
33
Goodwill
166
166
42
42
24
24
Impairment on investments accounted for using the equity method
(110)
(110)
\u2013
\u2013
\u2013
\u2013
Carrying amount
184
157
80
94
41
57
Investments in associates are tested for impairment according to the same methodology applied for the impairment test of goodwill.
The perpetual growth and discount rates used are as follows:
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
Atresmedia
0.0
10.0
0.0
8.1
RTL 2 Fernsehen GmbH & Co. KG
0.5
6.7
0.5
7.0
As at 31\u00a0December\u00a02022, the investment in Atresmedia was tested for impairment in accordance with IAS\u00a036. The recoverable amount of Atresmedia on 31\u00a0December\u00a02022 was based on the value in use determined using a discounted cash flow model, as management considered the share price of Atresmedia did not fully reflect its earning potential, which includes the new diversification strategy through expansion of its investment portfolio, strengthen its digital streaming offers and building its leading position in locally relevant content production. The ongoing challenging economic environment in Spain combined with strong competition, changing viewing preferences and continued dependence on linear television continues to lead to high uncertainty in terms of forecasts. As at 31\u00a0December\u00a02022 neither additional impairment loss nor reversal of impairment loss had to be recognised on the at equity investment in Atresmedia.
As at 31\u00a0December\u00a02022, the share price of Atresmedia was \u20ac3.19 (31\u00a0December\u00a02021: \u20ac3.34) which results in a fair value less costs of disposal of \u20ac132\u00a0million for the 18.7 per cent held by RTL Group (31\u00a0December\u00a02021: \u20ac138\u00a0million).
The assumptions based on the value in use using a discounted cash flow model are shown in the above table.
Management has identified that a reasonably possible change in three key assumptions could cause the carrying amount to exceed the recoverable amount. In the event of changes of these assumptions individually, as described in the following table, the estimated recoverable amount would be equal to the carrying amount.
\u00a0
31\u00a0December\u00a02022
\u00a0
Percentage point
EBITA margin
(0.6)
Discount rate
0.7
Perpetual growth rate
(0.7)
In November 2019, the Spanish Competition Authority (CNMC) arrived at a decision in disciplinary proceedings imposing a fine on Atresmedia and Mediaset and barring both operators from specified courses of conduct. The parties were ordered to take steps to align their commercial and contractual relations to the requirements of the decision. The fine imposed on Atresmedia amounts to \u20ac38.2 million. In 2020, Atresmedia challenged the decision by filing an application for judicial review with the Administrative Chamber of the Audiencia Nacional, Spain\u2019s national court. The application was found admissible. Consequently, Atresmedia will proceed with an appeal in the aforementioned court. The directors and legal advisors of Atresmedia believe that the application for judicial review against the CNMC\u2019s decision is likely to succeed. No provision has been recognised.
For Global Savings Group no triggering events for an impairment test have been identified.
The recoverable amount of RTL 2 Fernsehen GmbH & Co KG has been determined on the basis of the fair value less costs of disposal at 31\u00a0December\u00a02022. This is a Level 3 fair value measurement.
6.8. Current programme rights
\u00a0
2022
2021
\u00a0
Gross value
Valuation allowance
Net value
Gross value
Valuation allowance
Net value
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions
433
(339)
94
400
(338)
62
TV programmes
162
\u2013
162
117
(2)
115
Other distribution and broadcasting rights
702
(250)
452
763
(270)
493
Sub-total programme rights
1,297
(589)
708
1,280
(610)
670
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions and programmes in progress
717
(15)
702
458
(13)
445
Advance payments on (co-)productions, programmes and rights
169
\u2013
169
183
\u2013
183
Sub-total programme rights in progress
886
(15)
871
641
(13)
628
\u00a0
2,183
(604)
1,579
1,921
(623)
1,298
Additions and reversals of valuation allowance have been recorded for \u20ac\u201148\u00a0million and \u20ac58\u00a0million respectively in 2022 (2021: \u20ac\u201170\u00a0million and \u20ac64\u00a0million, respectively).
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
The Group has a significant concentration of credit risk due to its relationship with Bertelsmann. Nevertheless, credit risk arising from transactions with the principal shareholder or its subsidiaries is significantly mitigated (see note 10.1). RTL Group considers that there is a low concentration of credit risk for other counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-106": { "value": "
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
6.8. Current programme rights
\u00a0
2022
2021
\u00a0
Gross value
Valuation allowance
Net value
Gross value
Valuation allowance
Net value
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions
433
(339)
94
400
(338)
62
TV programmes
162
\u2013
162
117
(2)
115
Other distribution and broadcasting rights
702
(250)
452
763
(270)
493
Sub-total programme rights
1,297
(589)
708
1,280
(610)
670
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions and programmes in progress
717
(15)
702
458
(13)
445
Advance payments on (co-)productions, programmes and rights
169
\u2013
169
183
\u2013
183
Sub-total programme rights in progress
886
(15)
871
641
(13)
628
\u00a0
2,183
(604)
1,579
1,921
(623)
1,298
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-107": { "value": "
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
6.3. Property, plant and equipment
\u00a0
Land, buildings and improvements
Technical equipment
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
393
362
245
1,000
Effect of movements in foreign exchange
1
\u2013
2
3
Additions
2
14
28
44
Disposals
(9)
(12)
(9)
(30)
Subsidiaries acquired
\u2013
1
3
4
Subsidiaries disposed of
(2)
\u2013
(1)
(3)
Transfer to assets held for sale
(2)
(55)
(26)
(83)
Transfers and other changes
3
3
(5)
1
Balance at 31\u00a0December\u00a02021
386
313
237
936
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
(2)
(1)
(3)
Additions
12
13
30
55
Disposals
(3)
(12)
(24)
(39)
Subsidiaries acquired
7
3
6
16
Subsidiaries disposed of
\u2013
\u2013
(1)
(1)
Transfer to assets held for sale
(3)
(16)
(3)
(22)
Transfers and other changes
\u2013
(1)
1
\u2013
Balance at 31\u00a0December\u00a02022
399
298
245
942
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(215)
(306)
(188)
(709)
Effect of movements in foreign exchange
(1)
\u2013
(2)
(3)
Depreciation charge
(18)
(20)
(21)
(59)
Disposals
10
12
7
29
Transfer to assets held for sale
2
49
19
70
Balance at 31\u00a0December\u00a02021
(222)
(265)
(185)
(672)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
1
1
2
Depreciation charge
(16)
(18)
(24)
(58)
Disposals
3
16
21
40
Transfer to assets held for sale
2
14
2
18
Balance at 31\u00a0December\u00a02022
(233)
(252)
(185)
(670)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
164
48
52
264
At 31\u00a0December\u00a02022
166
46
60
272
Depreciation, additions and carrying amounts of right-of-use from leased property, plant and equipment are as follows:
\u00a0
Land and equivalent real estate rights and buildings
Technical equipment and machinery
Other equipment, fixtures, furniture and office equipment
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
277
1
5
283
Effect of movements in foreign exchange
(1)
\u2013
\u2013
(1)
Depreciation charge
(72)
\u2013
(4)
(76)
Additions
76
\u2013
5
81
Other changes
55
\u2013
\u2013
55
Balance at 31\u00a0December\u00a02022
335
1
6
342
\u00a0
Land and equivalent real estate rights and buildings
Technical equipment and machinery
Other equipment, fixtures, furniture and office equipment
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
320
1
8
329
Effect of movements in foreign exchange
2
\u2013
\u2013
2
Depreciation charge
(51)
(1)
(4)
(56)
Additions
12
\u2013
4
16
Other changes
(6)
1
(3)
(8)
Balance at 31\u00a0December\u00a02021
277
1
5
283
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-108": { "value": "
\u00a0
(Co-)productions
Distribution and broadcasting rights
Advance payments and (co-)productions in progress
Total programme and other rights
Goodwill
Other intangible assets
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
852
1,163
23
2,038
5,363
684
Effects of movements in foreign exchange
26
\u2013
1
27
16
4
Additions
4
45
37
86
\u2013
63
Disposals
\u2013
(20)
\u2013
(20)
\u2013
(5)
Subsidiaries acquired
\u2013
8
\u2013
8
191
236
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(31)
(35)
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
(32)
(10)
Transfers and other changes
9
9
(23)
(5)
\u2013
1
Balance at 31\u00a0December\u00a02021
891
1,205
38
2,134
5,507
938
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
26
\u2013
1
27
\u2013
(2)
Additions
1
32
39
72
\u2013
77
Disposals
\u2013
(39)
(1)
(40)
\u2013
(14)
Subsidiaries acquired
1
\u2013
\u2013
1
319
51
Subsidiaries disposed of
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
(8)
Transfers and other changes
13
23
(34)
2
\u2013
(1)
Balance at 31\u00a0December\u00a02022
932
1,221
43
2,196
5,825
1,041
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amortisation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(840)
(1,139)
(5)
(1,984)
(2,492)
(371)
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(5)
(3)
Amortisation charge
(12)
(56)
\u2013
(68)
\u2013
(46)
Impairment losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
20
\u2013
20
\u2013
4
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
3
Transfers and other changes
\u2013
\u2013
(1)
(1)
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
(879)
(1,175)
(6)
(2,060)
(2,497)
(413)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effects of movements in foreign exchange
(27)
\u2013
\u2013
(27)
(1)
2
Amortisation charge
(17)
(59)
\u2013
(76)
\u2013
(76)
Impairment losses
\u2013
2
(1)
1
\u2013
(2)
Disposals
\u2013
39
1
40
\u2013
14
Transfer to assets held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
4
Transfers and other changes
(1)
\u2013
\u2013
(1)
\u2013
1
Balance at 31\u00a0December\u00a02022
(924)
(1,193)
(6)
(2,123)
(2,498)
(470)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
12
30
32
74
3,010
525
At 31\u00a0December\u00a02022
8
28
37
73
3,327
571
6.2. Impairment test for goodwill
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) on the basis of the business units and at the level at which independent cash flows are generated. In January\u00a02022, RTL Deutschland acquired Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion. Fremantle extended its global content business by acquisitions in Lux Vide, Dancing Ledge, Element Pictures, 72 Films and Wildstar Films. In May 2022, Smartclip \u2013 the ad-tech business of RTL Deutschland \u2013 acquired and integrated Realytics, a French ad\u2011tech company.
Business units and CGUs mainly operate in one country, except Fremantle and We Are Era, which have global/multi-territory operations. RTL Deutschland has minor businesses in France and United Kingdom. Goodwill is allocated by CGU as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
RTL Deutschland
1,269
1,080
Groupe M6
613
614
Fremantle
1,252
1,123
RTL Nederland
159
159
We Are Era
32
33
Others
2
1
Total goodwill on cash-generating units
3,327
3,010
Goodwill is tested for impairment annually, as at 31\u00a0December, or whenever changes in circumstances indicate that the carrying amount may not be recoverable.
The recoverable amount of a CGU has been determined on the basis of the higher of its value in use and its fair value less costs of disposal:
The Group supports its fair values less costs of disposal on market-based valuations, if an active market exists, and on the basis of a discounted cash flow (DCF) model to the extent that it would reflect the value that \u2018any market participant\u2019 would be ready to pay in an arm\u2019s length transaction. Differently from the \u2018value in use\u2019 approach, which reflects the perspective of the Group for a long-term use of the CGU, a \u2018fair value less costs of disposal\u2019 DCF model would include future cash flows expected to arise from restructuring plans and future investments, as all rational market participants would be expected to undertake these restructurings and investments in order to extract the best value from the acquisition.
Furthermore, the discount rate of each CGU is calculated based on a market approach and most of the parameters used are derived from market sources. The discount rates are based on a mixed interest rate represented by the weighted average cost of equity and cost of capital (WACC) after tax. The discount rates reflect the time value of money and the perception of risk associated with projected future cash flows, both from the equity shareholders\u2019 and the debt holders\u2019 point of view.
The discount rates have been determined, CGU by CGU, and embody, where appropriate, the following factors:
The recoverable amount of all CGUs is based on their fair value less costs of disposal and is a Level 3 fair value measurement, with exception of Groupe M6 which is listed on Euronext Paris, Compartment A (Paris Stock Exchange). As at 31\u00a0December\u00a02022, the market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 (2021: \u20ac17.16). The recoverable amount of Groupe M6 at that date was based on value in use using a discounted cash flow method (Level 3), as management considered the share price of Groupe M6 did not fully reflect its earning potential due to the expected growth in AVOD offers and diversification business of the Groupe M6. The value in use determined significantly exceeded the carrying amount.
Cash flow projections are based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period for a total of up to five years are prepared using the estimated growth rates and other key drivers. For the cash-generating units\u2019 operating advertising revenue, the projections consider audience and advertising market shares, the EBITA margin, operating cash conversion rates based on past performance, and expectations regarding market development. Management also relies on wider macro-economic indicators from external sources to verify the veracity of their own budgeting assumptions. Finally, the market positions of the Group\u2019s channels are also reviewed in the context of the competitive landscape, including the impact of new technologies and consumption habits. For Fremantle, which operates a multi-territory/worldwide and diversified operation, the expected growth rate is determined according to a weighted average of growth expectations of its multiple regions, markets and product offerings.
Cash flows beyond the three and five-year period are extrapolated using the estimated perpetual growth and EBITA margin rates and applying the discount rates stated below.
The perpetual growth and EBITA margins are based on the expected outcome of the strategy implemented by the Group in the different markets, on macro-economic and industry trends, and on in-house estimates.

Capital expenditure is assumed to be in line with depreciation and amortisation. Management also considers that the moderate perpetual growth would not result in a significant increase of the net working capital.
\u00a0
2022
2021
\u00a0
Perpetual growth rate
Discount rate
Perpetual growth rate
Discount rate
\u00a0
% a year
%
% a year
%
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash-generating units
\u00a0
\u00a0
\u00a0
\u00a0
RTL Deutschland
0.5
7.4
0.5
6.3
Groupe M6
0.0
8.2
0.0
6.8
Fremantle
1.8
8.0
1.8
8.2
RTL Nederland
0.5
7.4
0.0
6.1
We Are Era
2.0
12.4
2.0
10.0
We Are Era\u2019s shift to higher margin project business leads to a higher level of uncertainty in terms of forecast. For the CGU We Are Era, in the event of an increase in the discount rate by 2.4 percentage points, a decrease in the long-term growth rate by 3.8 percentage points or a decrease in the EBITA margin by 1.1 percentage points, the recoverable amount would fall below the carrying amount.
For other CGUs, management considers that, at 31\u00a0December\u00a02022, no reasonably possible change in the market shares, EBITA margin and operating cash conversion rates would reduce the headroom between the recoverable amounts and the carrying amounts of the CGUs to zero, when the recoverable amount is solely based on a DCF approach.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-109": { "value": "
6.3. Property, plant and equipment
\u00a0
Land, buildings and improvements
Technical equipment
Other
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
393
362
245
1,000
Effect of movements in foreign exchange
1
\u2013
2
3
Additions
2
14
28
44
Disposals
(9)
(12)
(9)
(30)
Subsidiaries acquired
\u2013
1
3
4
Subsidiaries disposed of
(2)
\u2013
(1)
(3)
Transfer to assets held for sale
(2)
(55)
(26)
(83)
Transfers and other changes
3
3
(5)
1
Balance at 31\u00a0December\u00a02021
386
313
237
936
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
(2)
(1)
(3)
Additions
12
13
30
55
Disposals
(3)
(12)
(24)
(39)
Subsidiaries acquired
7
3
6
16
Subsidiaries disposed of
\u2013
\u2013
(1)
(1)
Transfer to assets held for sale
(3)
(16)
(3)
(22)
Transfers and other changes
\u2013
(1)
1
\u2013
Balance at 31\u00a0December\u00a02022
399
298
245
942
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation and impairment losses
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
(215)
(306)
(188)
(709)
Effect of movements in foreign exchange
(1)
\u2013
(2)
(3)
Depreciation charge
(18)
(20)
(21)
(59)
Disposals
10
12
7
29
Transfer to assets held for sale
2
49
19
70
Balance at 31\u00a0December\u00a02021
(222)
(265)
(185)
(672)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Effect of movements in foreign exchange
\u2013
1
1
2
Depreciation charge
(16)
(18)
(24)
(58)
Disposals
3
16
21
40
Transfer to assets held for sale
2
14
2
18
Balance at 31\u00a0December\u00a02022
(233)
(252)
(185)
(670)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Carrying amount:
\u00a0
\u00a0
\u00a0
\u00a0
At 31\u00a0December\u00a02021
164
48
52
264
At 31\u00a0December\u00a02022
166
46
60
272
\u2019Subsidiaries acquired\u2019 includes an amount of \u20ac3\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-110": { "value": "
In the year 2022, dividends received from investments accounted for using the equity method amounted to \u20ac53\u00a0million (2021: \u20ac45\u00a0million). This amount is considered as an adjustment in \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 when calculating cash flows from operating activities.
The following table shows summarised financial information for Atresmedia, Global Savings Group (GSG) and RTL 2 Fernsehen GmbH & Co KG. The information presented represents the amounts included in the financial statements of the material associates plus adjustments for using the equity method, and not RTL Group\u2019s share of these amounts.
\u00a0
Atresmedia
Global Savings Group (GSG)
RTL 2 Fernsehen GmbH & Co KG
\u00a0
2022
2021
2022
2021
2022
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
686
549
189
180
63
51
Current assets
825
853
87
91
70
92
Current liabilities
(529)
(478)
(128)
(85)
(34)
(43)
Non-current liabilities
(295)
(381)
(56)
(59)
(47)
(38)
Net assets
687
543
92
127
52
62
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
951
963
167
148
256
283
Earnings after taxes from continuing operations
112
118
(34)
(11)
38
52
Earnings after taxes from discontinued operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive income
127
(2)
\u2013
(1)
\u2013
\u2013
Total comprehensive income
239
116
(34)
(12)
38
52
Dividends received from associates
18
8
\u2013
\u2013
19
15
6.16.6. Dividends
Based on the resolution of the Annual General Meeting of Shareholders on 27 April 2022, the Annual General Meeting of Shareholders decided to distribute a final dividend of \u20ac5 per share. Accordingly, an amount of \u20ac774\u00a0million was paid out on 5 May 2022 (2021: \u20ac464\u00a0million).
Summarised financial information (as published by Groupe M6):
\u00a0
Groupe M6
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
888
924
Current assets
1,099
1,162
Assets held for sale
\u2013
\u2013
Current liabilities
(535)
(657)
Non-current liabilities
(214)
(226)
Liabilities related to assets held for sale
\u2013
\u2013
Net assets
1,238
1,203
\u00a0
\u00a0
\u00a0
Revenue
1,357
1,390
Profit before tax
241
358
Income tax expense
(75)
(77)
Profit from continuing operations
166
281
Profit from discontinued operations
\u2013
\u2013
Group profit
166
281
\u00a0
\u00a0
\u00a0
Other comprehensive income
11
\u2013
Total comprehensive income
177
281
Dividends paid to non-controlling interest
(5)
\u2013
\u00a0
\u00a0
\u00a0
Net cash from/(used in) operating activities
296
456
Net cash from/(used in) investing activities
(80)
(67)
Net cash from/(used in) financing activities
(190)
(237)
Net increase/(decrease) in cash and cash equivalents
26
152
RTL\u00a0Group\u2019s subsidiary, M\u00e9tropole T\u00e9l\u00e9vision SA, declared and paid cash dividends during the financial year 2022. The amount received within the Group was eliminated on consolidation and the amount paid to non-controlling interests was \u20ac65\u00a0million (2021: \u20ac98\u00a0million).
Dividend income
In 2022 RTL Group received a dividend of \u20ac1 million (2021: \u20acnil) by Bertelsmann Business Support S\u00e0rl related to a 10 per cent stake in the entity. A 25-year shareholders\u2019 agreement has been concluded between Bertelsmann SE & Co. KGaA and RTL Group SA. The shareholders agreement stipulates that 50 per cent of the aggregate amount of corporate and trade tax that, in the absence of existing tax losses carried forward of Bertelsmann Business Support S\u00e0rl, if any, would have otherwise been incurred by the Company, will be paid to RTL Group SA as a preferred dividend with a minimum amount of \u20ac1 million per year. The minimum dividend of \u20ac1 million became payable as from 2016 onwards and has been recognised at contract inception for the entire contract duration. Only excessive amounts are recognised in profit or loss. The dividend accounts receivable amounts to \u20ac14 million as at 31 December 2022 (2021: \u20ac15 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-111": { "value": "
There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
8. COMMITMENTS AND CONTINGENCIES
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Guarantees and endorsements given
27
49
Contracts for purchasing rights, (co-)productions and programmes
1,704
1,378
Satellite transponders
20
28
Leases signed but not yet commenced
\u2013
23
Purchase obligations in respect of transmission and distribution
153
166
Other long-term contracts and commitments
236
145
The Group has investments in unlimited liability entities. In the event that these entities make losses, the Group may have to participate to the entire amount of losses, even if these entities are not wholly owned.
Some Dutch companies have elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code. In order to fulfil the conditions, set out in the regulations, the Company has given a statutory guarantee of all outstanding liabilities to which the subsidiaries are subject at the end of the financial year 2022. A full list of the concerned companies is provided in note 12.
In the course of their activities, several Group companies benefit from licence frequency agreements, which commit the Group in various ways depending upon the legal regulation in force in the countries concerned.
8.1. Purchase obligations in respect of transmission and distribution
These obligations result from agreements with providers of services related to the terrestrial and cable transmission and distribution of the signals of the Group\u2019s TV channels and radio stations.
8.2. Other long-term contracts and commitments
Long-term contracts include contracts for services, agreements to purchase assets or goods, and commitments to acquire licences other than audio-visual rights and television programming that are enforceable and legally binding and that specify all significant terms.
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-112": { "value": "
There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-113": { "value": "There are no material contingent liabilities relating to the Group\u2019s interest in the joint ventures.
There are no material contingent liabilities relating to the Group\u2019s interest in the associates.
6.14.1. Provisions other than post-employment benefits
\u00a0
Restructuring
Litigations
Onerous contracts
Other provisions
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
48
67
85
31
231
Provisions charged/(credited) to the income statement:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Additions
5
7
41
5
58
\u2013 Reversals
\u2013
(41)
(7)
(11)
(59)
Provisions used during the year
(38)
(4)
(47)
(14)
(103)
Other changes
9
\u2013
\u2013
21
30
Balance at 31\u00a0December\u00a02022
24
29
72
32
157
\u2019Other changes\u2019 includes an amount of \u20ac15\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
The provisions mainly relate to the following:
Provisions for litigations
Provisions for litigations correspond to the Group\u2019s best estimate of the expected future cash outflow related to disputes arising from the Group\u2019s activities.
RTL Group is party to legal proceedings in the normal course of its business, both as defendant and claimant. The main legal proceedings to which RTL Group is a party are disclosed below.
Several subsidiaries of RTL\u00a0Group are being sued by the broadcaster RTL 2 Fernsehen GmbH & Co KG and its sales house, El Cartel Media GmbH & Co KG, before the regional court in D\u00fcsseldorf, Germany, seeking disclosure of information to substantiate a possible claim for damages. The proceedings follow the imposition of a fine in 2007 by the German Federal Cartel Office for abuse of market dominance with regard to discount scheme agreements (share deals) granted by Ad Alliance GmbH (formerly IP Deutschland GmbH) and SevenOne Media GmbH to media agencies. The German Federal Cartel Office argued that these discounts would foreclose small broadcasters from the advertising market. In 2014, the district court of D\u00fcsseldorf decided to order an expert report. The expert concluded in February 2018 that the likelihood of damages cannot be proven with certainty. In July 2018, RTL 2 Fernsehen GmbH & Co KG filed a motion claiming that the expert was not impartial, with the aim of getting the court to obtain a new expert opinion. Ad Alliance GmbH has rejected the motion of lack of impartiality as unfounded. Due to his unexpected death in February 2020, the court expert could not submit his response to the allegation of impartiality. The court has announced that it would take a decision on the issue of impartiality in the upcoming weeks. The court case will continue. Similar proceedings from other small broadcasters, initiated in different courts, were unsuccessful or have been withdrawn. Based on the independent legal advice obtained in 2022, management\u2019s assessment is that the basis for the claim has little merit, and it is not probable that an outflow will be required to settle the claim. As no further outflows of resources are expected, the provision of \u20ac35 million was reversed.
In June 2016, the main competitors of Fun Radio alleged that a host of the morning show had influenced Fun Radio\u2019s results by encouraging his listeners to give favourable treatment to Fun Radio in the M\u00e9diam\u00e9trie surveys. In response to these allegations, M\u00e9diam\u00e9trie decided to remove Fun Radio from its surveys. Following a legal procedure initiated by Fun Radio, M\u00e9diam\u00e9trie was required to reinstate Fun Radio in the audience results surveys as of September 2016. Nevertheless, M\u00e9diam\u00e9trie decided to lower Fun Radio\u2019s audience results in its published surveys, alleging the existence of a \u2018halo effect\u2019. Following a procedure initiated by Fun Radio, a judicial expert was appointed in December 2017 to examine M\u00e9diam\u00e9trie\u2019s assessment of the alleged \u2018halo effect\u2019. In September 2019, the judicial expert issued his final report which confirmed the \u2018halo effect\u2019 but assessed that Fun Radio\u2019s results were over-corrected. As of September 2017, M\u00e9diam\u00e9trie has again published the full audience results for Fun Radio. In parallel to the above procedure, the main competitors of Fun Radio also filed, in December 2016, a claim for damages, claiming unfair competition, but this procedure was suspended until the end of the judicial expertise. In the meantime, four of the six claimants withdrew their claim from the proceedings. On 23 January 2023, the Court decided to award damages for unfair competition. Fun Radio appealed the Court\u2019s decision on 26 January 2023 and is confident to achieve a favourable decision before the Court of appeal.
No further information is disclosed as it may harm the Group\u2019s position.
Onerous contracts
\u2018Onerous contracts\u2019 mainly comprise provisions made by:
\u2018Other provisions\u2019 of \u20ac15 million relate to the provision for losses for the Group\u2019s undertaking in Salto (see note 6.5).
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current
109
129
Non-current
48
102
\u00a0
157
231
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-114": { "value": "
6.6. Loans and non-current other assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
Equity instruments at FVOCI comprise those instruments which are not held for trading and which the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments, mainly in radio activities.
In December 2022, RTL Group sold its entire shareholding in Beyond International Limited, a company listed on the Australian Stock Exchange (2021: 19.5 per cent share capital). Beyond International Limited was a Level 1 fair value measurement. In 2022, RTL Group recorded an increase in the fair value of this equity instrument at FVOCI of \u20ac1\u00a0million (2021: increase of \u20ac1\u00a0million).
The movements in equity instruments at FVOCI are as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
37
35
Net acquisitions and disposals
(3)
\u2013
Change in fair value
(5)
1
Other changes
\u2013
1
Balance at 31\u00a0December
29
37
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
\u2018Equity instruments at FVTPL\u2019 includes minority investments in Magnite amounting to \u20ac123\u00a0million (31\u00a0December\u00a02021: \u20ac190\u00a0million) as well as a number of minority investments held by different entities. The fair value of the listed investment in Magnite is measured on the basis of its market value. The gains and losses resulting from changes in the fair value are recognised in \u2018Fair value measurement of investments\u2019 as presented in note 5.3.
At 31\u00a0December\u00a02021, \u2018Equity instruments at FVTPL\u2019 also included a minority investment in VideoAmp amounting to \u20ac81\u00a0million. In January\u00a02022, RTL\u00a0Group sold its entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash. The transaction was carried out as a share buyback by VideoAmp. The cash inflow is recognised in the consolidated cash flow statement under \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019.
Additions and reversals of valuation allowance have been recorded for \u20ac\u201126\u00a0million and \u20ac19\u00a0million respectively in 2022 (2021: \u20ac\u201121\u00a0million and \u20ac20\u00a0million respectively).
6.12. Loans, bank overdrafts and lease liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
1
Bank loans payable \u2013 fixed rate
22
133
155
Bank loans payable \u2013 floating rate
3
\u2013
3
Loans due to investments accounted for using the equity method \u2013 floating rate
\u2013
\u2013
\u2013
Term loan facility due to shareholder \u2013 fixed rate
511
\u2013
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
10
\u2013
10
\u00a0
547
138
685
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
85
300
385
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
\u2013
\u2013
Bank loans payable \u2013 fixed rate
16
130
146
Bank loans payable \u2013 floating rate
7
\u2013
7
Loans due to investments accounted for using the equity method \u2013 floating rate
1
\u2013
1
Term loan facility due to shareholder \u2013 fixed rate
11
500
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
14
\u2013
14
\u00a0
49
635
684
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
59
273
332
As at 31\u00a0December\u00a02021, bank overdrafts were immaterial. As at 31\u00a0December\u00a02022, potential future cash outflows of \u20ac179\u00a0million (undiscounted) have not been included in the lease liabilities as it is not reasonably certain that the leases will be extended (or not terminated) (2021: \u20ac219\u00a0million).
6.13. Accounts payable and other liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
At 31\u00a0December\u00a02022, the profit participation liabilities of RTL Deutschland amounted to \u20ac315\u00a0million (2021: \u20ac305\u00a0million).
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
The Group has a significant concentration of credit risk due to its relationship with Bertelsmann. Nevertheless, credit risk arising from transactions with the principal shareholder or its subsidiaries is significantly mitigated (see note 10.1). RTL Group considers that there is a low concentration of credit risk for other counterparties.
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
In 2021, the amount disclosed in \u2019Acquisitions and additions\u2019 mainly related to the Magnite shares RTL\u00a0Group received as a part of the non-cash consideration from the sale of SpotX (\u20ac381\u00a0million). Due to the contractual lockup the Magnite shares were assigned to Level 3. After the expiry\u00a0of the lock-up period, the listed Magnite shares were assigned to Level 1. The effect from re-measurement of these shares until the transfer out of Level 3 amounted to \u20ac\u201161\u00a0million and was disclosed in \u2018Gains and losses recognised in profit or loss\u2019. A further effect of \u20ac66\u00a0million recognised in profit or loss related to the valuation of investment in VideoAmp. The effect in \u2018Settlements\u2019 related to the partial repayment of the convertible note obtained from BBTV Holdings Inc. There were no additional transfers in or out of Level 3 during 2021.
7.4. Master netting agreement
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 e.g. when a credit event such as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.
The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a bank loan default or other credit event.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. The column \u2018net amount\u2019 shows the impact on the consolidated statement of financial position if all set-off rights were exercised.
\u00a0
At 31\u00a0December\u00a02022
At 31\u00a0December\u00a02021
\u00a0
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
52
(43)
9
29
(16)
13
\u00a0
52
(43)
9
29
(16)
13
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
(57)
43
(14)
(17)
16
(1)
\u00a0
(57)
43
(14)
(17)
16
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-115": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
Equity instruments at FVOCI comprise those instruments which are not held for trading and which the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments, mainly in radio activities.
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
\u2018Equity instruments at FVTPL\u2019 includes minority investments in Magnite amounting to \u20ac123\u00a0million (31\u00a0December\u00a02021: \u20ac190\u00a0million) as well as a number of minority investments held by different entities. The fair value of the listed investment in Magnite is measured on the basis of its market value. The gains and losses resulting from changes in the fair value are recognised in \u2018Fair value measurement of investments\u2019 as presented in note 5.3.
At 31\u00a0December\u00a02021, \u2018Equity instruments at FVTPL\u2019 also included a minority investment in VideoAmp amounting to \u20ac81\u00a0million. In January\u00a02022, RTL\u00a0Group sold its entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash. The transaction was carried out as a share buyback by VideoAmp. The cash inflow is recognised in the consolidated cash flow statement under \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-116": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-117": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
The Group seeks to minimise the potential adverse effects of changing financial markets on its performance using standard market financial derivatives, primarily unlisted (OTC) instruments such as foreign exchange forward contracts. Transactions are entered into with selected banks in line with the Bank Relationship Policy. Derivatives are not used for speculative purposes. Risks are hedged to the extent that they influence the Group\u2019s cash flows (i.e. translational risk linked to the conversion of net investments in foreign operations is not hedged).
7.1.1. Market risk
Foreign exchange risk
Euro exchange rates for significant foreign currencies
The following significant exchange rates have been applied:
\u00a0
\u00a0
Average rates
Closing rates
Foreign currency unit per \u20ac1
\u00a0
2022
2021
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
British pound
GBP
0.8527
0.8598
0.8869
0.8413
US dollar
USD
1.0534
1.1828
1.0666
1.1370
Australian dollar
AUD
1.5165
1.5748
1.5693
1.5647
Foreign exchange exposure
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily in respect of USD and GBP. Foreign exchange risk arises from recognised assets and liabilities, future commercial transactions and net investments in foreign operations.
For the Group as a whole, cash flows, net income and net worth are optimised by reference to the Euro. However, foreign exchange risks faced by individual Group companies are managed or hedged against the functional currency of the relevant entity (as these entities generally generate their revenue in local currencies). The Group therefore manages a variety of currencies due to the numerous functional currencies of the companies constituting the Group.
In addition, market practices in the television business imply a significant forward exposure to USD as programme rights are usually denominated in USD and not paid up-front. For this reason, the main off-balance sheet exposure of the Group is towards the USD in respect of future purchases and sales of programme rights, output deals (commitments for future cash flows) and highly probable forecast transactions (US-$2\u00a0million as at 31\u00a0December\u00a02022, US-$7\u00a0million as at 31\u00a0December\u00a02021).
Management of foreign exchange exposure
RTL Group management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. Group companies are required to hedge their entire foreign currency exchange risk exposure with Group Treasury in accordance with the Group\u2019s Treasury policies. All foreign currency exchange exposures \u2013 including signed and forecast output deals and programme rights in foreign currency \u2013 are centralised in an intranet-based database. To manage their foreign exchange risk arising from recognised assets and liabilities and future commercial transactions, entities in the Group use forward contracts transacted with Group Treasury. Group Treasury is then responsible for hedging, usually on a one-to-one basis, the exposure against the functional currency of the respective entity.
The Group\u2019s Treasury policy is to hedge up to 100 per cent of the recognised monetary foreign currency exposures arising from cash, accounts receivable, accounts payable, loans receivable and borrowings denominated in currencies other than the functional currency. The Group Treasury policy is to hedge between 80 per cent and 100 per cent of short-term cash flow forecasts and between 10 per cent and 80 per cent of longer term (between two and five years) cash flow forecasts. Approximately 68 per cent (2021: 75 per cent) of anticipated cash flows constitute firm commitments or highly probable forecast transactions for the purpose of hedge accounting.
In order to monitor the compliance of the management of the foreign exchange exposure (mainly USD) with the Group\u2019s policy, a monthly report is produced and analysed by RTL Group management. This report shows each subsidiary\u2019s exposure to currencies other than their functional currency, detailing the nature (e.g. trade accounts, royalties, intercompany accounts) of on-balance sheet items, and the underlying deals and maturities of off-balance sheet items, as well as the corresponding hedging ratios.
Accounting
At interception of the hedging relationships, RTL Group documents the risk management objective and strategy for undertaking the hedge. RTL Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other.
RTL Group separates the spot component and the forward (or swap) point of the forward contracts. Only the spot component is considered as the hedging instrument. Forward (or swap) points are accounted for directly in profit or loss accounts.
The foreign currency cash flow hedge accounting model defined under IFRS\u00a09 is applied by those companies that account for the majority of the Group\u2019s foreign currency exposure, when:
When cash flow hedge accounting is applied, the effective portion of the changes in the fair value of the hedging instrument is recognised net of deferred tax in the cash flow hedging reserve as presented in \u2018Consolidated statement of changes in equity\u2019. It is released to the income statement in the periods in which the hedged item impacts the income statement. In case of hedging forecast purchases of programme rights in foreign currency the releases from cash flow hedging reserve are added to the carrying amount of the hedged item when such an item is recognised in the statement of financial position. The ineffective portion of the change in fair value of the hedging instrument is recognised directly in profit or loss. For the year ended 31\u00a0December\u00a02022, the swap points have been recognised in the income statement for \u20ac1\u00a0million (2021: \u20ac\u20114\u00a0million).
For recognised foreign currency monetary assets and liabilities there is a natural offset of gains and losses in the income statement between the revaluation of the underlying derivatives and the exposure. Therefore, hedge accounting as defined under IFRS\u00a09 is not applied.
Foreign exchange derivative contracts
The impact of forward foreign exchange contracts in the consolidated statement of financial position and in profit or loss is as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Net fair value of foreign exchange derivatives
(5)
12
\u00a0
\u00a0
\u00a0
Operating foreign exchange gains/(losses)
\u2013
(3)
Non-operating foreign exchange gains/(losses)
(19)
(10)
Gains/(losses) resulting from swap points
1
(4)
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Less than 3 months
(10)
\u2013
Less than 1 year
5
9
Less than 5 years
\u2013
3
Net fair value of foreign exchange derivatives
(5)
12
The items \u2018Operating foreign exchange gains/(losses)\u2019 and \u2018Non-operating foreign exchange gains/(losses)\u2019 relate to derivatives used to offset the currency exposure relating to recognised monetary assets and liabilities for which hedge accounting as defined under IFRS\u00a09 is not applied.
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02022, is, for the main foreign currencies, as follows:
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
388
125
12
4
4
533
Sell
(533)
(90)
(6)
(1)
(2)
(632)
Total
(145)
35
6
3
2
(99)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
767
151
14
7
2
941
Sell
(353)
(142)
(12)
(5)
(6)
(518)
Total
414
9
2
2
(4)
423
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02021 is, for the main foreign currencies, as follows:
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
175
75
87
1
2
340
Sell
(344)
(59)
(44)
(1)
(1)
(449)
Total
(169)
16
43
\u2013
1
(109)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
609
143
61
2
1
816
Sell
(560)
(126)
(106)
(1)
(3)
(796)
Total
49
17
(45)
1
(2)
20
Sensitivity analysis to foreign exchange rates
Management estimates that:
This sensitivity analysis does not include the impact of translation into \u20ac of foreign operations.
Interest rate risk
The objective of the interest rate risk management policy is to minimise the interest rate funding cost over the long-term and to maximise the excess cash return.
The Group interest rate risk arises primarily from loans payable, financing agreements with Bertelsmann SE & Co. KGaA and its subsidiaries (see note 10.1) and from cash and cash equivalents.
During the third quarter of 2017, Groupe M6 secured external funding of \u20ac170\u00a0million, including a seven-year Euro private placement bond issue (seven-year Euro private placement bond) of \u20ac50\u00a0million and two bilateral committed credit facilities for a total of \u20ac120\u00a0million with a maturity of five years. The fixed interest rate on the Euro private placement bond is 1.50 per cent (all-in). The fair value of the seven-year Euro private placement bond \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac51\u00a0million (2021: \u20ac51\u00a0million).
During the third quarter of 2019, Groupe M6 entered into a seven-year-term Schuldschein loan of \u20ac75\u00a0million including a credit line of \u20ac65\u00a0million with a fixed rate of 1 per cent and a credit facility for \u20ac10\u00a0million with a floating rate of EURIBOR six months (floored at zero per cent) plus a margin of 1 per cent per year. The fair value of the seven-year-term Schuldschein of \u20ac65\u00a0million \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac65\u00a0million (2021: \u20ac65\u00a0million).
In order to maximise the excess cash return on cash balances and to minimise the gross indebtedness of the Group, cross border cash pooling has been set up for most Group entities. The interest rate strategy defined by RTL Group depends on the net cash position of each company.
Group Treasury uses various indicators to monitor interest rate risk, such as a targeted net fixed/floating rate debt ratio, duration, basis point value (increase in interest rate costs resulting from a basis point increase in interest rate) and interest cover ratio.
If the interest rates achieved had plus or minus 100 basis points, and assuming the current amount of floating net cash available remained constant, the net interest income/(expense) at 31\u00a0December\u00a02022, would have been changed as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
Shift +1%
Shift (1)%
Shift +1%
Shift (1)%
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cash flow risks (income statement)
3.0
(3.0)
4.7
(0.3)
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the closing date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
547
134
4
685
Lease liabilities
91
220
97
408
Accounts payable and other non-derivative financial liabilities
1,796
139
91
2,026
At 31\u00a0December\u00a02022
2,434
493
192
3,119
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(1,027)
(181)
(2)
(1,210)
\u2013 Inflow
984
167
2
1,153
At 31\u00a0December\u00a02022
(43)
(14)
\u2013
(57)
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
49
556
79
684
Lease liabilities
65
192
102
359
Accounts payable and other non-derivative financial liabilities
2,286
81
\u2013
2,367
At 31\u00a0December\u00a02021
2,400
829
181
3,410
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(791)
(221)
\u2013
(1,012)
\u2013 Inflow
779
215
\u2013
994
At 31\u00a0December\u00a02021
(12)
(6)
\u2013
(18)
7.4. Master netting agreement
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 e.g. when a credit event such as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.
The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a bank loan default or other credit event.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. The column \u2018net amount\u2019 shows the impact on the consolidated statement of financial position if all set-off rights were exercised.
\u00a0
At 31\u00a0December\u00a02022
At 31\u00a0December\u00a02021
\u00a0
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
52
(43)
9
29
(16)
13
\u00a0
52
(43)
9
29
(16)
13
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
(57)
43
(14)
(17)
16
(1)
\u00a0
(57)
43
(14)
(17)
16
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-118": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
6.12. Loans, bank overdrafts and lease liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
1
Bank loans payable \u2013 fixed rate
22
133
155
Bank loans payable \u2013 floating rate
3
\u2013
3
Loans due to investments accounted for using the equity method \u2013 floating rate
\u2013
\u2013
\u2013
Term loan facility due to shareholder \u2013 fixed rate
511
\u2013
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
10
\u2013
10
\u00a0
547
138
685
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
85
300
385
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
\u2013
\u2013
Bank loans payable \u2013 fixed rate
16
130
146
Bank loans payable \u2013 floating rate
7
\u2013
7
Loans due to investments accounted for using the equity method \u2013 floating rate
1
\u2013
1
Term loan facility due to shareholder \u2013 fixed rate
11
500
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
14
\u2013
14
\u00a0
49
635
684
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
59
273
332
6.13. Accounts payable and other liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
During the third quarter of 2017, Groupe M6 secured external funding of \u20ac170\u00a0million, including a seven-year Euro private placement bond issue (seven-year Euro private placement bond) of \u20ac50\u00a0million and two bilateral committed credit facilities for a total of \u20ac120\u00a0million with a maturity of five years. The fixed interest rate on the Euro private placement bond is 1.50 per cent (all-in). The fair value of the seven-year Euro private placement bond \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac51\u00a0million (2021: \u20ac51\u00a0million).
During the third quarter of 2019, Groupe M6 entered into a seven-year-term Schuldschein loan of \u20ac75\u00a0million including a credit line of \u20ac65\u00a0million with a fixed rate of 1 per cent and a credit facility for \u20ac10\u00a0million with a floating rate of EURIBOR six months (floored at zero per cent) plus a margin of 1 per cent per year. The fair value of the seven-year-term Schuldschein of \u20ac65\u00a0million \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac65\u00a0million (2021: \u20ac65\u00a0million).
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the closing date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
547
134
4
685
Lease liabilities
91
220
97
408
Accounts payable and other non-derivative financial liabilities
1,796
139
91
2,026
At 31\u00a0December\u00a02022
2,434
493
192
3,119
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(1,027)
(181)
(2)
(1,210)
\u2013 Inflow
984
167
2
1,153
At 31\u00a0December\u00a02022
(43)
(14)
\u2013
(57)
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
49
556
79
684
Lease liabilities
65
192
102
359
Accounts payable and other non-derivative financial liabilities
2,286
81
\u2013
2,367
At 31\u00a0December\u00a02021
2,400
829
181
3,410
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(791)
(221)
\u2013
(1,012)
\u2013 Inflow
779
215
\u2013
994
At 31\u00a0December\u00a02021
(12)
(6)
\u2013
(18)
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-119": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-120": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Loans and other financial assets
\u00a0
\u00a0
Equity instruments at FVOCI
29
37
Equity instruments at FVTPL
6
6
Debt instruments at FVTPL
3
\u2013
Convertible loans at FVTPL
\u2013
11
Derivative financial assets
14
8
Loans receivable to investments accounted for using the equity method
8
7
Other loans receivable
5
7
Trade accounts and other receivables
46
41
\u00a0
111
117
Other non-financial assets
\u00a0
\u00a0
Net defined benefit asset
2
\u2013
\u00a0
2
\u2013
\u00a0
113
117
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
\u2018Equity instruments at FVTPL\u2019 includes minority investments in Magnite amounting to \u20ac123\u00a0million (31\u00a0December\u00a02021: \u20ac190\u00a0million) as well as a number of minority investments held by different entities. The fair value of the listed investment in Magnite is measured on the basis of its market value. The gains and losses resulting from changes in the fair value are recognised in \u2018Fair value measurement of investments\u2019 as presented in note 5.3.
At 31\u00a0December\u00a02021, \u2018Equity instruments at FVTPL\u2019 also included a minority investment in VideoAmp amounting to \u20ac81\u00a0million. In January\u00a02022, RTL\u00a0Group sold its entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash. The transaction was carried out as a share buyback by VideoAmp. The cash inflow is recognised in the consolidated cash flow statement under \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019.
6.13. Accounts payable and other liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
In 2021, the amount disclosed in \u2019Acquisitions and additions\u2019 mainly related to the Magnite shares RTL\u00a0Group received as a part of the non-cash consideration from the sale of SpotX (\u20ac381\u00a0million). Due to the contractual lockup the Magnite shares were assigned to Level 3. After the expiry\u00a0of the lock-up period, the listed Magnite shares were assigned to Level 1. The effect from re-measurement of these shares until the transfer out of Level 3 amounted to \u20ac\u201161\u00a0million and was disclosed in \u2018Gains and losses recognised in profit or loss\u2019. A further effect of \u20ac66\u00a0million recognised in profit or loss related to the valuation of investment in VideoAmp. The effect in \u2018Settlements\u2019 related to the partial repayment of the convertible note obtained from BBTV Holdings Inc. There were no additional transfers in or out of Level 3 during 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-121": { "value": "
6.7. Deferred tax assets and liabilities
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Deferred tax assets
318
322
Deferred tax liabilities
(75)
(77)
\u00a0
243
245
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January
245
285
Income tax income/(expense)
11
(6)
Income tax credited/(charged) to other comprehensive income
(29)
(7)
Change in consolidation scope
15
(27)
Transfer to assets held for sale
(1)
(1)
Transfers and other changes
2
1
Balance at 31\u00a0December
243
245
The amount of the tax benefit arising from a previously unrecognised tax loss that is used to reduce current tax expense amounts to \u20ac1\u00a0million (2021: \u20ac13\u00a0million).
The recognition of previously unrecognised tax loss carry forwards and deductible temporary differences resulted in a reduction in deferred tax expense of \u20ac74 million (2021: \u20ac9 million).
Of \u2018Income tax credited/(charged) to other comprehensive income\u2019 an amount of \u20ac\u20112\u00a0million (2021: \u20ac\u20115\u00a0million) relates to effective portion of changes in fair value of cash flow hedges, \u20acnil\u00a0million (2021: \u20acnil\u00a0million) relates to recycling of cash flow hedge reserve, \u20ac\u201129\u00a0million (2021: \u20ac\u20112\u00a0million) relates to defined benefit plan actuarial gains/(losses) and \u20ac2\u00a0million (2021: \u20acnil\u00a0million) relates to change in fair value of equity instruments at FVOCI. The cumulative amount of deferred tax assets recognised in other comprehensive income amounts to \u20ac\u20113\u00a0million (2021: \u20ac14\u00a0million).
Deferred tax assets are recognised to the extent that realisation of the related tax benefit through the future taxable profits is probable. The Group has not recognised deferred tax assets in respect of the following items:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Tax loss carry forwards
\u00a0
\u00a0
No expiration date
4,007
4,182
Expiration within 5 years
68
80
Expiration after 5 years
11
9
Deductible temporary differences (no expiration date)
11
20
At 31\u00a0December\u00a02022, there were temporary differences of \u20ac171\u00a0million (2021: \u20ac126\u00a0million) related to investments in subsidiaries. However, this liability was not recognised because the Group controls the dividend policy of its subsidiaries \u2013 i.e. the Group controls the timing of reversal of the related taxable temporary differences and these will not reverse in the foreseeable future.
The movement in deferred tax assets and liabilities during the year is as follows:
\u00a0
Balance at 1\u00a0January\u00a02022
(Charged)/credited to income statement
Charged to other comprehensive income
Change in consolidation scope
Transfers and other changes
Balance at 31\u00a0December\u00a02022
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
67
(12)
\u2013
11
1
67
Programme rights
168
(29)
\u2013
\u2013
\u2013
139
Property, plant and equipment
3
1
\u2013
\u2013
\u2013
4
Right-of-use assets and lease liabilities
93
10
\u2013
2
(1)
104
Provisions
95
(11)
(24)
27
\u2013
87
Tax loss carry forwards
18
75
\u2013
3
(1)
95
Others
92
(13)
(2)
6
1
84
Offset
(214)
\u00a0
\u00a0
\u00a0
(48)
(262)
\u00a0
322
21
(26)
49
(48)
318
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
(131)
(4)
\u2013
(14)
\u2013
(149)
Programme rights
(2)
2
\u2013
(2)
\u2013
(2)
Property, plant and equipment
(13)
\u2013
\u2013
(1)
\u2013
(14)
Right-of-use assets and lease liabilities
(80)
(10)
\u2013
(2)
1
(91)
Provisions
(24)
(4)
(3)
(9)
1
(39)
Others
(41)
6
\u2013
(6)
(1)
(42)
Offset
214
\u00a0
\u00a0
\u00a0
48
262
\u00a0
(77)
(10)
(3)
(34)
49
(75)
\u00a0
Balance at 1\u00a0January\u00a02021
(Charged)/credited to income statement
Charged to other comprehensive income
Change in consolidation scope
Transfers and other changes
Balance at 31\u00a0December\u00a02021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
71
(4)
\u2013
\u2013
\u2013
67
Programme rights
193
(34)
\u2013
8
1
168
Property, plant and equipment
3
\u2013
\u2013
\u2013
\u2013
3
Right-of-use assets and lease liabilities
107
(12)
\u2013
\u2013
(2)
93
Provisions
80
17
(1)
1
(2)
95
Tax loss carry forwards
25
(8)
\u2013
1
\u2013
18
Others
62
29
(5)
4
2
92
Offset
(208)
\u00a0
\u00a0
\u00a0
(6)
(214)
\u00a0
333
(12)
(6)
14
(7)
322
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
(79)
(2)
\u2013
(49)
(1)
(131)
Programme rights
(6)
\u2013
\u2013
4
\u2013
(2)
Property, plant and equipment
(12)
(3)
\u2013
1
1
(13)
Right-of-use assets and lease liabilities
(94)
11
\u2013
1
2
(80)
Provisions
(28)
3
(1)
(1)
3
(24)
Others
(37)
(3)
\u2013
3
(4)
(41)
Offset
208
\u00a0
\u00a0
\u00a0
6
214
\u00a0
(48)
6
(1)
(41)
7
(77)
Deferred tax assets and liabilities are offset against each other if they relate to the same tax authority and meet the criteria of offsetting. The term of the deferred taxes on temporary differences is mostly expected to be recovered or settled more than 12 months from the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-122": { "value": "
6.8. Current programme rights
\u00a0
2022
2021
\u00a0
Gross value
Valuation allowance
Net value
Gross value
Valuation allowance
Net value
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions
433
(339)
94
400
(338)
62
TV programmes
162
\u2013
162
117
(2)
115
Other distribution and broadcasting rights
702
(250)
452
763
(270)
493
Sub-total programme rights
1,297
(589)
708
1,280
(610)
670
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(Co-)productions and programmes in progress
717
(15)
702
458
(13)
445
Advance payments on (co-)productions, programmes and rights
169
\u2013
169
183
\u2013
183
Sub-total programme rights in progress
886
(15)
871
641
(13)
628
\u00a0
2,183
(604)
1,579
1,921
(623)
1,298
Additions and reversals of valuation allowance have been recorded for \u20ac\u201148\u00a0million and \u20ac58\u00a0million respectively in 2022 (2021: \u20ac\u201170\u00a0million and \u20ac64\u00a0million, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-123": { "value": "
6.9. Accounts receivable and other current assets
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
\u2018Equity instruments at FVTPL\u2019 includes minority investments in Magnite amounting to \u20ac123\u00a0million (31\u00a0December\u00a02021: \u20ac190\u00a0million) as well as a number of minority investments held by different entities. The fair value of the listed investment in Magnite is measured on the basis of its market value. The gains and losses resulting from changes in the fair value are recognised in \u2018Fair value measurement of investments\u2019 as presented in note 5.3.
At 31\u00a0December\u00a02021, \u2018Equity instruments at FVTPL\u2019 also included a minority investment in VideoAmp amounting to \u20ac81\u00a0million. In January\u00a02022, RTL\u00a0Group sold its entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash. The transaction was carried out as a share buyback by VideoAmp. The cash inflow is recognised in the consolidated cash flow statement under \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019.
Additions and reversals of valuation allowance have been recorded for \u20ac\u201126\u00a0million and \u20ac19\u00a0million respectively in 2022 (2021: \u20ac\u201121\u00a0million and \u20ac20\u00a0million respectively).
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-124": { "value": "
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Accounts receivable and other financial assets
\u00a0
\u00a0
Trade accounts receivable
1,301
1,207
Contract assets
10
16
Accounts receivable from investments accounted for using the equity method
18
23
Loans receivable to investments accounted for using the equity method
\u2013
3
Derivative financial assets
38
21
Equity instruments at FVTPL
127
274
Debt instruments at FVTPL
\u2013
\u2013
Other current financial assets
6
19
Current deposits with shareholder and its subsidiaries
276
794
Account receivable from shareholder in relation with PLP Agreement
306
648
Other accounts receivable
108
290
\u00a0
2,190
3,295
\u00a0
\u00a0
\u00a0
Other non-financial assets
\u00a0
\u00a0
Prepaid expenses
93
80
Sundry other non-financial assets
220
127
\u00a0
313
207
\u00a0
2,503
3,502
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-125": { "value": "
6.10. Cash and cash equivalents
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Cash in hand and at bank
333
417
Fixed term deposits (under three months) and money market funds
256
130
Cash and cash equivalents (excluding bank overdrafts)
589
547
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Cash and cash equivalents (excluding bank overdrafts)
589
547
Bank overdrafts
(1)
\u2013
Cash and cash equivalents and bank overdrafts
588
547
As at 31 December 2022, \u2018Cash in hand and at bank\u2019 in the amount of \u20ac3 million was subject to restrictions on disposals (2021: \u20acnil million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-126": { "value": "
As at 31 December 2022, \u2018Cash in hand and at bank\u2019 in the amount of \u20ac3 million was subject to restrictions on disposals (2021: \u20acnil million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-127": { "value": "
6.11. Assets classified as held for sale
As at 31\u00a0December\u00a02022, RTL Group had no assets classified as held for sale. As at 31\u00a0December\u00a02021, the carrying amounts of the assets classified as held for sale and related liabilities were attributable to RTL Belgium \u2013 the disposal of which was completed in March 2022 (see note 4.3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-128": { "value": "
6.11. Assets classified as held for sale
As at 31\u00a0December\u00a02022, RTL Group had no assets classified as held for sale. As at 31\u00a0December\u00a02021, the carrying amounts of the assets classified as held for sale and related liabilities were attributable to RTL Belgium \u2013 the disposal of which was completed in March 2022 (see note 4.3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-129": { "value": "
6.12. Loans, bank overdrafts and lease liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
1
Bank loans payable \u2013 fixed rate
22
133
155
Bank loans payable \u2013 floating rate
3
\u2013
3
Loans due to investments accounted for using the equity method \u2013 floating rate
\u2013
\u2013
\u2013
Term loan facility due to shareholder \u2013 fixed rate
511
\u2013
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
10
\u2013
10
\u00a0
547
138
685
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
85
300
385
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
\u2013
\u2013
Bank loans payable \u2013 fixed rate
16
130
146
Bank loans payable \u2013 floating rate
7
\u2013
7
Loans due to investments accounted for using the equity method \u2013 floating rate
1
\u2013
1
Term loan facility due to shareholder \u2013 fixed rate
11
500
511
Other loans payable \u2013 fixed rate
\u2013
5
5
Other loans payable \u2013 floating rate
14
\u2013
14
\u00a0
49
635
684
\u00a0
\u00a0
\u00a0
\u00a0
Lease liabilities
59
273
332
During the third quarter of 2017, Groupe M6 secured external funding of \u20ac170\u00a0million, including a seven-year Euro private placement bond issue (seven-year Euro private placement bond) of \u20ac50\u00a0million and two bilateral committed credit facilities for a total of \u20ac120\u00a0million with a maturity of five years. The fixed interest rate on the Euro private placement bond is 1.50 per cent (all-in). The fair value of the seven-year Euro private placement bond \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac51\u00a0million (2021: \u20ac51\u00a0million).
During the third quarter of 2019, Groupe M6 entered into a seven-year-term Schuldschein loan of \u20ac75\u00a0million including a credit line of \u20ac65\u00a0million with a fixed rate of 1 per cent and a credit facility for \u20ac10\u00a0million with a floating rate of EURIBOR six months (floored at zero per cent) plus a margin of 1 per cent per year. The fair value of the seven-year-term Schuldschein of \u20ac65\u00a0million \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac65\u00a0million (2021: \u20ac65\u00a0million).
Loans from Bertelsmann SE & Co. KGaA and Bertelsmann Business Support S.\u00e0.r.l.
On 7 March 2013, RTL Group GmbH and Bertelsmann SE & Co. KGaA entered into a shareholder loan agreement pursuant to which Bertelsmann makes available a term loan facility in the amount of \u20ac500\u00a0million and a revolving and swing line facility in the amount of up to \u20ac1 billion. The revolving loan terminated in February 2018. RTL Group has re-negotiated an extension for another five-year period. The main terms of these facilities are:
The interest expense for the period amounts to \u20ac14\u00a0million (2021: \u20ac14\u00a0million). The commitment fee charge for the period amounts to \u20ac1.2\u00a0million (2021: \u20ac1.2\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-130": { "value": "
6.13. Accounts payable and other liabilities
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
At 31\u00a0December\u00a02022, the profit participation liabilities of RTL Deutschland amounted to \u20ac315\u00a0million (2021: \u20ac305\u00a0million).
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-131": { "value": "
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-132": { "value": "
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-133": { "value": "
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-134": { "value": "
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-135": { "value": "
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2022
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,360
40
1,400
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
43
14
57
Account payable to shareholder in relation to PLP Agreement
322
\u2013
322
Sundry financial liabilities
106
167
273
\u00a0
1,839
221
2,060
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
249
287
536
VAT payables
132
\u2013
132
Deferred income
3
\u2013
3
Social security and other taxes payable
89
\u2013
89
\u00a0
473
287
760
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,312
508
2,820
\u00a0
Under 1 year
Over 1 year
Total carrying amount
2021
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
Accounts payable and other financial liabilities
\u00a0
\u00a0
\u00a0
Trade accounts payable
1,459
32
1,491
Amounts due to associates
8
\u2013
8
Derivative financial liabilities
12
5
17
Account payable to shareholder in relation to PLP Agreement
732
\u2013
732
Sundry financial liabilities
87
48
135
\u00a0
2,298
85
2,383
\u00a0
\u00a0
\u00a0
\u00a0
Non-financial liabilities
\u00a0
\u00a0
\u00a0
Employee benefits liability
228
287
515
VAT payables
132
\u2013
132
Deferred income
8
\u2013
8
Social security and other taxes payable
96
\u2013
96
\u00a0
464
287
751
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2,762
372
3,134
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-136": { "value": "
6.14. Provisions
6.14.1. Provisions other than post-employment benefits
\u00a0
Restructuring
Litigations
Onerous contracts
Other provisions
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
48
67
85
31
231
Provisions charged/(credited) to the income statement:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Additions
5
7
41
5
58
\u2013 Reversals
\u2013
(41)
(7)
(11)
(59)
Provisions used during the year
(38)
(4)
(47)
(14)
(103)
Other changes
9
\u2013
\u2013
21
30
Balance at 31\u00a0December\u00a02022
24
29
72
32
157
\u2019Other changes\u2019 includes an amount of \u20ac15\u00a0million from the acquisition of Gruner\u00a0+\u00a0Jahr (see note 4.2).
The provisions mainly relate to the following:
Provisions for litigations
Provisions for litigations correspond to the Group\u2019s best estimate of the expected future cash outflow related to disputes arising from the Group\u2019s activities.
RTL Group is party to legal proceedings in the normal course of its business, both as defendant and claimant. The main legal proceedings to which RTL Group is a party are disclosed below.
Several subsidiaries of RTL\u00a0Group are being sued by the broadcaster RTL 2 Fernsehen GmbH & Co KG and its sales house, El Cartel Media GmbH & Co KG, before the regional court in D\u00fcsseldorf, Germany, seeking disclosure of information to substantiate a possible claim for damages. The proceedings follow the imposition of a fine in 2007 by the German Federal Cartel Office for abuse of market dominance with regard to discount scheme agreements (share deals) granted by Ad Alliance GmbH (formerly IP Deutschland GmbH) and SevenOne Media GmbH to media agencies. The German Federal Cartel Office argued that these discounts would foreclose small broadcasters from the advertising market. In 2014, the district court of D\u00fcsseldorf decided to order an expert report. The expert concluded in February 2018 that the likelihood of damages cannot be proven with certainty. In July 2018, RTL 2 Fernsehen GmbH & Co KG filed a motion claiming that the expert was not impartial, with the aim of getting the court to obtain a new expert opinion. Ad Alliance GmbH has rejected the motion of lack of impartiality as unfounded. Due to his unexpected death in February 2020, the court expert could not submit his response to the allegation of impartiality. The court has announced that it would take a decision on the issue of impartiality in the upcoming weeks. The court case will continue. Similar proceedings from other small broadcasters, initiated in different courts, were unsuccessful or have been withdrawn. Based on the independent legal advice obtained in 2022, management\u2019s assessment is that the basis for the claim has little merit, and it is not probable that an outflow will be required to settle the claim. As no further outflows of resources are expected, the provision of \u20ac35 million was reversed.
In June 2016, the main competitors of Fun Radio alleged that a host of the morning show had influenced Fun Radio\u2019s results by encouraging his listeners to give favourable treatment to Fun Radio in the M\u00e9diam\u00e9trie surveys. In response to these allegations, M\u00e9diam\u00e9trie decided to remove Fun Radio from its surveys. Following a legal procedure initiated by Fun Radio, M\u00e9diam\u00e9trie was required to reinstate Fun Radio in the audience results surveys as of September 2016. Nevertheless, M\u00e9diam\u00e9trie decided to lower Fun Radio\u2019s audience results in its published surveys, alleging the existence of a \u2018halo effect\u2019. Following a procedure initiated by Fun Radio, a judicial expert was appointed in December 2017 to examine M\u00e9diam\u00e9trie\u2019s assessment of the alleged \u2018halo effect\u2019. In September 2019, the judicial expert issued his final report which confirmed the \u2018halo effect\u2019 but assessed that Fun Radio\u2019s results were over-corrected. As of September 2017, M\u00e9diam\u00e9trie has again published the full audience results for Fun Radio. In parallel to the above procedure, the main competitors of Fun Radio also filed, in December 2016, a claim for damages, claiming unfair competition, but this procedure was suspended until the end of the judicial expertise. In the meantime, four of the six claimants withdrew their claim from the proceedings. On 23 January 2023, the Court decided to award damages for unfair competition. Fun Radio appealed the Court\u2019s decision on 26 January 2023 and is confident to achieve a favourable decision before the Court of appeal.
No further information is disclosed as it may harm the Group\u2019s position.
Onerous contracts
\u2018Onerous contracts\u2019 mainly comprise provisions made by:
\u2018Other provisions\u2019 of \u20ac15 million relate to the provision for losses for the Group\u2019s undertaking in Salto (see note 6.5).
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Current
109
129
Non-current
48
102
\u00a0
157
231
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-137": { "value": "
6.16. Equity
6.16.1. Share capital
At 31\u00a0December\u00a02022, the subscribed capital amounts to \u20ac192\u00a0million (2021: \u20ac192\u00a0million) and is represented by 154,742,806 (31\u00a0December\u00a02021: 154,742,806) fully paid-up ordinary shares, without nominal value.
At 31\u00a0December\u00a02022, RTL Group\u2019s share price, as listed on the Frankfurt Stock Exchange, was \u20ac39.44 (31\u00a0December\u00a02021: \u20ac46.62).
6.16.2. Treasury shares
Since 31\u00a0December\u00a02020, the Group no longer holds treasury shares.
6.16.3. Currency translation reserve
The currency translation reserve comprises:
6.16.4. Hedging reserve
The hedging reserve (equity attributable to non-controlling interests included) comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Between 31\u00a0December\u00a02021 and 31\u00a0December\u00a02022, the hedging reserve increased by \u20ac8\u00a0million before tax effects. Between 31\u00a0December\u00a02020 and 31\u00a0December\u00a02021, the hedging reserve increased by \u20ac17\u00a0million before tax effects.
6.16.5. Revaluation reserve
The revaluation reserve includes:
6.16.6. Dividends
Based on the resolution of the Annual General Meeting of Shareholders on 27 April 2022, the Annual General Meeting of Shareholders decided to distribute a final dividend of \u20ac5 per share. Accordingly, an amount of \u20ac774\u00a0million was paid out on 5 May 2022 (2021: \u20ac464\u00a0million).
6.16.7. Share-based payment plans
Groupe M6 has established free shares plans open to directors and certain employees. The number of free shares granted to participants is approved by the Supervisory Board of M\u00e9tropole T\u00e9l\u00e9vision SA in accordance with the authorisation given by the Annual General Meeting of Shareholders.
Plans allocated in October 2022:
The maximum number of free shares granted and remaining free shares are as follows, whereby all plans are settled by physical delivery of shares:
\u00a0
Grant date
Maximum number of free shares granted1)
Remaining free shares
\u00a0
\u00a0
\u00a0
\u00a0
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
30/7/2019
246,500
\u2013
\u00a0
20/4/2021
407,200
393,600
\u00a0
20/4/2021
93,000
93,000
\u00a0
10/10/2022
291,050
291,050
\u00a0
10/10/2022
224,700
224,700
Total
\u00a0
1,262,450
1,002,350
1) The maximum number of free shares granted if the performance conditions are significantly exceeded. Such number could be reduced to nil if objectives are not met.
During the financial year, the balance of shares granted changed as follows:
\u00a0
Number of shares
\u00a0
\u00a0
Balance at 31/12/2021
733,700
Change based on performance
\u2013
Granted
515,750
Delivered
(237,000)
Forfeited
(10,100)
Balance at 31/12/2022
1,002,350
Free shares plans outstanding at the end of the year have the following terms:
\u00a0
\u00a0
Number of shares
Number of shares
\u00a0
Expiry date
2022
2021
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
2022
\u2013
237,000
\u00a0
2023
486,600
496,700
\u00a0
2024
224,700
\u2013
\u00a0
2025
291,050
\u2013
Total
\u00a0
1,002,350
733,700
The market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 at 31\u00a0December\u00a02022 (31\u00a0December\u00a02021: \u20ac17.16).
The fair value of performance shares granted is based on the value of the share at date of grant less the current value of future dividends estimated for the period of unavailability. For all performance share plans, the maturity corresponds to the vesting period (i.e. 2 years, 2 years and 6 months or 2 years and 8 months).
The features of plans, fair value of benefits granted and employee expenses are as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Employee expense
\u00a0
Share price
Risk-free interest rate
Expected return
Fair value
2022
2021
Grant date
\u20ac
% a year
% a year
\u20ac
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
25/7/2018 (2 plans)
16.92
(0.10)%
5.66%
14.97
\u2013
0.9
30/07/2019 (2 plans)
15.35
(0.30)%
6.97%
13.23
0.8
2.6
20/4/2021 (2 plans)
18.38
(0.64)%
n/a
14.34
4.1
2.3
10/10/2022 (2 plans)
10.34
2.07%
6.15%
8.38
0.4
\u2013
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
\u00a0
\u00a0
\u00a0
\u00a0
5.3
5.8
6.16.8. Non-controlling interests
RTL Group has ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6) in M\u00e9tropole T\u00e9l\u00e9vision SA which, together with its subsidiaries and investments accounted for using the equity method, represents Groupe M6, which is listed on the Paris Stock Exchange. Deviating from the ownership interests, RTL Group holds 48.3 per cent of the voting rights. The total non-controlling interests amounts to \u20ac791\u00a0million at 31\u00a0December\u00a02022 (2021: \u20ac766\u00a0million), of which \u20ac748\u00a0million (2021: \u20ac733\u00a0million), is for Groupe M6. Non-controlling interests in other subsidiaries are individually immaterial.
The following tables summarise the information relating to Groupe M6, before any intra-group elimination.
Summarised financial information (as published by Groupe M6):
\u00a0
Groupe M6
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
888
924
Current assets
1,099
1,162
Assets held for sale
\u2013
\u2013
Current liabilities
(535)
(657)
Non-current liabilities
(214)
(226)
Liabilities related to assets held for sale
\u2013
\u2013
Net assets
1,238
1,203
\u00a0
\u00a0
\u00a0
Revenue
1,357
1,390
Profit before tax
241
358
Income tax expense
(75)
(77)
Profit from continuing operations
166
281
Profit from discontinued operations
\u2013
\u2013
Group profit
166
281
\u00a0
\u00a0
\u00a0
Other comprehensive income
11
\u2013
Total comprehensive income
177
281
Dividends paid to non-controlling interest
(5)
\u2013
\u00a0
\u00a0
\u00a0
Net cash from/(used in) operating activities
296
456
Net cash from/(used in) investing activities
(80)
(67)
Net cash from/(used in) financing activities
(190)
(237)
Net increase/(decrease) in cash and cash equivalents
26
152
RTL\u00a0Group\u2019s subsidiary, M\u00e9tropole T\u00e9l\u00e9vision SA, declared and paid cash dividends during the financial year 2022. The amount received within the Group was eliminated on consolidation and the amount paid to non-controlling interests was \u20ac65\u00a0million (2021: \u20ac98\u00a0million).
Transactions on non-controlling interests without changes of control
In June\u00a02022, RTL\u00a0Group exercised its right to acquire the remaining interest in Eureka, increasing its ownership from 51 per\u00a0cent to 100 per\u00a0cent. The consideration paid amounted to \u20ac55\u00a0million and related to the settlement of a put option liability on the remaining share capital, which was recognised in connection with the acquisition of the majority interest in Eureka in 2021. The transaction was accounted for as an equity transaction in accordance with IFRS\u00a010. The transaction resulted in an increase of the equity attributable to RTL\u00a0Group shareholders in the amount of \u20ac17\u00a0million and a decrease of the equity attributable to non-controlling interests in the amount of \u20ac\u201117\u00a0million.
\u00a0
\u20ac m
\u00a0
Change in RTL\u00a0Group shareholders\u2019 equity
\u00a0
\u00a0
Carrying amount of interests acquired
17
Increase in RTL\u00a0Group shareholders\u2019 equity
17
\u2013 thereof increase in retained earnings
17
\u2013 thereof increase in other comprehensive income
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-138": { "value": "
6.16.1. Share capital
At 31\u00a0December\u00a02022, the subscribed capital amounts to \u20ac192\u00a0million (2021: \u20ac192\u00a0million) and is represented by 154,742,806 (31\u00a0December\u00a02021: 154,742,806) fully paid-up ordinary shares, without nominal value.
At 31\u00a0December\u00a02022, RTL Group\u2019s share price, as listed on the Frankfurt Stock Exchange, was \u20ac39.44 (31\u00a0December\u00a02021: \u20ac46.62).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-139": { "value": "
6.16.2. Treasury shares
Since 31\u00a0December\u00a02020, the Group no longer holds treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-140": { "value": "
6.16.3. Currency translation reserve
The currency translation reserve comprises:
6.16.4. Hedging reserve
The hedging reserve (equity attributable to non-controlling interests included) comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Between 31\u00a0December\u00a02021 and 31\u00a0December\u00a02022, the hedging reserve increased by \u20ac8\u00a0million before tax effects. Between 31\u00a0December\u00a02020 and 31\u00a0December\u00a02021, the hedging reserve increased by \u20ac17\u00a0million before tax effects.
6.16.5. Revaluation reserve
The revaluation reserve includes:
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-141": { "value": "5", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-142": { "value": "
6.16.7. Share-based payment plans
Groupe M6 has established free shares plans open to directors and certain employees. The number of free shares granted to participants is approved by the Supervisory Board of M\u00e9tropole T\u00e9l\u00e9vision SA in accordance with the authorisation given by the Annual General Meeting of Shareholders.
Plans allocated in October 2022:
The maximum number of free shares granted and remaining free shares are as follows, whereby all plans are settled by physical delivery of shares:
\u00a0
Grant date
Maximum number of free shares granted1)
Remaining free shares
\u00a0
\u00a0
\u00a0
\u00a0
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
30/7/2019
246,500
\u2013
\u00a0
20/4/2021
407,200
393,600
\u00a0
20/4/2021
93,000
93,000
\u00a0
10/10/2022
291,050
291,050
\u00a0
10/10/2022
224,700
224,700
Total
\u00a0
1,262,450
1,002,350
1) The maximum number of free shares granted if the performance conditions are significantly exceeded. Such number could be reduced to nil if objectives are not met.
During the financial year, the balance of shares granted changed as follows:
\u00a0
Number of shares
\u00a0
\u00a0
Balance at 31/12/2021
733,700
Change based on performance
\u2013
Granted
515,750
Delivered
(237,000)
Forfeited
(10,100)
Balance at 31/12/2022
1,002,350
Free shares plans outstanding at the end of the year have the following terms:
\u00a0
\u00a0
Number of shares
Number of shares
\u00a0
Expiry date
2022
2021
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
2022
\u2013
237,000
\u00a0
2023
486,600
496,700
\u00a0
2024
224,700
\u2013
\u00a0
2025
291,050
\u2013
Total
\u00a0
1,002,350
733,700
The market price of M\u00e9tropole T\u00e9l\u00e9vision shares on the Paris Stock Exchange was \u20ac15.35 at 31\u00a0December\u00a02022 (31\u00a0December\u00a02021: \u20ac17.16).
The fair value of performance shares granted is based on the value of the share at date of grant less the current value of future dividends estimated for the period of unavailability. For all performance share plans, the maturity corresponds to the vesting period (i.e. 2 years, 2 years and 6 months or 2 years and 8 months).
The features of plans, fair value of benefits granted and employee expenses are as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Employee expense
\u00a0
Share price
Risk-free interest rate
Expected return
Fair value
2022
2021
Grant date
\u20ac
% a year
% a year
\u20ac
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Free shares plans
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
25/7/2018 (2 plans)
16.92
(0.10)%
5.66%
14.97
\u2013
0.9
30/07/2019 (2 plans)
15.35
(0.30)%
6.97%
13.23
0.8
2.6
20/4/2021 (2 plans)
18.38
(0.64)%
n/a
14.34
4.1
2.3
10/10/2022 (2 plans)
10.34
2.07%
6.15%
8.38
0.4
\u2013
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
\u00a0
\u00a0
\u00a0
\u00a0
5.3
5.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-143": { "value": "
6.16.8. Non-controlling interests
RTL Group has ownership interest of 48.4 per cent (after considering treasury shares held by Groupe M6) in M\u00e9tropole T\u00e9l\u00e9vision SA which, together with its subsidiaries and investments accounted for using the equity method, represents Groupe M6, which is listed on the Paris Stock Exchange. Deviating from the ownership interests, RTL Group holds 48.3 per cent of the voting rights. The total non-controlling interests amounts to \u20ac791\u00a0million at 31\u00a0December\u00a02022 (2021: \u20ac766\u00a0million), of which \u20ac748\u00a0million (2021: \u20ac733\u00a0million), is for Groupe M6. Non-controlling interests in other subsidiaries are individually immaterial.
The following tables summarise the information relating to Groupe M6, before any intra-group elimination.
Summarised financial information (as published by Groupe M6):
\u00a0
Groupe M6
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Non-current assets
888
924
Current assets
1,099
1,162
Assets held for sale
\u2013
\u2013
Current liabilities
(535)
(657)
Non-current liabilities
(214)
(226)
Liabilities related to assets held for sale
\u2013
\u2013
Net assets
1,238
1,203
\u00a0
\u00a0
\u00a0
Revenue
1,357
1,390
Profit before tax
241
358
Income tax expense
(75)
(77)
Profit from continuing operations
166
281
Profit from discontinued operations
\u2013
\u2013
Group profit
166
281
\u00a0
\u00a0
\u00a0
Other comprehensive income
11
\u2013
Total comprehensive income
177
281
Dividends paid to non-controlling interest
(5)
\u2013
\u00a0
\u00a0
\u00a0
Net cash from/(used in) operating activities
296
456
Net cash from/(used in) investing activities
(80)
(67)
Net cash from/(used in) financing activities
(190)
(237)
Net increase/(decrease) in cash and cash equivalents
26
152
RTL\u00a0Group\u2019s subsidiary, M\u00e9tropole T\u00e9l\u00e9vision SA, declared and paid cash dividends during the financial year 2022. The amount received within the Group was eliminated on consolidation and the amount paid to non-controlling interests was \u20ac65\u00a0million (2021: \u20ac98\u00a0million).
Transactions on non-controlling interests without changes of control
In June\u00a02022, RTL\u00a0Group exercised its right to acquire the remaining interest in Eureka, increasing its ownership from 51 per\u00a0cent to 100 per\u00a0cent. The consideration paid amounted to \u20ac55\u00a0million and related to the settlement of a put option liability on the remaining share capital, which was recognised in connection with the acquisition of the majority interest in Eureka in 2021. The transaction was accounted for as an equity transaction in accordance with IFRS\u00a010. The transaction resulted in an increase of the equity attributable to RTL\u00a0Group shareholders in the amount of \u20ac17\u00a0million and a decrease of the equity attributable to non-controlling interests in the amount of \u20ac\u201117\u00a0million.
\u00a0
\u20ac m
\u00a0
Change in RTL\u00a0Group shareholders\u2019 equity
\u00a0
\u00a0
Carrying amount of interests acquired
17
Increase in RTL\u00a0Group shareholders\u2019 equity
17
\u2013 thereof increase in retained earnings
17
\u2013 thereof increase in other comprehensive income
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-144": { "value": "
7. FINANCIAL RISK MANAGEMENT
7.1. Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group is exposed in particular to risks from movements in foreign exchange rates as it engages in long-term purchase contracts for programme rights (output deals) denominated in foreign currency.
Risk management is carried out by the Group Treasury department under the supervision of the Chief Financial Officer under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges risks in close cooperation with the Group\u2019s operating units. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Board of Directors has issued written principles for overall risk management and written policies covering specific areas, such as market risk, credit risk, liquidity risk, use of derivatives and investment of excess liquidity.
The Group seeks to minimise the potential adverse effects of changing financial markets on its performance using standard market financial derivatives, primarily unlisted (OTC) instruments such as foreign exchange forward contracts. Transactions are entered into with selected banks in line with the Bank Relationship Policy. Derivatives are not used for speculative purposes. Risks are hedged to the extent that they influence the Group\u2019s cash flows (i.e. translational risk linked to the conversion of net investments in foreign operations is not hedged).
7.1.1. Market risk
Foreign exchange risk
Euro exchange rates for significant foreign currencies
The following significant exchange rates have been applied:
\u00a0
\u00a0
Average rates
Closing rates
Foreign currency unit per \u20ac1
\u00a0
2022
2021
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
British pound
GBP
0.8527
0.8598
0.8869
0.8413
US dollar
USD
1.0534
1.1828
1.0666
1.1370
Australian dollar
AUD
1.5165
1.5748
1.5693
1.5647
Foreign exchange exposure
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily in respect of USD and GBP. Foreign exchange risk arises from recognised assets and liabilities, future commercial transactions and net investments in foreign operations.
For the Group as a whole, cash flows, net income and net worth are optimised by reference to the Euro. However, foreign exchange risks faced by individual Group companies are managed or hedged against the functional currency of the relevant entity (as these entities generally generate their revenue in local currencies). The Group therefore manages a variety of currencies due to the numerous functional currencies of the companies constituting the Group.
In addition, market practices in the television business imply a significant forward exposure to USD as programme rights are usually denominated in USD and not paid up-front. For this reason, the main off-balance sheet exposure of the Group is towards the USD in respect of future purchases and sales of programme rights, output deals (commitments for future cash flows) and highly probable forecast transactions (US-$2\u00a0million as at 31\u00a0December\u00a02022, US-$7\u00a0million as at 31\u00a0December\u00a02021).
Management of foreign exchange exposure
RTL Group management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. Group companies are required to hedge their entire foreign currency exchange risk exposure with Group Treasury in accordance with the Group\u2019s Treasury policies. All foreign currency exchange exposures \u2013 including signed and forecast output deals and programme rights in foreign currency \u2013 are centralised in an intranet-based database. To manage their foreign exchange risk arising from recognised assets and liabilities and future commercial transactions, entities in the Group use forward contracts transacted with Group Treasury. Group Treasury is then responsible for hedging, usually on a one-to-one basis, the exposure against the functional currency of the respective entity.
The Group\u2019s Treasury policy is to hedge up to 100 per cent of the recognised monetary foreign currency exposures arising from cash, accounts receivable, accounts payable, loans receivable and borrowings denominated in currencies other than the functional currency. The Group Treasury policy is to hedge between 80 per cent and 100 per cent of short-term cash flow forecasts and between 10 per cent and 80 per cent of longer term (between two and five years) cash flow forecasts. Approximately 68 per cent (2021: 75 per cent) of anticipated cash flows constitute firm commitments or highly probable forecast transactions for the purpose of hedge accounting.
In order to monitor the compliance of the management of the foreign exchange exposure (mainly USD) with the Group\u2019s policy, a monthly report is produced and analysed by RTL Group management. This report shows each subsidiary\u2019s exposure to currencies other than their functional currency, detailing the nature (e.g. trade accounts, royalties, intercompany accounts) of on-balance sheet items, and the underlying deals and maturities of off-balance sheet items, as well as the corresponding hedging ratios.
Accounting
At interception of the hedging relationships, RTL Group documents the risk management objective and strategy for undertaking the hedge. RTL Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other.
RTL Group separates the spot component and the forward (or swap) point of the forward contracts. Only the spot component is considered as the hedging instrument. Forward (or swap) points are accounted for directly in profit or loss accounts.
The foreign currency cash flow hedge accounting model defined under IFRS\u00a09 is applied by those companies that account for the majority of the Group\u2019s foreign currency exposure, when:
When cash flow hedge accounting is applied, the effective portion of the changes in the fair value of the hedging instrument is recognised net of deferred tax in the cash flow hedging reserve as presented in \u2018Consolidated statement of changes in equity\u2019. It is released to the income statement in the periods in which the hedged item impacts the income statement. In case of hedging forecast purchases of programme rights in foreign currency the releases from cash flow hedging reserve are added to the carrying amount of the hedged item when such an item is recognised in the statement of financial position. The ineffective portion of the change in fair value of the hedging instrument is recognised directly in profit or loss. For the year ended 31\u00a0December\u00a02022, the swap points have been recognised in the income statement for \u20ac1\u00a0million (2021: \u20ac\u20114\u00a0million).
For recognised foreign currency monetary assets and liabilities there is a natural offset of gains and losses in the income statement between the revaluation of the underlying derivatives and the exposure. Therefore, hedge accounting as defined under IFRS\u00a09 is not applied.
Foreign exchange derivative contracts
The impact of forward foreign exchange contracts in the consolidated statement of financial position and in profit or loss is as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Net fair value of foreign exchange derivatives
(5)
12
\u00a0
\u00a0
\u00a0
Operating foreign exchange gains/(losses)
\u2013
(3)
Non-operating foreign exchange gains/(losses)
(19)
(10)
Gains/(losses) resulting from swap points
1
(4)
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Less than 3 months
(10)
\u2013
Less than 1 year
5
9
Less than 5 years
\u2013
3
Net fair value of foreign exchange derivatives
(5)
12
The items \u2018Operating foreign exchange gains/(losses)\u2019 and \u2018Non-operating foreign exchange gains/(losses)\u2019 relate to derivatives used to offset the currency exposure relating to recognised monetary assets and liabilities for which hedge accounting as defined under IFRS\u00a09 is not applied.
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02022, is, for the main foreign currencies, as follows:
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
388
125
12
4
4
533
Sell
(533)
(90)
(6)
(1)
(2)
(632)
Total
(145)
35
6
3
2
(99)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
767
151
14
7
2
941
Sell
(353)
(142)
(12)
(5)
(6)
(518)
Total
414
9
2
2
(4)
423
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02021 is, for the main foreign currencies, as follows:
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
175
75
87
1
2
340
Sell
(344)
(59)
(44)
(1)
(1)
(449)
Total
(169)
16
43
\u2013
1
(109)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
609
143
61
2
1
816
Sell
(560)
(126)
(106)
(1)
(3)
(796)
Total
49
17
(45)
1
(2)
20
Sensitivity analysis to foreign exchange rates
Management estimates that:
This sensitivity analysis does not include the impact of translation into \u20ac of foreign operations.
Interest rate risk
The objective of the interest rate risk management policy is to minimise the interest rate funding cost over the long-term and to maximise the excess cash return.
The Group interest rate risk arises primarily from loans payable, financing agreements with Bertelsmann SE & Co. KGaA and its subsidiaries (see note 10.1) and from cash and cash equivalents.
During the third quarter of 2017, Groupe M6 secured external funding of \u20ac170\u00a0million, including a seven-year Euro private placement bond issue (seven-year Euro private placement bond) of \u20ac50\u00a0million and two bilateral committed credit facilities for a total of \u20ac120\u00a0million with a maturity of five years. The fixed interest rate on the Euro private placement bond is 1.50 per cent (all-in). The fair value of the seven-year Euro private placement bond \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac51\u00a0million (2021: \u20ac51\u00a0million).
During the third quarter of 2019, Groupe M6 entered into a seven-year-term Schuldschein loan of \u20ac75\u00a0million including a credit line of \u20ac65\u00a0million with a fixed rate of 1 per cent and a credit facility for \u20ac10\u00a0million with a floating rate of EURIBOR six months (floored at zero per cent) plus a margin of 1 per cent per year. The fair value of the seven-year-term Schuldschein of \u20ac65\u00a0million \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac65\u00a0million (2021: \u20ac65\u00a0million).
In order to maximise the excess cash return on cash balances and to minimise the gross indebtedness of the Group, cross border cash pooling has been set up for most Group entities. The interest rate strategy defined by RTL Group depends on the net cash position of each company.
Group Treasury uses various indicators to monitor interest rate risk, such as a targeted net fixed/floating rate debt ratio, duration, basis point value (increase in interest rate costs resulting from a basis point increase in interest rate) and interest cover ratio.
If the interest rates achieved had plus or minus 100 basis points, and assuming the current amount of floating net cash available remained constant, the net interest income/(expense) at 31\u00a0December\u00a02022, would have been changed as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
Shift +1%
Shift (1)%
Shift +1%
Shift (1)%
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cash flow risks (income statement)
3.0
(3.0)
4.7
(0.3)
7.1.2. Credit risk
RTL Group\u2019s exposure to credit risk primarily arises through sales made to customers (trade receivables), investments in money market funds classified in cash and cash equivalents, and deposits made with banks and the shareholder.
Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances, which are managed by individual subsidiaries.
The Group\u2019s television and radio operations incur exposure to credit risk when making transactions with advertising agencies or direct customers. In 2022, combined television and radio advertising revenue contributed 43 per cent of the Group\u2019s revenue (2021: 50 per cent). Due to its business model, RTL Group\u2019s exposure to credit risk is directly linked to the final client. However, the risks are considered to be low due to the size of the individual companies or agency groups.
RTL Group sells, licenses and monetises content to state-owned and commercial television channels and internet platforms. In 2022, these activities contributed 34 per cent of the Group\u2019s revenue (2021: 31 per cent). Given the limited number of television broadcasters in different countries, there is a high degree of concentration of credit risk. However, given the long-standing relationships between content providers and broadcasters and the fact that the customers are large businesses with solid financial positions, the level of credit risk is significantly mitigated.
RTL Group also has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history.
According to the Group\u2019s banking policy, derivative instruments and cash transactions (including bank deposits and investments in money market funds) are operated only with high credit quality financial institutions in order to mitigate counterparty risk (only independently rated parties with a minimum rating of \u2018BBB+\u2019 are accepted for bank deposits for the smallest tranches). The Group\u2019s bank relationship policy sets forth stringent criteria for the selection of banking partners and money market funds (such as applicable supervisory authorities, investment policy, maximum volatility, track record, rating, cash and cash equivalents as defined under IAS\u00a07). To mitigate settlement risk, the Group has policies that limit the amount of credit exposure to any one financial institution on any single day. Statistics (such as the percentage of the business allocated to each bank over the year, or a summary of the highest intraday exposures by bank and maturity date) are computed and used daily to ensure credit risk is mitigated in practice at any time.
The carrying amount of financial assets represents their maximum credit exposure.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
The Group has a significant concentration of credit risk due to its relationship with Bertelsmann. Nevertheless, credit risk arising from transactions with the principal shareholder or its subsidiaries is significantly mitigated (see note 10.1). RTL Group considers that there is a low concentration of credit risk for other counterparties.
7.1.3. Price risk
The Group is subject to price risk mainly linked to equity securities, earn-out mechanisms, put options on non-controlling interests and derivatives, and investments accounted for using the equity method. The primary goal of the Group\u2019s investment in equity securities categorised as FVOCI is to hold such investments for the long term for strategic purposes. Some investments designated at FVTPL are actively monitored on a fair value basis.
7.1.4. Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying business, management aims to maintain flexibility in funding by keeping committed credit lines available despite the total cash situation. Cash flow forecasting is performed in the operating entities of the Group. Group Treasury monitors rolling forecasts on the Group\u2019s liquidity requirements to ensure it has sufficient headroom to meet operational needs. Management monitors, on a monthly basis, the level of the \u2018liquidity headroom\u2019 (total committed facilities minus current utilisation through bank loans and guarantees).
\u00a0
Under 1 year
1 to 5 years
Over 5 years
2022
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Credit facilities \u2013 banks
\u00a0
\u00a0
\u00a0
\u00a0
Committed facilities
\u2013
247
\u2013
247
Headroom
\u2013
122
\u2013
122
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
1 to 5 years
Over 5 years
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Credit facilities \u2013 banks
\u00a0
\u00a0
\u00a0
\u00a0
Committed facilities
\u2013
230
75
305
Headroom
\u2013
180
\u2013
180
Surplus cash held by the operating entities over and above balances required for working capital management is transferred to Group Treasury. Group Treasury invests surplus cash in interest-bearing current accounts, time deposits, money market funds or deposits with Bertelsmann SE & Co. KGaA (see note 10.1) choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the closing date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
547
134
4
685
Lease liabilities
91
220
97
408
Accounts payable and other non-derivative financial liabilities
1,796
139
91
2,026
At 31\u00a0December\u00a02022
2,434
493
192
3,119
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(1,027)
(181)
(2)
(1,210)
\u2013 Inflow
984
167
2
1,153
At 31\u00a0December\u00a02022
(43)
(14)
\u2013
(57)
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
49
556
79
684
Lease liabilities
65
192
102
359
Accounts payable and other non-derivative financial liabilities
2,286
81
\u2013
2,367
At 31\u00a0December\u00a02021
2,400
829
181
3,410
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(791)
(221)
\u2013
(1,012)
\u2013 Inflow
779
215
\u2013
994
At 31\u00a0December\u00a02021
(12)
(6)
\u2013
(18)
7.2. Capital management
The Group monitors capital on the basis of its net debt to EBITDA ratio (non-IFRS measure).
The Group\u2019s ability and intention to pay dividends in the future will depend on its financial condition, results of operations, capital requirements, investment alternatives and other factors that management may deem relevant. Management expects that the principal source of funds for the payment of dividends will be the cash flow and dividends received from its current and future subsidiaries.
The Group intends to pay ordinary dividends in the future targeting a dividend pay out ratio of at least 80 per cent of the adjusted net profit attributable to RTL Group shareholders.
The adjusted net profit (non-IFRS measure) is the reported net result available to RTL Group shareholders, adjusted for any material non-cash impacts such as goodwill impairments.
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
In 2021, the amount disclosed in \u2019Acquisitions and additions\u2019 mainly related to the Magnite shares RTL\u00a0Group received as a part of the non-cash consideration from the sale of SpotX (\u20ac381\u00a0million). Due to the contractual lockup the Magnite shares were assigned to Level 3. After the expiry\u00a0of the lock-up period, the listed Magnite shares were assigned to Level 1. The effect from re-measurement of these shares until the transfer out of Level 3 amounted to \u20ac\u201161\u00a0million and was disclosed in \u2018Gains and losses recognised in profit or loss\u2019. A further effect of \u20ac66\u00a0million recognised in profit or loss related to the valuation of investment in VideoAmp. The effect in \u2018Settlements\u2019 related to the partial repayment of the convertible note obtained from BBTV Holdings Inc. There were no additional transfers in or out of Level 3 during 2021.
7.4. Master netting agreement
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements. In certain circumstances \u2013 e.g. when a credit event such as a default occurs \u2013 all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.
The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not currently have any legally enforceable right to offset recognised amounts, because the right to offset is enforceable only on the occurrence of future events such as a bank loan default or other credit event.
The following table sets out the carrying amounts of recognised financial instruments that are subject to the above agreements. The column \u2018net amount\u2019 shows the impact on the consolidated statement of financial position if all set-off rights were exercised.
\u00a0
At 31\u00a0December\u00a02022
At 31\u00a0December\u00a02021
\u00a0
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
Gross amounts in the statement of financial position
Related financial instruments that are not offset
Net amount
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
52
(43)
9
29
(16)
13
\u00a0
52
(43)
9
29
(16)
13
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial instruments
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Forward exchange contracts used to offset currency exposure
(57)
43
(14)
(17)
16
(1)
\u00a0
(57)
43
(14)
(17)
16
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-145": { "value": "
7.1.1. Market risk
Foreign exchange risk
Euro exchange rates for significant foreign currencies
The following significant exchange rates have been applied:
\u00a0
\u00a0
Average rates
Closing rates
Foreign currency unit per \u20ac1
\u00a0
2022
2021
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
British pound
GBP
0.8527
0.8598
0.8869
0.8413
US dollar
USD
1.0534
1.1828
1.0666
1.1370
Australian dollar
AUD
1.5165
1.5748
1.5693
1.5647
Foreign exchange exposure
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily in respect of USD and GBP. Foreign exchange risk arises from recognised assets and liabilities, future commercial transactions and net investments in foreign operations.
For the Group as a whole, cash flows, net income and net worth are optimised by reference to the Euro. However, foreign exchange risks faced by individual Group companies are managed or hedged against the functional currency of the relevant entity (as these entities generally generate their revenue in local currencies). The Group therefore manages a variety of currencies due to the numerous functional currencies of the companies constituting the Group.
In addition, market practices in the television business imply a significant forward exposure to USD as programme rights are usually denominated in USD and not paid up-front. For this reason, the main off-balance sheet exposure of the Group is towards the USD in respect of future purchases and sales of programme rights, output deals (commitments for future cash flows) and highly probable forecast transactions (US-$2\u00a0million as at 31\u00a0December\u00a02022, US-$7\u00a0million as at 31\u00a0December\u00a02021).
Management of foreign exchange exposure
RTL Group management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. Group companies are required to hedge their entire foreign currency exchange risk exposure with Group Treasury in accordance with the Group\u2019s Treasury policies. All foreign currency exchange exposures \u2013 including signed and forecast output deals and programme rights in foreign currency \u2013 are centralised in an intranet-based database. To manage their foreign exchange risk arising from recognised assets and liabilities and future commercial transactions, entities in the Group use forward contracts transacted with Group Treasury. Group Treasury is then responsible for hedging, usually on a one-to-one basis, the exposure against the functional currency of the respective entity.
The Group\u2019s Treasury policy is to hedge up to 100 per cent of the recognised monetary foreign currency exposures arising from cash, accounts receivable, accounts payable, loans receivable and borrowings denominated in currencies other than the functional currency. The Group Treasury policy is to hedge between 80 per cent and 100 per cent of short-term cash flow forecasts and between 10 per cent and 80 per cent of longer term (between two and five years) cash flow forecasts. Approximately 68 per cent (2021: 75 per cent) of anticipated cash flows constitute firm commitments or highly probable forecast transactions for the purpose of hedge accounting.
In order to monitor the compliance of the management of the foreign exchange exposure (mainly USD) with the Group\u2019s policy, a monthly report is produced and analysed by RTL Group management. This report shows each subsidiary\u2019s exposure to currencies other than their functional currency, detailing the nature (e.g. trade accounts, royalties, intercompany accounts) of on-balance sheet items, and the underlying deals and maturities of off-balance sheet items, as well as the corresponding hedging ratios.
Accounting
At interception of the hedging relationships, RTL Group documents the risk management objective and strategy for undertaking the hedge. RTL Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other.
RTL Group separates the spot component and the forward (or swap) point of the forward contracts. Only the spot component is considered as the hedging instrument. Forward (or swap) points are accounted for directly in profit or loss accounts.
The foreign currency cash flow hedge accounting model defined under IFRS\u00a09 is applied by those companies that account for the majority of the Group\u2019s foreign currency exposure, when:
When cash flow hedge accounting is applied, the effective portion of the changes in the fair value of the hedging instrument is recognised net of deferred tax in the cash flow hedging reserve as presented in \u2018Consolidated statement of changes in equity\u2019. It is released to the income statement in the periods in which the hedged item impacts the income statement. In case of hedging forecast purchases of programme rights in foreign currency the releases from cash flow hedging reserve are added to the carrying amount of the hedged item when such an item is recognised in the statement of financial position. The ineffective portion of the change in fair value of the hedging instrument is recognised directly in profit or loss. For the year ended 31\u00a0December\u00a02022, the swap points have been recognised in the income statement for \u20ac1\u00a0million (2021: \u20ac\u20114\u00a0million).
For recognised foreign currency monetary assets and liabilities there is a natural offset of gains and losses in the income statement between the revaluation of the underlying derivatives and the exposure. Therefore, hedge accounting as defined under IFRS\u00a09 is not applied.
Foreign exchange derivative contracts
The impact of forward foreign exchange contracts in the consolidated statement of financial position and in profit or loss is as follows:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Net fair value of foreign exchange derivatives
(5)
12
\u00a0
\u00a0
\u00a0
Operating foreign exchange gains/(losses)
\u2013
(3)
Non-operating foreign exchange gains/(losses)
(19)
(10)
Gains/(losses) resulting from swap points
1
(4)
\u00a0
\u00a0
\u00a0
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Less than 3 months
(10)
\u2013
Less than 1 year
5
9
Less than 5 years
\u2013
3
Net fair value of foreign exchange derivatives
(5)
12
The items \u2018Operating foreign exchange gains/(losses)\u2019 and \u2018Non-operating foreign exchange gains/(losses)\u2019 relate to derivatives used to offset the currency exposure relating to recognised monetary assets and liabilities for which hedge accounting as defined under IFRS\u00a09 is not applied.
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02022, is, for the main foreign currencies, as follows:
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
388
125
12
4
4
533
Sell
(533)
(90)
(6)
(1)
(2)
(632)
Total
(145)
35
6
3
2
(99)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
2024
2025
2026
\u2265 2027
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
767
151
14
7
2
941
Sell
(353)
(142)
(12)
(5)
(6)
(518)
Total
414
9
2
2
(4)
423
The split by maturities of notional amounts of forward exchange contracts at 31\u00a0December\u00a02021 is, for the main foreign currencies, as follows:
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
175
75
87
1
2
340
Sell
(344)
(59)
(44)
(1)
(1)
(449)
Total
(169)
16
43
\u2013
1
(109)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022
2023
2024
2025
2026
Total
\u00a0
$ m
$ m
$ m
$ m
$ m
$ m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Buy
609
143
61
2
1
816
Sell
(560)
(126)
(106)
(1)
(3)
(796)
Total
49
17
(45)
1
(2)
20
Sensitivity analysis to foreign exchange rates
Management estimates that:
This sensitivity analysis does not include the impact of translation into \u20ac of foreign operations.
Interest rate risk
The objective of the interest rate risk management policy is to minimise the interest rate funding cost over the long-term and to maximise the excess cash return.
The Group interest rate risk arises primarily from loans payable, financing agreements with Bertelsmann SE & Co. KGaA and its subsidiaries (see note 10.1) and from cash and cash equivalents.
During the third quarter of 2017, Groupe M6 secured external funding of \u20ac170\u00a0million, including a seven-year Euro private placement bond issue (seven-year Euro private placement bond) of \u20ac50\u00a0million and two bilateral committed credit facilities for a total of \u20ac120\u00a0million with a maturity of five years. The fixed interest rate on the Euro private placement bond is 1.50 per cent (all-in). The fair value of the seven-year Euro private placement bond \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac51\u00a0million (2021: \u20ac51\u00a0million).
During the third quarter of 2019, Groupe M6 entered into a seven-year-term Schuldschein loan of \u20ac75\u00a0million including a credit line of \u20ac65\u00a0million with a fixed rate of 1 per cent and a credit facility for \u20ac10\u00a0million with a floating rate of EURIBOR six months (floored at zero per cent) plus a margin of 1 per cent per year. The fair value of the seven-year-term Schuldschein of \u20ac65\u00a0million \u2212 calculated as the present value of the payments associated with the debt and based on the applicable yield curve and Groupe M6 credit spread \u2212 amounts to \u20ac65\u00a0million (2021: \u20ac65\u00a0million).
In order to maximise the excess cash return on cash balances and to minimise the gross indebtedness of the Group, cross border cash pooling has been set up for most Group entities. The interest rate strategy defined by RTL Group depends on the net cash position of each company.
Group Treasury uses various indicators to monitor interest rate risk, such as a targeted net fixed/floating rate debt ratio, duration, basis point value (increase in interest rate costs resulting from a basis point increase in interest rate) and interest cover ratio.
If the interest rates achieved had plus or minus 100 basis points, and assuming the current amount of floating net cash available remained constant, the net interest income/(expense) at 31\u00a0December\u00a02022, would have been changed as follows:
\u00a0
31\u00a0December\u00a02022
31\u00a0December\u00a02021
\u00a0
Shift +1%
Shift (1)%
Shift +1%
Shift (1)%
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cash flow risks (income statement)
3.0
(3.0)
4.7
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-146": { "value": "
7.1.2. Credit risk
RTL Group\u2019s exposure to credit risk primarily arises through sales made to customers (trade receivables), investments in money market funds classified in cash and cash equivalents, and deposits made with banks and the shareholder.
Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances, which are managed by individual subsidiaries.
The Group\u2019s television and radio operations incur exposure to credit risk when making transactions with advertising agencies or direct customers. In 2022, combined television and radio advertising revenue contributed 43 per cent of the Group\u2019s revenue (2021: 50 per cent). Due to its business model, RTL Group\u2019s exposure to credit risk is directly linked to the final client. However, the risks are considered to be low due to the size of the individual companies or agency groups.
RTL Group sells, licenses and monetises content to state-owned and commercial television channels and internet platforms. In 2022, these activities contributed 34 per cent of the Group\u2019s revenue (2021: 31 per cent). Given the limited number of television broadcasters in different countries, there is a high degree of concentration of credit risk. However, given the long-standing relationships between content providers and broadcasters and the fact that the customers are large businesses with solid financial positions, the level of credit risk is significantly mitigated.
RTL Group also has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history.
According to the Group\u2019s banking policy, derivative instruments and cash transactions (including bank deposits and investments in money market funds) are operated only with high credit quality financial institutions in order to mitigate counterparty risk (only independently rated parties with a minimum rating of \u2018BBB+\u2019 are accepted for bank deposits for the smallest tranches). The Group\u2019s bank relationship policy sets forth stringent criteria for the selection of banking partners and money market funds (such as applicable supervisory authorities, investment policy, maximum volatility, track record, rating, cash and cash equivalents as defined under IAS\u00a07). To mitigate settlement risk, the Group has policies that limit the amount of credit exposure to any one financial institution on any single day. Statistics (such as the percentage of the business allocated to each bank over the year, or a summary of the highest intraday exposures by bank and maturity date) are computed and used daily to ensure credit risk is mitigated in practice at any time.
The carrying amount of financial assets represents their maximum credit exposure.
For trade receivables and contract assets, RTL Group uses a simplified approach to measure expected credit losses. According to this, the loss allowance is measured using lifetime expected credit losses. For this purpose, impairment matrices based on historic bad debt losses, maturity bands and expected credit losses have been prepared. The impairment matrices were created for business unit-specific groups of receivables, each with similar default patterns. In addition, separate risk assessments are performed. Contract assets have substantially the same risk characteristics as trade receivables for the same types of contracts, so that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
As at 31\u00a0December\u00a02022
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.41%
1.52%
7.94%
\u00a0
Gross carrying amount
1,218
66
63
1,347
Loss allowance
5
1
5
11
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
As at 31\u00a0December\u00a02021
Current
More than 30 days past due
More than 90 days past due
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average expected loss rate
0.51%
2.27%
9.80%
\u00a0
Gross carrying amount
1,171
44
51
1,266
Loss allowance
6
1
5
12
At 31\u00a0December\u00a02022, the gross carrying amount of credit impaired trade receivables and contract assets amounts to \u20ac39\u00a0million with \u20ac34\u00a0million loss allowance (2021: \u20ac35\u00a0million and \u20ac31\u00a0million, respectively).
The other accounts receivables are considered to be of low default risk.
The Group has a significant concentration of credit risk due to its relationship with Bertelsmann. Nevertheless, credit risk arising from transactions with the principal shareholder or its subsidiaries is significantly mitigated (see note 10.1). RTL Group considers that there is a low concentration of credit risk for other counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-147": { "value": "
7.1.4. Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying business, management aims to maintain flexibility in funding by keeping committed credit lines available despite the total cash situation. Cash flow forecasting is performed in the operating entities of the Group. Group Treasury monitors rolling forecasts on the Group\u2019s liquidity requirements to ensure it has sufficient headroom to meet operational needs. Management monitors, on a monthly basis, the level of the \u2018liquidity headroom\u2019 (total committed facilities minus current utilisation through bank loans and guarantees).
\u00a0
Under 1 year
1 to 5 years
Over 5 years
2022
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Credit facilities \u2013 banks
\u00a0
\u00a0
\u00a0
\u00a0
Committed facilities
\u2013
247
\u2013
247
Headroom
\u2013
122
\u2013
122
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Under 1 year
1 to 5 years
Over 5 years
2021
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Credit facilities \u2013 banks
\u00a0
\u00a0
\u00a0
\u00a0
Committed facilities
\u2013
230
75
305
Headroom
\u2013
180
\u2013
180
Surplus cash held by the operating entities over and above balances required for working capital management is transferred to Group Treasury. Group Treasury invests surplus cash in interest-bearing current accounts, time deposits, money market funds or deposits with Bertelsmann SE & Co. KGaA (see note 10.1) choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the closing date to the contractual maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows.
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
547
134
4
685
Lease liabilities
91
220
97
408
Accounts payable and other non-derivative financial liabilities
1,796
139
91
2,026
At 31\u00a0December\u00a02022
2,434
493
192
3,119
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(1,027)
(181)
(2)
(1,210)
\u2013 Inflow
984
167
2
1,153
At 31\u00a0December\u00a02022
(43)
(14)
\u2013
(57)
\u00a0
Under 1 year
1 to 5 years
Over 5 years
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
49
556
79
684
Lease liabilities
65
192
102
359
Accounts payable and other non-derivative financial liabilities
2,286
81
\u2013
2,367
At 31\u00a0December\u00a02021
2,400
829
181
3,410
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Forward exchange contracts used for hedging:
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Outflow
(791)
(221)
\u2013
(1,012)
\u2013 Inflow
779
215
\u2013
994
At 31\u00a0December\u00a02021
(12)
(6)
\u2013
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-148": { "value": "
7.2. Capital management
The Group monitors capital on the basis of its net debt to EBITDA ratio (non-IFRS measure).
The Group\u2019s ability and intention to pay dividends in the future will depend on its financial condition, results of operations, capital requirements, investment alternatives and other factors that management may deem relevant. Management expects that the principal source of funds for the payment of dividends will be the cash flow and dividends received from its current and future subsidiaries.
The Group intends to pay ordinary dividends in the future targeting a dividend pay out ratio of at least 80 per cent of the adjusted net profit attributable to RTL Group shareholders.
The adjusted net profit (non-IFRS measure) is the reported net result available to RTL Group shareholders, adjusted for any material non-cash impacts such as goodwill impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-149": { "value": "
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
In 2021, the amount disclosed in \u2019Acquisitions and additions\u2019 mainly related to the Magnite shares RTL\u00a0Group received as a part of the non-cash consideration from the sale of SpotX (\u20ac381\u00a0million). Due to the contractual lockup the Magnite shares were assigned to Level 3. After the expiry\u00a0of the lock-up period, the listed Magnite shares were assigned to Level 1. The effect from re-measurement of these shares until the transfer out of Level 3 amounted to \u20ac\u201161\u00a0million and was disclosed in \u2018Gains and losses recognised in profit or loss\u2019. A further effect of \u20ac66\u00a0million recognised in profit or loss related to the valuation of investment in VideoAmp. The effect in \u2018Settlements\u2019 related to the partial repayment of the convertible note obtained from BBTV Holdings Inc. There were no additional transfers in or out of Level 3 during 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-150": { "value": "
7.3. Accounting classifications and fair value hierarchy
7.3.1. Financial instruments by category
The fair value of each class of financial assets and liabilities is equivalent to its carrying amount.
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
9
29
14
59
111
Accounts receivable and other financial assets
127
\u2013
38
2,015
2,180
Cash and cash equivalents
170
\u2013
\u2013
419
589
At 31\u00a0December\u00a02022
306
29
52
2,493
2,880
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
685
685
Lease liabilities
\u2013
\u2013
385
385
Accounts payable and other financial liabilities
22
57
1,981
2,060
At 31\u00a0December\u00a02022
22
57
3,051
3,130
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Derivatives at FVTPL
Financial assets at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loans and other financial assets
17
37
8
55
117
Accounts receivable and other financial assets
274
\u2013
21
2,984
3,279
Cash and cash equivalents
\u2013
\u2013
\u2013
547
547
At 31\u00a0December\u00a02021
291
37
29
3,586
3,943
\u00a0
Liabilities at FVTPL
Derivatives at FVTPL
Financial liabilities at amortised cost
Total
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Loans and bank overdrafts
\u2013
\u2013
684
684
Lease liabilities
\u2013
\u2013
332
332
Accounts payable and other financial liabilities
4
17
2,362
2,383
At 31\u00a0December\u00a02021
4
17
3,378
3,399
7.3.2. Fair value hierarchy
The different levels have been defined as follows:
The following table presents the Group\u2019s financial assets and liabilities measured at fair value.
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
The amount disclosed in \u2019Equity instruments at FVTPL\u2019 mainly (\u20ac123\u00a0million; 2021: \u20ac190\u00a0million) relates to the Magnite shares RTL\u00a0Group received as part of the non-cash consideration from the sale of SpotX in 2021. The effect from re-measurement of these shares amounted to \u20ac-67\u00a0million and is disclosed in \u2018Fair value measurement of investments\u2019.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in Level 1. The quoted market price used for financial assets by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Listed financial instruments with contractual trading restrictions (lock-ups) are also measured on the basis of unobservable factors and included in Level 3.
The Group\u2019s Treasury and Controlling teams perform the recurring and non-recurring valuations of items to be valued at fair value for financial purposes, including Level 3 fair values. These teams report directly to the Chief Financial Officer, who reports to the Audit Committee at least once every quarter, in line with the Group\u2019s quarterly reporting dates. The main Level 3 related inputs used by RTL Group relate to the determination of the expected discounted cash flows and the discount rates used in the different valuations.
Specific valuation techniques used to value financial instruments include:
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
The following table presents the change in Level 3 instruments:
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02022
101
32
133
4
Acquisitions and additions
4
4
8
22
Gains and losses recognised in other comprehensive income
\u2013
(6)
(6)
\u2013
Gains and losses recognised in profit or loss
\u2013
\u2013
\u2013
(1)
Settlements
(92)
(1)
(93)
(3)
Transfers out of Level 3
\u2013
\u2013
\u2013
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02022
13
29
42
22
The amount disclosed in \u2019Acquisitions and additions\u2019 in the liabilities column relates to liabilities resulting from contingent consideration arrangements on acquisitions conducted by Fremantle. The respective expected cash inflows are estimated based on the relevant terms of the sale and purchase agreements and RTL Group\u2019s knowledge of the business of acquired entities and how the current economic environment is likely to impact it. In the financial year 2022, the amount disclosed in \u2018Settlements\u2019 relates to the sale of the investment in VideoAmp \u2013 a US software and data company for media measurement \u2013 in January\u00a02022. There were no transfers in or out of Level 3 during 2022.
\u00a0
\u00a0
Assets
\u00a0
Liabilities
\u00a0
Financial assets at FVTPL
Equity instruments at FVOCI
Total assets
Liabilities at FVTPL
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Balance at 1\u00a0January\u00a02021
18
31
49
5
Acquisitions and additions
404
\u2013
404
1
Gains and losses recognised in other comprehensive income
(3)
1
(2)
\u2013
Gains and losses recognised in profit or loss
11
\u2013
11
\u2013
Settlements
(13)
\u2013
(13)
(2)
Transfers out of Level 3
(316)
\u2013
(316)
\u2013
Other changes
\u2013
\u2013
\u2013
\u2013
Balance at 31\u00a0December\u00a02021
101
32
133
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-151": { "value": "
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-152": { "value": "
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-153": { "value": "
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
29
\u2013
\u2013
29
Equity instruments at FVTPL
133
123
\u2013
10
Debt instruments at FVTPL
3
\u2013
\u2013
3
Primary and derivative financial assets held for trading
39
\u2013
39
\u2013
Derivatives with hedge relation
13
\u2013
13
\u2013
Other cash equivalents
170
\u2013
170
\u2013
At 31\u00a0December\u00a02022
387
123
222
42
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
48
\u2013
48
\u2013
Derivatives with hedge relation
9
\u2013
9
\u2013
Contingent consideration
22
\u2013
\u2013
22
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02022
79
\u2013
57
22
\u00a0
Total
Level 1
Level 2
Level 3
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
\u00a0
\u00a0
\u00a0
Equity instruments at FVOCI
37
5
\u2013
32
Equity instruments at FVTPL
280
190
\u2013
90
Debt instruments at FVTPL
11
\u2013
\u2013
11
Primary and derivative financial assets held for trading
19
\u2013
19
\u2013
Derivatives with hedge relation
10
\u2013
10
\u2013
Other cash equivalents
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
357
195
29
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Primary and derivative financial liabilities held for trading
14
\u2013
14
\u2013
Derivatives with hedge relation
3
\u2013
3
\u2013
Contingent consideration
4
\u2013
\u2013
4
Liabilities in relation to put options on non-controlling interests
\u2013
\u2013
\u2013
\u2013
At 31\u00a0December\u00a02021
21
\u2013
17
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-154": { "value": "
Transfers between levels of the fair value hierarchy are recognised at the date of the event or change in circumstances that caused the transfer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-155": { "value": "
8. COMMITMENTS AND CONTINGENCIES
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Guarantees and endorsements given
27
49
Contracts for purchasing rights, (co-)productions and programmes
1,704
1,378
Satellite transponders
20
28
Leases signed but not yet commenced
\u2013
23
Purchase obligations in respect of transmission and distribution
153
166
Other long-term contracts and commitments
236
145
The Group has investments in unlimited liability entities. In the event that these entities make losses, the Group may have to participate to the entire amount of losses, even if these entities are not wholly owned.
Some Dutch companies have elected to make use of the exemption to publish annual accounts in accordance with Section 403(1b) of the Dutch Civil Code. In order to fulfil the conditions, set out in the regulations, the Company has given a statutory guarantee of all outstanding liabilities to which the subsidiaries are subject at the end of the financial year 2022. A full list of the concerned companies is provided in note 12.
In the course of their activities, several Group companies benefit from licence frequency agreements, which commit the Group in various ways depending upon the legal regulation in force in the countries concerned.
8.1. Purchase obligations in respect of transmission and distribution
These obligations result from agreements with providers of services related to the terrestrial and cable transmission and distribution of the signals of the Group\u2019s TV channels and radio stations.
8.2. Other long-term contracts and commitments
Long-term contracts include contracts for services, agreements to purchase assets or goods, and commitments to acquire licences other than audio-visual rights and television programming that are enforceable and legally binding and that specify all significant terms.
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-156": { "value": "
9. CASH FLOW STATEMENT
The consolidated cash flow statement has been prepared in accordance with IAS\u00a07 and is used to evaluate the Group\u2019s ability to generate cash and cash equivalents. Cash flows are divided into those relating to operating activities, investing activities and financing activities. Cash flows from operating activities are presented using the indirect method, whereby profit before tax is adjusted for the effects of a non-cash nature, any deferrals or accruals of past or future operating receipts or payments, and items of income or expenses associated with investing cash flows. In addition, cash flows arising from income taxes are classified as cash flows from operating activities as well as other cash flows that are neither investing nor financing.
The change in provisions for pensions and similar obligations represents the balance of personnel costs for pensions and similar obligations and company payments for these obligations (see note 6.15). Contributions to pension plans totalling \u20ac\u20111\u00a0million (2021: \u20ac\u20112\u00a0million) were also included in this item. \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 of the cash flow from operating activities includes the adjustments of results from investments accounted for using the equity method, taking into account dividends received from these investments, and adjustments in connection with non-cash income and expenses.
The consolidated cash flow statement includes the effects of changes in foreign currencies and changes in the scope of consolidation. Items in the consolidated cash flow statement thus cannot be reconciled with changes in items reported in the statement of financial position. Investing activities include payments for investments in non-current assets and purchase price payments for acquisitions as well as proceeds from the disposal of non-current assets and investments. Further explanations concerning acquisitions made during the financial year are presented in note 4.2. Disposals made during the financial year are also presented separately in note 4.3. Financial debt of \u20ac\u201146\u00a0million (2021: \u20ac\u201112\u00a0million) was assumed during the reporting period, of which \u20ac3\u00a0million was repaid at the closing date. Its repayment is presented in \u2018Acquisitions of: Subsidiaries, net of cash acquired\u2019. In 2022, no financial debt was disposed of. In the previous year, losing control of subsidiaries or other businesses resulted in the disposal of financial debt of an immaterial amount. \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019 mainly relates to disposal of the entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash in January\u00a02022. The transaction was carried out as a share buyback by VideoAmp.
\u2018Cash flow from financing activities\u2019 includes changes in equity, financial debt, lease liabilities and dividend distributions affecting cash, as well as interest paid (including interest paid due to leases). Total cash outflows from leases amounted to \u20ac\u201186\u00a0million (2021: \u20ac\u201169\u00a0million).
The following tables show the cash changes and non-cash changes of liabilities arising from financing activities:
\u00a0
1\u00a0January\u00a02022
Cash changes
Non-cash changes
31\u00a0December\u00a02022
\u00a0
Acquisitions through business combinations
Disposals through business combinations
Exchange rate effects
Other changes
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
Bank loans payable
153
(32)
36
\u2013
\u2013
\u2013
157
Loans due to investments accounted for using the equity method
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Term loan facility due to shareholder
500
\u2013
\u2013
\u2013
\u2013
\u2013
500
Other loans payable
17
(12)
7
\u2013
\u2013
1
13
Lease liabilities
332
(81)
13
(1)
\u2013
122
385
Liabilities arising from financing activities
1,003
(124)
56
(1)
\u2013
123
1,057
\u00a0
1\u00a0January\u00a02021
Cash changes
Non-cash changes
31\u00a0December\u00a02021
\u00a0
Acquisitions through business combinations
Disposals through business combinations
Exchange rate effects
Other changes
\u00a0
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank overdrafts
1
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
Bank loans payable
184
(31)
\u2013
\u2013
\u2013
\u2013
153
Loans due to investments accounted for using the equity method
58
(29)
\u2013
\u2013
\u2013
(28)
1
Term loan facility due to shareholder
500
\u2013
\u2013
\u2013
\u2013
\u2013
500
Other loans payable
10
3
\u2013
\u2013
\u2013
4
17
Lease liabilities
384
(63)
13
(4)
3
(1)
332
Liabilities arising from financing activities
1,137
(120)
13
(4)
3
(26)
1,003
As at 31\u00a0December\u00a02022, the other non-cash changes in lease liabilities mainly related to lease contracts newly concluded and extended lease contracts in the financial year 2022.
As at 31\u00a0December\u00a02021, the other non-cash changes in loans due to investments accounted for using the equity method related to the conversion of the loan partly paid in 2021 into a cash pooling arrangement after Super RTL became a subsidiary of RTL Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-157": { "value": "
9. CASH FLOW STATEMENT
The consolidated cash flow statement has been prepared in accordance with IAS\u00a07 and is used to evaluate the Group\u2019s ability to generate cash and cash equivalents. Cash flows are divided into those relating to operating activities, investing activities and financing activities. Cash flows from operating activities are presented using the indirect method, whereby profit before tax is adjusted for the effects of a non-cash nature, any deferrals or accruals of past or future operating receipts or payments, and items of income or expenses associated with investing cash flows. In addition, cash flows arising from income taxes are classified as cash flows from operating activities as well as other cash flows that are neither investing nor financing.
The change in provisions for pensions and similar obligations represents the balance of personnel costs for pensions and similar obligations and company payments for these obligations (see note 6.15). Contributions to pension plans totalling \u20ac\u20111\u00a0million (2021: \u20ac\u20112\u00a0million) were also included in this item. \u2018Financial results including net interest expense and share of results of investments accounted for using the equity method\u2019 of the cash flow from operating activities includes the adjustments of results from investments accounted for using the equity method, taking into account dividends received from these investments, and adjustments in connection with non-cash income and expenses.
The consolidated cash flow statement includes the effects of changes in foreign currencies and changes in the scope of consolidation. Items in the consolidated cash flow statement thus cannot be reconciled with changes in items reported in the statement of financial position. Investing activities include payments for investments in non-current assets and purchase price payments for acquisitions as well as proceeds from the disposal of non-current assets and investments. Further explanations concerning acquisitions made during the financial year are presented in note 4.2. Disposals made during the financial year are also presented separately in note 4.3. Financial debt of \u20ac\u201146\u00a0million (2021: \u20ac\u201112\u00a0million) was assumed during the reporting period, of which \u20ac3\u00a0million was repaid at the closing date. Its repayment is presented in \u2018Acquisitions of: Subsidiaries, net of cash acquired\u2019. In 2022, no financial debt was disposed of. In the previous year, losing control of subsidiaries or other businesses resulted in the disposal of financial debt of an immaterial amount. \u2018Proceeds from the sale of investments accounted for using the equity method, other investments and financial assets\u2019 mainly relates to disposal of the entire investment in VideoAmp for US-$104\u00a0million (\u20ac92\u00a0million) in cash in January\u00a02022. The transaction was carried out as a share buyback by VideoAmp.
Cash flow from financing activities\u2019 includes changes in equity, financial debt, lease liabilities and dividend distributions affecting cash, as well as interest paid (including interest paid due to leases).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-158": { "value": "
10. RELATED PARTIES
Identity of related parties
At 31\u00a0December\u00a02022, the principal shareholder of RTL Group is Bertelsmann Capital Holding GmbH (BCH) (76.28\u00a0per cent). The remainder of the Group\u2019s shares are publicly listed on the Frankfurt and Luxembourg Stock Exchanges. The Group also has a related party relationship with its associates, joint ventures and with its directors and executive officers.
10.1. Transactions with shareholders and subsidiaries
Sales and purchases of goods and services
During the year the Group made sales of goods and services to and purchases of goods and services from Bertelsmann Group amounting to \u20ac34\u00a0million (2021: \u20ac112\u00a0million) and \u20ac62\u00a0million (2021: \u20ac67\u00a0million) respectively. At the year-end, the Group had trade accounts receivable and payable due from/to Bertelsmann Group amounting to \u20ac14\u00a0million (2021: \u20ac13\u00a0million) and \u20ac18\u00a0million (2021: \u20ac37\u00a0million) respectively.
Dividend income
In 2022 RTL Group received a dividend of \u20ac1 million (2021: \u20acnil) by Bertelsmann Business Support S\u00e0rl related to a 10 per cent stake in the entity. A 25-year shareholders\u2019 agreement has been concluded between Bertelsmann SE & Co. KGaA and RTL Group SA. The shareholders agreement stipulates that 50 per cent of the aggregate amount of corporate and trade tax that, in the absence of existing tax losses carried forward of Bertelsmann Business Support S\u00e0rl, if any, would have otherwise been incurred by the Company, will be paid to RTL Group SA as a preferred dividend with a minimum amount of \u20ac1 million per year. The minimum dividend of \u20ac1 million became payable as from 2016 onwards and has been recognised at contract inception for the entire contract duration. Only excessive amounts are recognised in profit or loss. The dividend accounts receivable amounts to \u20ac14 million as at 31 December 2022 (2021: \u20ac15 million).
Lease agreement
As at 1\u00a0January\u00a02022, RTL Group has entered into a sub-lease agreement with RM Hamburg Holding GmbH, a subsidiary of Bertelsmann SE & Co. KGaA, for premises in Hamburg, Germany. The lease contract expires on 31\u00a0January\u00a02025. The lease payments in the financial year 2022 amount to \u20ac12 million. The payables from this lease agreement as at 31\u00a0December\u00a02022 amount to \u20ac26 million. The lease payments of RTL Group correspond to the payments of Bertelsmann from the head lease.
Deposits Bertelsmann SE & Co. KGaA
In 2006, RTL Group SA entered into a Deposit Agreement with Bertelsmann SE & Co. KGaA, the main terms of which are the following at 31\u00a0December\u00a02022:
The shares of RM Hamburg Holding GmbH and shares of Bertelsmann UK Ltd have also been granted as pledge by Bertelsmann SE & Co. KGaA to CLT-UFA SA, a subsidiary of RTL Group, in connection with the accounts receivable related to PLP and Compensation Agreements as defined below.
On 22\u00a0December\u00a02011, RTL Group GmbH (formerly RTL Group Deutschland GmbH), a Group company, and Bertelsmann SE & Co. KGaA entered into an agreement related to the deposit of surplus cash by RTL Group GmbH with the shareholder. To secure the deposit, Bertelsmann pledged to RTL Group GmbH its shares of RM Hamburg Holding GmbH.
On 26 March 2021, an amendment to the pledge agreement was signed between RTL Group SA, RTL Group GmbH, CLT-UFA SA, Bertelsmann SE & Co. KGaA, Reinhard Mohn GmbH and Bertelsmann Business Support S\u00e0rl that precises the valuation methodology of the pledged shares and grants to RTL Group an additional pledge on all current repayment claims of Bertelsmann Business Support S\u00e0rl against RTL Group GmbH under the Term Loan Facility of \u20ac500\u00a0million.
At 31\u00a0December\u00a02022, the deposit of RTL Group GmbH with Bertelsmann SE & Co. KGaA amounted to \u20ac197\u00a0million (2021: \u20ac458 million). The interest income for the period is \u20ac1\u00a0million (2021: \u20acnil\u00a0million).
On 30 April 2021, Bertelsmann, Inc. signed a promissory note for a total amount of US-$705\u00a0million. On 1 September, an amended version was signed including a remuneration of five basis points on the outstanding amount.
At 31\u00a0December\u00a02022, the outstanding amount was EUR-equivalent \u20ac79\u00a0million (2021: \u20ac336\u00a0million). The interest income/expense for the year was \u20acnil\u00a0million (2021: \u20acnil\u00a0million).
Loans from Bertelsmann SE & Co. KGaA and Bertelsmann Business Support S.\u00e0.r.l.
On 7 March 2013, RTL Group GmbH and Bertelsmann SE & Co. KGaA entered into a shareholder loan agreement pursuant to which Bertelsmann makes available a term loan facility in the amount of \u20ac500\u00a0million and a revolving and swing line facility in the amount of up to \u20ac1 billion. The revolving loan terminated in February 2018. RTL Group has re-negotiated an extension for another five-year period. The main terms of these facilities are:
The interest expense for the period amounts to \u20ac14\u00a0million (2021: \u20ac14\u00a0million). The commitment fee charge for the period amounts to \u20ac1.2\u00a0million (2021: \u20ac1.2\u00a0million).
Tax
On 26 June 2008, the Board of Directors of RTL Group agreed to proceed with the tax pooling of its indirect subsidiary RTL Group GmbH (RGG) into BCH, a direct subsidiary of Bertelsmann SE & Co. KGaA.
To that effect, RGG entered into a Profit and Loss Pooling Agreement (PLP Agreement) with BCH for a six-year period starting 1\u00a0January\u00a02008. Simultaneously, Bertelsmann SE & Co. KGaA entered into a Compensation Agreement with CLT-UFA, a direct subsidiary of RTL Group, providing for the payment to CLT-UFA of an amount compensating the above profit transfer and an additional commission (\u2018Commission\u2019) amounting to 50 per cent of the tax saving based upon the taxable profit of RGG.
Through these agreements, as from 1\u00a0January\u00a02008, Bertelsmann SE & Co. KGaA and the RGG sub-group of RTL Group are treated as a single entity for German income tax purposes.
As the PLP Agreement does not give any authority to BCH to instruct or control RGG, it affects neither RTL Group nor RGG\u2019s ability to manage their business, including their responsibility to optimise their tax structures as they deem fit. After six years, both PLP and Compensation Agreements are renewable on a yearly basis. RGG and CLT-UFA have the right to request the early termination of the PLP and Compensation Agreements under certain conditions.
On 15 May 2013, the Board of Directors of RTL Group agreed to the amendment of the Compensation Agreement in light of the consumption of the trade tax and corporate tax losses at the level of Bertelsmann SE & Co. KGaA and of the expected level of indebtedness of RTL Group in the future.
The PLP Agreement was slightly amended in 2014 on the basis of a recent change to German corporate tax law and in 2022 following the acquisition of Gruner + Jahr Deutschland GmbH, Deutsche Medien Manufaktur GmbH & Co KG and 11 Freunde Verlag GmbH & Co KG.
In the absence of specific guidance in IFRS, RTL Group has elected to recognise current income taxes related to the RGG sub-group based on the amounts payable to Bertelsmann SE & Co. KGaA and BCH as a result of the PLP and Compensation Agreements described above. Deferred income taxes continue to be recognised, based upon the enacted tax rate, in the consolidated financial statements based on the amounts expected to be settled by the Group in the future. The Commission, being economically and contractually closely related to the Compensation, is accounted for as a reduction of the tax due under the Agreements.
At 31\u00a0December\u00a02022, the balance payable to BCH amounts to \u20ac322\u00a0million (2021: \u20ac731\u00a0million) and the balance receivable from Bertelsmann SE & Co. KGaA amounts to \u20ac306\u00a0million (2021: \u20ac648\u00a0million).
For the year ended 31\u00a0December\u00a02022, the German income tax in relation to the tax pooling with Bertelsmann SE & Co. KGaA amounts to \u20ac32\u00a0million (2021: \u20ac130\u00a0million). The Commission amounts to \u20ac16\u00a0million (2021: \u20ac46\u00a0million).
As from 1 July 2019, RGG entered into the VAT tax group with Bertelsmann SE & Co. KGaA. Bertelsmann SE & Co. KGaA and the RGG sub-group are treated as a single entity for German VAT purposes.
The UK Group relief of Fremantle Group to Bertelsmann Group resulted in a tax income of \u20ac6 million (2021: \u20ac4\u00a0million).
All Danish entities under common control by an ultimate parent are subject to Danish tax consolidation, which is mandatory under Danish tax law. Riverty Denmark A/S \u2013 a 100 per cent held subsidiary of Bertelsmann SE & Co. KGaA \u2013 was elected as the management company of the Bertelsmann Denmark Group.
All Spanish entities with a direct or indirect shareholding of at least 75 per cent by an ultimate parent are subject to Spanish tax consolidation which is mandatory under Spanish tax law. Bertelsmann SE & Co. KGaA appointed Bertelsmann Espa\u00f1a, S.L. as Spanish representative of the consolidated tax group in Spain.
Transactions under common control
In January\u00a02022, RTL Deutschland acquired 100 per\u00a0cent of the share capital of Gruner\u00a0+\u00a0Jahr Deutschland GmbH. The acquisition was preceded by the decision of RTL\u00a0Group in August 2021 to acquire Gruner\u00a0+\u00a0Jahr\u2019s German publishing assets and brands from Bertelsmann to create a German cross-media champion across TV, streaming, print, radio and digital. As part of the Gruner\u00a0+\u00a0Jahr acquisition, 50 per\u00a0cent of the capital of Deutsche Medien Manufaktur (DMM) was transferred downstream to RTL Deutschland in April 2022. For further details see note 4.2.
10.2. Transactions with investments accounted for using the equity method
The following transactions occurred with investments accounted for using the equity method:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Sales of goods and services to:
\u00a0
\u00a0
Associates
33
50
Joint ventures
31
49
\u00a0
64
99
Purchase of goods and services from:
\u00a0
\u00a0
Associates
26
34
Joint ventures
10
13
\u00a0
36
47
Trade accounts receivable from:
\u00a0
Associates
10
11
Joint ventures
8
13
\u00a0
18
24
Trade accounts payable to:
\u00a0
\u00a0
Associates
8
8
Joint ventures
\u2013
\u2013
\u00a0
8
8
Off-balance sheet commitments against:
\u00a0
Associates
9
10
Joint ventures
\u2013
\u2013
\u00a0
9
10
Off-balance sheet commitments from:
\u00a0
\u00a0
Associates
\u2013
\u2013
Joint ventures
4
14
\u00a0
4
14
In addition to the capital contributions in Salto during the reporting period (see note 6.5.1), RTL Group made further capital contributions to joint ventures amounting to \u20ac2 million and to its investments in associates amounting to \u20ac4 million.
10.3. Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to key management personnel and contributes to a post-employment defined benefit plan on its behalf.
The key management personnel compensation is as follows and includes benefits for the period for which the individuals held the Executive Committee position:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Short-term benefits
6.3
6.9
Post-employment benefits
\u2013
\u2013
Long-term benefits
1.5
1.7
\u00a0
7.8
8.6
Further details on the remuneration of key management personnel can be found in the remuneration report.
10.4. Directors\u2019 fees
In 2022, a total of \u20ac1.3\u00a0million (2021: \u20ac1.4\u00a0million) was allocated in the form of attendance fees to the non-executive members of the Board of Directors of RTL Group SA and the committees that emanate from it, with respect to their functions within RTL Group SA and other Group companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-159": { "value": "Bertelsmann Capital Holding GmbH", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-160": { "value": "
10.3. Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to key management personnel and contributes to a post-employment defined benefit plan on its behalf.
The key management personnel compensation is as follows and includes benefits for the period for which the individuals held the Executive Committee position:
\u00a0
2022
2021
\u00a0
\u20ac m
\u20ac m
\u00a0
\u00a0
\u00a0
Short-term benefits
6.3
6.9
Post-employment benefits
\u2013
\u2013
Long-term benefits
1.5
1.7
\u00a0
7.8
8.6
Further details on the remuneration of key management personnel can be found in the remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-161": { "value": "
11. SUBSEQUENT EVENTS
In January 2023, Global Savings Group (GSG), an at equity investment held by Groupe M6, completed the acquisition of pepper.com. This transaction resulted in a dilution of Groupe M6\u2019s investment in GSG from 41.49 per cent at 31\u00a0December 2022 to 31.16 per cent. The preliminary impact on profit or loss in 2023 is currently under estimation and will be recognised under \u2018Gain/(loss) from sale of subsidiaries, other investments and re-measurement to fair value of pre-existing interest in acquiree\u2019 of the consolidated income statement for the year 2023.
In February 2023, RTL Deutschland announced a reorganisation of its publishing business to focus on its core brands Stern, Geo, Capital, Stern Crime, Brigitte, Gala, Sch\u00f6ner Wohnen, H\u00e4user, Couch, Eltern, Chefkoch, Geolino and Geolino Mini. Other brands will be sold or discontinued. During the reorganisation, costs will be reduced in all areas \u2013 especially in corporate functions, corporate IT, office space, publishing and editorial teams. Around 500 jobs will be reduced in Hamburg, while an additional 200 jobs will be transferred to new owners through the planned sale of titles. RTL Deutschland will invest \u20ac80 million in its publishing business by 2025, thereof \u20ac30 million in the expansion of the paid offer Stern+ with complementary content from Stern, Geo, Capital and Stern Crime. The potential synergies of the transaction (Adjusted EBITA run-rate impact) are estimated at around \u20ac75 million per year, to be fully realised by 2025. At the time the consolidated financial statements were authorised for issue, the management has prepared its negotiations with relevant stakeholders \u2013 mainly employee representatives \u2013 and expects the costs associated with the reorganisation to be in the high double-digit millions.
In February 2023, RTL Group GmbH and Bertelsmann SE & Co. KGaA entered into a shareholder loan agreement pursuant to which Bertelsmann makes available a revolving and swing line facility in the amount of up to \u20ac600\u00a0million. The main terms of this facility are:
In March 2023, RTL Group GmbH and Bertelsmann Business Support S\u00e0rl entered into a shareholder loan agreement pursuant to which Bertelsmann makes available two term loan facilities in the amount of \u20ac500\u00a0million The main terms of these facilities are:
In March 2023, an amendment to the pledge agreement was signed between RTL Group SA, RTL Group GmbH, CLT\u2011UFA SA, Bertelsmann SE & Co KGaA, Reinhard Mohn GmbH and Bertelsmann Business Support S\u00e0rl granting RTL\u00a0Group the pledge on all current repayment claims of Bertelsmann Business Support S\u00e0rl against RTL Group GmbH under the new Term Loan Facilities of \u20ac500 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493000C8J3C3SZYS040", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }