{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"NEX": "http://nexi.it/2022-12-31",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://nexi.it/2022-12-31/5493000P70CQRQG8SN85-2022-12-31.xsd"
]
},
"facts": {
"f7637": {
"value": "448778000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7640": {
"value": "1546116000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7647": {
"value": "146904000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialAssetsAtFairValue",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7650": {
"value": "74508000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialAssetsAtFairValue",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7656": {
"value": "4358386000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialAssetsAtAmortisedCost",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7659": {
"value": "3398230000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialAssetsAtAmortisedCost",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7663": {
"value": "1875404000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7666": {
"value": "1595782000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7670": {
"value": "2482982000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7673": {
"value": "1802448000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LoansAndAdvancesToCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7679": {
"value": "870000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialAssetsHeldForHedging",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7682": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialAssetsHeldForHedging",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7688": {
"value": "41820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7691": {
"value": "63678000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7698": {
"value": "563354000",
"decimals": -3,
"dimensions": {
"concept": "NEX:PropertyPlantAndEquipmentInvestmentPropertyAndRightOfUseAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7701": {
"value": "543539000",
"decimals": -3,
"dimensions": {
"concept": "NEX:PropertyPlantAndEquipmentInvestmentPropertyAndRightOfUseAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7707": {
"value": "17977577000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7710": {
"value": "18062681000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7714": {
"value": "13104984000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7717": {
"value": "12769109000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7724": {
"value": "210818000",
"decimals": -3,
"dimensions": {
"concept": "NEX:CurrentTaxAssetsAndDeferredTaxAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7727": {
"value": "242244000",
"decimals": -3,
"dimensions": {
"concept": "NEX:CurrentTaxAssetsAndDeferredTaxAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7731": {
"value": "14896000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7734": {
"value": "25080000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7738": {
"value": "195922000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7741": {
"value": "217164000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7748": {
"value": "2471000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7751": {
"value": "1790000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7757": {
"value": "1724483000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7760": {
"value": "1272927000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7765": {
"value": "25475461000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7768": {
"value": "25205713000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7780": {
"value": "9649341000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialLiabilitiesAtAmortisedCost",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7783": {
"value": "9912122000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialLiabilitiesAtAmortisedCost",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7787": {
"value": "3495963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepositsFromBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7790": {
"value": "3649309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepositsFromBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7794": {
"value": "2141864000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepositsFromCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7797": {
"value": "1813534000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepositsFromCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7801": {
"value": "4011514000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DebtSecurities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7804": {
"value": "4449279000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DebtSecurities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7812": {
"value": "230428000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialLiabilitiesAtFairValue",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7815": {
"value": "168529000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinancialLiabilitiesAtFairValue",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7821": {
"value": "256000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialLiabilitiesHeldForHedging",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7824": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialLiabilitiesHeldForHedging",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7831": {
"value": "1232172000",
"decimals": -3,
"dimensions": {
"concept": "NEX:CurrentTaxLiabilitiesAndDeferredTaxLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7834": {
"value": "1298510000",
"decimals": -3,
"dimensions": {
"concept": "NEX:CurrentTaxLiabilitiesAndDeferredTaxLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7838": {
"value": "106715000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7841": {
"value": "47571000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7845": {
"value": "1125457000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7848": {
"value": "1250939000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7855": {
"value": "721000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7858": {
"value": "641000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7864": {
"value": "1951924000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7867": {
"value": "1284285000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7873": {
"value": "30996000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProvisionsForEmployeeBenefits",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7876": {
"value": "39847000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProvisionsForEmployeeBenefits",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7882": {
"value": "141886000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherProvisions",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7885": {
"value": "193611000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherProvisions",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7891": {
"value": "118583000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7894": {
"value": "118452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7902": {
"value": "4440000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7906": {
"value": "4493000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7913": {
"value": "11587260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7916": {
"value": "11587260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7922": {
"value": "468390000",
"decimals": -3,
"dimensions": {
"concept": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriod",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7925": {
"value": "523080000",
"decimals": -3,
"dimensions": {
"concept": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriod",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7932": {
"value": "-90226000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevaluationSurplus",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7935": {
"value": "36729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevaluationSurplus",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7942": {
"value": "140023000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7945": {
"value": "37729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7951": {
"value": "18147000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7954": {
"value": "9411000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7959": {
"value": "25475461000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7962": {
"value": "25205713000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7991": {
"value": "5399141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FeeAndCommissionIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f7995": {
"value": "3052658000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FeeAndCommissionIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8001": {
"value": "2106995000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FeeAndCommissionExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8005": {
"value": "1280180000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FeeAndCommissionExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8011": {
"value": "3292146000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FeeAndCommissionIncomeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8015": {
"value": "1772478000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FeeAndCommissionIncomeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8023": {
"value": "49650000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8028": {
"value": "20399000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8035": {
"value": "221310000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8039": {
"value": "199864000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8045": {
"value": "-171660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestRevenueExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8049": {
"value": "-179465000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestRevenueExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8059": {
"value": "793000",
"decimals": -3,
"dimensions": {
"concept": "NEX:GainsLossesOnHedgeIneffectivenessAndFinancialAssetsAndLiabilitiesAtAmortisedCostAndFairValueThroughProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8063": {
"value": "-67969000",
"decimals": -3,
"dimensions": {
"concept": "NEX:GainsLossesOnHedgeIneffectivenessAndFinancialAssetsAndLiabilitiesAtAmortisedCostAndFairValueThroughProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8073": {
"value": "-20496000",
"decimals": -3,
"dimensions": {
"concept": "NEX:RevenueFromDividendsShareOfProfitLossOfInvestmentsAndGainsLossesOnDisposalOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8077": {
"value": "-6997000",
"decimals": -3,
"dimensions": {
"concept": "NEX:RevenueFromDividendsShareOfProfitLossOfInvestmentsAndGainsLossesOnDisposalOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8083": {
"value": "3100783000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8087": {
"value": "1518047000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8093": {
"value": "1895730000",
"decimals": -3,
"dimensions": {
"concept": "NEX:EmployeeBenefitsExpenseAndAdministrativeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8097": {
"value": "1073390000",
"decimals": -3,
"dimensions": {
"concept": "NEX:EmployeeBenefitsExpenseAndAdministrativeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8105": {
"value": "819030000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8108": {
"value": "407991000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8116": {
"value": "1076700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8119": {
"value": "665399000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8126": {
"value": "139000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8129": {
"value": "3098000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherOperatingIncomeExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8135": {
"value": "13159000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8138": {
"value": "4995000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8145": {
"value": "-7556000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ChangesInProvisionsRecognisedInProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8148": {
"value": "26851000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ChangesInProvisionsRecognisedInProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8154": {
"value": "932770000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8157": {
"value": "374057000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8163": {
"value": "266819000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8167": {
"value": "41852000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8174": {
"value": "3281000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodAndGainsLossesOnDisposalsOfInvestments",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8178": {
"value": "1441000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodAndGainsLossesOnDisposalsOfInvestments",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8184": {
"value": "270100000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8188": {
"value": "43293000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8195": {
"value": "134753000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8198": {
"value": "4038000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8204": {
"value": "7701000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperations",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8207": {
"value": "-34000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperations",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8213": {
"value": "143048000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8217": {
"value": "39221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8223": {
"value": "140023000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8227": {
"value": "37729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8234": {
"value": "3025000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8238": {
"value": "1492000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8245": {
"value": "0.11",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f8250": {
"value": "0.05",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f8259": {
"value": "0.11",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f8264": {
"value": "0.04",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f8289": {
"value": "143048000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8292": {
"value": "39221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8298": {
"value": "32716000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8301": {
"value": "-8707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8305": {
"value": "6209000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8308": {
"value": "-90000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8313": {
"value": "-165947000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8317": {
"value": "6071000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8321": {
"value": "226000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8324": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8328": {
"value": "-126796000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8331": {
"value": "-2726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8336": {
"value": "16252000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8340": {
"value": "36495000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8345": {
"value": "3184000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8348": {
"value": "1336000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8352": {
"value": "13068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8355": {
"value": "35159000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8412": {
"value": "12315980000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8415": {
"value": "-17223000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8418": {
"value": "12298757000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8421": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8424": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8427": {
"value": "-92235000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8430": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8433": {
"value": "140023000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8436": {
"value": "-126955000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8439": {
"value": "12219590000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"f8443": {
"value": "118452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8447": {
"value": "118452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f8450": {
"value": "131000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f8453": {
"value": "118583000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f8458": {
"value": "-4493000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8462": {
"value": "-4493000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f8466": {
"value": "53000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f8469": {
"value": "-4440000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"f8474": {
"value": "11587260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8478": {
"value": "11587260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f8482": {
"value": "11587260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f8486": {
"value": "523080000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8490": {
"value": "523080000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8493": {
"value": "37729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8496": {
"value": "-92288000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8499": {
"value": "-131000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8502": {
"value": "468390000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8507": {
"value": "41448000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8510": {
"value": "-4719000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8514": {
"value": "36729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:EUR"
}
},
"f8517": {
"value": "-126955000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:EUR"
}
},
"f8520": {
"value": "-90226000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:EUR"
}
},
"f8524": {
"value": "50233000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8527": {
"value": "-12504000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8531": {
"value": "37729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8535": {
"value": "-37729000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8540": {
"value": "140023000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8545": {
"value": "140023000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"unit": "iso4217:EUR"
}
},
"f8552": {
"value": "9411000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8556": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8559": {
"value": "9411000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8563": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8566": {
"value": "1502000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8569": {
"value": "7054000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8572": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8576": {
"value": "3025000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8579": {
"value": "159000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8582": {
"value": "18147000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"f8588": {
"value": "12325391000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8591": {
"value": "-17223000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8594": {
"value": "12308168000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8597": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8600": {
"value": "1502000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8603": {
"value": "-85181000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8606": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8609": {
"value": "143048000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8612": {
"value": "-126796000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8615": {
"value": "12237737000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8658": {
"value": "1548065000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8661": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8664": {
"value": "1548065000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8667": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8670": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8673": {
"value": "153815000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8676": {
"value": "10566437000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8679": {
"value": "50233000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8682": {
"value": "-2570000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8685": {
"value": "12315980000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8689": {
"value": "57071000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8693": {
"value": "57071000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8697": {
"value": "61381000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8700": {
"value": "118452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8705": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8709": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8712": {
"value": "-4493000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8715": {
"value": "-4493000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8720": {
"value": "1082204000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8724": {
"value": "1082204000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8727": {
"value": "10505056000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8730": {
"value": "11587260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8734": {
"value": "236846000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8738": {
"value": "236846000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8741": {
"value": "127926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8744": {
"value": "158308000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8747": {
"value": "523080000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "NEX:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8752": {
"value": "44018000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8756": {
"value": "44018000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8759": {
"value": "-2570000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8762": {
"value": "41448000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8766": {
"value": "127926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8771": {
"value": "127926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8775": {
"value": "-127926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8781": {
"value": "50233000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8785": {
"value": "50233000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8792": {
"value": "9685000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8796": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8799": {
"value": "9685000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8802": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8805": {
"value": "1891000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8808": {
"value": "281000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8811": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8814": {
"value": "1492000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8817": {
"value": "-156000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8821": {
"value": "9411000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8827": {
"value": "1557750000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8830": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember",
"unit": "iso4217:EUR"
}
},
"f8833": {
"value": "1557750000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8836": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8839": {
"value": "1891000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8842": {
"value": "154096000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInReservesEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8845": {
"value": "10566437000",
"decimals": -3,
"dimensions": {
"concept": "NEX:IncreaseDecreaseThroughChangeInNetEquity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8848": {
"value": "51725000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8851": {
"value": "-2726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8854": {
"value": "12325391000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"f8882": {
"value": "991718000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8885": {
"value": "323707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8889": {
"value": "143048000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8892": {
"value": "39221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8898": {
"value": "735000",
"decimals": -3,
"dimensions": {
"concept": "NEX:AdjustmentsForGainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8901": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "NEX:AdjustmentsForGainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8907": {
"value": "-7556000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8910": {
"value": "1303000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8914": {
"value": "932770000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8917": {
"value": "374057000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8921": {
"value": "-8708000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8924": {
"value": "-253633000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8928": {
"value": "-67101000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8931": {
"value": "162759000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8935": {
"value": "-1142698000",
"decimals": -3,
"dimensions": {
"concept": "NEX:AdjustmentsForDecreaseIncreaseInFinancialAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8938": {
"value": "-310386000",
"decimals": -3,
"dimensions": {
"concept": "NEX:AdjustmentsForDecreaseIncreaseInFinancialAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8942": {
"value": "-147408000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8945": {
"value": "81464000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8949": {
"value": "-704941000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8952": {
"value": "-183292000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8956": {
"value": "-290349000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8959": {
"value": "-208558000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8963": {
"value": "785363000",
"decimals": -3,
"dimensions": {
"concept": "NEX:AdjustmentsForIncreaseDecreaseInFinancialLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8966": {
"value": "310645000",
"decimals": -3,
"dimensions": {
"concept": "NEX:AdjustmentsForIncreaseDecreaseInFinancialLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8970": {
"value": "-64261000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8973": {
"value": "188219000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromBanks",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8977": {
"value": "465804000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8980": {
"value": "3205000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromCustomers",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8984": {
"value": "383820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8987": {
"value": "119221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8991": {
"value": "634383000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8994": {
"value": "323966000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f8999": {
"value": "146126000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9002": {
"value": "100917000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9006": {
"value": "380673000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9009": {
"value": "180744000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9014": {
"value": "-498874000",
"decimals": -3,
"dimensions": {
"concept": "NEX:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesAndCashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9017": {
"value": "-244343000",
"decimals": -3,
"dimensions": {
"concept": "NEX:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesAndCashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9021": {
"value": "-1025673000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9024": {
"value": "-526004000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9030": {
"value": "1502513000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9033": {
"value": "1653740000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9038": {
"value": "-1897000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9041": {
"value": "1891000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9046": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "NEX:ProceedsFromIssuingOtherEquityInstrumentsAndPaymentsOfOtherEquityInstrumentsClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9049": {
"value": "-5055000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ProceedsFromIssuingOtherEquityInstrumentsAndPaymentsOfOtherEquityInstrumentsClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9054": {
"value": "794568000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ProceedsFromBorrowingsAndProceedsFromIssuingDebtSecuritiesClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9057": {
"value": "3249756000",
"decimals": -3,
"dimensions": {
"concept": "NEX:ProceedsFromBorrowingsAndProceedsFromIssuingDebtSecuritiesClassifiedAsFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9061": {
"value": "-706048000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9064": {
"value": "1589070000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9071": {
"value": "-1097338000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9074": {
"value": "1387032000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9079": {
"value": "-1097338000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9082": {
"value": "1387032000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9086": {
"value": "1546116000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9089": {
"value": "159084000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9093": {
"value": "448778000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f9096": {
"value": "1546116000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"s7_notes__8__15": {
"value": "FORM, CONTENT AND OTHER GENERAL INFORMATIONName of the entity preparing the financial statements or other means of identification Nexi SpA Entity registered office Milan - Corso Sempione 55 Legal form of the entity SpACountry of registration ItalyAddress of the entity's registered office Corso Sempione 55 Main place of business Milan - Corso Sempione 55 Description of the nature of the entity's business and its main operations: Holding of equity investments. Operating companies operate in the e-money sector (acquiring and issuing) and payments Parent entity name Nexi SpA Company name of the Parent Company SpADuration of the entity set up for a fixed term The duration of the Company is set at 31 (thirty-one) December 2100 (two thousand one hundred) and may be extended one or more times in the manner envisaged by law Year that the financial statements pertain to2022NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1. Accounting PoliciesBasis of PreparationIn accordance with the provisions of art. 154 of Italian Legislative Decree no. 58 of February 24, 1998, the Group has prepared these Consolidated Financial Statements as at December 31, 2022 in compliance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Interpretations Com-mittee (IFRIC), as ratified by the European Commission and transposed into Italian Law via Italian Legislative Decree 38/2005 pursuant to Community Regulation no. 1606/2002. In preparing the Consolidated Financial Statements as at 31 December 2022, the IAS/IFRS standards endorsed and in force as at 31 December 2022 were applied, including the SIC and IFRIC interpre-tative documents.Moreover, as required by current regulations, Nexi\u2019s consolidated financial statements are made available to the public in the iXBRL format. Note that due to technical problems some information contained in the Notes to the Consolidated Financial Statements, prepared in ESEF format and extracted from the XHTML format in an XBRL instance, may not be reproduced iden-tically to what is contained in the consolidated financial statements in XHTML format.The Consolidated Financial Statements as at 31 December 2022 comprise the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows, the Notes to the Financial Statements, which include the criteria used for their preparation, and the related comparative informa-tion. The Consolidated Financial Statements are also accompanied by the Board of Directors\u2019 Management Report addressing the Group\u2019s operating performance, its economic results and its equity and financial position.In addition to the amounts for the reporting period, the Financial Statements and Notes to the Financial Statements also pre-sent the comparative figures as at 31 December 2021, which have been restated due to the completion of the Purchase Price Allocation process of Nets and SIA as detailed in section 39 of the Notes to the Financial Statements.The Consolidated Financial Statements as at 31 December 2022 are prepared in euro which is the Company\u2019s functional curren-cy. Unless otherwise stated, amounts in the financial statements and notes are expressed in thousands of euros.As also specified in the Management Report, the measurement criteria are adopted considering the corporate business as a going concern with entries made on an accruals basis, respecting principles of relevance and significance of the accounting information and substance over form. Furthermore, no compensation is made between costs and revenues or between assets and liabilities except in cases expressly provided for or accepted by the accounting standards in force.As well as providing all information mandatory pursuant to international accounting standards, the law, Consob and ESMA, the Management Report and the Notes also provide additional non-mandatory information deemed useful for the purposes of presenting a true and fair view. In continuity with what was done during the drafting of the 2021 annual financial statements, also for the purposes of the 2022 consolidated financial statements, reference was made to the ESMA documents of 20 May 2020 and 28 October 2020 and to the Consob documents of 16 July 2020 and 16 February 2021 relating to the impacts deriving from the Covid-19 pandemic.Moreover, in connection with the invasion of Ukraine that began on 24 February 2022 by troops of the Russian Federation, refe-rence was made to the \u201cEuropean common enforcement priorities for 2022 annual financial reports\u201d Public Statement issued by ESMA on 28 October 2022 for the preparation of the 2022 consolidated financial statements. Finally, account was taken of the joint Consob/Bank of Italy/IVASS statement of October 27, 2022 (\u201cIAS/IFRS Financial Statements as at 31 December 2022 - Disclosures on the Transition to IFRS 17 and IFRS 9\u201d), which requires users of financial statements to understand the impact that the adoption of IFRS 17 and, for many insurance companies, IFRS 9 will have on their financial position and results of operations. Note that the above principles have no impact on the Group\u2019s financial statements.In 2022 the Group applied accounting standards consistent with those of the previous year, except for the changes in accounting standards issued by the IASB and effective as of 1 January 2022. More specifically, the changes \u2013 which did not have a significant impact on the Group \u2013 concern:- IAS 16 - Cost components: introduces a prohibition against deducting from the cost of property, plant and equipment amounts received from the sale of items produced before the activities necessary to prepare the asset for its intended purpose are com-pleted. The company must recognise these sales proceeds and related costs in the income statement;- IAS 37 - Onerous contracts: it is clarified that in order to assess whether a contract is onerous, it is necessary to include in the estimate all costs directly related to the contract and not only the incremental costs necessary to perform the contract. Accor-dingly, the assessment of whether a contract is onerous includes incremental costs (e.g. the cost of direct material used in the production), but also all costs that the company cannot avoid as a result of entering into the contract (e.g. the share of personnel costs and depreciation of machinery used in the performance of the contract);- IFRS 3 - References to the Conceptual Framework: the reference to the new 2018 version of the Conceptual Framework has been updated and an exception to the requirements for recognising contingent liabilities under IFRS 3 has been inserted in order to avoid changes to pre-existing accounting methods. Furthermore, the prohibition against recognising contingent assets (i.e. tho-se assets whose existence will only be confirmed by uncertain future events) in business combinations is made explicit (previously this prohibition was only explicitly stated in the Basis for Conclusion).With this Regulation, the usual annual improvements \u2013 Annual cycle of improvements to IFRS 2018-2020 \u2013 that clarify the wording or correct errors, oversights or conflicts between the requirements of the standards were also implemented. Amongst these minor amendments are changes to IFRS 9 Financial Instruments, with some clarifications concerning the fees to be included in the 10% test for the derecognition of financial liabilities. In this regard, it is specified that only fees paid or received between parties should be included, and not also fees directly attributable to third parties.The changes to the accounting standards described above had no significant impact on the Group\u2019s financial statement balances and comparisons. As of 1 January 2023 it will be mandatory to apply International Accounting Standard \u201cIFRS 17 Insurance Contracts\u201d and subsequent amendments \u201cAmendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information\u201d, amendments to International Accounting Standard \u201cIAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Di-sclosure of Accounting Policies\u201d, the amendments to International Accounting Standard \u201cIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u201d and the amendments to International Accounting Standard \u201cIAS 12 Income Taxes: Deferred Taxes related to Assets and Liabilities arising from a Single Transaction\u201d following endorsement by the European Union.It is expected that these changes will have no significant impact on the Group.The table below shows the standards for which amendments have been issued but not yet approved by the European Union.IASB documents IASB publication dateAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current 23/01/2020 \u2013 15/07/2020and Classification of Liabilities as Current or Non-current - Deferral of Effective DateAmendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback 22/09/2022Since none of these has been approved by the European Union, they have not impacted the Consolidated Financial Statements as of 31 December 2022.The Consolidated Financial Statements are accompanied by a statement by the Managing Director - CEO and by the Financial Reporting Manager, in accordance with Article 154 bis of the TUF and subjected to an audit by the independent auditors Pricewa-terhouseCoopers SpA.Contents of the accounting statementsStatement of Financial Position and Income StatementThe Statement of Financial Position and the Income Statement consist of items, sub-items and additional, more detailed informa-tion. In the Income Statement, revenues are indicated with no sign, while costs are preceded by the minus sign.Statement of Comprehensive IncomeThe Statement of Comprehensive Income starts out from the profit (loss) for the period to show the items of income recognised as counter-entries in the valuation reserves, net of the relevant tax effect, in compliance with the international accounting standards. Consolidated comprehensive income is presented with separate evidence of the income components that will not be recognised in the income statement in the future and those that may otherwise be reclassified to profit (loss) for the year under certain condi-tions. The statement also distinguishes the share of profitability pertaining to the Parent Company from that pertaining to minority shareholders. Negative amounts are preceded by a minus sign.Statement of Changes in EquityThe Statement of Changes in Equity shows the changes to shareholders\u2019 equity accounts that took place during the year covered by the financial statements and the previous year, divided up into share capital, reserves (capital reserves and net income reserves), valuation reserves and the profit (loss) for the period. Any treasury shares reduce Shareholders\u2019 equity. The \u201cEquity\u201d components included in the Bond Loans issued, net of the direct transaction costs, increase Shareholders\u2019 equity.Statement of Cash FlowsThe statement of cash flows provides information on cash flows for the year of the consolidated financial statements under review and the previous period, and has been prepared using the indirect method whereby, in reporting cash flows from operating activi-ties, profit or loss is adjusted for the effects of non-monetary transactions.Cash flows are broken down into those generated by operating, investing and financing activities. It should be noted that, as required by IAS 7.43, cash flows from investment activity have been excluded those that did not require the use of cash or cash equivalents, including leases.The cash flows generated in the period are indicated with no sign, while the cash flows absorbed in the period are preceded by the minus sign.Contents of the Notes to the Financial StatementsThe Notes to the Financial Statements provide all information envisaged by the international accounting standards.The measurement criteria, described below, were adopted to determine all information given in the consolidated financial statements.Consolidation criteriaThe Group has established the consolidation scope in accordance with IFRS 10 - Consolidated Financial Statements. Accordingly, the con-cept of control is fundamental to consolidation of all types of entities. It exists when the investor concurrently:- has power over the entity relevant activities;- is exposed or has rights to variable returns arising from its involvement with the entity;- has the ability to affect those returns through its power over the entity.The Group therefore consolidates all types of entities when all three control elements are present. As a rule, when an entity is mainly ma-naged through voting rights, control derives from the holding of more than half of the voting rights.Assessment of whether control exists may be more complex in other circumstances and require a greater use of judgement as it is neces-sary to consider all the factors and circumstances that give control over the investee (de facto control).In the context of the Nexi Group, all the consolidated entities are mainly controlled through voting rights. Accordingly, Nexi did not have to exercise judgements or make significant assumptions in order to establish the existence of control over subsidiaries and significant influence over associates. For the preparation of the consolidated financial statements as at 31 December 2022, the following were used: i) the financial statements of the Parent Company Nexi SpA and ii) the accounting results as at 31 December 2022, approved by the competent bodies and functions of the other fully consolidated companies.Controlled companies have been consolidated by recognising all the assets, liabilities, revenue and costs on a line-by-line basis of the Statement of Financial Position and Income Statement aggregates of the accounting situations of subsidiaries. To this end, the following adjustments were made:- the carrying amount of equity investments in the in-scope subsidiaries and the Parent Company\u2019s share of their Shareholders\u2019 equity have been eliminated; - recognising the Shareholders\u2019 equity and profits or losses of non-controlling interests in the period separately.The differences resulting from the above adjustments, if positive, are recognised \u2013 after any allocation to items of the assets or liabilities of the subsidiary \u2013 as goodwill or as other intangibles in item \u201cIntangible Assets\u201d as at the date of first consolidation. Any negative differences are recognised in the Income Statement.Intragroup assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses are eliminated.Business combinations must be accounted for using the \u201cacquisition method\u201d in accordance with IFRS 3, whereby identifiable assets acqui-red or liabilities assumed (including contingent liabilities) are recognised at their fair value at the acquisition date. Moreover, for each bu-siness combination, any minority interest in the acquired company can be recognised at fair value or in proportion to the minority invest-ment in the net identifiable assets of the acquired company. Any excess of the consideration transferred (being the fair value of the assets sold, the liabilities incurred and the equity instruments issued) over the fair value recognition of minority interests with respect to the fair value of the assets acquired and the liabilities assumed is recognised as goodwill. If the consideration is lower, the difference is recognised in the income statement. The Group applies the \u2018Partial Goodwill\u2019 approach and therefore accounts for minority interests at their book value.The \u201cacquisition method\u201d is applied starting from the acquisition date, that is from the moment in which control of the acquired company is obtained. Therefore, the economic results of a subsidiary acquired in the reference period are included in the Consolidated financial statements starting from the acquisition date. Likewise, economic results of a subsidiary sold are included in the Consolidated financial statements until the date in which control ceased. The difference between sale price and book value at the date of disposal (including foreign exchange differences recorded in shareholders\u2019 equity on consolidation, over time) is accounted for in the income statement.In a business combination achieved in stages, the fair value at the acquisition date shall also be determined by reference to the acquirer\u2019s previously held equity interest in the acquiree.Pursuant to IAS 28, the consolidated financial statements also include the results of investees, i.e., entities over which the Group has signi-ficant influence and the power to participate in directing its financial and operating policies without having control or joint control. Such equity investments are measured using the Shareholders\u2019 equity method which entails the initial recognition of the investment at cost and its subsequent adjustment based on the Group\u2019s share of the investee\u2019s shareholders\u2019 equity. The Group\u2019s share of the associate\u2019s profit or loss in the period is recognised separately in the consolidated Income Statement.The difference between the investment\u2019s carrying amount and the Group\u2019s share of its Shareholders\u2019 equity is included in the investment\u2019s carrying amount.If there is indication of impairment, the Group estimates the investment\u2019s recoverable amount, considering the discounted future cash flows that the investee may generate, including the investment\u2019s costs to sell. When the recoverable amount is less than the investment\u2019s carrying amount, the difference is recognised in the Income Statement.All the assets and liabilities of the subsidiaries that prepare their financial statements in currency other than the euro (so-called Forei-gn Operation) and that fall within the consolidation area are translated using the exchange rates in force at the reporting date (current exchange method), while the related revenues and costs are translated at the average exchange rates for the year. The translation exchan-ge differences resulting from the application of this method are classified as a Shareholders\u2019 equity item until the equity investment is disposed of in full or when the investee ceases to qualify as a subsidiary. On partial disposal, without loss of control, the portion of exchange rate differences relating to the portion of the equity investment disposed of is allocated to the Shareholders\u2019 equity of the minority intere-sts. In preparing the consolidated statement of cash flows, the cash flows of consolidated foreign companies expressed in currencies other than the euro are translated using the average exchange rates for the period. Goodwill and fair value adjustments generated when alloca-ting the purchase cost of a foreign company are recognised in the related currency and are translated using the year-end exchange rate.Equity investments in subsidiaries The following table shows Nexi Group\u2019s scope at 31 December 2022:% Registered Company Structure Currency investorownershipoffice()*Nexi Payments SpAsubsidiary EUR Nexi SpA 99.49 Milan, Italy()()***Nexi Payments Greece S.A.subsidiary EUR Nexi SpA 90.01 Athens, GreeceMercury Payment Services SpA subsidiary EUR Nexi SpA 100 Milan, ItalyHelp Line SpA subsidiary EUR Nexi SpA 69.24 Milan, ItalyHelp Line SpA subsidiary EUR Nexi Payments SpA 1.06 Milan, ItalyOrbital Cultura srl (ex Bassmart) subsidiary EUR Nexi Payments SpA 95 Florence, ItalyService HUB SpA subsidiary EUR Nexi SpA 100 Milan, Italy()*SIApay S.r.l.subsidiary EUR Nexi Payments SpA 100 Milan, ItalySIA Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, Greece()**Numera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH subsidiary EUR Nexi SpA 100 Wien, AustriaSIA RS d.o.o. Beograd subsidiary RSD SIA Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK SIA Central Europe a.s. 100 Zagreb, CroatiaSIA Czech Republic, s.r.o. subsidiary CZK SIA Central Europe a.s. 100 Prague, Czech RepublicSIA Romania Payment Technologies S.r.l. subsidiary RON SIA Central Europe a.s. 100 Bucharest, RomaniaSIA Payment Services subsidiary EUR SIA Central Europe a.s. 100 Bratislava, SlovakiaNets US LLC subsidiary USD Nexi SpA 100 Delaware, USA()*BillBird S.A.subsidiary PLN Centrum Rozliczen Elektronicznych 100 Krakow, PolandPolskie ePlatnosci S.A.Centrum Rozliczen Elektronicznych Polskie subsidiary PLN Rementi Investments S.A. 100 Taj\u0119cina, PolandePlatnosci S.A.()*Checkout Finland Oy subsidiary EUR Paytrail Oyj 100 Tampere, FinlandConcardis GmbH subsidiary EUR Concardis Holding GmbH 100 Eschborn, GermanyConcardis Austria GmbH subsidiary EUR Concardis GmbH 100 V\u00f6sedorf, AustriaConcardis Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyCPG Sales GmbH subsidiary EUR Concardis Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, Poland% Registered Company Structure Currency investorownershipoffice()**GfliB Wireless GmbH subsidiary EUR Orderbird AG 98.15 Berlin, Germany()**Orderbird GmbH subsidiary EUR Orderbird AG 98.15 Wien, AustriaEvergood Germany 1 GmbH subsidiary EUR Nets Holdco 1 ApS 100 Eschborn, GermanyNassa Topco AS subsidiary DKK Nets A/S 100 Oslo, NorwayNets A/S subsidiary EUR Nets Holdco 5 AS 100 Ballerup, DenmarkNets Cards Processing A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, DenmarkNexi Croatia Ltd subsidiary HRK Concardis Holding GmbH 100 Zagreb, CroatiaNets CEE d.o.o. (Slovenia) subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark(*)Nets Denmark A/S subsidiary DKK Nassa Topco AS 100 Ballerup, DenmarkNets Estonia AS subsidiary EUR Nets Denmark A/S 100 Tallinn, EstoniaNets Holdco 1 ApS subsidiary DKK Nexi SpA 100 Ballerup, DenmarkNets Holdco 5 AS subsidiary DKK Nets Holdco 1 ApS 100 Oslo, NorwayNets Sweden AB subsidiary SEK Nets Denmark A/S 100 Stockholm, SwedenNets Schweiz AG subsidiary CHF Concardis GmbH 100 Wallisellen, Switzerland()**Orderbird AG subsidiary EUR Concardis GmbH 98.15 Berlin, Germany()**Paytech Payment Provider GmbH subsidiary EUR Concardis GmbH 100 Eschborn, GermanyP24 Dotcard Sp. z o.o. subsidiary PLN Nets Denmark A/S 100 Warszawa, Poland(*)PayPro S.A. subsidiary PLN P24 Dotcard Sp. z o.o. 82 Pozna\u0144, Poland(*)Paytrail Oyj subsidiary EUR Nets Denmark A/S 100 Jyv\u00e4skyl\u00e4, FinlandPaytrail Technology Oy subsidiary EUR Paytrail Oyj 100 Jyv\u00e4skyl\u00e4, Finland(*)Polskie e Platnosci Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 100 Jasionka, PolandPolskie ePlatnosci S.A.Poplatek Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland(*)Ratepay GmbH subsidiary EUR Concardis Holding GmbH 100 Berlin, GermanyRementi Investments S.A. subsidiary PLN Nets Denmark A/S 100 Warszawa, PolandSignaturgruppen A/S subsidiary DKK Nets Denmark A/S 100 Aarhus, DenmarkStorebox ApS subsidiary DKK Nets Denmark A/S 100 Copenhagen, DenmarkTopCard Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 100 Taj\u0119cina, PolandPolskie ePlatnosci S.A.()**Team4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.(*) Company conducting regulated activities subject to local supervisory regulations.(**) Companies included in full consolidation scope in 2022.Note that in 2022 the companies EdiGard As, its subsidiary IT Baltic SIA (Latvia) and the company ATS SpA, which was sold, left the scope of consolidation.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2022 includes, in addition to the companies listed above and consolidated on a line-by-line basis, the following associates measured, given the stakes and/or relevance, accor-ding to the equity method:% Registered Company Structure Currency investorownershipofficeRs Record store (in liquidation) significant influence/joint control EUR Nexi Payments SpA 30 Genova, Italye-Boks Development A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, Denmarke-Boks GCC ApS significant influence/joint control DKK e-Boks International A/S 50 Hellerup, Denmarke-Boks Group A/S significant influence/joint control DKK Nets Denmark A/S 50 Hellerup, Denmarke-Boks International A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, Denmarke-Boks Nordic A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, DenmarkWEAT Electronic Datenservice significant influence/joint control EUR Concardis GmbH 40 D\u00fcsseldorf, Germany()*GmbHNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, Italy()***Nexi Digital Polska sp z o.o . significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, Poland(***) the percentage indicated refers to the Group\u2019s share.Significant assessments and assumptions made to determine the scope of consolidationAs mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its relationship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsidiaries. Control can only take place if the following elements are present at the same time:- the power to direct the relevant activities of the investee;- the exposure or rights to variable returns arising from the relationship with the entity invested in;- the capacity to exercise its power over the investee company to affect the amount of its returns.Specifically, the Group considers the following factors when assessing the existence of control:- the purpose and structure of the investee, in order to identify the entity\u2019s objectives, its relevant activities, i.e. those that most influence its performance, and how these activities are governed;- power, in order to understand whether the Group has contractual rights that confer the ability to direct the relevant operations;- exposure to the variability of the investee\u2019s returns, in order to assess whether the return received by the Group may potentially vary depending on the results achieved by the investee.Furthermore, in order to assess the existence of control, potential principal-agent relationships are taken into account. In assessing whether it operates as a principal or as an agent, the Group considers the following factors:- decision-making power over the relevant activities of the investee;- rights held by other parties;- the remuneration the Group is entitled to;- the Group\u2019s exposure to the variability of returns from any investment held in the investee.IFRS 10 identifies as \u201cmaterial assets\u201d only those assets that significantly affect the performance of the investee company. In general terms, when material assets are managed through voting rights, the following factors provide evidence of control:- ownership, directly or indirectly through its subsidiaries, of more than half of the voting rights of an entity, unless \u2013 in exceptional cases \u2013 it can be clearly demonstrated that such ownership does not constitute control;- ownership of half or less of the votes exercisable at the shareholders\u2019 meeting and the practical ability to unilaterally govern the relevant activities through:- control of more than half of the voting rights by virtue of an agreement with other investors;- the power to determine the financial and operating policies of the entity by virtue of provisions of the articles of association or a contract;- the power to appoint or remove the majority of the members of the board of directors or equivalent corporate governance body;- the power to exercise the majority of voting rights at meetings of the board of directors or equivalent corporate governance body.In order to exercise the power, it is necessary that the Group\u2019s rights over the investee entity be substantial. To be substantial, those rights must be practically exercisable when decisions on the relevant activities are to be made. Where substantial, the existence and effect of potential voting rights are taken into account when assessing whether or not there is the power to direct the financial and management policies of another entity. It may sometimes be the case that \u201cde facto control\u201d is exercised over certain entities when, even in the absence of a majority of voting rights, one owns such rights as to enable one to direct the relevant activities of the in-vestee entity in a unidirectional manner. Conversely, cases may arise where, despite owning more than half of the voting rights, one does not have control of the entities invested in because, as a result of agreements with other investors, the exposure to variable returns from the relationship with those entities is not considered significant.Subsidiaries may also include any \u201cstructured entities\u201d in which voting rights do not represent determinants of control, including special purpose vehicles (SPE/SPV) and investment funds. Structured entities are considered to be controlled where one has power through contractual rights to govern the relevant assets and is exposed to variable returns from those assets.As mentioned above, no circumstances arose that required the exercise of subjective evaluations or significant assumptions to determine the scope and method of consolidation.Significant restrictionsNote that as for significant restrictions applicable to the transfer of resources within the Nexi Group, some Group companies, as specified in the relevant section, are subject to prudential rules under supervisory regulations, aimed at preserving adequate capi-talisation in relation to the risks assumed. The ability of these companies to distribute capital or dividends is, therefore, subject to compliance with the relevant provisions on equity requirements.Conversely, there are no significant limitations or restrictions to the exercise of voting rights held in subsidiaries.Other InformationThere are no financial statements of subsidiaries used in preparing the consolidated financial statements for a date other than that of the consolidated financial statements. At the date of the consolidated financial statements, no other undertakings connected to equity investments in associated com-panies are in place with reference to the regulation in force.As reported in the Management Report, the Directors confirm the reasonable expectation that the Group will continue to operate in the foreseeable future with a view to business continuityMain Accounting Policies Financial assets at Fair Value through OCIClassification criteriaAt the reporting date, this category only includes equity instruments other than those held for trading and which the Group has op-ted to measure at FVTOCI. In fact, the non-derivative financial assets held within the scope of the \u201cHeld to Collect and Sell\u201d business model do not have a balance at the reporting date as they are sold on a daily basis as part of a factoring contract.Under IFRS 9 general requirements on the reclassification of financial assets (excluding equity securities, for which no reclassifica-tion is allowed), reclassifications to other categories of financial assets is only permitted if the Group changes its business model within which the financial assets are held. Such cases, the occurrence of which should be extremely infrequent, allow reclassification of financial assets measured at Fair Value through other comprehensive income to one of two categories designated by IFRS 9 (i.e. \u201cFinancial assets measured at amortised cost\u201d or \u201cFinancial assets at FVPL\u201d). The transfer value, which is applied prospectively from the reclassification date, is recognised as the Fair Value at time of reclassification. Where financial assets at FVTOCI are reclassified to amortised cost, the Fair Value of the financial asset at the reclassification date is adjusted by the cumulative profit or losses pre-sented in the valuation reserve. Where financial assets at FVTOCI are reclassified to financial assets at FVTPL, the cumulative gain or loss previously recognised presented in the valuation reserve is reclassified from equity to profit or loss for the period.Recognition criteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs attributable to their acquisition.Measurement criteriaThey are measured at Fair Value and recognised as a balancing entry in the statement of changes in equity (i.e. \u201cOther comprehen-sive income items\u201d). Fair Value is determined based on the criteria set out in the \u201cFair Value Disclosure\u201d section.While dividends are recognised under profit and loss for the period, any impairment loss and any profit or loss from their sale is not recognised in the Income Statement.Derecognition criteriaFinancial assets or parts of such assets are derecognised whenever the contractual rights to cash flows expire or are transferred, essentially transferring all the related risks and rewards. More specifically, transferred financial assets are derecognised when the entity retains the contractual rights to receive the assets\u2019 cash flows but concurrently assumes an obligation to pay these \u2013 and only these \u2013 cash flows to third parties without significant delay.Where derecognition is applied to receivables transferred within the scope of non-recourse factoring contracts, the result of dispo-sals, which is equal to the difference between the carrying value and the price of sale, is recognised under \u201cDividends and profit/loss from the investment and sale of financial assets at FVTOCI\u201d on the Income Statement.Financial assets measured at amortised costClassification criteriaThis category comprises non-derivative financial assets held in the \u201cHeld-to-Collect\u201d business model, the contractual terms of which solely generate cash flows that are payments of principal and interest (SPPI criterion).The item mainly accounts for receivables due from holders and merchants (including those deriving from the \u201cpay later\u201d solution), their bank accounts, including positions towards international card schemes. Under IFRS 9 general requirements on the reclassifi-cation of financial assets, reclassifications to other categories of financial assets is only permitted if an entity changes the business model within which the financial assets are held. Such cases, the occurrence of which should be extremely infrequent, allow re-classification of financial assets measured at Fair Value through other comprehensive income to one of the other two categories designated by IFRS 9 (i.e. \u201cFinancial assets at fair value through OCI\u201d or \u201cFinancial assets at FVPL\u201d). The transfer value, which is applied prospectively from the reclassification date, is recognised as the Fair Value at time of reclassification. Gains or losses generated by the difference between the amortised cost of financial assets and their fair value are recognised either to profit or loss, where the assets are reclassified as \u201cFinancial assets at FVPL\u201d, or to Shareholders\u2019 equity (and to the relevant valuation reserve), where the as-sets are reclassified as \u201cFinancial assets at fair value through OCI\u201d.Recognition criteria\u201cFinancial assets measured at amortised cost\u201d are initially recognised at the agreement signing date, which is usually the disburse-ment date, based on the financial instrument\u2019s Fair Value, which usually equals the amount disbursed including transaction costs.Measurement criteriaAfter initial recognition, assets included in this item are measured at amortised cost using the effective interest method.\u201cFinancial assets measured at amortised cost\u201d are tested for impairment at each reporting date. The impairment rules described below also apply to loan commitments and financial guarantee contracts.Impairment is calculated considering the financial asset\u2019s expected credit losses. For the financial receivables, application of the related impairment method requires classification of the financial assets according to three stages, depending on whether any significant increase in credit risk has occurred as of initial recognition. For each stage a different method of measuring impairment is used based on the expected loss in the 12 subsequent months for receivables in Stage 1 (performing financial instruments that have not seen a significant increase in credit risk) and on lifetime expected losses of receivables classified in Stage 2 and Stage 3 (including performing financial instruments that have seen an increase in credit risk and bad financial assets, respectively). Given the specific features of the Group\u2019s credits portfolio, the expected 12-month loss is itself the expected lifetime loss.Regarding the trade receivables under the item in point, mainly consisting of merchant fees charged to the merchants, the Group made use of the option to apply the simplified approach of IFRS 9 by measuring the expected loss over the life of the instrument without applying the three-stage approach.With respect to impairment:- the Group defined the methods to monitor changes in credit quality of its financial assets measured at amortised cost and at Fair Value as a balancing entry in the statement of changes in equity;- since the IFRS definition of exposures at default is now aligned with the regulatory definition, the approach used to classify expo-sures as credit-impaired, which are now allocated to Stage 3, has not changed.The Group considers historical information and all the information available at the reporting date, including forward-looking infor-mation on the potential worsening in the historical losses.Impairment losses are recognised in profit or loss as net impairment losses.An entity recognises an impairment gain on credit-impaired debt instruments when the reasons for the impairment no longer exist and the gain is objectively related to an event that took place after recognition of the impairment loss. Impairment gains are recognised in the Income Statement and may not exceed the amortised cost the asset would have had had the impairment loss not been recognised.Derecognition criteriaFinancial assets or parts of financial assets are derecognised when the contractual rights to cash flows expire or are transferred, transferring substantially all the related risks and rewards.More specifically, transferred financial assets are derecognised when an entity retains the contractual rights to receive the assets\u2019 cash flows but concurrently assumes an obligation to pay these - and only these - cash flows to third parties without significant delay.Hedging transactionsClassification criteriaAsset and liability items include hedging financial derivatives, which at the date of the financial statements had a positive and ne-gative fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attributable to a specific risk by offsetting them with recognisable gains on a different financial instrument or group of financial instruments.The following types of hedging relationships are envisaged in IFRS 9:- fair value hedge: a hedge of the exposure against changes in the fair value of a recognised asset or liability or an unrecognised firm commitment, or a component thereof, that is attributable to a particular risk and could affect profit (loss) for the period;- cash flow hedge: a hedge of the exposure against variability in cash flows attributable to a particular risk associated with all or a component of recognised assets or liabilities (such as all or only some future interest payments on variable rate debt) or a highly probable planned transaction that could affect profit (loss) for the period;- hedges of a net investment in a foreign operation as defined in IAS 21.As established by IFRS 9, derivative instruments are designated as hedging instruments provided that the hedging relationship between the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the stan-dard, including those relating to hedge effectiveness.The Group has only entered into cash flow hedge transactions.Recognition criteriaHedging derivatives are initially recognised at fair value at the date of the transaction.Measurement criteriaHedging derivatives are measured at fair value.The method of accounting for gains and losses arising from changes in fair value differs according to the type of hedge: With regard to cash flow hedges, changes in the fair value of the derivative are recognised in Shareholders\u2019 equity for the effective portion of the hedge, and are only recognised in the income statement when a change in the cash flows to be offset occurs or if the hedge proves ineffective with respect to the hedged item. In application of the accounting standard, hedging relationships must meet the following requirements: - presence of an economic relationship between the hedged item and the hedging instrument; - the non-dominance of credit risk within the fair value changes relating to this economic relationship; - the definition of a hedge ratio that identifies the quantities of hedged item and hedging instrument considered in the hedging relationship, so as not to create a mismatch that generates a component of ineffectiveness that does not properly reflect the objectives of the hedge.Derecognition criteriaThe hedging relationship is terminated if the hedge effectiveness test fails or the risk management objective underlying the hed-ging relationship has changed. In such case, the derivative instrument is classified as a trading transaction.Furthermore, the hedging relationship is interrupted when:- the hedged item is sold and repaid;- the hedging transaction is terminated early;- the derivative expires, is sold, extinguished or exercised.Equity investments in associates and joint venturesBasis of classification, recognition and measurementThis item includes equity investments in associates and joint ventures, measured using the equity method, as described in the Consolidation criteria section. Jointly controlled companies are entities for which control is shared between the Group and one or more other parties on a con-tractual basis, or when the unanimous consent of all parties sharing control is required for decisions concerning material activities. Associate companies are entities in which the Group owns at least 20% of the voting rights (including potential voting rights) or in which, even with a lower proportion of voting rights, it has the power to participate in the determination of the financial and mana-gement policies of the investee company by virtue of special legal ties such as participation in shareholders\u2019 agreements.Equity investments are recognised at cost and accounted for using the equity method. If there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, considering the discounted future cash flows that the investee may generate, including the investment\u2019s costs to sell.When the recoverable amount is less than the investment\u2019s carrying amount, the difference is recognised in the income statement. If the reasons for an impairment loss are removed as a result of an event occurring after the impairment was recognised, a reversal of the impairment loss is recognised in the income statement.Investments in entities other than subsidiaries, associates or joint ventures are classified in the portfolio of financial instruments measured at Fair Value trough the income statement or the portfolio of financial instruments measured at Fair Value trough com-prehensive income.Derecognition criteriaEquity investments are derecognised when the contractual rights to the cash flows from the assets expire or when the equity invest-ment is sold, substantially transferring all the risks and rewards associated with it.Tangible AssetsClassification criteriaProperty, equipment and investment property include land, instrumental properties, furniture, furnishings, valuable artistic herita-ge, POSs and ATMs, electronic machinery and equipment of all types, expected to be used for more than one year. The item also includes rights of use acquired through lease contracts, as envisaged by IFRS 16. According to IFRS 16, a lease is a contract or part of a contract that transfers the right to use an asset for a period of time in exchange for consideration.Items of property and equipment held for use in production or for the supply of goods and services are classified as such under IAS 16. Property held for investment purposes held to earn rentals or for capital appreciation or both is classified as \u201cInvestment property\u201d under IAS 40.Recognition criteriaTangible assets acquired on the market are recognised as assets when the main risks and rewards connected with the asset are transferred. Initial recognition is at cost, which includes all directly related charges. Rights of use accounted for under IFRS 16 are recognised as the sum of the present value of future lease payments to be made over the lease term, lease payments made on or before the lease term, any incentives received, initial direct costs, and any estimated costs of dismantling or restoring the underlying asset, as the lessee has a financial obligation to make payments due to the lessor to compensate for its right to use the underlying asset during the lease term. Recognition occurs when the asset is made available to the lessee for its use, and on that date the lessee recognises both the liability and the asset consisting of the right of use. The recognised financial liability corresponds to the present value of the lease payments due.Regarding the discount rate, on the basis of IFRS 16 requirements, the Group uses the implicit interest rate, where available, for each lease contract. If such a rate is not available or cannot be readily determined without resorting to estimates, the Group will base the incremental rate on market rate curves and the lessee\u2019s spread.Land is recognised separately, even when purchased jointly with the building, taking a component-based approach. The break-down of the value of the land and that of the building is prepared on the basis of independent expert appraisals.The costs of major repairs which increase the future economic benefits associated with the asset are recognised in the carrying amount of the asset, when the criteria for capitalisation are met, while the costs of day-to-day servicing are recognised in the In-come Statement.Measurement criteriaProperty, plant and equipment (for operational use and held for investment purposes) with a finite useful life are subsequently me-asured at cost adjusted for accumulated depreciation and any impairment losses and reversals.The depreciable value of property and equipment, equal to the cost of the assets insofar as the residual value at the end of the depreciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, according to a criterion of allocation that reflects the technical-economic duration and the residual possible use of the individual elements.The useful life with reference to the different categories of tangible assets is at most as follows:- Civil/industrial buildings for functional use: 33 years- Civil/industrial buildings held for investment purposes: 33 years- POSs: 5 years- ATMs: 7 years- Electrical systems 7 years- Data centres: 7 years- Air-conditioning systems: 7 years- Alarm and security systems: 5 years- Fire-fighting systems: 7 years- Telephone and telecommunications equipment: 3 years- Hardware: 5 years- Furniture: 7 years- Furnishings: 7 yearsThe rights of use recognised in accordance with IFRS 16 are depreciated over a period equal to the lesser of the asset\u2019s useful life and the duration of the lease contract. The lease term is determined taking into account periods covered by an option to extend the lease and an option to terminate the lease where the exercise of those options is reasonably certain.Land is not depreciated insofar as it has an undefined useful life, and artistic heritage is not depreciated insofar as the useful life cannot be estimated and its value normally increases over time.At each reporting date, the Group weighs up whether or not there is any indication showing that property, equipment, investment property and rights of use may have suffered a loss in value. If there is evidence of any such loss, the carrying amount is compared with the recoverable value.Derecognition criteriaProperty, equipment end investment property are derecognised when disposed of or when no further future economic benefit is expected from their use or decommissioning.Intangible assetsClassification criteriaIntangible fixed assets are non-monetary assets with no physical consistency, which can be identified and are able to generate future economic benefits that can be controlled by the company, and include goodwill and other intangible assets governed by IAS 38. They may include rights of use acquired under leases and relating to the use of an intangible asset by the lessees.Recognition criteriaIntangible assets are recognised at the cost of acquisition when the main risks and benefits connected with the asset are transferred, but only if it is likely that the related future economic benefits will be realised and if the cost can be reliably determined. If not, the cost of the intangible asset is recognised in the income statement in the year in which it is incurred. More specifically, the cost of software development includes only the expenses incurred that can be directly attributed to the development process and constitute intangi-ble assets only if all the following conditions are met:- the cost attributable to the development activity can be reliably determined;- the entity has the intention, the availability of financial resources and the technical capacity to make the asset ready for use or sale;- it can be demonstrated that the asset is able to produce future economic benefits.There are also intangible assets linked to the customers represented by the valuation, during combinations, of contracts with custo-mers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is represen-tative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a period expressing the residual, contractual or estimated duration of the relationships in place at the time of the combination transaction.Finally, the brand, which is also recognised in combination transactions, is valued using the \u201croyalty relief\u201d criterion.Measurement criteriaAll intangible assets recognised, other than goodwill, are considered of finite useful life and consequently amortised considering the cost of the individual assets and the related useful life.More specifically, intangible assets based on technology, such as application software purchased with permanent user\u2019s licenses and the costs for software development, are amortised according to their expected technological obsolescence and in any case in general over a period of five years, save for particular cases connected to the development of new platforms, analysed from time to time based on the technical features.Intangible assets arising from the purchase price allocation of business combination have a useful life estimated individually for each transaction:- Customer contracts: on the basis of the contract terms;- Customer relationship: approximately 20 years;- Brand: 5 yearsThe residual value of the various assets is assumed as equal to zero.If there is any indication that an intangible asset with a finite useful life may be impaired, the asset\u2019s recoverable amount is estimated and the amount of the loss, recognised in the income statement, is equal to the difference between the asset\u2019s carrying amount and its recoverable amount.Derecognition criteriaAn intangible asset is derecognised on disposal or when no future economic benefits are expected.GoodwillGoodwill is recognised in the statement of financial position at cost, net of any accrued losses, and is not subject to amortisation.With respect to business combinations, goodwill may be recorded when the positive difference between the fair value of shareholders\u2019 equity acquired and the purchase price of the equity investment is representative of the future potential income generation of the equity investment.If this difference is negative (badwill) or if goodwill may not be attributed considering future potential income generation of the equity investments, the same difference is directly recorded in the income statement.Even if there is no indication of impairment, goodwill is impairment tested once a year. For this purpose, goodwill is allocated to the Cash Generating Units (\u201cCGUs\u201d) identified based on the characteristics of the Group\u2019s business, its model and related organizational structure as well as internal and external reporting used. Starting from the financial statements for the year ended December 31, 2022, within the Nexi Group, Cash Generating Units matches to the business units represented in the segment reporting. The recoverable amount of an asset or CGU is the greater of its value in use and its Fair Value less costs of disposal. A loss of value is recognised if the carrying amount of the CGU exceeds its recoverable value. Impairment of goodwill is recognised on the consolidated Income Statement and not restored in subsequent years.Non-current assets or groups of assets/liabilities held for sale\u201cNon-current assets held for sale and discontinued operations\u201d (in the assets) and \u201cLiabilities associated with assets held for sale and discontinued operations\u201d (in the liabilities) include all non-current assets or groups of assets/liabilities for which a decision has been made to dispose and the sale of which is considered extremely likely.These assets/liabilities are measured at the lower of their carrying value and their Fair Value less costs to sell, with the exception of cer-tain types of assets for which IFRS 5 specifically provides that the valuation criteria of the relevant accounting standard must be applied (e.g. financial assets within the scope of IFRS 9). Income and expenses (net of the tax effect) attributable to groups of assets held for disposal or recognised as such during the period, are presented in the Income Statement in a separate item.Other assets and liabilitiesOther assets essentially include items awaiting arrangement and items that cannot be traced to other items of the Statement of Finan-cial Position, including receivables deriving from the supply of non-financial goods and services (net of depreciation funds), tax items other than those recognised under own item (for example connected with the activity of tax substitute), accrued income other than that capitalised on the related financial assets, including that deriving from contracts with customers in accordance with IFRS 15, para-graphs 116 et seq. and costs incurred to fulfil contracts with customers as envisaged by paragraphs 91 et seq. of IFRS 15. The item also includes inventories related to POS and ATM (including spare parts) and plastics for cards managed by the Group. These inventories are valued respectively at weighted average cost and at FIFO. At the end of the year, impairment losses are eventually recognised if the Fair Value minus the selling costs is lower than the carrying amount.Other liabilities include liabilities that cannot be allocated to the other liability items in the statement of financial position, including payables associated with the payment of non-financial goods and services, accrued expenses other than those to be capitalised on the relevant financial liabilities, and miscellaneous tax credit items other than those recognised under \u201cTax liabilities\u201d, for example related to the activity of a withholding agent.Current and deferred taxIncome taxes are calculated in accordance with national tax legislation, and are accounted for as a cost on an accruals basis, in line with the method of recognition in the financial statements of the costs and revenues that they generated. Taxes are therefore determined on the basis of the forecast of the current, advance and deferred tax burden.Current tax assets and liabilities include the net balance of the Group companies\u2019 positions vis-\u00e0-vis Italian and foreign tax authorities attributable to direct taxation. More specifically, these items include the net balance between past and current tax liabilities for the year, calculated on the basis of a prudent forecast of the tax liability for the year, determined in accordance with current tax regulations, and current tax assets represented by advance payments, withholding taxes incurred or other tax credits.Current tax expenses, determined on the basis of the \u201cnational tax consolidation\u201d, not yet paid as at the reporting date, in full or in part, is included amongst the tax liabilities on the Statement of Financial Position. If the payment of current tax expenses for the period or current tax expenses for the previous years has exceeded the related tax payable, the surplus is entered amongst the assets of the sta-tement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome taxes for the period\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments me-asured at Fair Value through other comprehensive income and related hedging derivatives); these latter are instead allocated directly to the same valuation reserves, which, therefore, are stated net of the relevant tax.Deferred tax assets and liabilities are recognised as equity with open balances and without netting, stating the first under \u201cTax assets\u201d and the second under \u201cTax liabilities\u201d.Deferred tax assets are computed in respect of the temporary differences arising between the carrying amount assigned to an asset or a liability, and their corresponding assumed value for tax purposes. For these purposes, \u201ctaxable temporary differences\u201d are those that will result in taxable amounts in future periods and \u201cdeductible temporary differences\u201d are those that will result in deductible amounts in future periods. Deferred taxation is calculated by applying the tax rates set forth in the applicable law to taxable temporary differences for which there is a probability that taxes will actually be incurred, and to deductible temporary differences for which there is a reaso-nable certainty that there will be future taxable income at the time when the related tax deductibility will arise.Deferred tax liabilities are calculated on all taxable timing differences.Deferred tax assets and liabilities are determined using the tax rates expected to be applied in the period in which the tax asset is rea-lised or the tax liability will be extinguished, in accordance with current tax legislation. Tax assets and liabilities relating to the same tax and due in the same period are offset.Deferred tax assets and liabilities are systematically measured to reflect any alterations to tax rules or rates as well as any possible chan-ges in the Group companies\u2019 subjective positions.Financial liabilities measured at amortised costClassification criteriaA financial instrument issued is classified as a liability when, on the basis of the substance of the contractual agreement, a con-tractual obligation is held to deliver money or another financial asset to a third party. More specifically, the item mainly includes loans in place and facilities in place in support of the Group\u2019s electronic money business, as well as lease debts. Please note that the item also included the \u201cdebt\u201d component of the convertible bond loans issued.Recognition criteriaPayables are recognised as at the date on which the contract is entered into, which normally coincides with the time when the amounts collected are received and debt instruments issued.Financial liabilities are initially measured at Fair Value, which normally coincides with the amount collected or issue price, plus the directly related costs/income. Internal administrative costs are excluded. Lease liabilities are initially recognised at the current value of the payments due.Measurement criteriaAfter initial recognition, financial liabilities are measured at amortised cost using the effective interest method. Interest is recorded under the \u201cInterest and similar expense\u201d item of the Income Statement.Derecognition criteriaFinancial liabilities, or part thereof, are derecognised when extinguished, i.e. when the obligation has been met, cancelled or expired.Financial liabilities measured at Fair Value through profit or lossAs at 31 December 2022 the item \u201cFinancial liabilities measured at Fair Value through profit or loss\u201d includes the earn-outs related to the business combination transactions executed, as well as the fair value of the call option sold to Alpha Bank on the shares of Nexi Payment Greece.All the items included in this caption are valued at Fair Value with the allocation of the result of the measurement to the Income Statement.Fair Value is determined based on the criteria set out in the \u201cFair Value Disclosure\u201d section.Share-Based PaymentsStaff share-based remuneration plans, all falling under the \u201cEquity settled\u201d category, are recognised in the Income Statement with a corresponding increase in shareholders\u2019 equity, on the basis of the Fair Value of the financial instruments attributed at the assign-ment date, breaking up the expense throughout the plan period.If options are present, their Fair Value is determined using a valuation technique that takes into account the specific terms and con-ditions of the stock option plan in place, in addition to information such as the exercise price and the life of the option, the current price of underlying shares, the expected volatility of the share price, dividends expected on the shares and the risk-free interest rate for the life of the option. The measurement model measures, separately, the option and the probability of fulfilment of the conditions on which basis the options have been assigned. The combination of the two values is the Fair Value of the stock option.Any reduction in the number of financial instruments assigned is recognised as the cancellation of a portion of such.Employee benefitsEmployee benefits are all types of remuneration disbursed by the company in exchange for the work of employees. Employee benefits are divided up into:- short-term benefits (other than benefits due to employees for the termination of the contract of employment and remunerative benefits in the form of a share in the capital), expected to be paid in full within twelve months of the end of the period during which the employees worked and recorded fully on the Income Statement at the time they are accrued (this category includes, for example, wages, salaries and \u201cextraordinary\u201d provisions);- post-employment benefits due after the termination of the contract of employment that oblige the company to make a future pay-ment to employees, divided into:- defined contribution plans that mainly comprise: supplementary pension funds involving a defined amount of contributions by the company; the severance pay provision, limited to the portions accrued since 1 January 2007 for companies with more than 50 employees, regardless of the allocation option chosen by the employee; the portions of severance pay accrued since 1 January 2007 and allocated to supplementary pension funds, in the case of companies with fewer than 50 employees; and supplementary health care funds;- defined benefit plans or company pension funds, which mainly include: severance pay, limited to the portion accrued up to 31 De-cember 2006 for all companies, as well as the portions accrued from 1 January 2007 and not allocated to supplementary pension plans for companies with fewer than 50 employees; supplementary pension funds whose terms and conditions provide for the payment of a defined benefit to members; and seniority bonuses, which provide for an extraordinary payment to employees upon reaching a certain level of seniority.- benefits for the termination of the contract of employment, i.e. compensation that the company acknowledges to employees in exchange for the termination of the contract of employment following its decision to terminate the contract of employment ahead of the standard retirement date;- long-term benefits other than the foregoing, which are not expected to be extinguished in full within twelve months after the end of the period in which the employees worked.With particular regard to post-employment benefits, note that in defined contribution plans the reporting company\u2019s obligation is determined on the basis of the contributions due for that year, and therefore the valuation of the obligation does not require the appli-cation of actuarial methods. On the contrary, the accounting of defined benefit plans is characterised by the use of an actuarial method to determine the value of the obligation. Specifically, these benefits are recognised using the \u201cProjected Unit Credit\u201d method, which involves projecting future disbursements on the basis of historical statistical analyses and the demographic curve, and discounting these flows on the basis of a market interest rate. The components of defined benefit cost are recognised as follows: - service cost and net interest on the net liability (asset) in the Income Statement;- revaluations of the net defined benefit liability (asset) in the Statement of Comprehensive Income.Actuarial gains and losses are recognised in the Statement of Comprehensive Income, with an offsetting entry to Shareholders\u2019 equity (valuation reserve).For discounting purposes, the rate used is determined by reference to the market yield on bonds of leading companies, taking into account the average remaining life of the liability, weighted by the percentage of the amount paid and advanced for each maturity with respect to the total amount to be paid and advanced until the final repayment of the entire obligation. Provisions for risks and chargesProvisions for risks and charges include all provisions made in relation to current obligations originating from past events for which an economic outlay is probable for the fulfilment of such obligations, as long as a reliable estimate can be made of the relevant amount. Accordingly, a provision is recognised if and only if there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a re-liable estimate can be made of the amount of the obligation. The amount recognised as a provision represents the best estimate of the expenditure required to settle the obligation existing at the date of the financial statements and reflects risks and uncertain-ties that inevitably characterise a number of facts and circumstances. When the effect of the time value of money is material, the amount of the provision is discounted at current market rates. The provision is recognised on the income statement. At the close of all financial statements the provisions made are periodically reviewed, and if the incurrence of possible expenses should become unlikely the provisions are entirely or partially released to the income statement.Foreign currency transactionsCriteria for initial recognitionAt initial recognition, foreign currency transactions are registered into the money of account, applying the current exchange rate in force at the date of the transaction.Criteria for subsequent recognitionAt each annual or interim report closing date:- the monetary elements are converted at the current exchange rate in force at the reporting date;- non-monetary items measured at historical cost are converted at the exchange rate as at the date of the transaction;- non-monetary items measured at Fair Value are translated using the exchange rate at the reporting date.Exchange differences relative to monetary items are recognised in the Income Statement in the period they arise; those relating to non-monetary items are recognised in Shareholders\u2019 equity or in the Income Statement consistently with the method of entering profits and losses that include this component.The costs and revenues in foreign currencies are recognised at the exchange rate in force at the time of booking or, if being accrued, at the exchange rate in force at the reporting date.Other Information Income StatementInterest income and expenseInterest income and expense is recognised on the Income Statement for all instruments measured in accordance with the amortised cost criterion, using the effective interest method, including commissions and transaction costs.Other fees for services rendered and commission incomeCommission income other than that included in the amortised cost and other fees for services provided are recognised when the obligation of the provision is satisfied, transferring the service to the customer or when all the following conditions are met:- the contract with the customer has been identified;- in order to identify a contract, the parties must have approved the contract (in writing or in compliance with other standard commer-cial practices) and must have undertaken to fulfil their respective obligations;- the performance obligations contained in the contract have been identified;- the goods and services to be transferred must be identified; - the price was determined;- the prices and payment methods must be defined;- the price has been allocated to the individual performance obligations contained in the contract;- if a contract envisages the delivery/supply of multiple goods or services, the prices agreed must be allocated to the individual goods/services;- the performance obligations contained in the contract have been satisfied;- goods and services must be effectively transferred to the customer.Additionally, in accordance with IFRS 15, the service is transferred to the customer and, therefore, revenues can be recognised:- at a specific moment in time, when the entity fulfils the obligation to do, transferring the good or service promised to the custo-mer, or- over time, gradually, as the entity fulfils the obligation to do, transferring the good or service promised to the customer.The asset is transferred when, or during the period in which, the customer acquires control over such. The variable components of the prices, mainly relating to year-end balances and variable incentives, are included in the price if they can be reliably determined and if any refund is considered to be a remote or unlikely event. Specifically:- association fees are entered on the Income Statement according to the credit card validity date;- commission income from merchants and systems are entered on the Income Statement, according to the trading date of expen-ses incurred by the holders;- up-front revenues connected with the start of new customers and new products are recorded throughout the expected term of the contracts;- revenues for design activities specifically requested by customers are recorded during development (overtime), if any of the fol-lowing conditions apply:a. the customer simultaneously receives and uses the benefits deriving from the provision, as it is made;b. the provision is provided on customer\u2019s assets;c. the asset produced has no alternative use and Nexi is entitled to be paid for the work done to date; if not, the costs and revenues of the project are suspended and recorded at the end of the design phase;- the revenues connected with recurring services (mainly maintenance and rental of POSs and ATMs and processing services) are split in a linear fashion throughout the contract term.It is also noted that, in application of IFRS 15, the value of the commission is rectified in order to take the Fair Value of the premiums connected with the Loyalty program into account. The Fair Value of the catalogue is calculated as the average unitary value of the points with respect to the market value of the premiums, including VAT and delivery expenses, so as to link the Fair Value to the va-lue perceived by the customer. The unitary Fair Value is applied to the number of points in circulation, net of the points that, on the basis of the analysis performed, are expected not to be redeemed (on the basis of the redemption estimates). Deferred commission is recognised in the Income Statement according to point redemption.Commission considered in the amortised cost to calculate the effective interest rate are excluded and recognised instead under interest income.Commission expenseCommission expense, other than that included in the amortised cost, is recognised when incurred or when the related revenues are recorded.Fees for services receivedFee for services received are recognised when incurred or when the related revenues are recorded.Costs for the implementation of the contract with the customer (such as, for example, costs for the emission of cards and ICT services incurred during the start-up of new customers/products or non-substantial contractual changes) are recognised on a straight-line basis in connection with the useful life of the underlying contracts.DividendsDividends are recognised in the Income Statement when their distribution is resolved upon.Basis for presentation of the segment disclosureThe segment disclosure of the Nexi Group is based on the elements that the management uses to make its operative decisions and is therefore consistent with the information requirements envisaged by IFRS 8.Specifically, the identification of the operating segments is based on the way in which the reports that the \u201cchief operating decision maker\u201d (i.e. the highest operative decision-making level, as defined by IFRS 8) receives and uses for the purpose of decision-making in regard to the resources to be allocated and the assessment of results. Business combinationsBusiness combinations are accounted for using the \u201cpurchase method\u201d, which requires: (i) the identification of the acquirer; (ii) the determination of the combination costs; (iii) the \u201cPurchase Price Allocation\u201d.According to the IFRS 3, an acquirer is identified for all business combinations. The acquirer is the entity that obtains control over another entity, which is the power to determine the financial and management policies of that entity in order to receive benefits from its activities.The consideration transferred in a business combination is equal to the Fair Value, at the acquisition date, of the assets sold, the liabi-lities incurred and the equity instruments issued by the acquirer in exchange for obtaining control of the acquiree. The consideration that the acquirer transfers in exchange for the acquired entity includes any assets and liabilities resulting from an agreement on the \u201cpotential consideration\u201d, to be recognised on the acquisition date on the basis of Fair Value.Based on the purchase method, on the acquisition date, the acquirer must allocate the cost of the combination (so-called PPA, \u201cPur-chase Price Allocation\u201d) to the identifiable assets acquired and the liabilities measured at the relative Fair Value on that date, also reco-gnising the value of the minority interests of the acquired entity.Use of Estimates and Assumptions in Preparing the Consolidated Financial Statements In accordance with the IAS-IFRS international accounting standards, the implementation of some accounting standards illustrated above for the several balance sheet aggregates can entail the adoption, by Corporate Management, of estimates and assumptions capable of significantly impacting the values recognised in the statement of financial position and in the income statement.The drafting of such estimates implies the use of the information available and the adoption of subjective evaluations, also based on historical experience, used for the purpose of formulating reasonable assumptions for the reporting of management-related issues. In the presence of significant uncertainties and/or activities subject to measurement of particular materiality, the valuation is supported by fairness opinions of external experts/appraisers.By nature, the estimations and assumptions used may vary from year to year and, therefore, it cannot be ruled out that in subsequent financial periods the values posted to the financial statements may also vary significantly as a result of changes in the subjective evalua-tions used. Specifically, the measurement process is particularly complex, considering how uncertain the macroeconomic and market contexts are, hence it is not possible to rule out that the envisaged hypotheses, while being reasonable, may not be confirmed in the future scenarios in which the Group shall operate. The parameters and information used to check the aforesaid amounts are therefore considerably affected by such factors, which may quickly change in a way that is not currently foreseeable, to the point that future balance sheet amounts might be affected.Among the several elements of uncertainty that may impact the future scenarios for the Group are the effects of the Covid-19 pande-mic and the macroeconomic impacts linked to interest rate trends , inflation and other market trends consequent to the invasion of Ukraine on 24 February 2022 by Russian troops, further detailed within the relevant section of the Report on Operations and the Notes.In that respect, please also note that an estimate can be adjusted following changes to the circumstances on which it was based or new information or even additional experience. Any change to the estimate is applied prospectively and therefore impacts the income statement of the period in which the change is made and, potentially, those of future years.While stressing that the use of reasonable estimates is key when drafting financial statements, without this factor being held to affect their reliability, below are the items in which the use of estimates and assumptions is most significant, both in terms of the materiality of the values to be recognised in the balance sheet and impacted by such policies, and in terms of the complexity of the measurements, which entails the resorting to estimates and assumptions by Corporate Management:- valuation of financial assets and liabilities measured at Fair Value not listed on active markets;- fair value measurement of assets and liabilities within the Purchase Price Allocation processes carried out following the completion of business combinations as described in the specific section;- measurement of the financial assets measured at amortised cost and loan commitments;- stock valuation;- quantification of the useful life of intangible assets with a finite useful life and tangible assets;- estimate of the recoverable amount of goodwill for impairment testing purposes;- quantification of employee benefits and share-based payments;- quantification of provisions made for risks and charges and payables for Loyalty programmes;- assessment of the recoverability of deferred taxation.For some of the cases listed above, the main factors can be identified that are subject to estimates by the Group and therefore contri-bute to determining the value at which assets and liabilities are recognised in the financial statements. Without claiming to be exhau-stive, note that:- to determine the fair value of financial instruments not listed on active markets, if it is necessary to use parameters that cannot be deduced from the market, on the one hand the main estimates concern the development of future cash flows (or even income flows, in the case of equities), possibly conditioned by future events, and on the other hand the level of certain input parameters not listed on active markets;- to determine the value of goodwill and other intangible assets with a finite useful life arising from business combinations, with regard to the Cash Generating Units (CGUs) of the Group, the future cash flows in the analytical forecast period are estimated separately and appropriately discounted, and the flows used to determine the so-called terminal value generated by the CGU. The cost of capital is also included in the estimated elements;- to quantify employee benefits requiring actuarial valuation, the present value of the obligations is estimated taking into account the appropriately discounted flows resulting from historical statistical analyses, and the demographic curve;- when quantifying provisions for risks and charges, where possible an estimate is made of the amount of disbursements required to fulfil obligations, taking into account the actual likelihood of having to use resources;- to determine deferred taxation items, the probability of actual future taxable income (taxable temporary differences) and the degree of reasonable certainty \u2013 if any \u2013 of future taxable income at the time when tax deductibility will arise (deductible temporary differen-ces and tax loss carryforwards) is estimated.Events after the reporting period No events with an impact on the financial statements have occurred since the reporting date. For a complete description of the sub-sequent events, please refer to the most important events, in addition to the Management Report.Transfers of Financial Assets Between Portfolios No transfers of financial assets between portfolios occurred.Fair Value Disclosure The international accounting standards IAS/IFRS prescribe the Fair Value measurement for financial products classified as \u201cFinancial assets at fair value through OCI\u201d and \u201cFinancial assets at FVPL\u201d.Accounting standard IFRS 13 regulates the Fair Value measurement and related disclosure.More specifically, the Fair Value is the price that would be received for the sale of an asset, or which would be paid for the transfer of a liability in a regular transaction between market operators (i.e. not in a compulsory liquidation or sale below cost) as at the valuation date.In determining the Fair Value of a financial instrument, IFRS 13 establishes a hierarchy of criteria in terms of the reliability of the Fair Va-lue, according to the degree of discretion applied to businesses, giving precedence to the use of parameters that can be observed on the market, which reflect the assumptions that the market participants would use in the valuation (pricing) of the asset/liability. Three different levels of input are identified:- Level 1: inputs consisting of listed prices (unadjusted) on active markets for identical assets or liabilities that can be accessed at the measurement date;- Level 2: inputs other than the listed prices included on Level 1, which can be observed, directly (as in the case of prices) or indirectly (insofar as deriving from the prices) for assets or liabilities to be measured;- Level 3: inputs for assets or liabilities that are not based on observable market data.The measurement method defined for a financial instrument is adopted continuously over time and modified only following significant changes in market conditions or subjective conditions of the financial instrument issuer.For financial assets and liabilities recognised on the financial statements at cost or amortised cost, the Fair Value given in the Notes to the Financial Statements is determined according to the following method:- for bonds issued: Fair Value obtained from active markets where the liability is traded;- for assets and liabilities at fixed rates in the medium/long-term (other than securities issued): discounting of future cash flows at a rate obtained from the market and rectified to include the credit risk;- for variable rate, on demand assets or those with short-term maturities: the carrying amount recognised net of the analytical and col-lective impairment is considered a good approximation of the fair value, insofar as it incorporates the change in rates and the change in the counterparty\u2019s credit risk;- for variable rate and short-term fixed rate liabilities: the carrying amount is considered a good approximation of the Fair Value, for the reasons given above.Qualitative DisclosureFair Value Levels 2 and 3: measurement techniques and inputs usedThe information requested by IFRS 13 concerning accounting portfolios measured at Fair Value on a recurring basis and not measured at Fair Value or measured at Fair Value on a non-recurring basis is reported below.Assets and Liabilities measured at Fair Value on a recurring basisAt the date of the consolidated financial statements, the following instruments were measured at fair value:- Preferred Class C Visa Shares: these are measured according to the market value of Visa Inc class A shares, listed on active markets where the portfolio shares (class C) will be converted, adjusting the value to reflect both the liquidity risk of class C shares and the potential adjustments to the conversion ratio, as communicated by Visa under the specific section of the company\u2019s website, which varies depending on potential future liabilities linked to European merchants of Visa Europe, a company that has been incorporated into Visa Inc US. Share-based payments: the Group has implemented remuneration plans similar to share-based payments. This adjustment was not applied with respect to the Class C Shares, for which notice of forthcoming conversion into Visa Preferred Class A Shares was received at a now finalised exchange ratio.- Contingent consideration: Fair Value is the current value, based on the market rates and spread at measurement date, of the expected cash-outs based on the earn-out mechanisms provided for by contracts.- Call options on shares of unlisted companies: Fair Value is estimated using models generally used by market participants (Black & Scholes) and supplemented where possible with parameters derived from the market. Moreover, due to the nature of the instrument underlying the option, the valuation model was also fed with parameters not derived from the market. Specifically, volatility was determined based on the historical volatility of shares of comparable companies. The equity value of Nexi Payments Greece (\u201cNP Greece\u201d or \u201cNPG\u201d) was estimated using the DCF model and the discount rate was estimated also taking into the Cost of Equity of NPG.- Hedging derivatives: outstanding derivatives consist of plain vanilla interest rate swaps, the fair value of which is estimated using va-luation models in line with market practice. Specifically, since these derivatives are not listed on active markets and are not subject to Credit Support Annexes (CSA), the Fair Value is determined as the sum of the risk-free (mid-market) reference value and the Credit Value Adjustment (CVA), understood as the counterparty risk premium linked to the possibility that the counterparties to the con-tract may not honour their commitments. The CVA is calculated using valuation models that take into account the Loss Given Default (LGC) and Probability of Default (PD), which are determined on the basis of market information, where available.Assets and Liabilities measured at fair value on a non-recurring basisFinancial instruments not measured at Fair Value (FV), including loans and receivables with customers and banks are not managed on a Fair Value basis. For said assets, Fair Value is calculated solely for the purpose of complying with the request of disclosure to the market and has no impact on the financial statements or on profit and loss. Furthermore, since these assets are not generally traded, the determining of Fair Value is based on the use of internal parameters not directly detectable on the market, as defined under IFRS 13.- Cash and cash equivalents: given their short-term nature and their negligible credit risk, the carrying amount of cash and cash equi-valents is practically equal to the Fair Value.- Financial assets measured at amortised cost: for variable rate, on demand assets or those with short-term maturities, the book value recognised net of the analytical and collective impairment is considered a good approximation of the Fair Value, insofar as it incorpo-rates the change in rates and the change in the counterparty\u2019s credit risk. - Investment property: the Fair Value of Investment property is determined on the basis of a measurement made by independent experts holding duly acknowledged and pertinent professional expertise, who conduct their measurement mainly on the basis of an indirect knowledge of assets through the information made available by the holders with reference to property location, consistency, venue use, and in view of market analyses.- Financial liabilities measured at amortised cost: the carrying amount is considered to approximately be equivalent to Fair Value for variable and fixed rate, short term liabilities. As for debt instruments issued, Fair Value is calculated based on active markets where liabilities have been traded.Measurement process and sensitivityThe option on Nexi Payments Greece\u2019s shares represents an instrument with a Level 3 Fair Value. In particular, below is indicated the volatility of the fair value of the option as a function of the following non market-related parameters: Discount Rate/Volatility 2% Base -2%1% 18% 8% -2%Base 10% - -10%-1% 2% -8% -18%Fair Value hierarchyTransfers between Fair Value levels derive from the empirical observation of intrinsic phenomena of the instrument taken into account or the markets on which it is traded.Changes from Level 1 to Level 2 are brought about by a lack of an adequate number of contributors or the limited number of inve-stors holding the float in issue.Conversely, securities that at issue are not very liquid but have high numbers of contracts - thereby classified as Level 2 - are tran-sferred to Level 1 when the existence is seen of an active market.There have been no transfers between categories of financial assets and liabilities between Level 1, Level 2 or Level 3.Quantitative Disclosure Fair Value hierarchy ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVELSDec.31, 2022 Dec.31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Financial assets measured at Fair Value through profit or loss 3,083 3,322 Financial assets at Fair Value through OCI 19,200 124,621 71,186 Hedging derivatives - 870 - - Total 19,200 128,574 - - 74,508 - Financial liabilities at Fair Value through profit or loss - 215,757 14,671 168,529 Hedging derivatives - 256 - - Total - 216,013 14,671 - 168,529 - The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes Euro 1.5 million of equity instruments for which, based on agreements made at the time of acquisition of the companies holding these instruments, there is a contractual obligation to transfer the relative fair value back to the counterparties to the transaction. The corresponding liability is measured at Fair Value through profit or loss. The item \u201cFinancial assets at fair value through OCI\u201d consists of capital assets not held for trading, which the company, at initial recognition, has irrevocably chosen to classify and measure at FVTOCI. The item \u201cfinancial liabilities at Fair Value through profit or loss\u201d comprises not only the liability described above, but also liabilities associated with contingent consideration recognised in connection with acquisitions for which earn-out mechanisms are envisa-ged, and the option related to the purchase of the equity investment in Nexi Payments Greece. There have been no transfers between categories of financial assets and liabilities between Level 1, Level 2 or Level 3.Annual changes of assets measured at Fair Value on a recurring basis (level 3) No variations. Annual changes of liabilities measured at Fair Value on a recurring basis (level 3) In the year the item increased as a result of the option agreement on shares of Nexi Payments Greece representing a liability mea-sured at Fair Value level 3.ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE OR MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVELDec. 31, 2022 Dec. 31, 2021 Level 1 Level 2 Level 3 Carrying Level 1 Level 2 Level 3 Carrying amountamountLoans and receivables with banks - 1,875,404 - 1,875,404 - 1,595,782 - 1,595,782 Loans and receivables with customers - 2,462,980 20,002 2,482,982 - 1,764,076 38,372 1,802,448 Investment property - 1,614 - 1,607 - 2,257 - 1,800 Total - 4,339,998 20,002 4,359,992 - 3,362,115 38,372 3,400,030 Payables to banks - 3,495,963 - 3,495,963 - 3,649,309 - 3,649,309 Payables due to financial entities and - 2,141,864 - 2,141,864 - 1,813,534 - 1,813,534 customers Securities issued - 3,535,460 - 4,011,514 - 4,635,783 - 4,449,279 Total - 9,173,287 - 9,649,341 - 10,098,626 - 9,912,122 Information on \u201cDay One Profit or Loss\u201dNot reported to the extent that for Nexi Group no transactions are recorded that are ascribable to this item.2. Statement of Financial Position(Amounts in thousand euros)ASSETS3. Cash and cash equivalents Dec. 31, 2022 Dec. 31, 2021a) Cash 47 53b) Deposits and current accounts 448,731 1,546,063 Total 448,778 1,546,116 The item \u201cDeposits and current accounts\u201d refers to the liquid funds in the current accounts of Nexi SpA.The change in the item is mainly attributable to the repayment of former SIA funding at the beginning of 2022. The item also inclu-des the effects of funding and acquisition transactions during the period, the receipt of dividends from subsidiaries, the payment of interest expenses related to financing taken out and other expenses incurred during the period.The item total for \u201cDeposits and current accounts\u201d is included in the Net Financial Position reported in the Management Report.4. Financial assets at Fair Value4.1 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE Dec. 31, 2022 Dec. 31, 2021Financial assets measured at Fair Value through profit or loss 3,083 3,322 Financial assets measured at Fair Value through OCI 143,821 71,186 Total 146,904 74,508 4.2 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Dec. 31, 2022 Dec. 31, 2021Financial assets held for trading - - Financial assets measured at Fair Value 3,083 3,322 Other financial assets mandatorily valued at Fair Value - - Total 3,083 3,322 The item \u201cFinancial assets at Fair Value through profit or loss\u201d includes Euro 1.5 million of Fair Value of Visa Shares held through the Nets Group and related to Financial liabilities measured at Fair Value as well as other minor investments in equity instruments that do not confer any influence on the investee company.4.3 BREAKDOWN BY PRODUCT OF FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Dec. 31, 2022 Dec. 31, 2021Debt instruments - - Equity instruments 143,821 71,186 Financing - - Total 143,821 71,186 4.4 BREAKDOWN BY ISSUER OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Dec. 31, 2022 Dec. 31, 2021a) Banks 19,241 41 b) Financial institutions 118,920 70,533 - Visa Inc. 86,599 70,489 - Other financial companies 32,321 44 c) Non-financial institutions 5,660 612 Total 143,821 71,186 The item \u201cFinancial assets at Fair Value through OCI\u201d mainly refers to Visa Inc. shares held by the Group\u2019s operating companies (Euro 87 million) and the shares acquired in 2022 by Nexi SpA in GoHenry (Euro 32 million) and in Monte dei Paschi di Siena (Euro 19.2 million). With respect to these equity investments, the Group does not exercise control, joint control or significant influence. With regard to the Visa shares in portfolio, note that they consist of Class A Preferred Shares and Visa Series C Shares eligible for conversion into Visa Class A ordinary Shares at a variable conversion rate dependent on expenses arising from contingent liabilities associated with the former Visa Europe. Note that the Class A Preferred Shares in the portfolio derive from the conversion in the second quarter of 2022 of approximately 50% of the Visa Series C shares previously held. The Visa Class A Preferred shares are im-mediately available for sale in the market. 5. Financial assets measured at amortised cost5.1 LOANS AND RECEIVABLES WITH BANKS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying amount Fair Value Carrying amount Fair ValueStages 1 & 2 Stage 3 Level 1 Level 2 Level 3 Stages 1 & 2 Stage 3 Level 1 Level 2 Level 3Loans and receivables with banksDeposits 1,549,870 - - 1,549,870 - 1,426,610 - - 1,426,610 - and current accountsPrepaid cards 47,855 - - 47,855 - 49,474 - - 49,474 - liquidityRestricted 159,886 - - 159,886 - 119,295 - - 119,295 - depositsOther assets 117,793 - - 117,793 - 403 - - 403 - Total 1,875,404 - - 1,875,404 - 1,595,782 - - 1,595,782 - The current account balance includes the daily settlement balance of transactions processed by the Group on behalf of Intesa Sanpaolo and the liquidity at the level of the operating entities only.The liquidity of the prepaid cards relates to the electronic money business carried out on said cards. Such liquidity is considered se-parate from operational liquidity to the extent that it is deposited in a restricted current account, transactions on which are limited to covering uses of prepaid cards by cardholders.The item \u201cRestricted deposits\u201d includes the escrow accounts connected with the Nexi Payments factoring transactions on the ba-lances of credit cards (Euro 3.2 million) as well as Euro 106.6 million in deposits to guarantee deferred payments made to merchants as part of the acquiring activity. A Euro 0.5 million pledge in favour of the factoring company is attached to said restricted accounts. The item also includes time deposits related to the operations of the Nets Group (amounting to Euro 50 million).The total of the item includes Euro 1,040 million of liquidity in the operating companies\u2019 bank accounts, which has been included in the Group\u2019s Net Financial Position reported in the Management Report.5.2 LOANS AND RECEIVABLES WITH FINANCIAL ENTITIES AND CUSTOMERS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying amount Fair Value Carrying amount Fair ValueStages 1 Stage 3 Stages 1 Stage 3& 2& 2Purchased Other Level 1 Level 2 Level 3 Purchased Other Level 1 Level 2 Level 3Ordinary credit 191,140 - - - 191,140 - 324,240 - - - 324,240 - cardsReceivables 1,561,833 - - - 1,561,833 - 791,986 - - - 791,986 - from schemesRevolving credit 278,441 - 1,216 - 278,441 1,216 255,101 - 781 - 255,101 781 cardsReceivables 103,281 - 18,019 - 103,281 18,019 174,271 - 36,629 - 174,271 36,629 from \"Buy Now Pay Later\" solutionReceivables 131,987 - - - 131,987 - 118,861 - - - 118,861 - from merchantsOther assets 196,296 - 766 - 196,296 766 99,617 - 962 - 99,617 962 Total 2,462,980 - 20,002 - 2,462,980 20,002 1,764,076 - 38,372 - 1,764,076 38,372The \u201cOrdinary credit cards\u201d item refers to charge cards and is the balance at the end of each month of the amount cumulatively spent up to that date by the cardholders during the last operative month. Via the partner banks this amount is generally debited to the current accounts of holders on the 15th day of the following month. The Group adopts a model according to which the receivables deriving from ordinary credit cards are the object of factoring operations that envisage the daily sale of receivables. The balance at 31 December 2022, included Euro 120 million worth of receivables sold on a with recourse basis and which therefore have not been derecognised.Positions in respect of international schemes refer to the daily settlement balances on the Visa-Mastercard schemes of which Nexi Payments SpA is a direct member and include the deposit paid by the Group\u2019s operating companies to its customer merchants on transactions that are yet to be settled. All such positions are settled within a few days (generally 1 to 3 days). Moreover, these period-end balances are influenced by the number of non-working days running across the end of each period, days on which settlement systems are closed, determining a greater build-up of transactions and a consequent drawdown of funding facilities.The item \u201cReceivable from Buy Now Pay Later\u201d refers to receivables arising from the \u201cBuy Now, Pay Later\u201d solution provided through the Nets Group.The item \u201cReceivables from merchants\u201d refers to trade receivables from merchants for commissions to be collected. The item \u201cRevol-ving credit cards\u201d mainly includes receivables guaranteed by partner banks.\u201cOther assets\u201d mainly include the amount due from the factoring company of Nexi Payments SpA of Euro 76.4 million connected with the balance to be settled daily with the counterparty.5.3 LOANS AND RECEIVABLES WITH CUSTOMERS: GROSS AND NET VALUES AND WRITE-OFFS OF PERFORMING AND NON-PERFORMING LOANSDec. 31, 2022 Dec. 31, 2021Gross value Fund Net value Gross value Fund Net valuePerforming loans - Stage 1 2,467,361 (4,380) 2,462,980 1,767,012 (2,936) 1,764,076- Stage 2 - - - - - - Non-performing loans - Stage 3 61,581 (41,580) 20,002 85,390 (47,018) 38,372Total 2,528,942 (45,960) 2,482,982 1,852,402 (49,954) 1,802,4486 Hedging derivativesDuring 2022 Nexi SpA entered into cash flow hedging transactions related to some outstanding variable-rate financing. These tran-sactions fall under the type of cash flow hedges envisaged by IFRS 9. For more information see section 40.At the reporting date the derivatives taken out had the following values:Dec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivatives with positive Fair Value Fair Value hedge - Cash flow hedge 870 870 - Total 870 - 870 - - - - - Derivatives with negative Fair Value Fair Value hedge - Cash flow hedge 256 256 - Total 256 - 256 - - - - - 7. Equity investmentsThe balance of this item consists of the following Equity Investments:Direct Carrying Share Profit/(loss) ()**Name% heldEquity()()****ownershipamountcapitalA. Companies subject to joint control (*)e-Boks A/S, Denmark Nets Denmark A/S 50% 37,977 134 24,305 6,251 B. Companies subject to significant influence Nexi Digital Nexi SpA 49% 910 10 10 - Rs-Record Store into liquidation Nexi Payments SpA 30% - 2,921 317 (412)WEAT Electronic Dataservice GmbH, Germany Concardis GmbH 40% 2,933 409 6,732 3,903 Total 41,820 (*) Information reported in aggregate for all companies belonging to e-Boks Group A/S.(**) Data from the latest approved financial statements as at 31 December 2021.This item decreased due to the acquisition of control of Orderbird as described in section 39. Moreover, the equity investment in ATS was sold as part of the sale of the \u201cCapital Market\u201d business units. 8. Tangible assets 8.1 TANGIBLE ASSETS: BREAKDOWN OF ASSETS BY DESTINATIONDec. 31, 2021 Dec. 31, 2022RestatedProperty and equipment 561,747 541,739 Investment property 1,607 1,800 Total 563,354 543,539 8.2 PROPERTY AND EQUIPMENT: BREAKDOWN OF ASSETS MEASURED AT COSTDec. 31, 2021 Dec. 31, 2022RestatedOwned a) Land 42,430 42,430b) Buildings 71,184 70,452c) POS and ATM 143,862 117,058 d) Machinery and electronic equipment/systems 123,090 114,543 e) Furniture and furnishings 8,697 5,978 f) Other 7,130 1,391 Rights of use from leasing contracts a) Land - - b) Buildings 108,339 123,798 c) POS and ATM 17,458 22,594d) Machinery and electronic equipment/systems 17,825 30,954e) Furniture and furnishings - - f) Other 21,731 12,541Total 561,747 541,739 With regard to item \u201cOwned\u201d, note the following:- the value of real estate includes the effect of the write-back to Fair Value of the assets acquired in 2015 with the establishment of the Mercury Group, as a result of the completion of the purchase price allocation (PPA);- the item \u201cPOS and ATM\u201d refers to assets acquired by the Group and covered by contracts with customers; - the item \u201cmachinery and electronic systems\u201d mainly includes hardware used by the Group\u2019s operating companies. The amount entered is net of depreciation up until the reporting date.The \u201cRights of use from lease contracts\u201d item refers to assets recognised following the application of IFRS 16. The total of tangible assets in progress at 31 December 2022 amounted to approximately Euro 9.5 million.At the reporting date there are no restrictions as to the usage of such rights of use. Note that the Nexi Group made use of the option to exclude contracts with a duration of less than 12 months and/or contract value of less than Euro 5,000 from IFRS 16 for certain asset classes (low value contracts).8.3 PROPERTY AND EQUIPMENT: CHANGES Machi-nery and Furniture POS and 31.12.2022 Land Buildings electronic and Other Total ATM equipment/furnishings systems A. Opening balance - Gross 44,643 275,833 325,996 345,069 13,399 25,015 1,029,955 A.1 Depreciation Fund (2,213) (81,583) (186,344) (199,573) (7,421) (11,083) (488,216)A.2 Net Opening balance 42,430 194,250 139,652 145,496 5,978 13,932 541,739 B. Increases - 13,315 90,004 55,806 4,581 23,099 186,806 B.1 Purchases - 1,369 82,632 55,352 4,202 2,571 146,126 B.2 Capitalised improvement costs - B.3 Reversals of impairment losses - B.4 Positive Fair Value adjustments - B.5 Business combination - 1,874 4,836 - - 236 6,946 B.6 Transfers from investment property - B.7 Other increases - 10,073 2,536 454 379 20,293 33,734 of which of Rights of use - 10,073 2,008 272 - 20,285 32,637 B.8 Currency translation adjustment - - - - - - - C. Decreases - 28,043 68,336 60,388 1,862 8,170 166,798 C.1 Sales - C.2 Depreciation - 26,137 67,649 58,341 1,861 7,553 161,541 of which of Rights of use - 21,633 9,202 10,890 - 6,684 48,409 C.3 Impairment losses - C.4 Negative Fair Value adjustments - C.5 Business combination - C.6 Transfers - - - 662 - 0 663 a) investment property - b) non-current assets held for sale and - - - 662 - 0 663 discontinued operationsC.7 Other decreases - 1,753 - - - - 1,753 C.8 Currency translation adjustment - 153 688 1,385 0 616 2,841 D. Closing balance - Gross 44,643 282,222 408,615 405,148 19,100 45,483 1,205,210 D.1 Depreciation Fund (2,213) (102,699) (247,295) (264,233) (10,403) (16,621) (643,463)D.2 Net Closing balance 42,430 179,523 161,320 140,915 8,697 28,862 561,747 8.4 INVESTMENT PROPERTY: BREAKDOWN OF ASSETS MEASURED AT COSTDec. 31, 2022 Dec. 31, 2021 Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 31. Owned a) land 339 - - - 366 - - - b) buildings 1,268 - - - 1,434 - - - 2. Rights of use acquired through leasing a) land - - - - - - b) buildings - - - - - - Total 1,607 - 1,614 - 1,800 - 2,257 - The item includes the following properties:- Strada delle Frigge 6, Monteriggioni (Siena), owned by Nexi Payments SpA;- Via Nazionale 3, San Giovanni al Natisone (Udine), owned by Help Line SpA.These investments are recorded in accordance with IAS 40 and include properties held (whether through ownership or finance leases) either to obtain remuneration by way of their rental, or to benefit from a return on invested capital as they appreciate in market value. Such property is measured at cost, net of depreciation.As at the date of reference, there are no:- restrictions or limits to the sale of property or collection of rental charges;- obligations or contractual commitments, construction, development, repair or extraordinary maintenance of these properties.The reduction in this item reflects depreciation for the period as well as the sale of the building located in Colle Val D\u2019Elsa.8.5 INVESTMENT PROPERTY: CHANGESDec. 31, 2022 Land Buildings Total A. Opening balance - Gross 366 1,876 2,242 A.1 Depreciation Fund - (442) (442) A.2 Net Opening balance 366 1,434 1,800 B. Increases - - - B.1 Purchases - - - B.2 Capitalised improvement costs - - - B.3 Reversals of impairment losses - - - B.4 Positive Fair Value adjustments - - - B.5 Business combination - - - B.6 Transfers from property and equipment - - - B.7 Other increases - - - of which of Rights of use B.8 Currency translation adjustment - - - C. Decreases 27 166 193 C.1 Sales 27 73 100 C.2 Depreciation - 93 93 of which of Rights of use - C.3 Impairment losses - - - C.4 Negative Fair Value adjustments - - - C.5 Business combination - - - C.6 Transfers - - - a) property and equipment - b) non-current assets held for sale and discontinued operations - C.7 Other decreases - - - C.8 Currency translation adjustment - - - D. Closing balance - Gross 339 1,803 2,142 D.1 Depreciation Fund - (535) (535) D.2 Net closing balance 339 1,268 1,607 9. Intangible assets 9.1 INTANGIBLE ASSETS: BREAKDOWN BY TYPE OF ASSETDec. 31, 2022 Dec. 31, 2021 RestatedFinite useful life Indefinite useful Finite useful life Indefinite useful lifelifeA.1 Goodwill 13,104,984 12,769,109 A.2 Intangible assets - Customer contracts 3,509,583 3,981,090 A.3 Other intangible assets 1,363,010 1,312,482 - internally generated assets 743,744 625,412 - externally purchased assets 619,266 687,070 - leased intangible assets - - Total 4,872,593 13,104,984 5,293,572 12,769,109 Goodwill as at 31 December 2022 is as follows:- goodwill arising from the acquisition of the Nets Group amounting to Euro 7,145 million, already net of the Purchase Price Alloca-tion process completed in 2022 as described in section 39. Note that during 2022 goodwill was reduced by Euro 71 million due to the sale of Edigard and by Euro 150 million due to the conversion of goodwill allocated to currencies other than the Euro;- goodwill arising from the acquisition of the SIA Group, amounting to Euro 2,394 million net of the Purchase Price Allocation pro-cess completed in 2022 as described in Section 39. Note that in 2022 goodwill was reduced by Euro 8 million due to the sale of the Capital Market business unit;- goodwill related to book acquiring acquired in previous years by Nexi Payments for Euro 1,357 million, already net of the Purchase Price Allocation process;- goodwill arising from the 2022 acquisition of Bper\u2019s acquiring book and Numera amounting to Euro 300 million, for which the Purchase Price Allocation process has not yet been completed;- acquisition of Nexi Payments and Help Line in 2018 (Euro 931 million, already net of the Purchase Price Allocation process);- acquisition of Mercury Payment Services in 2017 (Euro 590.8 million, already net of the Purchase Price Allocation process); - goodwill recognised in the financial statements of Nexi Payments, the Group\u2019s share amounting to Euro 123 million mainly relative to the payment business unit acquired from DEPObank in 2018 following the reorganisation of the Nexi Group;- goodwill of Euro 167 million related to the acquisition in 2022 of Nexi Payments Greece as described in section 39;- goodwill of Euro 97 million related to the acquisitions in 2022 of Orderbird, PayTech and Team4U as described in section 39.With reference to the method of allocation of goodwill to the different CGUs identified, please refer to the disclosure in section 9.3 \u201cIntangible assets: Impairment Test\u201d below.The other intangible assets consist of: - purchases of software and technological developments; the item also includes the effects of software revaluations performed as part of the Purchase Price Allocation processes. Note that ongoing uncompleted projects amount to Euro 359 million;- intangible assets with a finite useful life as resulting from the above Purchase Price Allocation processes, comprised as follows:- customer contracts and customer relationships deriving from the Purchase Price Allocation processes completed in previous years referring to acquiring books, amounting to Euro 610 million;- contracts with customers and customer relationships resulting from the Purchase Price Allocation processes concluded during 2022 of Euro 2,900 milion as detailed in section 39. Broken down, these intangible assets are composed as follows: Euro 1,653 million related to the acquisition of the SIA Group, Euro 1,226 million to the acquisition of the Nets Group, and a total of Euro 21 million related to the acquisition of Orderbird and Paytech.9.2 INTANGIBLE ASSETS: CHANGESDec. 31, 2022Other intangible assetsCustomer Goodwill Contractsinternally externally leased intangible Totalgenerated assetspurchased assetsassetsA Net opening balance 12,769,109 3,981,090 625,412 687,070 18,062,681B. Increases 565,435 23,436 326,867 78,043 - 993,783B.1 Purchases - - 326,645 54,027 380,673B.2 Reversals of impairment losses -B.3 Positive Fair Value adjustments B.4 Business combination 565,435 23,436 - 17,011 605,882B.5 Other increases 222 222of which of Rights of use B.6 Currency translation adjustment 7,005 7,005C. Decreases 229,560 494,943 208,535 145,848 - 1,078,886C.1 Sales -()*C.2 Amortisation- 362,007 199,050 145,157 706,214of which of Rights of useC.3 Impairment losses - 65,210 1,826 39 67,075C.4 Business combination 79,085 45,704 2,092 - 126,881C.5 Negative Fair Value adjustments -C.6 Transfers to non-current assets held for - - - 6 6sale and discontinued operationsC.7 Other decreases 230 567 797C.8 Currency translation adjustment 150,475 22,023 5,337 78 177,913D. Net closing balance 13,104,984 3,509,583 743,744 619,266 - 17,977,577(*) The item includes Euro 2 million classified under the item \u201cIncome/(Loss) after tax from discontinued operations\u201d. Item C.3 mainly refers to the acceleration of the amortisation of customer relationships accounted for with respect to the Purchase Price Allocation process of Nets, following the exit of some customers.9.3 INTANGIBLE ASSETS: IMPAIRMENT TESTINGAs required by the international accounting standard IAS 36, Nexi Group carried out the Impairment Test exercise on intangible assets with an indefinite useful life represented by goodwill recorded in the financial statements.It should be noted that, having completed the PPA (Purchase Price Allocation) processes of the SIA and Nets business combinations whose reflections have been accounted for in these financial statements, taking into account the process of integrating the business of SIA and Nets within the Group, the evolution of the Group\u2019s organizational model, the related organizational structure and management respon-sibilities and subsequent monitoring carried out by business unit, it was necessary to revise the CGUs compared to those used for the 2021 financial statements that had been identified based on the different corporate entities. These considerations with reference to the criteria for determining the CGUs for the goodwill impairment test are, moreover, consistent with the definition of recoverable value of an asset - the determination of which is the basis for impairment tests - according to which the amount that the company expects to recover from that asset, considering synergies with other assets, is relevant. So, consistent with the pricing logic that gave rise to the accounting of goo-dwill, the recoverable value for the purpose of impairment tests of the CGU, to which the goodwill is allocated, must include the valuation of not only external (or universal) synergies but also the internal ones, which the specific acquirer can obtain from the integration of the acquired assets in its business combinations, evidently depending on the business models defined by the management.In view of the above, coherently with the business units into which the Nexi Group is organized and the related reporting model imple-mented, the following Cash Generating Units have been identified:- Merchant Solutions;- Issuing Solutions:- Digital Banking Solutions.As a result, it was first necessary to reallocate the goodwill, amounting to 13,105 million euros, which wa previously allocated provi-sionally to the corporate entities of the respective groups (Nexi Payments, SIA and Nets) to the three units above. The allocation process was carried out, in compliance with the provisions of the international accounting standards, on the basis of the \u201cimplied goodwill relative fair value\u201d method, which provides for the attribution of the relative goodwill attributable to each business unit on the basis of the percentage weight of the respective notional goodwill determined as the difference between the overall fair value of each business unit and the fair value of the assets and liabilities attributable to it, as it is considered more representative than the standard method of the so-called \u201crelative fair value.\u201d The allocation process described above, thus led to the following result:(Amounts in million euros)()*Name of CGU GoodwillCarrying AmountMerchant Solutions 9,401 11,830Issuing Solutions 3,420 4,767Digital Banking Solutions 488 1,213Total 13,309 17,810(*) Goodwill expressed at 100%, including minority interests.According to IAS 36, the recoverable amount of CGUs is determined as the greater of:- Fair Value, less costs of disposal;- Value in Use;although it is not necessary to estimate both values. In fact, the impairment test is passed if either value in use or fair value less costs of disposal is higher than the carrying value of the CGUs to which goodwill is allocated. Therefore, for the purpose of this impairment test, the value in use of the CGUs defined above was estimated.Regarding the determination of the value in use, the method of discounted cash flow in the unlevered version (\u201cDCF\u201d) was adop-ted. Such method is based on the general concept that the value of a company is equivalent to the discounted amount of the two following elements:- the cash flows it will generate within the forecast horizon;- the terminal value, namely the overall corporate value deriving from the period that lies beyond the forecast horizon.Cash flows are discounted using the weighted average capital cost (WACC) which is the weighted average of the cost of equity and the cost of debt, after taxation. The formula for estimating WACC is the following:EDWACC = Ke *+ Kd * (1 - t) *D + ED + Ewhere:- Ke = cost of equity;- E/(D+E) = percentage of equity capital in the total invested capital (risk capital+ debt capital); - Kd = cost of debt capital before taxes; - t = tax rate (\u201ctax shield\u201d); - D/(D+E) = percentage of debt capital in the total invested capital (risk capital + debt capital).The cost of equity is the expected return, in a situation not affected by contingent phenomena, on the relevant sector; it is calcu-lated through the Capital Asset Pricing Model, the formula being:Ke = Rf + \u03b2 * (Rm \u2013 Rf)where:- Rf = risk-free rate, equal to the average yield to maturity of 10-year government bonds observed over the last six months weighted by the countries the Group operates for each CGU;- Beta = \u201cbeta\u201d coefficient expressing the risk of the specific enterprise in the market. This parameter was estimated based on an analysis of the betas of comparable companies- Rm - Rf = equity risk premium, namely the additional return requested by a risk averse investor compared with the return of risk-free assets; it is equivalent to the difference between the average return of the stock market and the risk-free rate. The para-meter considered is 5.70%, applicable to European companies (source: Berec BoR (22) 70).The debt cost must be considered net of the tax rate \u201ct\u201d, in order to take into account the tax shield on interest costs. This parame-ter was estimated based on an analysis of the yields of comparable bonds, consistent with the target financial structure assumed in the WACC calculation.For the purpose of estimating the long-term growth rate (g rate), the long-term inflation rate of the countries the CGUs operate in as estimated by the IMF (World Economic Outlook) in October 2022 was used.The WACC and g rate used for the purpose of the impairment test are as follows:- Merchant Solutions CGU: 9.05% and 2.02%- Issuing Solutions CGU: 9.25% and 2.01%- Digital Banking Solutions CGU: 9.02% and 1.94%The estimate of the CGUs\u2019 recoverable value was based on an estimate of the value in use, using a Discounted Cash Flow (DCF) asset-side criterion starting from the 2023 Budget and the 2024-2027 Plan (base plan) approved by the Nexi SpA Board of Directors. Note that, as part of the impairment test, it was verified that the plan cash flows were an expression of expected average flows, and that in this sense there was a balance between the upside and downside with respect to the plan disclosed to the market. In light of the current macro-economic landscape, a worst-case scenario was developed by management to reflect the volatility resulting from the current macro-economic environment. This scenario was developed using worst-case macroeconomic assu-mptions provided by external bodies, to which further downward adjustments were made in order to take into account the possible variability of these parameters (double-stressed scenario).The checks, carried out by means of the above impairment testing, have shown that the book values can be fully recovered, even in the worst scenario.Since the value in use is determined through estimates and assumptions that may feature elements of uncertainty, sensitivity analy-ses were conducted \u2013 as provided for by IAS/IFRS standards \u2013 for verifying the sensitivity of the results obtained upon variation of some basic parameters and hypotheses.In fact, the sensitivity analysis was performed with respect to the base plan considering the following ranges of variability:- WACC increase: +50 bps;- reduction in the long-term growth rate g: -100 bps- parallel downward shift in EBITDA: -5%The above sensitivity analyses did not reveal any indicators of impairment.In order to make the value in use equal to the value of the invested capital (break-even hypothesis), the following permanent chan-ges (thus also impacting the terminal value) of the key parameters would be required:Decrease of growth Shift parallel to decrease Name of the CGU Increase of WACCrate (g)in EBITDAMerchant Solutions +1.19% -1.62% -12.34%Issuing Solutions +1.16% -1.60% -11.95%Digital Banking Solutions +0.84% -1.14% -9.48%10. Tax Assets and Liabilities 10.1 CURRENT TAX ASSETS AND LIABILITIESAt 31 December 2022 the financial statements show Euro 14.9 million (Euro 25.1 million at 31 December 2021) relating to current tax assets and Euro 106.7 million (Euro 47.6 million as at 31 December 2021) for current tax liabilities. The current tax assets mainly consist of IRES and IRAP receivables of Italian subsidiaries and receivables for taxes paid abroad.The current tax liabilities include payables for the balance of the domestic tax consolidation as well as taxes owed by foreign sub-sidiaries.Note that the current national tax consolidation scheme refers not just to the Parent Company Nexi SpA, but extends to subsidiaries Mercury Payment Services SpA, Nexi Payments SpA, Help Line SpA, Service Hub SpA and SIApay Srl.10.2 DEFERRED TAX ASSETS: BREAKDOWNDec. 31, 2021 Dec. 31, 2022RestatedDeferred taxes assets - of which: recognised in equity 2,267 3,482 - of which: recognised in profit and loss 193,654 213,682 Total 195,922 217,164 The deferred tax assets amounted to Euro 196 million and were composed as follows:- tax recognised in Shareholders\u2019 equity mainly arising from deferred tax assets relating to severance pay; - taxes recognised with a balancing entry in the Income Statement, mainly relating to deferred tax assets arising from the redemp-tion of goodwill recognised in the financial statements of Nexi Payments and Nexi SpA. The item also includes deferred tax assets relating to adjustments to receivables, provisions for risks and charges, as well as the tax asset arising from the spin-off of certain equity investments from DEPObank SpA to Nexi, and deferred tax assets on tax losses. As at 31 December 2022 the Group had unused tax losses of Euro 90 million, of which Euro 4 million can be carried forward for 3 years and Euro 86 million for more than 3 years With regard to these tax losses, according to available estimates, deferred tax assets of Euro 11 million were recognised. The asses-sment of the recoverability of tax loss assets is based on the positive taxable income expected within the next three to five years.Unrecognised tax assets, for which there is no evidence of short-term use, were not recognised and amounted to Euro 9 million, corresponding to tax losses of approximately Euro 39 million.10.2.2 Changes in deferred tax assets (recognised in equity)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 3,482 548 2. Increases 184 2,934 2.1 Deferred tax assets recognised in the year - - 2.2 Business combination 2,934 2.3 Other increases 184 - 2.4 Currency translation adjustment - - 3. Decreases 1,399 - 3.1 Deferred tax assets derecognised in the year 58 3.2 Business combination - - 3.3 Other decreases 1,341 - 3.4 Currency translation adjustment - - 4. Closing balance 2,267 3,482 10.2.3 Changes in deferred tax assets (recognised in profit and loss)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 213,682 49,996 2. Increases 19,494 193,0152.1 Deferred tax assets recognised in the year 16,224 63,6772.2 Business combination 129,3382.3 Other increases 3,270 -2.4 Currency translation adjustment - -3. Decreases 39,521 29,3293.1 Deferred tax assets derecognised in the year 39,200 29,2093.2 Business combination - - 3.3 Other decreases 185 - 3.4 Currency translation adjustment 136 120 4. Closing balance 193,654 213,682 10.3 DEFERRED TAX LIABILITIES: BREAKDOWNDec. 31, 2021 Dec. 31, 2022RestatedDeferred tax liabilities - of which: recognised in equity 4,216 3,166 - of which: recognised in profit and loss 1,024,537 1,167,314 - of which: recognised in the profit and loss statement due to elimination of the equity investments 96,704 80,459 Total 1,125,457 1,250,939 The deferred tax liabilities amounted to Euro 1,125 million (Euro 1,250 million in 2021 restated) and consisted mainly of deferred taxes recognised as a result of purchase price allocations of Nets and SIA.Specifically:- tax recognised in Shareholders\u2019 equity mainly arising from deferred tax relative to the Fair Value measurement of the Visa Shares portfolio; - tax recognised in the Income Statement arising from temporary differences in goodwill and deferred taxes identified in the Pur-chase Price Allocation of the business combination transactions carried out by the Group;- tax recognised in the Income Statement arising from the elimination of the equity investments in subsidiaries and the allocation of part of the purchase price to intangible assets with a finite useful life.10.3.1 Changes in deferred tax liabilities (recognised in equity)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 3,166 7,026 2. Increases 2,018 737 2.1 Deferred tax liabilities recognised in the year 2,018 737 2.2 Business combination - - 2.3 Other increases - - 2.4 Currency translation adjustment - - 3. Decreases 968 4,5973.1 Deferred tax liabilities derecognised in the year 968 4,5973.2 Business combination - - 3.3 Other decreases - -3.4 Currency translation adjustment - -4. Closing balance 4,216 3,166 10.3.2 Changes in deferred tax liabilities (recognised in the profit and loss)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 1,247,773 217,122 2. Increases 22,335 1,095,496 2.1 Deferred tax liabilities recognised in the year 12,477 840,512 2.2 Business combination 9,800 251,670 2.3 Other increases 58 467 2.4 Currency translation adjustment 2,847 3. Decreases 148,867 64,845 3.1 Deferred tax liabilities derecognised in the year 122,238 39,967 3.2 Business combination 1,062 - 3.3 Other decreases 23,087 24,878 3.4 Currency translation adjustment 2,480 4. Closing balance 1,121,241 1,247,773 11. Non-current assets held for sale and discontinued operations and liabilities associated with non-current assets held for sale and discontinued operationsDec. 31, 2022 Dec. 31, 2021A. Assets held for sale A.1 Financial assets 621 551 A.2 Tangible assets 681 16 A.3 Intangible assets 269 229 A.4 Other assets 900 995 Total (A) 2,471 1,790 B. Liabilities associated with assets held for sale B.1 Financial liabilities 259 329 B.2 Other liabilities 462 312 Total (B) 721 641 This category mainly includes the assets and liabilities related to Orbital Cultura and a business unit of Nexi Greece Processing Ser-vices Single Member S.A. concerning customer operations services, for which a contract of sale was signed in October 2022 and whose closing is expected in 2023.12. Other assetsDec. 31, 2021 Dec. 31, 2022RestatedTax receivables 71,251 68,364 Other assets for commissions to be collected 750,542 649,510 Deferred costs 199,559 174,497 Inventory 53,699 23,164 Unsettled transactions 617,255 324,941 Other receivables 32,176 32,451 Receivables for tax consolidation - - Total 1,724,483 1,272,927 The item \u201cOther assets for commissions to be collected\u201d refers to receivables net of the relevant risk provisions. Inventories mainly refers to ATMs, POSs and spare parts net of the relevant depreciation.The \u201cDeferred costs\u201d item includes deferred expenses relating to costs connected to contracts with customers and similar for Euro 106 million and deferred expenses for costs paid but not yet accrued of about Euro 93 million.The item \u201cUnsettled transactions\u201d refers to transaction associated with different processing stages of the settlement of transactions generally concluded in the first days of the following month.LIABILITIES13. Financial liabilities measured at amortised cost 13.1 FINANCIAL LIABILITIES DUE TO BANKS: BREAKDOWN BY PRODUCT Dec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Financing 3,230,728 - 3,230,728 - 3,358,371 - 3,358,371 - 2. Other liabilities 263,080 - 263,080 - 281,815 - 281,815 - 3. Lease liabilities 2,155 - 2,155 - 9,123 - 9,123 - Total 3,495,963 - 3,495,963 - 3,649,309 - 3,649,309 - The item \u201cFinancing\u201d mainly includes the Group\u2019s funding, composed as follows:- the IPO Term line for Euro 996 million. The carrying amount as at the reporting date included direct residual transactions costs, not yet amortised, for Euro 7.5 million;- the Term Loan for Euro 364 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 2.6 million. In 2022 Euro 100 million were repaid early;- the BBPM Credit Line for Euro 199 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 1 million;- the 2022 Term Loan for Euro 746 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 4.5 million;- the BPER loan agreement amounting to Euro 50 million;- funding to support the operations of the subsidiary Ratepay, in particular pay-later services in the amount of Euro 115 million;- the payable to Alpha Bank in the amount of Euro 114 million for the deferred payment of the purchase of Nexi Payments Greece. Moreover, the item includes credit lines used by the Group for settlements. The item \u201cOther liabilities\u201d mainly refers to payables for fees and other retrocessions to partner banks.The item total includes Euro 2,584 million in bank financing and Euro 2 million in lease debts in the Net Financial Position reported in the Management Report.13.2 FINANCIAL LIABILITIES DUE TO FINANCIAL ENTITIES AND CUSTOMERS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Financing 223,054 - 223,054 - 434,699 - 434,699 - 2. Other liabilities 1,759,780 - 1,759,780 - 1,202,184 - 1,202,184 - 3. Lease liabilities 159,030 - 159,030 - 176,651 - 176,651 - Total 2,141,864 - 2,141,864 - 1,813,534 - 1,813,534 - The item \u201cFinancing\u201d refers mainly (Euro 177 million) to payables to the factoring company for advances on ordinary credit cards sold with recourse.The item \u201cOther liabilities\u201d mainly includes settlement payables of the acquiring business arising from the activities of the foreign operating companies, as well as balances related to prepaid cards.The item \u201cLease liabilities\u201d equal to Euro 159 million includes the liability deriving from the application of IFRS 16 to operating leases, equal to the current value of the payment flows envisaged by current contracts and is entirely included in the Net Financial Position reported in the Management Report.13.3 SECURITIES ISSUED: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair Valueamountamount Level 1 Level 2 Level 3 Level 1 Level 2 Level 31. Fixed rate securities 4,011,514 - 3,535,460 - 4,449,279 - 4,635,783 - 2. Floating rate securities - - - - - - - - Total 4,011,514 - 3,535,460 - 4,449,279 - 4,635,783 - Note: with reference to the convertible bonds, the Fair Value above refers to financial liability for the issue as a whole.As more fully explained in the Directors\u2019 Report, the item refers to:- the 2026 Bonds, in the amount of Euro 922 million, including direct transaction costs not yet amortised in the amount of Euro 7 million; during 2022, nominal Euro 124 million were repurchased and subsequently cancelled;- the 2029 Bonds in the amount of Euro 1,045 million, including direct transaction costs not yet amortised in the amount of Euro 9 million;- the 2027 Convertible Loan, in the amount of Euro 462 million, including direct transaction costs not yet amortised in the amount of Euro 4 million attributed to the \u201cPayable\u201d component;- the 2028 Convertible Loan, in the amount of Euro 889 million, including direct transaction costs not yet amortised in the amount of Euro 9 million attributed to the \u201cPayable\u201d component;- the 2024 Bond Loan, in the amount of Euro 475 million, including direct transaction costs not yet amortised in the amount of Euro 2 million; during the year nominal Euro 349 million were repurchased and subsequently cancelled;- the Nassa Topco Bond, in the amount of Euro 219 million.The item is fully included in the Net Financial Position reported in the Management Report.14. Financial Liabilities at Fair Value through Profit or Loss 14.1 FINANCIAL LIABILITIES AT FVTPL: BREAKDOWNDec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3Financial liabilities measured at Fair Value 1,133 - 1,133 - 1,572 - 1,572 - Other financial liabilities mandatorily 229,295 - 214,624 14,671 166,957 - 166,957 - measured at Fair Value Total 230,428 - 215,757 14,671 168,529 - 168,529 - The item \u201cFinancial liabilities measured at Fair Value\u201d refers to the liability linked to Visa shares as described in more detail in section 4.2.The item \u201cOther financial liabilities mandatorily measured at Fair Value\u201d refers to the contingent considerations provided for by contracts with reference to the business combination transactions.The item also includes the Fair Value of the call option granted to Alpha Bank in connection with the purchase of an additional 39% of Nexi Payments Greece.This item is included in Net Financial Position for Euro 214 million reported in the Management Report.15. Other Liabilities Dec. 31, 2022 Dec. 31, 2021 Tax liabilities and social security debts 51,325 55,307 Payables due to employees 180,063 169,692 Other liabilities for fees and commissions 731,248 650,910 Unsettled transactions 912,364 340,715 Deferred loyalty fees and other revenues 76,013 66,841 Other debts 911 820 Payables for tax consolidation - - Total 1,951,924 1,284,285 The item \u201cOther liabilities for fees and commissions\u201d includes payables to suppliers and other counterparties for commercial ser-vices received.The item \u201cDeferred loyalty fees and other revenues\u201d mainly includes liabilities associated with Loyalty programmes in place, worth Euro 37.3 million, aside from the liabilities deriving from customer contracts, worth Euro 33 million, mainly associated with revenues invoiced in advance and one-off revenues for projects concerning the goodwill of new customers or new products. The item \u201cUnsettled transactions\u201d refers to transaction associated with different processing stages of the settlement of transactions in the first days of the following month.16. Post-employment benefits Dec. 31, 2022 Dec. 31, 2021Defined benefit plan 30,996 39,847 Contribution plan - -Total 30,996 39,847 The item includes defined benefit plans in place at the Group\u2019s operating companies based on local legislation or supplementary agreements. As at 31 December 2022, amounts payable pursuant to IAS 19 requirements for post-employment benefits totalled Euro 31 million (Euro 39.8 million as at 31 December 2021).16.1 POST-EMPLOYMENTBENEFITS : CHANGES Dec. 31, 2022 Dec. 31, 2021A. Opening balance 39,847 14,808 B. Increases 1,745 29,728 B.1 Accruals for the year 1,354 416 B.2 Other changes 391 29,312 - Business combinations 298 28,181 - Other increases 93 1,131 C. Decreases 10,597 4,689 C.1 Payments 2,251 581 C.2 Other changes 8,346 4,108 - Business combinations 1,006 - - Other decreases 7,340 4,108 D. Closing balance 30,996 39,847 16.2 MAIN DEMOGRAPHIC AND ACTUARIAL ASSUMPTIONS USED TO MEASURE POST-EMPLOYMENTS BENEFITS: SENSITIVITY ANALYSISAssumptions Sensitivity Dec. 31, 2022 Dec. 31, 2021 (0.50%) 0.50%- Discount rate from 1.78% from 0.98% 4.71% -3.79%to 4.04%to 1.07%- Inflation rate 2.30% from 1.75% n.a. n.a.to 2.08%- Turnover rate 3.23% from 0.00% -0.24% 0.24%to 4.39%17. Provisions for Risks and Charges17.1 PROVISIONS FOR RISKS AND CHARGES: BREAKDOWNDec. 31, 2021 Dec. 31, 2022 Restated1. Internal pension funds - - 2. Other provisions for risks and charges 141,886 193,611 2.1 Legal and tax disputes 55,133 61,638 2.2 Employees expenses 1,801 3,257 2.3 Other provisions 84,953 128,716 Total 141,886 193,611 The item \u201cLegal and tax disputes\u201d of Euro 55 million (Euro 62 million as at 31 December 2021) refers mainly to the provisions made for litigation, including estimated legal fees, for which the risk is considered probable. The reduction is mainly related to uses.The item \u201cOther provisions\u201d of Euro 85 million (Euro 129 million as at 31 December 2021 restated) mainly refers to:a. Provision for contractual commitments made during the acquisition of the equity investment held in Bassilichi, for about Euro 6 million, down compared with 31 December 2021 (Euro 7.2 million) mainly due to releases in the period;b. Provision for disposal costs of non-core equity investments held by the Bassilichi Group, for Euro 1 million (Euro 2.5 million as at 31 December 2021) down due to use in the period;c. Provision to cover risks mainly related to pending transactions and other disputes related to ordinary operations amounting to approximately Euro 11 million (Euro 15 million as at 31 December 2021). The item decreased mainly as a result of the releases during the period because of the reduced level of risk;d. Provision for fraudulent transactions, mainly in issuing, of Euro 1 million (Euro 1.3 million as at 31 December 2021);e. Provision to cover charge back and other risks related to the acquiring business in the amount of approximately Euro 17 million (Euro 27 million as at 31 December 2021) as a result of the release in the period due to the lapse of the specific risks involved;f. Provisions to cover risks recorded as an adjustment to the opening balances related to the merger with Nets and SIA equal to Euro 34 million (Euro 10 million as at 31 December 2021);g. Provisions related to onerous contracts and contractual penalties amounting to Euro 13 million (Euro 32 million as at 31 December 2021), the reduction of which is related to uses for the period.With reference to the ongoing arbitration against Cedacri, central to which is Cedacri\u2019s request of a Euro 74.1 million price adjust-ment, please note that the Group, also based on the opinion of its legal advisers, cannot rule out the risk of an adverse ruling.On 15 December 2022 a tax audit report was served to the company contesting its failure to apply the withholding tax as withhol-ding agent, amounting to approximately Euro 126.2 million on dividends distributed in 2018 to the shareholder Mercury UK Ltd. Based on the opinion issued by its consultants appointed for the defence, without prejudice to the right of recourse, the Company believes that it can successfully litigate the reasons for the correctness of the company\u2019s actions and is in the process of initiating formal discussions with the tax authority to explain its reasoning.On 28 December 2022, three notices of assessment were served for IRES, IRAP and VAT in 2017, in which the Revenue Agency conte-sted the tax relevance of a settlement agreement entered into by the merged Bassilichi with one of its counterparties. The potential charge resulting from these notices is estimated at approximately Euro 15.2 million for taxes and Euro 7.3 million for penalties, plus interest. Based on the opinion issued by its consultants appointed for the defence, the Company believes that it can successfully litigate the groundlessness of the Revenue Agency\u2019s charge in the aforesaid notices, in respect of which it has submitted a petition to argue its reasoning.A VAT dispute dating back to the years 2007, 2008, and 2011 of the merged company SIA SpA, which in turn derives from the Italian branch of a Belgian subsidiary, is pending before the Court of Cassation. The potential risk should reasonably be limited to penalties and interest amounting to approximately Euro 12 million. The two previous court rulings were in the company\u2019s favour.The Group\u2019s operating companies are also involved in tax disputes totalling Euro 14 million, as well as other legal disputes totalling Euro 31 million, in respect of which the Group believes it can successfully argue the groundlessness of the relative objections.17.2 PROVISIONS FOR RISKS AND CHARGES: CHANGESOther provi-Internal Pen-sions for risks Totalsion fundsand chargesA. Opening balance - 193,611 193,611 B. Increases - 5,882 5,882 C. Business combination - - - D. Decreases for utilisation - (44,159) (44,159)E. Decreases for releases - (13,437) (13,437)F. Time value adjustment - (11) (11)G. Closing balance - 141,886 141,886 18. Shareholders\u2019 EquityDec. 31, 2021 Dec. 31, 2022 RestatedShare capital 118,583 118,452Treasury shares (4,440) (4,493)Share premium 11,587,260 11,587,260Reserves 468,390 523,080Valuation reserves (90,226) 36,729Profit (Loss) for the year 140,023 37,729Equity attributable to non-controlling interests (+/-) 18,147 9,411Total Shareholders\u2019 Equity 12,237,737 12,308,168 The \u201cEquity attributable to non-controlling interests\u201d item of Euro 18.1 million, mainly refers to minority stakes in Nexi Payments SpA (Euro 14.5 million), Help Line SpA (Euro 1.4 million) and Nexi Payments Greece (Euro 1.7 million).Specifically, as at 31 December 2022 share capital comprised 1,311,638,938 ordinary shares, all fully paid up.The treasury shares in portfolio amounted to 279,147.The item \u201cReserves\u201d increased mainly due to the recognition of the effects of share-based plans (about Euro 37 million).The change in the item \u201cValuation reserves\u201d is mainly related to the Conversion Reserve, whose decrease was partially offset by the incre-ase in the Valuation reserve related to the Visa shares in the portfolio.19. Income Statement(Amounts in thousand euros)Note that the income statement figures are not comparable with those for the 2021 period due to the extraordinary transactions executed in 2021.20. Fees for Services Rendered and Commission Income 2022 2021Issuing & Acquiring fees: 3,507,963 2,285,758 - fees and commissions from counterparties 2,414,912 1,543,787 - fees and commissions from cardholders 1,093,051 741,971 Revenues from services 1,891,178 766,900 Total 5,399,141 3,052,658The item \u201cIssuing & Acquiring fees\u201d item mainly consists of:- the item \u201cFees and commissions from counterparties\u201d, which includes the interchange fees recognised by the schemes, the acquiring commissions paid by merchants and the commissions for processing issuing/acquiring and servicing paid by partner banks;- the item \u201cFees and commissions from cardholders\u201d, which includes commissions debited to licensed cardholders, mainly relating to charges.The item \u201cRevenues from services\u201d mainly consists of POS and ATM rental and maintenance charges, of revenue from Digital & Cor-porate Banking services, and revenue from activities linked to Payment Services and revenues connected with Help Desk services.Revenues from active lease contracts amount to approximately Euro 337,2 million.The revenue recognised, in accordance with IFRS 15 \u201cAt a point of Time\u201d mainly refers to revenue commensurate with transacted volumes, which at 31 December amounted to approximately Euro 3,442 million.Note that, as required by IFRS 15.116, fees and commission income for services rendered include revenues recognised during the period, included in the opening balance of liabilities from customer contracts for Euro 14 million.21. Fees for Services Received and Commission Expense 2022 2021Bank charges: (1,713,348) 1,091,819- fees due to correspondents (1,299,387) (782,305)- fees due to banks (413,961) (309,514)Other fees (393,647) (188,361)Total (2,106,995) (1,280,180)This item mainly comprises:- the item \u201cFees due to correspondents\u201d, mostly consisting of interchange fees and other charges debited by the schemes;- the item \u201cFees due to banks\u201d, mainly consisting of fees paid to partner banks and commissions retroceded within the framework of the master and distribution agreements in place with regard to acquiring books acquired in recent years.22. Interest and Similar Income2022 2021Financial assets measured at amortised cost: 15,637 20,277 Other assets 1,134 123 Other financial income 32,879 - Total 49,650 20,399Interest income with customers mainly refers to revolving credit card transactions.23. Interest and Similar Expense 2022 2021Financial liabilities measured at amortised cost: (198,116) (187,669)- lease contracts (8,984) (3,234)- due to banks and customers (92,447) (102,576)- securities issued (96,685) (81,859)Financial liabilities at Fair Value through profit or loss: (10,142) (574)- financial liabilities held for trading (156) - - financial liabilities measured at Fair Value (9,986) (574) - other financial liabilities mandatorily measured at Fair Value - - Hedging derivatives (38) - Other liabilities/provisions (555) (11,622)Other financial charges (12,458) - Total (221,310) (199,864)Interest expense mainly refers to:- recourse credit facilities attached to the factoring agreement entered into in 2018 by Nexi Payments SpA;- securities issued as detailed in the Board of Directors\u2019 Management Report and Note 38;- outstanding financing as detailed in the Board of Directors\u2019 Management Report and section 14.1. 24. Profit/(Loss) on Hedging/ Financial Assets and Liabilities at Fair Value through Profit or Loss/ Derecognition of Assets and Liabilities at Amortised Cost2022 2021Net result of financial assets measured at FVTPL 453 - Net result of financial liabilities measured at FVTPL (22,951) (67,969)Net hedging income on financial assets 426 - Net result on derecognition of asset and liabilites at Amortised cost 22,865 - Total 793 (67,969)The item mainly includes the effect of the repurchase of bonds and subsequent cancellation for a positive Euro 23 million, in addi-tion to the fair value measurement of the earn-outs (negative to about Euro 22 million), the measurement of the option related to Nexi Payments Greece (negative for about Euro 2 million), to the effect of the ineffectiveness of the hedging relationship (positive for about Euro 0.4 million).25. Dividends and Profit (Loss) from Investments and Sale of Assets at Fair Value through Other Comprehensive Income 2022 2021Dividends 457 1,383 Profit/(loss) from disposal of financial assets at FVTOCI (20,954) (8,380)Net income (20,496) (6,997)The item\u2019s balance mainly refers to, under the scope of the factoring contract, expense due to transfer without recourse by Nexi Payments SpA of a significant portion of the loans portfolio attached to credit cards issued. It also includes dividends distributed by the Group\u2019s investee companies, other than subsidiaries and associates, which are classified as \u201cFinancial assets at Fair Value through OCI\u201d. The increase is related to the rise in market rates.26. Administrative Expenses26.1 PERSONNEL-RELATED COSTS: BREAKDOWN 2022 20211) Employees a) wages and salaries (556,947) (261,602)b) social security charges and similar cost (135,669) (56,782)c) post-employment benefits (36,403) (16,432) - defined contribution plans (12,448) (9,115) - defined benefit plans (23,955) (7,318)d) costs of share-based payment plans (38,081) (47,506)e) other employee benefits (23,137) (12,290)2) Other personnel (28,793) (13,378)Total (819,030) (407,991)Payroll costs also include costs linked to the stock grant plan (guaranteed by Mercury UK) for Nexi Group employees and the costs connected with the Long-Term Incentive plan, as further detailed in Note 38.In addition, capitalised personnel costs amount to Euro 93.8 million.26.2 OTHER ADMINISTRATIVE COSTS: BREAKDOWN 2022 20211. Third-party services (273,884) (221,011)2. Lease and building management fees (19,633) (8,426)3. Insurance (8,738) 1,368 ()*4. Rentals (31,809) (12,433)5. Maintenance (117,646) (46,181)6. Shipping costs (26,902) (27,642)7. Telephone and telegraph (34,125) (15,144)8. Cards and accessories (1,179) (4,151)9. Printed matter and stationery (14,987) (6,655)10. Other taxes (23,382) (13,188)11. Legal, notary and consultancy services (201,772) (161,254)12. Agents' commissions and expense reimbursement (174) (121)13. Advertising (12,768) (7,265)14. Promotional materials and competition prizes (37,373) (31,506)15. Other commercial costs (7,279) (1,704)16. Other general expenses (265,050) (110,085)Total (1,076,700) (665,399)*) The item includes software rental fees for Euro 28.9 million and short-term rental contracts or related to low value assets for Euro 2.9 million.As required by IFRS 15.128, note that the costs for the execution of customer contracts recognised during the period and included in the opening balance of assets deriving from customer contracts, amounted to approximately Euro 26 million.27. Other Operating Income/Expenses, Net 2022 2021Other operating income 7,694 26,463 Other operating expenses (7,555) (23,365)Total 139 3,098 28. Net Value Adjustments on Assets Measured at Amortised CostImpairment losses Reversals of Impairment losses 2022 2021Stages 1& 2 Stage 3 Stages 1& 2 Stage 3 Total TotalA. Loans and receivables with - - - - - - banksB. Loans and receivables with (4,052) (9,302) - 195 (13,159) (4,995)customersTotal (4,052) (9,302) - 195 (13,159) (4,995)The item refers to the net value adjustments applied to receivables due from customers mainly connected with direct issuing and acquiring operations carried out by the Group\u2019s operating companies.29. Net Accruals to Provisions for Risks and Charges 2022 2021 Provisions for risks and charges (5,882) (26,851)Releases 13,437 - Total 7,556 (26,851)The item reflects changes to the provision for risks and charges.30. Net value adjustments/write-backs on tangible and intangible assets2021 2022RestatedDepreciation and net impairment loss on tangible assets (161,634) (90,241)Amortisation and net impairment loss on intangible assets (771,136) (283,816)Total (932,770) (374,057)30.1. AMORTISATION AND NET IMPAIRMENT LOSSES ON INTANGIBLE ASSETS: BREAKDOWNReversals of Amortisation Impairment lossesNet incomeimpairment lossesA. Intangible assetsA.1 Owned (704,061) (67,075) - (771,136)- From acquisition (359,854) (65,210) - (425,064)- Other (344,207) (1,865) - (346,073)A.2 Rights of use acquired through leasing - - - - A.3 Intangible assets held for sale - - - - Total (704,061) (67,075) - (771,136)30.2. DEPRECIATION AND NET IMPAIRMENT LOSSES ON TANGIBLE ASSETS: BREAKDOWNReversals of Depreciation Impairment lossesNet incomeimpairment lossesA. Tangible assetsA.1 Owned (113,225) - - (113,225)- Property and equipment (113,132) - - (113,132)- Investment property (93) - - (93)A.2 Held under lease (48,409) - - (48,409)- Property and equipment (48,409) - - (48,409)- Investment property - - - - A.3 Tangible assets held for sale - - - - Total (161,634) - - (161,634)31. Profit (Loss) from Equity Investments and Disposals of Investments2022 2021 Profit Profits on equity investments 3,463 1,585 Profits on sale of investments 67 240 Loss Loss on equity investments - - Loss on sale of investments (250) (384)Net Result 3,281 1,441 32. Income Taxes2021 2022RestatedCurrent taxes (241,686) (90,367)Changes in current taxes in previous years - (723)Change in deferred tax assets 42,488 30,696 Change in deferred tax liabilities 64,445 56,356 Total (134,753) (4,038)Income taxes amounted to Euro 134.8 million, compared to Euro 4.0 million in the previous period restated.32.1 RECONCILIATION BETWEEN THEORETICAL TAX CHARGE AND EFFECTIVE TAX CHARGE RECOGNISEDThe reconciliation between the theoretical tax charge of the Group and the effective tax charge is shown below. Note that the effective taxe rate includes taxes of euro 2.5 million relating to discontinued operations accounted for, as required by IFRS 5, in the item \u201cincome/(losses) after tax from discontinued operations\u201d.2022Theoretical Tax rate 24%Difference in subsidiaries' tax rates compared with Nexi's tax rate 19%Permanent differences: not deductible cost 12%Permanent differences: not taxable revenues -5%Not recognised tax losses utilised or capitalised 1%Currency translation adjustment -2%Change in income tax rate on deferred taxes 0%Prior year adjustment 1%Other taxes 1%Effective tax rate 49%33. Income (Loss) after Tax from Discontinued OperationsThe item mainly includes the positive and negative income components of the Capital Market segment classified as discontinued operations. 2022 2021 1. Profit 22,066 7812. Loss (10,354) (815) 3. Valuation of disposal group and associated liabilities - - 4. Profit (Loss) from disposal - -5. Tax and duty (4,011) - Profit (Loss) 7,701 (34)34. Profit (Loss) for the year attributable to Non-Controlling InterestsThese are minorities mainly referring to Nexi Payments SpA for Euro 2 million, Nexi Payments Greece for Euro 0.7 million and Help Line SpA for Euro 0.3 million.35. Information on Risks and Related Hedging Policies The Nexi Group oversees strategic, operational, compliance and financial risks. These Notes to the Financial Statements analyse some more relevant cases of operational and financial risks. For other risks, please refer to the \u201cMain Risks and Uncertainties\u201d section of the Report on Operations.Risk Management at Nexi GroupThe Risk Management and Internal Control System adopted by the Nexi Group (RMICS) consists of a set of rules, procedures and organisational structures aimed at the effective and efficient identification, measurement, management and monitoring of the main risks in order to contribute to the company\u2019s sustainable success. This system is integrated into the more general organisational and corporate governance structures adopted by the companies of the Nexi Group, takes into account the recommendations of the Corporate Governance Code and is inspired by current national and international best practices.The Nexi Group\u2019s Risk Management and Internal Control System is divided into three lines of defence for its companies. Specifically:- First level of control - line controls, aimed at ensuring the smooth running of operations. These controls are the primary respon-sibility of operational management and are considered an integral part of every business process. The operational and business structures are therefore primarily responsible for the internal control and risk management process. In the course of day-to-day operations, these structures are called upon to identify, measure or assess, monitor, mitigate and report risks arising from ordinary business operations in accordance with the risk management process and applicable internal procedures.- Second level of control - controls on risk management and regulatory compliance that aim to contribute to the definition of methodologies for the identification and assessment of corporate risks, to the definition of their governance policies, to verify compliance with the limits assigned to the various operational functions and to ensure the consistency of the operations of indi-vidual production areas with the assigned risk-return objectives, as well as the compliance of corporate operations with laws and regulations, in particular for Supervised Companies, including those of self-regulation. They are entrusted to structures other than the operational ones (so-called Second-level control functions).- Third level of control consisting of the controls of the Internal Audit function. This includes controls aimed at detecting violations of procedures and regulations, as well as the periodic assessment of the completeness, functionality and adequacy of the risk management and internal control system, including those on the information system (ICT Audit), at a predetermined frequency in relation to the nature and intensity of the risks. This activity is carried out by a different function that is independent of the operational functions, including through on-site audits.In the Companies of the Nexi Group, the Audit Function is placed under the direct authority of the Board of Directors and does not directly take part in the provision of the services they are required to audit.The second- and third-level Control Functions have the authority, resources and skills necessary for the performance of their tasks. These Functions may intervene in corporate activities, including those that have been outsourced, have access to all the docu-mentation necessary for the performance of their duties and, if necessary, promote the involvement of other Organisational Units concerned by any issues that may arise.The subsidiaries of Nexi SpA ensure the establishment and maintenance of an adequate and effective RMICS, implementing the Gui-delines defined by the Parent Company in compliance with the regulations applicable to each Subsidiary and Supervised Company.Nexi Group RisksLiquidity and interest rate risksThe Group has significant financial indebtedness, as described in the section \u201cChanges in Group Debt\u201d. Sustainability of Nexi Group\u2019s debt level is correlated, first and foremost, to its operating results and thus to its capacity to generate sufficient liquid funds and to refinance debt at maturity.The Group is exposed to the risk that significant changes may take place with respect to interest rates and that the policies adopted to neutralise such changes may prove inadequate. The fluctuation of interest rates depends on various factors, which are outside the Group\u2019s control, such as monetary policies, macroeconomic performance and economic and political conditions in Italy.Changes in interest rates impact the market value of the company\u2019s financial assets and liabilities and the level of interest expenses, as some of the loans subscribed are variable rate.As of 31 December 2022, net of the effect of interest rate risk hedging transactions put in place, approximately 25% of the Nexi Group\u2019s medium-long term Financial Liabilities expressed at nominal value were exposed to sources of funding at a variable interest rate, and specifically to the Euribor index. Nexi periodically monitors the forward curves of the variable rates of reference, paying particular attention to trends relating to the 1/3/6-month Euribor rate, which the Group is primarily exposed to. Also in light of this monitoring \u2013 taking into consideration the maturity of the related debts \u2013 in the second half of 2022 the Nexi Group decided to implement certain interest rate risk hedging transactions, qualifying as hedge accounting (so-called cash flow hedges) and realised through interest rate swaps.It is not possible to rule out that at a future date the Nexi Group may have to refinance its debt at due date or that, for whatever reason, it may have to replace its current factoring lines or other credit lines and that that may lead to higher charges and costs and/or lead to disruptions or delays in service provision also due to the required timeframe for replacement, to the extent that may compromise Group operations.The Group has set up procedures aimed at identifying, monitoring and managing liquidity and interest rate risks, which include among other things the regular monitoring of the interest rates market curve to which the debt is indexed, the performance of its listed securities and the country risk, as well as other macroeconomic market indicators.BREAKDOWN OF ASSETS BY RESIDUAL LIFE(Amounts in thousand euros) Current Non-current TotalCash and cash equivalents 448,778 448,778 Financial receivables 4,355,172 3,214 4,358,386 Financial assets at Fair Value 69,238 78,536 147,774 Net trade receivables 750,542 750,542 Inventory 53,699 53,699 Other assets 935,137 18,778,673 19,713,810 Non-current assets held for sale and discontinued operations 2,471 2,471 Total 6,615,037 18,860,424 25,475,461 BREAKDOWN OF LIABILITIES BY RESIDUAL LIFE(Amounts in thousand euros)Within 1 year Between 1 and 5 years Over 5 years TotalFinancial Liabilities: Payables to: - Banks 1,027,285 2,468,678 3,495,963 - Financial entities and customers 2,019,445 122,419 2,141,864 - Securities issued - 2,077,891 1,933,623 4,011,514 Other financial liabilities 9,445 221,238 230,684 Total 3,056,175 4,890,226 1,933,623 9,880,025 (Amounts in thousand euros)Current Non-current TotalOther items of liabilities:Trade payables 731,248 731,248 Other liabilities 1,220,676 1,220,676 Provisions for risks and charges 141,886 141,886 Post-employment benefits 30,996 30,996 Deferred tax liabilities 1,125,457 1,125,457 Current tax liabilities 106,715 106,715 Liabilities associated with non-current assets held for sale and discontinued operations 721 721 Total 2,059,360 1,298,339 3,357,699 Impacts of the Russia/Ukraine conflict on liquidity and interest rate risk Following Russia\u2019s attack on Ukraine, there has been a marked change in the economic picture, especially with regard to inflation, and the way in which the European Central Bank (ECB) is responding to these changes. Inflation has been rising sharply globally for several months as a result of rising energy prices on international markets, especially oil and gas. Despite the increased downside risks to growth posed by the Russian invasion of Ukraine, the gradual increase in current and expected inflation led the European Central Bank to decide, among other things, to discontinue the APP (Asset Purchase Program-me) in July 2022, continuing from then on to fully reinvest the repaid principal on maturing bonds. At its meeting in December 2022, the Governing Council then decided that from March 2023 onwards the APP portfolio would be reduced at a moderate, pre-de-termined pace (Euro 15 billion per month until the second quarter of 2023), with only a portion of the principal repaid on maturing securities actually reinvested. The significant increase of the ECB\u2019s three key interest rates decided by the Governing Council at its October 2022 meeting by 75 bps was followed by an increase of 50 bps in December 2022 and a further 50 bps in February 2023, confirming the Cen-tral Bank\u2019s decision to move towards the removal of monetary accommodation. The intention in the medium term remains to bring the inflation rate back towards the target value of 2% in order to fulfil the ECB\u2019s mandate to preserve price stability. Indeed, at its meeting in February 2023 the ECB already made clear its intention to raise interest rates by a further 50 bps at its next monetary policy meeting in March 2023 in order to ensure a prompt return of inflation to the 2% target in the medium term mentioned above, judging the current level of inflation to be too high and projected to remain above this target for a prolonged period of time.In light of the foregoing, it cannot be excluded that there may be an increase in the financial charges, with consequent significant impacts on the Nexi Group\u2019s results and prospects.Moreover, with specific reference to the Group\u2019s funding liquidity risk, while no critical elements were identified as of the date of these Notes to the Financial Statements, considering the current maturity of the existing financial debt, it cannot be excluded that in the future the level of this risk may increase, even significantly, to the point of generating significant impacts on the results and prospects of the Nexi Group itself.The company in September 2022 approved the new strategic plan for 2022/2027. The Plan has been prepared considering the main factors of macroeconomic uncertainty that could affect the Group\u2019s future scenarios such as inflation and interest rate trends Moreover stress tests have been prepared in order to include possible adverse scenarios such as the interruption of the supply of Russian gas by the European economy with a consequent increase in gas prices throughout Europe would lead to a further surge inflation from the end of the year, reducing real household incomes, consumer spending and, ultimately, GDP growth. In this scenario, no significant impact on debt sustainability is expected over the five-year plan, as inflation leads to an increase in nominal private consumption that partially covers the macroeconomic slowdown and does not impact the CAGR of EBITDA.Operational riskOperational risks relate to the performance of business processes in an inefficient and/or ineffective manner, including ICT, securi-ty, legal and contractual risks, which could adversely affect the Company\u2019s operations and/or performance.The reliability, operational performance, integrity and continuity of the ICT infrastructure of the Nexi Group and the technologi-cal networks are crucial to the Group\u2019s business, prospects and reputation. Particularly important in the context of the ICT infra-structure in question are the merchant acquiring and card issuing platforms. The availability of such platforms and other systems and products may be compromised by damage or malfunctions to the Group\u2019s or its third-party service providers\u2019 ICT systems. Malfunctions can be caused by migrations to new technological or application environments, in the case of significant changes in the production environment, or by human error, insufficient and incomplete testing, cyber-attacks, unavailability of infrastructure services (e.g. electrical or network connectivity) or natural phenomena (e.g. floods, fires or earthquakes).In line with the high degree of technological innovation of the services supplied by the Group and given the sensitive nature of operations involving the management of payment data, specific policies and methods have been set in place to identify and ma-nage IT risk (including cybersecurity risk) and specific organisational measures have been implemented under the scope of the Information Security Management System for line controls and risk management control.Other significant risks worthy of consideration are that the Group may incur liability and, therefore, may suffer damages, including to its reputation, in connection with fraudulent digital payment transactions, fraudulent loans made by merchants or other parties or fraudulent sales of goods or services, including fraudulent sales made by Group merchants.Examples of fraud may include the intentional use of stolen or counterfeit debit or credit cards, of payment card numbers or other credentials to book sales or false transactions by merchants or other parties, the sale of counterfeit goods, the intentional failure to deliver goods or services sold under the scope of a transaction that is otherwise valid. Failure to identify thefts and the failure to effectively manage fraud risk and prevention may increase the Group\u2019s charge-back liability or cause the Group to incur other liability, including fines and sanctions.The Group has sophisticated systems in place for transaction control and detection and suitable organisational measures to prevent fraud and control risk management.For operational risks, the risk management objective is mitigation of the impact and/or probability from a cost/benefit perspective, in line with the defined risk appetite. Nexi has adopted policies, processes and instruments to identify, manage and monitor these risks, in line with the national and international regulatory provisions and requirements and best practices in the sector.Impacts of the Russia/Ukraine conflict on operational riskThe economic and political tensions generated by the conflict between Russia and Ukraine undoubtedly pose threats to the ope-rational continuity of many companies. As per its business continuity procedures, the Nexi Group organised a special Group Crisis Management Team in the earliest days to closely monitor the evolution of the crisis and to implement the necessary actions to protect the Customers and the business. In fact, the areas under monitoring are people, business continuity, cyber risk, business impact and regulatory compliance.As far as the Nexi Group is concerned, there were no significant operational or economic impacts. In fact, the company has no production or personnel in Russia, Belarus or Ukraine, and has no direct business relations with companies based in those countries. There are also no reported impacts of any sanctions on the company\u2019s business. With regard to cyber risk, no suspicious activities or cyber threats were identified at a group level. However, a dedicated task force was set up at a group level in order to: - monitor unusual events in all companies;- define preventive measures to be implemented (e.g. offline backup of critical systems, mapping of network connections to war-ring countries, preparation of filters based on geographical locations, etc.);- coordinate with intelligence providers, both national and European.Nexi also has Disaster Recovery and Business Continuity plans and procedures for critical services to be triggered in the event of a crisis. Finally, with regard to the risk of fraud, there has been no change in the level of fraud in the recent period due to the Russia/Ukraine conflict. Credit riskFor Nexi Group, credit risk mainly originates in the area of:- Acquiring activities, and in particular in the form of:- Chargeback risk: in the event of non-delivery of a product/service purchased on a prepaid basis, the cardholder may receive an advance from the acquirer, who only then sees reimbursement from the merchant;- Return risk: if a cardholder decides to exercise the right of withdrawal for online purchases of products/services, the acquirer is obliged to make the refund and only then is the amount settled with the merchant;- Risk associated with non-payment of fees (i.e. Merchant Fees) in cases where net settlement is not applied.- Issuing activities. Nexi Group manages \u201cRetail\u201d credit cards (in the name of individuals) and \u201cCorporate\u201d credit cards (in the name of legal entities). Nexi Group debits the expenditures of credit card customers on a date that is later than the date on which the payments were made, thus establishing a receivable due from the cardholders.- Buy Now Pay Later (\u201cBNPL\u201d) activities carried out by Ratepay, where the credit risk is inherent in the type of service provided.- Processing activities, and in particular in relation to trade receivables generated by non-payment of invoices to non-banking customers.Credit risk mitigation and monitoringThe Group is committed to assessing and implementing all mitigation measures deemed necessary and/or most effective depen-ding on the specific circumstances, based on risk-return analyses.The main mitigation measures that the Group can adopt include the following:- request for bank, insurance or cash collateral guarantees from the customer;- inclusion of contractual clauses requiring bank or insurance guarantees if the customer exceeds certain risk thresholds;Moreover, with specific reference to acquiring, we note the following:- use of net settlement to credit the merchant with the amounts due, net of commissions, chargebacks, any refunds- deferral of payments due, depending on business model and characteristics of the merchantsIn selected cases, following a risk-based analysis, the Group may also decide to reduce or terminate the relationship with the customer.Within each Legal Entity, the first-level functions are responsible for the continuous monitoring of credit risk, initiating the appro-priate mitigation and/or escalation measures in the event of signs of anomalies. Moreover, the local second-level Risk Management functions contribute to the definition of credit risk governance policies, ensure proper monitoring of risk performance and provide adequate information to the Corporate Bodies on the outcome of the activities carried out.The Nexi Group works very hard to estimate the current and future risk levels in the most vulnerable economic sectors, intensifying the monitoring of exposures.At the date of these Notes to the Financial Statements, while faced with situations that are still potentially critical arising from the pandemic and the Russia-Ukraine conflict, timely risk management, monitoring and applicable mitigation actions are effective tools in maintaining a low risk profile.Indeed, with regard to the full year of 2022, it is noted that:- Chargebacks decreased compared to 2021.- The value of outstanding amounts from merchants, gross of recoveries, was down compared to 2021. Therefore, no relevant risks are foreseen in the short term.- Insolvencies in the Buy Now, Pay Later business are decreasing compared to 2021.BREAKDOWN OF FINANCIAL ASSETS BY PORTFOLIO AND CREDIT QUALITY (CARRYING AMOUNTS)(Amounts in thousand euros)Non-perfor-Impaired Unimpaired Other Unlikely to ming past due past due unimpaired TotalpayexposuresexposuresexposuresexposuresFinancial assets measured at amortised cost a) Loans and receivables with banks 1,875,404 1,875,404 b) Loans and receivables with financial entities 20,002 2,462,980 2,482,982 and customersHedging derivatives 870 870 Financial assets held for sale 2,471 2,471 Total as at December 31, 2022 - 20,002 - - 4,341,725 4,361,727 Total as at December 31, 2021 - 24,269 - - 3,375,751 3,400,020 BREAKDOWN OF FINANCIAL ASSETS BY PORTFOLIO AND CREDIT QUALITY (GROSS AND NET AMOUNTS)(Amounts in thousand euros)of which: Non of which: PerformingTotalforbearanceperformingforbearanceLoans and receivables with banksGross exposure 1,875,404 1,875,404 Bad debt provision - Net exposure 1,875,404 1,875,404 Loans and receivables with financial entities and customersGross exposure 2,467,361 61,581 2,528,942 Bad debt provision (4,380) (41,580) (45,960)Net exposure 2,462,980 20,002 2,482,982 Hedging derivatives Gross exposure 870 870 Bad debt provision - Net exposure 870 870 Non-current financial assets held for sale Gross exposure 2,471 2,471 Bad debt provision - - Net exposure 2,471 2,471 Total as at December 31, 2022 4,341,725 - 20,002 - 4,361,727 Total as at December 31, 2021 3,375,751 - 24,269 - 3,400,020 ON-BALANCE SHEET EXPOSURES TO CUSTOMERS AND FINANCIAL ENTITIES: TRENDS IN GROSS IMPAIRED EXPOSURES (Amounts in thousand euros)of which:Non performingforbearanceA. Initial gross exposure 71,270 - - of which: transferred exposures not derecognised - -B. Increases 7,330 - B.1 Inflow from unimpaired exposures 582 B.2 Inflow from purchased or originated credit-impaired financial assets B.3 Transfers from other impaired exposure categories B.4 Contractual changes without derecognition B.5 Other increases 6,748 C. Decreases 17,019 - C.1 Outflows to unimpaired exposures C.2 Write-offs C.3 Collections 12,775 C.4 Profits from sales C.5 Losses from sales 4,242 C.6 Transfers to other impaired exposure categories C.7 Contractual changes without derecognition C.8 Other decreases 2 D. Final gross exposure 61,581 - - of which: transferred exposures not derecognised - - ON-BALANCE SHEET IMPAIRED EXPOSURES TO CUSTOMERS AND FINANCIAL ENTITIES: TRENDS IN COMPREHENSIVE VALUE ADJUSTMENTS(Amounts in thousand euros)of which:Non performingforbearanceA. Initial gross adjustments 47,001 - of which: transferred exposures not derecognised B. Increases 6,999 - B.1 Value adjustments from purchased or originated credit-impaired financial assets B.2 Other value adjustments B.3 Losses from sales B.4 Transfers from other impaired exposure categories B.5 Contractual changes without derecognition B.6 Other increases 6,999 C. Decreases 12,420 - C.1 Reversals of impairment losses from revaluation C.2 Reversals of impairment losses from collections 8,179 C.3 Profits from sales C.4 Write-offs C.5 Transfers to other impaired exposure categories C.7 Contractual changes without derecognition C.8 Other decreases 4,241 D. Final gross adjustments 41,580 - - of which: transferred exposures not derecognised Market risk (price and exchange rate risk)The Nexi Group is exposed to the risk of unfavourable movements in the price of the shares in its portfolio, especially Visa Inc. Class A and C shares, as well as negative effects on the value of said shares due to movements in the EUR/USD exchange rate. Further-more, the Class C shares (convertible into Visa ordinary Class A shares at a conversion factor that varies based on the costs deriving from potential liabilities of the former Visa Europe, acquired by Visa Inc.) are illiquid financial instruments, and as such are characte-rised by possible obstacles (in law or de facto) or restrictions on divestment within a reasonable time and at fair market conditions. As at the reference date of these Notes, based on the measurement at fair value of the stock in the current context of the reference markets, hedging against market risks described above via financial instruments was deemed unnecessary. For the moment it appears that market risks have not been significantly impacted by the Covid-19 pandemic and the Russia/Ukrai-ne conflict.The Italian Group companies are also marginally exposed to the exchange rate risk, to the extent that the payments and collections, respectively for transactions to be paid or collected in relation to the Mastercard and Visa schemes, are mainly denominated in euros.However, note that some of the Group\u2019s foreign companies operate mainly in Northern and Central Europe, and consequently the Group is exposed to exchange rate risk arising from its operations in DKK (Danish krone), NOK (Norwegian krone), SEK (Swedish krona), PLN (Polish zloty) and until 31 December 2022 HRD (Croatian dinar), and to a lesser extent to its operations in USD (US dol-lar), CHF (Swiss franc), GBP (British pound) and ISK (Icelandic krona). The risk exposure in Danish kroner is considered to be low, as it is a currency that has seen relatively low volatility against the euro in the past.The potential impact on revenues and EBITDA from changes in the main currencies the group is exposed to is shown below:(Amounts in million euros)2022Any change Net Revenue EBITDAin the exchange rateNOK 10% 14.89 8.72SEK 10% 6.93 4.88DKK 1% 3.65 1.19PLN 10% 13.11 8.78HRK 10% 1.91 (0.35)EUR 1% - - Below are the average and spot rates used for the conversion of financial statements in other currencies for the main currencies:(Euro per 100)Exchange rate 2022Main currencies NOK SEK DKK PLN HRK RSD CZK RON EURAverage exchange rate 9.57 9.10 13.45 21.35 13.26 0.85 4.07 20.28 1.00End of year exchange rate 9.51 8.99 13.45 21.35 13.27 0.85 4.15 20.20 1.00Change for the year -8.6% -7.9 % - -1.9% -0.2% 0.3% 3.1% - -Climate riskIn accordance with the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) and the European Commission\u2019s Non-Binding Guidelines on Climate Information Reporting, the Nexi Group conducted an analysis to identify and assess the risks and opportunities related to climate change in Nexi, although no risk area related to environmental aspects was identified. The risks identified did not exceed the materiality threshold that would have determined their inclusion in ERM asses-sments. However, climate change risks are important to the Group given the potentially high strategic and reputational impacts such risks could have on the company and the speed with which such changes could occur.Climate-related risks are integrated into the company-wide risk management process and evaluated regularly through analyses covering multiple time horizons, short, medium and long term.36. Statement of Comprehensive (Amounts in thousand euros)2021 2022RestatedProfit (Loss) for the year 143,048 39,221Items that will not be reclassified subsequently to profit or loss Financial assets measured at FVTOCI a) Fair Value changes 35,575 (9,358)b) transfers to other equity components Defined benefit plans 8,503 (123)Income taxes related to high income components without profit and loss reversal (5,154) 684Items that will be reclassified subsequently to profit or loss Conversion reserve a) Fair Value changes (165,945) 6,071 b) income statement reversal c) other changes Cash flow hedges: a) fair value variances 298 b) income statement reversal c) other variances Income taxes related to high income components with profit and loss reversal (73) - Other comprehensive income (net of tax) (126,796) (2,726)Comprehensive income 16,252 36,495Comprehensive income attributable to non-controlling interests 3,184 3,184Comprehensive income attributable to the owners of the parent 13,068 33,31137. Related Parties The purpose of IAS 24 (Related party disclosure) is to make sure that the financial statements of an entity contain the additional information necessary to highlight the possibility that the equity-financial position and economic results may have been altered by the existence of related parties and transactions and balances applicable with said parties.In accordance with these indications, applied to the organisational and governance structure of the Nexi Group, the following are considered as related parties:a) parties that directly or indirectly, de jure or de facto, including through subsidiaries, trusts or intermediaries, exercise significant influence over Nexi; note that these parties include, Bain Capital Investors LP, Advent International Corporation and Hellman & Friedman LLC, Cassa Depositi e Prestiti and its direct parent company represented by the MEF (Italian Ministry of Finance);b) the subsidiaries or entities under the joint control of the entities listed at the point above;c) the subsidiaries, associates or entities under the joint control of Nexi SpA;d) key management personnel of the Nexi Group and its direct Parent Company and its subsidiaries, entities under its joint control or subject to its significant influence;e) close family members of the natural persons included under letters a) and d) above;f) the complementary pension fund established in favour of employees of Nexi SpA or its related entities.37.1 INFORMATION ON THE REMUNERATION OF KEY MANAGEMENT PERSONNELBelow are the fees paid, in the reference period, to the directors and managers and key management personnel.(Amounts in thousand euros)Board of Statutory Executives holding DirectorsAuditorsstrategic responsibilityCorporate bodies remunerations 1,731 459 - Short-term benefits - - 3,028 Benefits subsequent to the termination of employment - - 432 Other long-term benefits - - - Indemnities for termination of employment - - - Total 1,731 459 3,461 37.2 INFORMATION ON RELATED-PARTY TRANSACTIONSThe effects of transactions with related parties, over and above the fees described above, are summarised in the table below:(Amounts in thousand euros)Directors, Executives and Controlling company Other related partiesother Supervisory BodiesFinancial asset measured at amortised cost 19,179 Financial asset at Fair Value 19,200Tangible assets 12 Intangible assets 4,134 Other assets 63,600 2 Financial liabilities measured at amortised cost 7,013 Other liabilities 21,615 Fees for services rendered and commission income 160,560 Fees for services received and commission expense 9,129 Interest and similar expense 700 Other administrative expenses 30,967 Other operating income/expenses 6 Credit and debit balances with related parties as of 31 December 2022 were not material with respect to the size of the Group\u2019s balance sheet. Likewise, the impact of income and expenses with related parties on the consolidated operating result was not ma-terial, nor was the impact of these transactions on the Group\u2019s cash flows. The main contracts, all of which falling within ordinary operations, mainly refer to services received from related parties (especially consulting services, software development and card production) and services provided related to the ordinary business carried out by the group to customers falling within the definition of related parties, regulated by conditions in line with market conditions and in any case based on assessments of mutual economic convenience.38. Share-Based Payments 38.1 STOCK GRANTMercury UK HoldCo Ltd (\u201cMercury UK\u201d) in 2019 adopted two incentive plans (the \u201cPlans\u201d), based on the shares of Nexi SpA (\u201cNexi\u201d) that ended in 2021.In addition, during 2020 and 2021, Mercury UK together with Nexi\u2019s other financial sponsors adopted some new incentive plans based on the shares of Nexi SpA (\u201cNexi\u201d) and with a vesting period until 16 April 2022, 31 December 2022 and 1 July 2024. These plans are reserved for selected employees (the \u201cBeneficiaries\u201d) of Group companies. These plans provide for additional shares assignable to employees depending on the market price of Nexi shares.On the basis of the provisions of IFRS 2, although not having made any commitments to the Beneficiaries, as the Nexi Group is the entity that receives the services (the \u201creceiving entity\u201d), it must book, in its consolidated financial statements, the Plans in question on the basis of the accounting rules envisaged for the \u201cplans settled with equity instruments\u201d.More specifically, IFRS 2 establishes that, in the plans settled with equity instruments with employees, the entity must:- measure the cost for the services it has received on the basis of the Fair Value of the representative instruments as at the assign-ment date;- book the Fair Value of the services received, throughout the accrual period, making a counter-entry as an increase in Sharehol-ders\u2019 equity on the basis of the best estimate available of the number of equity instruments expected to accrue;- review this estimate, if the subsequent information indicates that the number of equity instruments to be accrued differs from previous estimates.For the 2020 and 2021 plans, the Fair Value was determined, for base shares, considering the forward price, discounted at the valua-tion date, of Nexi shares at the expiry of the vesting period. As for additional shares, the Monte Carlo method was adopted in order to simulate, for an adequate number of scenarios, the number of additional shares and the price of Nexi stocks. In this context, the implicit volatility used was that obtained from info-providers as relevant to Nexi stock options with time-to-maturity set at equal to that of the plan.Below are the changes in the rights (conventionally measured in terms of the number of based shares) relating to the aforemen-tioned plans:Description Number of Based sharesOutstanding rights to receive shares at the grant date 10,546,916Rights assigned definitively in accordance with the Plans (9,195,680)Rights forfeited from the Plans (161,833)Otustanding rights at December 31, 2022 1,189,403 Based on the above, the overall cost of the Plans for 2022 is about Euro 16 million.38.2 LONG TERM INCENTIVESIn 2019 a medium- to long-term incentive plan (hereinafter the First LTI Plan) was approved, implementing the remuneration policy adopted by the Company. The Plan was structured into three cycles, each with a three-year duration (2019-2021/2020-2022/2021-2023) and envisaged the assignment of rights to receive ordinary shares in the Company once a year. These shares are not subject to any restrictions to voting rights or dividend distribution. In 2022 the Shareholders\u2019 Meeting of Nexi Spa approved a Second Long-Term Incentive Plan (hereinafter referred to as the Second LTI Plan). In keeping with the First LTI Plan, this second plan envisages the free assignment of a number of incentives to selected employees over a medium-long-term time horizon, divided into three three-year cycles (2022-2024, 2023-2025 and 2024-2026). These plans, according to the provision of IFRS 2 described above with reference to the Stock Plan, must be accounted for as a transaction with employees to be settled with equity instruments of the entity.As of the date of these Financial Statements, all three cycles of the First LTI Plan have been assigned (for the first cycle 2019-2021 vested shares have already been granted, for the remaining two cycles the vesting period expires on 31 December 2022 and 31 December 2023, respectively), as has the first cycle of the Second Plan for which the vesting period expires on 31 December 2024.More specifically, the process of assigning the rights to receive shares was completed as follows:- First tranche (First Plan): for most of the employees, in July 2019, and for new employees, on 30 September 2019;- Second tranche (First Plan): for most of the employees, in July 2020, and for new employees, on 30 September 2020;- Third tranche (First Plan): for most of the employees in July 2021, and for new employees, in October 2021. With regard to this tranche, there was also the allocation in January 2022 to former SIA employees.- First tranche (Second Plan): for most of the employees, in July 2022, and for new employees, in October 2022.These dates are the grant dates for the purpose of IFRS 2.The rights to be assigned in the context of the LTI plan are divided up into:- Performance Share Rights, i.e. the rights to receive ordinary shares in the Company, which accrue (and the same applies to the attribution of the related shares to the employee) only upon achieving predetermined business performance objectives, referring to a specific period of time;- Restricted Share Rights, i.e. the rights to receive ordinary shares in the Company, which accrue (and the same applies to the attri-bution of the related shares to the employee) regardless of whether or not the predetermined business performance objectives are achieved. These rights will accrue after the vesting period, subject to the beneficiary remaining in the Company.A condition for the accrual of the rights and, therefore, the attribution of the shares for both the types described above is that the employee remains in service until the delivery date of the share attribution letter.More specifically, with reference to Performance Share Rights:- accrual is first and foremost subject to achieving - at the end of the vesting period of each Cycle - at least 80% of the Operating Cash Flow Target (the \u201cEntry Gate\u201d);- once the Entry Gate is satisfied, accrual of Performance Share Rights is also subject to achieving specific objectives at the end of the related vesting period, comprising two components:- a market-based component, linked to the achievement of objectives related to the performance of the market price of Nexi shares with respect to a benchmark, during the measurement period (weighing for 50%). The benchmark is determined as the mathematical average of three market indicators identified in the Plan regulation;- a non-market-based component, linked to the achievement of the Company\u2019s performance objectives in terms of Operating Cash Flow (weighing for 50%).Changes in the number of rights assigned for the three cycles are reported below:No. of Performance No. of Restricted DescriptionTotalShare Rights Share Rights Outstanding rights to receive shares at the grant date 3,852,943 2,172,528 6,025,471 Right assigned definitively in accordance with the Plans (850,540) (377,713) (1,228,253)Rights forfeited from the Plans (150,905) (135,264) (286,169)Outstanding rights at December 31, 2022 2,851,498 1,659,551 4,511,049The rights assigned were measured, reflecting the financial market conditions valid as at the grant date. Determination of the total plan value, as established by IFRS 2, is impacted by the number of rights that will accrue in accordance with the rules set out by the performance and Fair Value conditions of each right. Measurement was carried out considering the two components of the Performance Shares and Restricted Shares included in the plan, separately. Moreover, within the Performance Share component, consideration was given to the presence of the aforesaid specific objectives.More specifically, the market-based component was estimated using the Monte Carlo Method, a stochastic simulation technique which, based on a set of starting conditions, produced a wide array of outcomes within a specified time horizon. More specifically, for each outcome scenario, share price projections are computed as of the initial value according to geometric Brownian motion. In this case it is:and that is the change in the price of the share S over a period of time depends on the expected average change (\u03c5) and its varia-bility (\u03c3) as well as on a random parameter (\u03b5) with standardised normal distribution.Based on market sources at the reference date, other starting conditions include a risk-free rate in Nexi share returns of 1% p.a. and a share price volatility of 25% for the first tranche, 47% for the second tranche, 40% for the third tranche of the First LTI Plan and 42% and 37% for the first tranche of the Second LTI Plan (reasonable estimates based on historical volatility as at the measurement date).At the grant date the simulation delivered a unit value of Euro 11.9, Euro 11.6 for the first tranche, around Euro 25.87 and Euro 25.71 for the second tranche and Euro 20.17, Euro 17.63 and Euro 10.81 for the third tranche (respectively, with reference to the shares issued in July and September 2021 and January 2022) of the First LTI Plan and Euro 7.41 and Euro 9.57 for the first tranches of the Second LTI Plan (respectively, with reference to the rights granted in July and October 2022).As for the likelihood of beneficiaries leaving, the annual exit probability was assumed to be zero. In accordance with IFRS 2, the non-market-based component is a condition that rather than be measured at the time of assignment is to be updated periodically at each reporting date, so as to take into account the expectations in relation to the number of rights that may accrue. For these components the unit Fair Value is Euro 9.57 and Euro 9.36 for the first tranche, Euro 15.59 and Euro 17.12 for the second and Euro 18.22 and Euro 17.03 for the third tranche (respectively, with reference to the shares issued in July and September) of the First LTI Plan and Euro 7.842 and Euro 8.514 (respectively, with reference to the rights assigned in July and October 2022).The total cost pertaining to 2022 is approximately Euro 21 million. 39. Business Combination Transactions 39.1 Transactions carried out during the periodBelow are the transactions carried out during the period that, falling within the definition of business combinations, have been accounted for in accordance with the provisions of IFRS 3: Business Combinations. Specifically, the latter defines a business combi-nation as \u201ca transaction or other event in which an acquirer obtains control of one or more businesses\u201d and states that any assets acquired (including any intangible assets not featured in the acquiree\u2019s statements at the date of acquisition) and any liabilities assumed or contingent are subject to Fair Value consolidation as at the acquisition date, and that the same applies for measure-ment at goodwill of the difference between the Fair Value of the net assets acquired and the considerations transferred during the transaction.Acquisition of control of Nexi Payments Greece As already described in the Management Report, on 30 June 2022 the transaction with Alpha Bank SA was realised with the acqui-sition of control, through :- spin-off by Alpha Bank of its merchant acquiring arm to a new entity licensed to operate as a payment institution;- purchase by Nexi SpA of a 51% stake in the Newco, which has since been named Nexi Payments Greece, for a cash outlay of Euro 160 million (including the Euro 4 million price adjustment). With regard to this transaction, the Purchase Price Allocation process, as also permitted by the international accounting standard IFRS 3, will be completed within 12 months from the date of closing.The agreement with Alpha Bank also provides for an earn-out of up to Euro 30.6 million (corresponding to a maximum total amount of Euro 60 million for 100%), contingent upon the achievement of predetermined financial targets within the first four years of the NewCo\u2019s operations, as well as certain indemnification mechanisms related to the actual recovery of certain receivables included in the merchant acquiring business. These components were subject to valuation on a provisional basis, pending the completion of the Purchase Price Allocation process.The ancillary charges associated with the transaction described were recognised in the Income Statement at the date the services were rendered. Specifically, the costs incurred in 2022 amount to approximately Euro 8 million.Provisional goodwill arising from the business combination, pending the Purchase Price Allocation, amounts to approximately Euro 166.6 million and is composed as follows:(Amounts in thousand euros)Provisional Fair ValueCash consideration paid 156,870Contingent consideration/deferred price 15,038Minority interests 5,126Cash and cash equivalents -Financial assets 202,621Tangible assets 1,188Financial liabilities (889)Other liabilities (192,458)Net assets 10,461Goodwill 166,573Cash consideration paid 171,908Cash acquired -Net cash consideration 171,908Acquisizione di OrderbirdThrough Nets, in May the Nexi Group acquired full ownership of the German company Orderbird, a leading provider of integrated software solutions in the hospitality industry. Nets increased its strategic investment in Orderbird at the end of 2021 (44% as at 31 December 2021) and acquired a controlling stake to further strengthen its commercial services in the hospitality sector. Therefore, the Nexi Group owns 99.53% of Orderbird through Nets, with an aggregate liquidity of approximately Euro 100 million including previous share purchases.Specifically, considering that this was a \u201cbusiness combination achieved in stages\u201d, as required by IFRS 3.47 Nexi reassessed the value of the shares held prior to the acquisition of control. Since these equity investments had already been revalued as part of the Purchase Price Allocation process of the merger with Nets, there were no further adjustments to be made.The ancillary charges associated with the transaction described were recognised in the Income Statement at the date the services were rendered. Specifically, the costs incurred in 2022 amount to approximately Euro 1 million. The Purchase Price Allocation process was completed in 2022 and the price paid was allocated as follows:- Software: Euro 9 million- Brand: Euro 2 million- Customer contracts/relations: Euro 13 millionResidual goodwill amounted to approximately Euro 91.4 million and was composed as follows:(Amounts in thousand euros)Provisional Fair Value Adjustment Final Fair ValueCash consideration paid 102,085 - 102,085Contingent consideration/deferred price 3,796 - 3,796Minority interests 70 202 271Cash and cash equivalents 5,396 - 5,396Financial assets 158 - 158Tangible assets 202 - 202Intangible assets 4,941 24,369 29,310Other assets 3,284 (700) 2,584Financial liabilities (1,000) - (1,000)Tax liabilities - (7,311) (7,311)Other liabilities (9,201) (5,400) (14,601)Net assets 3,780 10,958 14,738Goodwill 102,171 (10,756) 91,414Cash consideration paid 105,881 - 105,881Cash acquired 5,396 - 5,396Net cash consideration 100,485 - 100,485Acquisition of Paytec Payment Provider GmbHAs further described in the Management Report, on 22 December 2021, Concardis GmbH signed an agreement to acquire the control through the participation in the 100% of the share capital of Paytec Payment Provider GmbH for a purchase price of Euro 17.2 million. The transaction was completed on 31 March 2022.Currently, the price paid has been allocated mainly to customer contracts/relationships, the Fair Value of which was determined using the Multi-Period Excess Earnings (\u201cMPEEM\u201d) method. The ancillary charges associated with the transaction described were recognised in the Income Statement at the date the services were rendered and amount to Euro 0.2 million. The goodwill amounts to about Euro 1.3 million and is composed as follows:(Amounts in thousand euros)Provisional Fair Value Provisional Fair Value Adjustmentafter Draft PPACash consideration paid 14,501 (478) 14,023Contingent consideration/deferred price - - -Minority interests - - -Cash and cash equivalents 6,459 - 6,459Tangible assets 484 - 484Intangible assets 7,661 2,139 9,800Other assets 359 (300) 59Tax liablities - (2,500) (2,500)Other liabilities (1,379) (200) (1,579)Net assets 13,584 (861) 12,723Goodwill 917 383 1,300Cash consideration paid 14,501 (478) 14,023Cash acquired 6,459 - 6,459Net cash consideration 8,042 (478) 7,564Acquisition of Team4UOn 8 July 2022 the Nexi Group, through Nets Subgroup acquired the control of Team4U with the participation in 75% of the share capital. The company provides value-added services for merchants (Simcard registration, pre-paid top-ups, insurance, loans, etc.).The consideration paid is Euro 3.3 million. Pending the completion of the Purchase Price Allocation process, provisional goodwill amounts to Euro 5.7 million, as shown below:(Amounts in thousand euros)Provisional Fair ValueCash consideration paid 3,236Contingent consideration/deferred price 2,700Minority interests 88Cash and cash equivalents -Other liabilities 351Net assets 351Goodwill 5,673Cash consideration paid 5,936Cash acquired Net cash consideration 5,936Acquisition of Bper and Numera Sistemi e Informatica S.p.A book acquiringOn 29 December 2022, the acquisition of the two merchant acquiring businesses of BPER and Banco di Sardegna was closed, ef-fective from 31 December 2022. At the same time, Nexi Payments SpA acquired 100% of Numera Sistemi e Informatica SpA, a company that was held with a total shareholding by Banco di Sardegna, active in the management of POSs. The consideration for the transaction was Euro 318 million, which may increase in the event of the payment of a possible deferred component up to Euro 66 million, the payment of which will be conditional upon the achievement of certain economic and qua-litative targets. Pending the completion of the Purchase Price Allocation process, this transaction resulted in the recognition of provisional goo-dwill in the amount of Euro 300 million.39.2 Retrospective adjustmentsAs at 31 December 2022, the Purchase Price Allocation processes were completed with respect to the merger by incorporation of Nets Topco 2 S.\u00e0.r.l, the Luxembourg holding company of the Nets Group, whose legal, fiscal and accounting effects took effect on 1 July 2021 and the merger by incorporation of SIA SpA which took effect on 31 December 2021. Nets Topco 2 S.\u00e0.r.l. during the second half of 2021 was merged by incorporation into Nets Topco 3 S.\u00e0.r.l., which in turn was merged by incorporation into Nets Holdco 1 ApS on 27 December 2022. This process requires the acquirer to allocate the cost of the combination to the identifiable assets acquired, including any intangi-ble assets not recognised in the financial statements of the acquiree, to the liabilities assumed measured at their Fair Values at the acquisition date, and to recognise the value of non-controlling interests in the acquired entity. The Fair Values of the above intangible assets were determined, with the support of an independent expert, using income methods (income approach). Specifically:- Customer contacts/Customer relationships: the Fair Value was estimated using the MPEEM method, which derives the value of customer relationships on the basis of the present value of the extra income attributable to the customer relationships over the remaining life of the relationships. Extra income from customer relations is derived from total income by deducting the income pertaining to the other activities that contribute to the total income (so-called contributory asset) and adding any costs for the acquisition of new customers (which do not constitute costs pertaining to the customer base existing at the date of the PPA).The assumptions and parameters used include estimated annual income flows, discount rates to discount the result flows, the estimated useful life of customer relationships and the tax benefit of amortisation (Tax Amortisation Benefit - TAB).- Software: the Fair Value estimate for the Nets merger was based on an income approach that took into account capitalised costs (also related to software acquired from third parties) and the Net Present Value (NPV) of ongoing projects for the development of new technology platforms. The assumptions and parameters used include the estimated differential cash flows of each project, the discount rate, the estimated life cycle and the tax amortisation benefit. For SIA\u2019s merger, the estimate was based on a mar-ket measure of the royalty rate found in comparable transactions. The assumptions and parameters used include the estimated annual net income (including the appropriate revenue attributable to the business, the applicable tax rate and royalty rate), the discount rate, the estimated life cycle and the Tax Amortisation Benefit (TAB);- Brand: the fair value of the brands (Nets and SIA) was estimated using the relief-from-royalty (RFR) method, which deduces the value on the basis of the present value of the income derived from the brand, estimated as the product of a royalty rate recon-structed on the basis of implicit rates in comparable PPAs (Business Combination pursuant to IFRS 3) and the revenues of the geographical areas where the brands themselves are located. The assumptions and parameters used include the estimated annual net income (including the appropriate revenue attributable to the business, the applicable tax rate and royalty rate), the discount rate, the estimated life cycle and the Tax Amortisation Benefit (TAB).Nets Purchase Price AllocationThe Purchase Price Allocation process led to the identification of the following adjustments to the book values of the assets and liabilities of the acquired company:(Amounts in million euros)Customer Relationship 1,621Software 643Brand 59Contingent Liabilities (21)Investments 4Deferred taxes (446)The aforementioned intangible assets have an average useful life of about 7-13 years with regard to customer relations, about 7 years for software and about 5 years for the Nets brand.Contingent liabilities were estimated on the basis of information available at the date.The adjustment related to Equity investments refers to the revaluation of the equity investment in Orderbird, determined by taking into account the Fair Value resulting from the transaction concluded in 2022 relating to the acquisition of control of the company by the Nexi Group.These values replace the values previously accounted for by Nets, as a result of the Purchase Price Allocation processes previously accounted for by the Nets sub-group, which were consequently written off for a total value (net of the related deferred taxes) of Euro 993.7 million.Finally, note that the assets identified above and the residual goodwill were allocated in the functional currencies of the businesses comprising the Nets Group using methods consistent with those used for the valuation of the assets themselves, taking into ac-count, in particular, the contribution of the different geographic areas of operation of the Nets Group.The residual goodwill from the business combination amounted to approximately Euro 7,370.1 million, and is mainly attributable to the highly qualified workforce and know-how of the Nets Group.(Amounts in thousand euros)Provisional Fair Value PPA Adjustment Final Fair ValueCash consideration paid 7,051,352 - 7,051,352Contingent consideration/deferred price - - -Minority interests - - -Cash and cash equivalents 1,116 - 1,116Financial assets 1,709,718 - 1,709,718Equity investments 41,031 4,000 45,031Tangible assets 171,868 - 171,868Intangible assets 1,176,619 1,147,022 2,323,641Tax assets 49,708 4,784 54,492Other assets 242,535 - 242,535Financial liabilities (3,683,709) - (3,683,709)Tax liabilities (392,044) (268,030) (660,074)Other liabilities (484,369) (21,040) (505,409)Equity attributable to non-controlling interests (17,929) - (17,929)Net assets (1,185,456) 866,736 (318,720)Goodwill 8,236,808 (866,736) 7,370,072SIA Purchase Price AllocationThe Purchase Price Allocation process led to the identification of the following adjustments to the book values of the assets and liabilities of the acquired company:(Amounts in million euros)Customer Relationship 1,824Software 288Brand 84Tangible assets (6)Contingent Liabilities (13)Other adjsutments (3)Deferred taxes (587)The above-mentioned intangible assets have an average useful life of between 11 and 20 years with regard to customer relations, 5 years for software and the SIA brand.Contingent liabilities were estimated on the basis of information available at the date.These values replace the values previously accounted for by SIA which were consequently written off for a total value (net of the related deferred taxes) of Euro 395 million.The residual goodwill from the business combination amounts to approximately Euro 2,402.8 million, and is mainly attributable to the highly qualified workforce and know-how of the SIA Group.(Amounts in thousand euros)Provisional Fair Value Adjustments Final Fair ValueCash consideration paid 3,515,085 3,515,085Contingent consideration/deferred price - -Minority interests - -Cash and cash equivalents 145,014 145,014Financial assets 107,690 107,690Equity investments 754 (101) 653Tangible assets 166,717 (5,993) 160,724Intangible assets 430,559 1,766,097 2,196,656Tax assets 101,247 4,504 105,751Other assets 285,510 (2,223) 283,287Financial liabilities (1,032,157) (1,032,157)Tax liabilities (36,583) (556,033) (592,617)Other liabilities (249,789) (12,975) (262,764)Equity attributable to non-controlling interests -Goodwill (81,040) 1,193,275 1,112,236Avviamento 3,596,125 (1,193,275) 2,402,850Cash consideration paid 3,515,085 - 3,515,085Cash acquired 145,014 - 145,014Net cash consideration 3,370,072 - 3,370,07239.3 Other informationAs provided for by IFRS 3, the following table shows, for the aforesaid corporate transactions, the pro-forma figures of revenues and costs at current exchange rates as if the transaction had been completed at the beginning of the year:(Amounts in million euros)Income Nexi Payments Exchange rate Orderbird PayTechProforma 2022Statement 2022GreeceimpactOperating revenues 3,228 7 1 16 8 3,260Operating costs (1,628) (7) (0) (12) (1) (1,647)EBITDA 1,600 1 1 4 7 1,613The table does not include the BPER/Numera transaction as it will contribute to the Income Statement from 1 January 2023.(Amounts in million euros)Income Statement 2022 Total proforma effect Proforma 2022Operating revenues 3,228 32 3,260 Operating costs (1,628) (19) (1,647)EBITDA 1,600 13 1,613 Profit before taxes 278 Net profit 140 39.4 Transactions after the reporting period28 February 2023 saw the closing of the transaction for the purchase of the merchant book of Intesa Sanpaolo in Croatia. Further information is available under the Management Report.40. Group funding transactions As shown in the Management Report, the Group\u2019s financial structure changed significantly during the year. The following is a summary of the accounting impacts deriving from the refinancing and repayment transactions executed during the year ended 31 December 2022. See the Management Report for the exposure of the Group\u2019s Net Financial Position. VOLUNTARY EARLY REPAYMENT OF FINANCIAL DEBT INSTRUMENTSDuring 2022 several early repayments were made for various debt instruments, which improved the Group\u2019s financial structure. Specifically:- on 30 September the variable-rate bank \u201cTerm Loan\u201d in the original amount of Euro 466.5 million, maturing on 30 June 2025, was partially repaid in the amount of Euro 100 million. As at 31 December 2022, the Term Loan was fully utilised for a residual nominal amount of Euro 366.5 million;- on 7 October 2022, Nexi SpA completed Liability Management by repurchasing its own senior unsecured bonds for a total no-minal amount of Euro 473 million, of which Euro 349 million related to the 2024 Bond, having an original nominal amount of Euro 825 million, a semi-annual fixed-rate coupon of 1.75% p.a. and maturity on 31 October 2024, and Euro 124 million related to the 2026 Bonds, having an original nominal amount of Euro 1,050 million, a semi-annual fixed-rate coupon of 1.625% p.a. and maturity on 30 April 2026, with a total disbursement of approximately Euro 450 million, excluding accrued interest and transaction costs.As of 31 December 2022, the outstanding nominal value of the 2024 Bond and the 2026 Bonds was Euro 476 million and Euro 926 million, respectively. BPER CREDIT LINEOn 29 June 2022, Nexi SpA signed the BPER Loan Agreement pursuant to which BPER Banca SpA granted an unsecured credit line for a total amount of Euro 50 million, fully disbursed on 14 July 2022, which in any case must be repaid in a single instalment on 30 April 2026. 2022 TERM LOANOn 2 August 2022, Nexi SpA entered into the 2022 Term Loan pursuant to which a pool of leading banks granted Nexi SpA a credit line for a total amount of Euro 900 million, partially utilised as of 31 December 2022 for a nominal amount of Euro 750 million and therefore with a residual amount available and not yet disbursed of Euro 150 million, which must be repaid in a single payment on 2 August 2027. Fully utilised at the date of these Notes to the Financial Statements, the 2022 Term Loan was entirely subject to inte-rest rate risk hedging transactions executed in the fourth quarter of 2022 through the subscription of interest rate swap derivative instruments that meet the requirements to be qualified as hedge accounting (so-called cash flow hedges).COVENANTS AND OTHER GUARANTEES LINKED TO FUNDING TRANSACTIONSIn line with financing transactions of a similar complexity and nature, the Nexi Group\u2019s financial indebtedness is characterised by clauses containing commitments, limitations (including negative pledge clauses) and restrictions, representations and warranties, as well as cases of early repayment (in whole or in part), and events of default linked to contractual breaches. The primary obliga-tions include:- financial maintenance covenant: at each \u201ctest date\u201d (i.e. 30 June and 31 December of each year), respect for a financial leverage ratio at a consolidated level (essentially the \u201cleverage ratio\u201d, the ratio of net debt and consolidated LTM \u2013 last twelve months \u2013 EBITDA), that will be tested with respect to the consolidated financial statements and consolidated half-yearly reports and must not exceed the specific periodic thresholds indicated in the contracts of the IPO Loan, the Term Loan, the BBPM Credit Line, the BPER Credit Line and the 2022 Term Loan;- negative pledge: Nexi SpA must abstain from establishing or allowing for the maintenance (and must ensure that no other mem-ber of the Nexi Group establishes or maintains) liens or collateral against its assets, with the exception of certain expressly permit-ted guarantees and restrictions;- prohibition against dispositive actions related to assets (sales, leases, transfers or other dispositive actions), except as expressly permitted under the relevant contracts.Note that at the reporting date all obligations attached to the abovementioned loan contracts have been fulfilled.41. Earnings per ShareThe share capital of Nexi SpA is made up entirely of ordinary shares.The indicator \u201cEarnings per share\u201d (or \u201cEPS\u201d) is presented on both basic and diluted basis: the basic EPS is calculated by considering the ratio of profit theoretically attributable to shareholders to the weighted average of the shares issued, whilst the diluted EPS also takes into account the effects of any future issues.Furthermore, as envisaged by IAS 33, below are details of earnings per share, deriving from the result of the continuing and discon-tinued operations:BASIC EARNINGS PER SHARE2022 2021 RestatedProfit from continuing operations attributable to the company's ordinary shares 0.10 0.05 Income (Loss) after tax from discontinued operations 0.01 -Total Basic earnings per share attributable to the company's ordinary shares 0.11 0.05 DILUTED EARNINGS PER SHARE 2022 2021 RestatedProfit from continuing operations attributable to the company's ordinary shares 0.10 0.04 Income (Loss) after tax from discontinued operations 0.01 -Total Diluted earnings per share attributable to the company's ordinary shares 0.11 0.04 PROFIT ATTRIBUTED TO ORDINARY SHARES(Amounts in thousand euros)2022 2021 RestatedProfit from continuing operations 135,347 39,255Income (Loss) after tax from discontinued operations 7,701 (34) Total net income 143,048 39,221AVERAGE NUMBER OF ORDINARY DILUTED SHARES(number of shares in thousand) 2022 2021Average number of ordinary shares used to compute basic earnings per share 1,310,754 834,754(*)Deferred Shares 70,215 64,321Average number of ordinary and potential shares used to compute diluted earnings per share 1,380,969 899,075(*) These are the shares assigned to the employees under the LTI Plan and the potential shares resulting from the conversion of the convertible bond issued on 29 June 2020 and 17 February 2021.42. Segment Reporting The segment disclosure has been prepared in compliance with the IFRS 8 international accounting standard.As described in the paragraph 9.3 \u201cIntangible Asset: impairment Test\u201d, starting from 2022 financial statements, the Group has identi-fied operating segment consistent with the Business Units of the Group and the Cash Generating Units considered for Impairment test purposes.Consistent with the Group\u2019s organisational structure as well as the reporting to management at the date of the financial statements,the following Operating Sectors were identified:- Merchant Solutions: through this business line, the Group provides the services necessary to enable merchants to accept digital payments, including through commercial relationships with partner banks, for transactions carried out physically at retail outlets and digital transactions on the internet (e-commerce).- Issuing Solutions; via this business line, the Group and its partner banks provide a wide range of issuing services, namely services relating to the supply, issue and management of payment cards.- Digital Banking Solutions: through this business line, the Group provides ATM terminal management, clearing, digital corporate banking, as well as network services.The geographical breakdown of revenues is also provided. Section 42.2 presents a reconciliation of the Income Statement drafted by means of segment disclosure and the Income Statement prepared in the Financial Statements.42.1 SEGMENT REPORTING: INCOME STATEMENT FOR THE PERIOD(Amounts in million euros)Merchant Digital Banking Issuing SolutionsTotal segmentSolutionsSolutionsOperating revenues 1,742 1,025 462 3,228Personnel expenses (379) (231) (126) (736)Other administrative expenses (443) (287) (177) (907)Adjustments and net operating provisions 2 2 11 15Operating costs net of amortization (820) (516) (291) (1,628)EBITDA 921 509 170 1,600Amortization and depreciation (937)Operating margin 663Interest and financial costs (140)Non-recurring items (245)Profit before taxes 278Income taxes (135)Profit for the year 143Profit for the year attributable to non-controlling interests (3)Profit attributable to the Group 140The EBITDA presented above is the \u201cnormalised EBITDA\u201d as described in the \u201cAlternative Performance Indicators\u201d section of the Management Report.The breakdown of revenues by geographical area is as follows:(Amounts in million euros) (*)Italy Nordics & Baltics DACH & PolandSE Europe & Other TotalMerchant Solutions 831 419 430 61 1,742Issuing Solutions 671 176 37 140 1,025Digital Banking Solutions 290 89 6 77 462Total Operating Revenues 1,792 684 473 279 3,228(*) DACH includes Germany, Austria and Switzerland42.2 SEGMENT REPORTING: RECONCILIATION OF SEGMENT REPORTING ON THE INCOME STATEMENT WITH THE INCOME STATE-MENT FOR THE PERIOD(Amounts in million euros)Total segment Reconciliation Financial statementsreportingOperating revenues/Financial and operating income 3,228 (127) 3,101Personnel expenses (736) (83) (819)Other administrative expenses (907) (170) (1,077)Adjustments and net operating provisions 15 (20) (5)Operating costs net of amortization (1,628) (273) (1,901)EBITDA 1,600 (401) 1,200Amortization and depreciation (937) 5 (933)Operating margin 663 (396) 267Interest and financial costs (140) 140 -Non-recurring items (245) 256 11Profit before taxes 278 - 278Income taxes (135) - (135)Profit for the year 143 - 143Profit for the year attributable to non-controlling interests (3) - (3)Profit attributable to the Group 140 - 14043. Restatement of the 2021 financial statements 2022 saw the completion of the Purchase Price Allocation (PPA) associated with the business combination transactions for the acquisition of the Nets Group and the SIA Group. As required by IFRS 3, the Group recognised the adjustments to the provisional amounts shown above as if the accounting for the business combination had been completed at the acquisition date, and then adjusted the comparative information for the 2021 financial year. The effects on the 2021 financial statements are shown below:(Amounts in thousand euros)Dec. 31, 2021 ASSETS Dec. 31, 2021 PPA Nets PPA SIARestatedCash and cash equivalents 1,546,116 - 1,546,116 Financial assets at Fair Value 74,508 - 74,508 Financial assets measured at amortised cost: 3,398,230 - 3,398,230 a) loans and receivables with banks 1,595,782 - 1,595,782 b) loans and receivables with financial entities and 1,802,448 - 1,802,448 customersHedging derivatives - - - - Equity investments 59,779 4,000 (101) 63,678 Tangible assets 549,532 - (5,993) 543,539 Intangible assets 17,230,476 259,383 572,822 18,062,681 of which: Goodwill 14,831,647 (869,263) (1,193,275) 12,769,109 Tax assets 232,956 4,784 4,504 242,244 a) current 25,080 - 25,080 b) deferred 207,876 4,784 4,504 217,164 Non-current assets held for sale and discontinued 1,790 - 1,790 operationsOther assets 1,275,150 - (2,223) 1,272,927 Total assets 24,368,537 268,167 569,009 25,205,713 (Amounts in thousand euros)Dec. 31, 2021 LIABILITIES Dec. 31, 2021 PPA Nets PPA SIARestatedFinancial liabilities measured at amortised cost 9,912,122 - 9,912,122 a) due to banks 3,649,309 - 3,649,309 b) due to financial entities and customers 1,813,534 - 1,813,534 c) securities issued 4,449,279 - 4,449,279 Financial liabilities at Fair Value through profit or loss 168,529 - 168,529 Hedging derivatives - - - - Tax liabilities 478,126 264,350 556,033 1,298,510 a) current 47,571 - 47,571 b) deferred 430,555 264,350 556,033 1,250,939 Liabilities associated with non-current assets held for sale 641 - 641 and discontinued operationsOther liabilities 1,284,285 - 1,284,285 Post-employment benefits 39,847 - 39,847 Provisions for risks and charges 159,596 21,040 12,975 193,611 Share capital 118,452 - 118,452 Treasury shares (-) (4,493) - (4,493)Share premium 11,587,260 - 11,587,260 Reserves 523,080 - 523,080 Valuation reserves 41,448 (4,719) 36,729 Profit (loss) for the year 50,233 (12,504) 37,729 Equity attributable to non-controlling interests (+/-) 9,411 - 9,411 Total liabilities and equity 24,368,537 268,167 569,009 25,205,713 INCOME STATEMENT(Amounts in thousand euros)2021 PPA Nets 2021 RestatedFees for services rendered and commission income 3,052,658 3,052,658Fees for services received and commission expense (1,280,180) (1,280,180)Net fee and commission income 1,772,478 - 1,772,478Interest and similar income 20,399 20,399Interest and similar expense (199,864) (199,864)Net interest income (179,465) - (179,465)Profit (loss) on hedging/financial assets and liabilities at Fair Value through profit or (67,969) (67,969)loss / derecognition of assets and liabilities at Amortised costDividends and profit (loss) from investments and sale of assets at Fair Value through (6,997) (6,997)other comprehensive incomeFinancial and operating income 1,518,047 - 1,518,047Administrative expenses (1,073,390) (1,073,390)Other operating income/expenses, net 3,098 3,098Net value adjustments on assets measured at amortised cost (4,995) (4,995)Net accruals to provisions for risks and charges (26,851) (26,851)Net value adjustments/write-backs on tangible and intangible assets (358,219) (15,838) (374,057)Operating margin 57,690 (15,838) 41,852Profit (loss) from equity investments and disposals of investments 1,441 1,441Profit (loss) before taxes from continuing operations 59,131 (15,838) 43,293Income taxes (7,372) 3,334 (4,038)Income (loss) after tax from discontinued operations (34) (34)Profit (loss) for the year 51,725 (12,504) 39,221Profit (loss) for the year attributable to the parent company 50,233 (12,504) 37,729Profit (loss) for the year attributable to non-controlling interests 1,492 1,492Basic earnings per share 0.06 0.05 Diluted earnings per share 0.06 0.04 44. Fees for audit and non-audit services pursuant to Article 149 duodecies of Consob Regulation no. 11971(Amounts in thousand euros)NEXI SpA Nexi\u2019s Group EntitiesPwC S.p.A. PwC network PwC S.p.A. PwC network (**)Audit 269 523 2,192 ()*Other certifications 76 864 Other services: - - - 10 - Due diligence - - Agreed verification procedures 10 - Other services - Total 345 - 523 3,066 (*) Include attestation services assigned to PwC network companies in accordance with specific regulatory requirements, ISAE 3000 and 3402 attestation services and the limited audit services of the Non-financial Consolidated Statement(**) It also includes foreign companies in the PwC network that perform legal or voluntary auditing services in favour of the Nexi Group\u2019s foreign subsidiaries and consolidated companies..",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__5": {
"value": "Nexi SpA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__6": {
"value": "Milan - Corso Sempione 55",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__7": {
"value": "SpA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__8": {
"value": "Italy",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__9": {
"value": "Corso Sempione 55",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__10": {
"value": "Milan - Corso Sempione 55",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__11": {
"value": "Holding of equity investments. Operating companies operate in the e-money sector (acquiring and issuing) and payments Parent entity name",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__12": {
"value": "Nexi SpA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__13": {
"value": "SpA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__14": {
"value": "The duration of the Company is set at 31 (thirty-one) December 2100 (two thousand one hundred) and may be extended one or more times in the manner envisaged by law",
"dimensions": {
"concept": "ifrs-full:LengthOfLifeOfLimitedLifeEntity",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__16": {
"value": "1. Accounting PoliciesBasis of PreparationIn accordance with the provisions of art. 154 of Italian Legislative Decree no. 58 of February 24, 1998, the Group has prepared these Consolidated Financial Statements as at December 31, 2022 in compliance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Interpretations Com-mittee (IFRIC), as ratified by the European Commission and transposed into Italian Law via Italian Legislative Decree 38/2005 pursuant to Community Regulation no. 1606/2002. In preparing the Consolidated Financial Statements as at 31 December 2022, the IAS/IFRS standards endorsed and in force as at 31 December 2022 were applied, including the SIC and IFRIC interpre-tative documents.Moreover, as required by current regulations, Nexi\u2019s consolidated financial statements are made available to the public in the iXBRL format. Note that due to technical problems some information contained in the Notes to the Consolidated Financial Statements, prepared in ESEF format and extracted from the XHTML format in an XBRL instance, may not be reproduced iden-tically to what is contained in the consolidated financial statements in XHTML format.The Consolidated Financial Statements as at 31 December 2022 comprise the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows, the Notes to the Financial Statements, which include the criteria used for their preparation, and the related comparative informa-tion. The Consolidated Financial Statements are also accompanied by the Board of Directors\u2019 Management Report addressing the Group\u2019s operating performance, its economic results and its equity and financial position.In addition to the amounts for the reporting period, the Financial Statements and Notes to the Financial Statements also pre-sent the comparative figures as at 31 December 2021, which have been restated due to the completion of the Purchase Price Allocation process of Nets and SIA as detailed in section 39 of the Notes to the Financial Statements.The Consolidated Financial Statements as at 31 December 2022 are prepared in euro which is the Company\u2019s functional curren-cy. Unless otherwise stated, amounts in the financial statements and notes are expressed in thousands of euros.As also specified in the Management Report, the measurement criteria are adopted considering the corporate business as a going concern with entries made on an accruals basis, respecting principles of relevance and significance of the accounting information and substance over form. Furthermore, no compensation is made between costs and revenues or between assets and liabilities except in cases expressly provided for or accepted by the accounting standards in force.As well as providing all information mandatory pursuant to international accounting standards, the law, Consob and ESMA, the Management Report and the Notes also provide additional non-mandatory information deemed useful for the purposes of presenting a true and fair view. In continuity with what was done during the drafting of the 2021 annual financial statements, also for the purposes of the 2022 consolidated financial statements, reference was made to the ESMA documents of 20 May 2020 and 28 October 2020 and to the Consob documents of 16 July 2020 and 16 February 2021 relating to the impacts deriving from the Covid-19 pandemic.Moreover, in connection with the invasion of Ukraine that began on 24 February 2022 by troops of the Russian Federation, refe-rence was made to the \u201cEuropean common enforcement priorities for 2022 annual financial reports\u201d Public Statement issued by ESMA on 28 October 2022 for the preparation of the 2022 consolidated financial statements. Finally, account was taken of the joint Consob/Bank of Italy/IVASS statement of October 27, 2022 (\u201cIAS/IFRS Financial Statements as at 31 December 2022 - Disclosures on the Transition to IFRS 17 and IFRS 9\u201d), which requires users of financial statements to understand the impact that the adoption of IFRS 17 and, for many insurance companies, IFRS 9 will have on their financial position and results of operations. Note that the above principles have no impact on the Group\u2019s financial statements.In 2022 the Group applied accounting standards consistent with those of the previous year, except for the changes in accounting standards issued by the IASB and effective as of 1 January 2022. More specifically, the changes \u2013 which did not have a significant impact on the Group \u2013 concern:- IAS 16 - Cost components: introduces a prohibition against deducting from the cost of property, plant and equipment amounts received from the sale of items produced before the activities necessary to prepare the asset for its intended purpose are com-pleted. The company must recognise these sales proceeds and related costs in the income statement;- IAS 37 - Onerous contracts: it is clarified that in order to assess whether a contract is onerous, it is necessary to include in the estimate all costs directly related to the contract and not only the incremental costs necessary to perform the contract. Accor-dingly, the assessment of whether a contract is onerous includes incremental costs (e.g. the cost of direct material used in the production), but also all costs that the company cannot avoid as a result of entering into the contract (e.g. the share of personnel costs and depreciation of machinery used in the performance of the contract);- IFRS 3 - References to the Conceptual Framework: the reference to the new 2018 version of the Conceptual Framework has been updated and an exception to the requirements for recognising contingent liabilities under IFRS 3 has been inserted in order to avoid changes to pre-existing accounting methods. Furthermore, the prohibition against recognising contingent assets (i.e. tho-se assets whose existence will only be confirmed by uncertain future events) in business combinations is made explicit (previously this prohibition was only explicitly stated in the Basis for Conclusion).With this Regulation, the usual annual improvements \u2013 Annual cycle of improvements to IFRS 2018-2020 \u2013 that clarify the wording or correct errors, oversights or conflicts between the requirements of the standards were also implemented. Amongst these minor amendments are changes to IFRS 9 Financial Instruments, with some clarifications concerning the fees to be included in the 10% test for the derecognition of financial liabilities. In this regard, it is specified that only fees paid or received between parties should be included, and not also fees directly attributable to third parties.The changes to the accounting standards described above had no significant impact on the Group\u2019s financial statement balances and comparisons. As of 1 January 2023 it will be mandatory to apply International Accounting Standard \u201cIFRS 17 Insurance Contracts\u201d and subsequent amendments \u201cAmendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information\u201d, amendments to International Accounting Standard \u201cIAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Di-sclosure of Accounting Policies\u201d, the amendments to International Accounting Standard \u201cIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u201d and the amendments to International Accounting Standard \u201cIAS 12 Income Taxes: Deferred Taxes related to Assets and Liabilities arising from a Single Transaction\u201d following endorsement by the European Union.It is expected that these changes will have no significant impact on the Group.The table below shows the standards for which amendments have been issued but not yet approved by the European Union.IASB documents IASB publication dateAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current 23/01/2020 \u2013 15/07/2020and Classification of Liabilities as Current or Non-current - Deferral of Effective DateAmendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback 22/09/2022Since none of these has been approved by the European Union, they have not impacted the Consolidated Financial Statements as of 31 December 2022.The Consolidated Financial Statements are accompanied by a statement by the Managing Director - CEO and by the Financial Reporting Manager, in accordance with Article 154 bis of the TUF and subjected to an audit by the independent auditors Pricewa-terhouseCoopers SpA.Contents of the accounting statementsStatement of Financial Position and Income StatementThe Statement of Financial Position and the Income Statement consist of items, sub-items and additional, more detailed informa-tion. In the Income Statement, revenues are indicated with no sign, while costs are preceded by the minus sign.Statement of Comprehensive IncomeThe Statement of Comprehensive Income starts out from the profit (loss) for the period to show the items of income recognised as counter-entries in the valuation reserves, net of the relevant tax effect, in compliance with the international accounting standards. Consolidated comprehensive income is presented with separate evidence of the income components that will not be recognised in the income statement in the future and those that may otherwise be reclassified to profit (loss) for the year under certain condi-tions. The statement also distinguishes the share of profitability pertaining to the Parent Company from that pertaining to minority shareholders. Negative amounts are preceded by a minus sign.Statement of Changes in EquityThe Statement of Changes in Equity shows the changes to shareholders\u2019 equity accounts that took place during the year covered by the financial statements and the previous year, divided up into share capital, reserves (capital reserves and net income reserves), valuation reserves and the profit (loss) for the period. Any treasury shares reduce Shareholders\u2019 equity. The \u201cEquity\u201d components included in the Bond Loans issued, net of the direct transaction costs, increase Shareholders\u2019 equity.Statement of Cash FlowsThe statement of cash flows provides information on cash flows for the year of the consolidated financial statements under review and the previous period, and has been prepared using the indirect method whereby, in reporting cash flows from operating activi-ties, profit or loss is adjusted for the effects of non-monetary transactions.Cash flows are broken down into those generated by operating, investing and financing activities. It should be noted that, as required by IAS 7.43, cash flows from investment activity have been excluded those that did not require the use of cash or cash equivalents, including leases.The cash flows generated in the period are indicated with no sign, while the cash flows absorbed in the period are preceded by the minus sign.Contents of the Notes to the Financial StatementsThe Notes to the Financial Statements provide all information envisaged by the international accounting standards.The measurement criteria, described below, were adopted to determine all information given in the consolidated financial statements.Consolidation criteriaThe Group has established the consolidation scope in accordance with IFRS 10 - Consolidated Financial Statements. Accordingly, the con-cept of control is fundamental to consolidation of all types of entities. It exists when the investor concurrently:- has power over the entity relevant activities;- is exposed or has rights to variable returns arising from its involvement with the entity;- has the ability to affect those returns through its power over the entity.The Group therefore consolidates all types of entities when all three control elements are present. As a rule, when an entity is mainly ma-naged through voting rights, control derives from the holding of more than half of the voting rights.Assessment of whether control exists may be more complex in other circumstances and require a greater use of judgement as it is neces-sary to consider all the factors and circumstances that give control over the investee (de facto control).In the context of the Nexi Group, all the consolidated entities are mainly controlled through voting rights. Accordingly, Nexi did not have to exercise judgements or make significant assumptions in order to establish the existence of control over subsidiaries and significant influence over associates. For the preparation of the consolidated financial statements as at 31 December 2022, the following were used: i) the financial statements of the Parent Company Nexi SpA and ii) the accounting results as at 31 December 2022, approved by the competent bodies and functions of the other fully consolidated companies.Controlled companies have been consolidated by recognising all the assets, liabilities, revenue and costs on a line-by-line basis of the Statement of Financial Position and Income Statement aggregates of the accounting situations of subsidiaries. To this end, the following adjustments were made:- the carrying amount of equity investments in the in-scope subsidiaries and the Parent Company\u2019s share of their Shareholders\u2019 equity have been eliminated; - recognising the Shareholders\u2019 equity and profits or losses of non-controlling interests in the period separately.The differences resulting from the above adjustments, if positive, are recognised \u2013 after any allocation to items of the assets or liabilities of the subsidiary \u2013 as goodwill or as other intangibles in item \u201cIntangible Assets\u201d as at the date of first consolidation. Any negative differences are recognised in the Income Statement.Intragroup assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses are eliminated.Business combinations must be accounted for using the \u201cacquisition method\u201d in accordance with IFRS 3, whereby identifiable assets acqui-red or liabilities assumed (including contingent liabilities) are recognised at their fair value at the acquisition date. Moreover, for each bu-siness combination, any minority interest in the acquired company can be recognised at fair value or in proportion to the minority invest-ment in the net identifiable assets of the acquired company. Any excess of the consideration transferred (being the fair value of the assets sold, the liabilities incurred and the equity instruments issued) over the fair value recognition of minority interests with respect to the fair value of the assets acquired and the liabilities assumed is recognised as goodwill. If the consideration is lower, the difference is recognised in the income statement. The Group applies the \u2018Partial Goodwill\u2019 approach and therefore accounts for minority interests at their book value.The \u201cacquisition method\u201d is applied starting from the acquisition date, that is from the moment in which control of the acquired company is obtained. Therefore, the economic results of a subsidiary acquired in the reference period are included in the Consolidated financial statements starting from the acquisition date. Likewise, economic results of a subsidiary sold are included in the Consolidated financial statements until the date in which control ceased. The difference between sale price and book value at the date of disposal (including foreign exchange differences recorded in shareholders\u2019 equity on consolidation, over time) is accounted for in the income statement.In a business combination achieved in stages, the fair value at the acquisition date shall also be determined by reference to the acquirer\u2019s previously held equity interest in the acquiree.Pursuant to IAS 28, the consolidated financial statements also include the results of investees, i.e., entities over which the Group has signi-ficant influence and the power to participate in directing its financial and operating policies without having control or joint control. Such equity investments are measured using the Shareholders\u2019 equity method which entails the initial recognition of the investment at cost and its subsequent adjustment based on the Group\u2019s share of the investee\u2019s shareholders\u2019 equity. The Group\u2019s share of the associate\u2019s profit or loss in the period is recognised separately in the consolidated Income Statement.The difference between the investment\u2019s carrying amount and the Group\u2019s share of its Shareholders\u2019 equity is included in the investment\u2019s carrying amount.If there is indication of impairment, the Group estimates the investment\u2019s recoverable amount, considering the discounted future cash flows that the investee may generate, including the investment\u2019s costs to sell. When the recoverable amount is less than the investment\u2019s carrying amount, the difference is recognised in the Income Statement.All the assets and liabilities of the subsidiaries that prepare their financial statements in currency other than the euro (so-called Forei-gn Operation) and that fall within the consolidation area are translated using the exchange rates in force at the reporting date (current exchange method), while the related revenues and costs are translated at the average exchange rates for the year. The translation exchan-ge differences resulting from the application of this method are classified as a Shareholders\u2019 equity item until the equity investment is disposed of in full or when the investee ceases to qualify as a subsidiary. On partial disposal, without loss of control, the portion of exchange rate differences relating to the portion of the equity investment disposed of is allocated to the Shareholders\u2019 equity of the minority intere-sts. In preparing the consolidated statement of cash flows, the cash flows of consolidated foreign companies expressed in currencies other than the euro are translated using the average exchange rates for the period. Goodwill and fair value adjustments generated when alloca-ting the purchase cost of a foreign company are recognised in the related currency and are translated using the year-end exchange rate.Equity investments in subsidiaries The following table shows Nexi Group\u2019s scope at 31 December 2022:% Registered Company Structure Currency investorownershipoffice()*Nexi Payments SpAsubsidiary EUR Nexi SpA 99.49 Milan, Italy()()***Nexi Payments Greece S.A.subsidiary EUR Nexi SpA 90.01 Athens, GreeceMercury Payment Services SpA subsidiary EUR Nexi SpA 100 Milan, ItalyHelp Line SpA subsidiary EUR Nexi SpA 69.24 Milan, ItalyHelp Line SpA subsidiary EUR Nexi Payments SpA 1.06 Milan, ItalyOrbital Cultura srl (ex Bassmart) subsidiary EUR Nexi Payments SpA 95 Florence, ItalyService HUB SpA subsidiary EUR Nexi SpA 100 Milan, Italy()*SIApay S.r.l.subsidiary EUR Nexi Payments SpA 100 Milan, ItalySIA Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, Greece()**Numera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH subsidiary EUR Nexi SpA 100 Wien, AustriaSIA RS d.o.o. Beograd subsidiary RSD SIA Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK SIA Central Europe a.s. 100 Zagreb, CroatiaSIA Czech Republic, s.r.o. subsidiary CZK SIA Central Europe a.s. 100 Prague, Czech RepublicSIA Romania Payment Technologies S.r.l. subsidiary RON SIA Central Europe a.s. 100 Bucharest, RomaniaSIA Payment Services subsidiary EUR SIA Central Europe a.s. 100 Bratislava, SlovakiaNets US LLC subsidiary USD Nexi SpA 100 Delaware, USA()*BillBird S.A.subsidiary PLN Centrum Rozliczen Elektronicznych 100 Krakow, PolandPolskie ePlatnosci S.A.Centrum Rozliczen Elektronicznych Polskie subsidiary PLN Rementi Investments S.A. 100 Taj\u0119cina, PolandePlatnosci S.A.()*Checkout Finland Oy subsidiary EUR Paytrail Oyj 100 Tampere, FinlandConcardis GmbH subsidiary EUR Concardis Holding GmbH 100 Eschborn, GermanyConcardis Austria GmbH subsidiary EUR Concardis GmbH 100 V\u00f6sedorf, AustriaConcardis Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyCPG Sales GmbH subsidiary EUR Concardis Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, Poland% Registered Company Structure Currency investorownershipoffice()**GfliB Wireless GmbH subsidiary EUR Orderbird AG 98.15 Berlin, Germany()**Orderbird GmbH subsidiary EUR Orderbird AG 98.15 Wien, AustriaEvergood Germany 1 GmbH subsidiary EUR Nets Holdco 1 ApS 100 Eschborn, GermanyNassa Topco AS subsidiary DKK Nets A/S 100 Oslo, NorwayNets A/S subsidiary EUR Nets Holdco 5 AS 100 Ballerup, DenmarkNets Cards Processing A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, DenmarkNexi Croatia Ltd subsidiary HRK Concardis Holding GmbH 100 Zagreb, CroatiaNets CEE d.o.o. (Slovenia) subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark(*)Nets Denmark A/S subsidiary DKK Nassa Topco AS 100 Ballerup, DenmarkNets Estonia AS subsidiary EUR Nets Denmark A/S 100 Tallinn, EstoniaNets Holdco 1 ApS subsidiary DKK Nexi SpA 100 Ballerup, DenmarkNets Holdco 5 AS subsidiary DKK Nets Holdco 1 ApS 100 Oslo, NorwayNets Sweden AB subsidiary SEK Nets Denmark A/S 100 Stockholm, SwedenNets Schweiz AG subsidiary CHF Concardis GmbH 100 Wallisellen, Switzerland()**Orderbird AG subsidiary EUR Concardis GmbH 98.15 Berlin, Germany()**Paytech Payment Provider GmbH subsidiary EUR Concardis GmbH 100 Eschborn, GermanyP24 Dotcard Sp. z o.o. subsidiary PLN Nets Denmark A/S 100 Warszawa, Poland(*)PayPro S.A. subsidiary PLN P24 Dotcard Sp. z o.o. 82 Pozna\u0144, Poland(*)Paytrail Oyj subsidiary EUR Nets Denmark A/S 100 Jyv\u00e4skyl\u00e4, FinlandPaytrail Technology Oy subsidiary EUR Paytrail Oyj 100 Jyv\u00e4skyl\u00e4, Finland(*)Polskie e Platnosci Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 100 Jasionka, PolandPolskie ePlatnosci S.A.Poplatek Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland(*)Ratepay GmbH subsidiary EUR Concardis Holding GmbH 100 Berlin, GermanyRementi Investments S.A. subsidiary PLN Nets Denmark A/S 100 Warszawa, PolandSignaturgruppen A/S subsidiary DKK Nets Denmark A/S 100 Aarhus, DenmarkStorebox ApS subsidiary DKK Nets Denmark A/S 100 Copenhagen, DenmarkTopCard Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 100 Taj\u0119cina, PolandPolskie ePlatnosci S.A.()**Team4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.(*) Company conducting regulated activities subject to local supervisory regulations.(**) Companies included in full consolidation scope in 2022.Note that in 2022 the companies EdiGard As, its subsidiary IT Baltic SIA (Latvia) and the company ATS SpA, which was sold, left the scope of consolidation.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2022 includes, in addition to the companies listed above and consolidated on a line-by-line basis, the following associates measured, given the stakes and/or relevance, accor-ding to the equity method:% Registered Company Structure Currency investorownershipofficeRs Record store (in liquidation) significant influence/joint control EUR Nexi Payments SpA 30 Genova, Italye-Boks Development A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, Denmarke-Boks GCC ApS significant influence/joint control DKK e-Boks International A/S 50 Hellerup, Denmarke-Boks Group A/S significant influence/joint control DKK Nets Denmark A/S 50 Hellerup, Denmarke-Boks International A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, Denmarke-Boks Nordic A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, DenmarkWEAT Electronic Datenservice significant influence/joint control EUR Concardis GmbH 40 D\u00fcsseldorf, Germany()*GmbHNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, Italy()***Nexi Digital Polska sp z o.o . significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, Poland(***) the percentage indicated refers to the Group\u2019s share.Significant assessments and assumptions made to determine the scope of consolidationAs mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its relationship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsidiaries. Control can only take place if the following elements are present at the same time:- the power to direct the relevant activities of the investee;- the exposure or rights to variable returns arising from the relationship with the entity invested in;- the capacity to exercise its power over the investee company to affect the amount of its returns.Specifically, the Group considers the following factors when assessing the existence of control:- the purpose and structure of the investee, in order to identify the entity\u2019s objectives, its relevant activities, i.e. those that most influence its performance, and how these activities are governed;- power, in order to understand whether the Group has contractual rights that confer the ability to direct the relevant operations;- exposure to the variability of the investee\u2019s returns, in order to assess whether the return received by the Group may potentially vary depending on the results achieved by the investee.Furthermore, in order to assess the existence of control, potential principal-agent relationships are taken into account. In assessing whether it operates as a principal or as an agent, the Group considers the following factors:- decision-making power over the relevant activities of the investee;- rights held by other parties;- the remuneration the Group is entitled to;- the Group\u2019s exposure to the variability of returns from any investment held in the investee.IFRS 10 identifies as \u201cmaterial assets\u201d only those assets that significantly affect the performance of the investee company. In general terms, when material assets are managed through voting rights, the following factors provide evidence of control:- ownership, directly or indirectly through its subsidiaries, of more than half of the voting rights of an entity, unless \u2013 in exceptional cases \u2013 it can be clearly demonstrated that such ownership does not constitute control;- ownership of half or less of the votes exercisable at the shareholders\u2019 meeting and the practical ability to unilaterally govern the relevant activities through:- control of more than half of the voting rights by virtue of an agreement with other investors;- the power to determine the financial and operating policies of the entity by virtue of provisions of the articles of association or a contract;- the power to appoint or remove the majority of the members of the board of directors or equivalent corporate governance body;- the power to exercise the majority of voting rights at meetings of the board of directors or equivalent corporate governance body.In order to exercise the power, it is necessary that the Group\u2019s rights over the investee entity be substantial. To be substantial, those rights must be practically exercisable when decisions on the relevant activities are to be made. Where substantial, the existence and effect of potential voting rights are taken into account when assessing whether or not there is the power to direct the financial and management policies of another entity. It may sometimes be the case that \u201cde facto control\u201d is exercised over certain entities when, even in the absence of a majority of voting rights, one owns such rights as to enable one to direct the relevant activities of the in-vestee entity in a unidirectional manner. Conversely, cases may arise where, despite owning more than half of the voting rights, one does not have control of the entities invested in because, as a result of agreements with other investors, the exposure to variable returns from the relationship with those entities is not considered significant.Subsidiaries may also include any \u201cstructured entities\u201d in which voting rights do not represent determinants of control, including special purpose vehicles (SPE/SPV) and investment funds. Structured entities are considered to be controlled where one has power through contractual rights to govern the relevant assets and is exposed to variable returns from those assets.As mentioned above, no circumstances arose that required the exercise of subjective evaluations or significant assumptions to determine the scope and method of consolidation.Significant restrictionsNote that as for significant restrictions applicable to the transfer of resources within the Nexi Group, some Group companies, as specified in the relevant section, are subject to prudential rules under supervisory regulations, aimed at preserving adequate capi-talisation in relation to the risks assumed. The ability of these companies to distribute capital or dividends is, therefore, subject to compliance with the relevant provisions on equity requirements.Conversely, there are no significant limitations or restrictions to the exercise of voting rights held in subsidiaries.Other InformationThere are no financial statements of subsidiaries used in preparing the consolidated financial statements for a date other than that of the consolidated financial statements. At the date of the consolidated financial statements, no other undertakings connected to equity investments in associated com-panies are in place with reference to the regulation in force.As reported in the Management Report, the Directors confirm the reasonable expectation that the Group will continue to operate in the foreseeable future with a view to business continuityMain Accounting Policies Financial assets at Fair Value through OCIClassification criteriaAt the reporting date, this category only includes equity instruments other than those held for trading and which the Group has op-ted to measure at FVTOCI. In fact, the non-derivative financial assets held within the scope of the \u201cHeld to Collect and Sell\u201d business model do not have a balance at the reporting date as they are sold on a daily basis as part of a factoring contract.Under IFRS 9 general requirements on the reclassification of financial assets (excluding equity securities, for which no reclassifica-tion is allowed), reclassifications to other categories of financial assets is only permitted if the Group changes its business model within which the financial assets are held. Such cases, the occurrence of which should be extremely infrequent, allow reclassification of financial assets measured at Fair Value through other comprehensive income to one of two categories designated by IFRS 9 (i.e. \u201cFinancial assets measured at amortised cost\u201d or \u201cFinancial assets at FVPL\u201d). The transfer value, which is applied prospectively from the reclassification date, is recognised as the Fair Value at time of reclassification. Where financial assets at FVTOCI are reclassified to amortised cost, the Fair Value of the financial asset at the reclassification date is adjusted by the cumulative profit or losses pre-sented in the valuation reserve. Where financial assets at FVTOCI are reclassified to financial assets at FVTPL, the cumulative gain or loss previously recognised presented in the valuation reserve is reclassified from equity to profit or loss for the period.Recognition criteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs attributable to their acquisition.Measurement criteriaThey are measured at Fair Value and recognised as a balancing entry in the statement of changes in equity (i.e. \u201cOther comprehen-sive income items\u201d). Fair Value is determined based on the criteria set out in the \u201cFair Value Disclosure\u201d section.While dividends are recognised under profit and loss for the period, any impairment loss and any profit or loss from their sale is not recognised in the Income Statement.Derecognition criteriaFinancial assets or parts of such assets are derecognised whenever the contractual rights to cash flows expire or are transferred, essentially transferring all the related risks and rewards. More specifically, transferred financial assets are derecognised when the entity retains the contractual rights to receive the assets\u2019 cash flows but concurrently assumes an obligation to pay these \u2013 and only these \u2013 cash flows to third parties without significant delay.Where derecognition is applied to receivables transferred within the scope of non-recourse factoring contracts, the result of dispo-sals, which is equal to the difference between the carrying value and the price of sale, is recognised under \u201cDividends and profit/loss from the investment and sale of financial assets at FVTOCI\u201d on the Income Statement.Financial assets measured at amortised costClassification criteriaThis category comprises non-derivative financial assets held in the \u201cHeld-to-Collect\u201d business model, the contractual terms of which solely generate cash flows that are payments of principal and interest (SPPI criterion).The item mainly accounts for receivables due from holders and merchants (including those deriving from the \u201cpay later\u201d solution), their bank accounts, including positions towards international card schemes. Under IFRS 9 general requirements on the reclassifi-cation of financial assets, reclassifications to other categories of financial assets is only permitted if an entity changes the business model within which the financial assets are held. Such cases, the occurrence of which should be extremely infrequent, allow re-classification of financial assets measured at Fair Value through other comprehensive income to one of the other two categories designated by IFRS 9 (i.e. \u201cFinancial assets at fair value through OCI\u201d or \u201cFinancial assets at FVPL\u201d). The transfer value, which is applied prospectively from the reclassification date, is recognised as the Fair Value at time of reclassification. Gains or losses generated by the difference between the amortised cost of financial assets and their fair value are recognised either to profit or loss, where the assets are reclassified as \u201cFinancial assets at FVPL\u201d, or to Shareholders\u2019 equity (and to the relevant valuation reserve), where the as-sets are reclassified as \u201cFinancial assets at fair value through OCI\u201d.Recognition criteria\u201cFinancial assets measured at amortised cost\u201d are initially recognised at the agreement signing date, which is usually the disburse-ment date, based on the financial instrument\u2019s Fair Value, which usually equals the amount disbursed including transaction costs.Measurement criteriaAfter initial recognition, assets included in this item are measured at amortised cost using the effective interest method.\u201cFinancial assets measured at amortised cost\u201d are tested for impairment at each reporting date. The impairment rules described below also apply to loan commitments and financial guarantee contracts.Impairment is calculated considering the financial asset\u2019s expected credit losses. For the financial receivables, application of the related impairment method requires classification of the financial assets according to three stages, depending on whether any significant increase in credit risk has occurred as of initial recognition. For each stage a different method of measuring impairment is used based on the expected loss in the 12 subsequent months for receivables in Stage 1 (performing financial instruments that have not seen a significant increase in credit risk) and on lifetime expected losses of receivables classified in Stage 2 and Stage 3 (including performing financial instruments that have seen an increase in credit risk and bad financial assets, respectively). Given the specific features of the Group\u2019s credits portfolio, the expected 12-month loss is itself the expected lifetime loss.Regarding the trade receivables under the item in point, mainly consisting of merchant fees charged to the merchants, the Group made use of the option to apply the simplified approach of IFRS 9 by measuring the expected loss over the life of the instrument without applying the three-stage approach.With respect to impairment:- the Group defined the methods to monitor changes in credit quality of its financial assets measured at amortised cost and at Fair Value as a balancing entry in the statement of changes in equity;- since the IFRS definition of exposures at default is now aligned with the regulatory definition, the approach used to classify expo-sures as credit-impaired, which are now allocated to Stage 3, has not changed.The Group considers historical information and all the information available at the reporting date, including forward-looking infor-mation on the potential worsening in the historical losses.Impairment losses are recognised in profit or loss as net impairment losses.An entity recognises an impairment gain on credit-impaired debt instruments when the reasons for the impairment no longer exist and the gain is objectively related to an event that took place after recognition of the impairment loss. Impairment gains are recognised in the Income Statement and may not exceed the amortised cost the asset would have had had the impairment loss not been recognised.Derecognition criteriaFinancial assets or parts of financial assets are derecognised when the contractual rights to cash flows expire or are transferred, transferring substantially all the related risks and rewards.More specifically, transferred financial assets are derecognised when an entity retains the contractual rights to receive the assets\u2019 cash flows but concurrently assumes an obligation to pay these - and only these - cash flows to third parties without significant delay.Hedging transactionsClassification criteriaAsset and liability items include hedging financial derivatives, which at the date of the financial statements had a positive and ne-gative fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attributable to a specific risk by offsetting them with recognisable gains on a different financial instrument or group of financial instruments.The following types of hedging relationships are envisaged in IFRS 9:- fair value hedge: a hedge of the exposure against changes in the fair value of a recognised asset or liability or an unrecognised firm commitment, or a component thereof, that is attributable to a particular risk and could affect profit (loss) for the period;- cash flow hedge: a hedge of the exposure against variability in cash flows attributable to a particular risk associated with all or a component of recognised assets or liabilities (such as all or only some future interest payments on variable rate debt) or a highly probable planned transaction that could affect profit (loss) for the period;- hedges of a net investment in a foreign operation as defined in IAS 21.As established by IFRS 9, derivative instruments are designated as hedging instruments provided that the hedging relationship between the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the stan-dard, including those relating to hedge effectiveness.The Group has only entered into cash flow hedge transactions.Recognition criteriaHedging derivatives are initially recognised at fair value at the date of the transaction.Measurement criteriaHedging derivatives are measured at fair value.The method of accounting for gains and losses arising from changes in fair value differs according to the type of hedge: With regard to cash flow hedges, changes in the fair value of the derivative are recognised in Shareholders\u2019 equity for the effective portion of the hedge, and are only recognised in the income statement when a change in the cash flows to be offset occurs or if the hedge proves ineffective with respect to the hedged item. In application of the accounting standard, hedging relationships must meet the following requirements: - presence of an economic relationship between the hedged item and the hedging instrument; - the non-dominance of credit risk within the fair value changes relating to this economic relationship; - the definition of a hedge ratio that identifies the quantities of hedged item and hedging instrument considered in the hedging relationship, so as not to create a mismatch that generates a component of ineffectiveness that does not properly reflect the objectives of the hedge.Derecognition criteriaThe hedging relationship is terminated if the hedge effectiveness test fails or the risk management objective underlying the hed-ging relationship has changed. In such case, the derivative instrument is classified as a trading transaction.Furthermore, the hedging relationship is interrupted when:- the hedged item is sold and repaid;- the hedging transaction is terminated early;- the derivative expires, is sold, extinguished or exercised.Equity investments in associates and joint venturesBasis of classification, recognition and measurementThis item includes equity investments in associates and joint ventures, measured using the equity method, as described in the Consolidation criteria section. Jointly controlled companies are entities for which control is shared between the Group and one or more other parties on a con-tractual basis, or when the unanimous consent of all parties sharing control is required for decisions concerning material activities. Associate companies are entities in which the Group owns at least 20% of the voting rights (including potential voting rights) or in which, even with a lower proportion of voting rights, it has the power to participate in the determination of the financial and mana-gement policies of the investee company by virtue of special legal ties such as participation in shareholders\u2019 agreements.Equity investments are recognised at cost and accounted for using the equity method. If there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, considering the discounted future cash flows that the investee may generate, including the investment\u2019s costs to sell.When the recoverable amount is less than the investment\u2019s carrying amount, the difference is recognised in the income statement. If the reasons for an impairment loss are removed as a result of an event occurring after the impairment was recognised, a reversal of the impairment loss is recognised in the income statement.Investments in entities other than subsidiaries, associates or joint ventures are classified in the portfolio of financial instruments measured at Fair Value trough the income statement or the portfolio of financial instruments measured at Fair Value trough com-prehensive income.Derecognition criteriaEquity investments are derecognised when the contractual rights to the cash flows from the assets expire or when the equity invest-ment is sold, substantially transferring all the risks and rewards associated with it.Tangible AssetsClassification criteriaProperty, equipment and investment property include land, instrumental properties, furniture, furnishings, valuable artistic herita-ge, POSs and ATMs, electronic machinery and equipment of all types, expected to be used for more than one year. The item also includes rights of use acquired through lease contracts, as envisaged by IFRS 16. According to IFRS 16, a lease is a contract or part of a contract that transfers the right to use an asset for a period of time in exchange for consideration.Items of property and equipment held for use in production or for the supply of goods and services are classified as such under IAS 16. Property held for investment purposes held to earn rentals or for capital appreciation or both is classified as \u201cInvestment property\u201d under IAS 40.Recognition criteriaTangible assets acquired on the market are recognised as assets when the main risks and rewards connected with the asset are transferred. Initial recognition is at cost, which includes all directly related charges. Rights of use accounted for under IFRS 16 are recognised as the sum of the present value of future lease payments to be made over the lease term, lease payments made on or before the lease term, any incentives received, initial direct costs, and any estimated costs of dismantling or restoring the underlying asset, as the lessee has a financial obligation to make payments due to the lessor to compensate for its right to use the underlying asset during the lease term. Recognition occurs when the asset is made available to the lessee for its use, and on that date the lessee recognises both the liability and the asset consisting of the right of use. The recognised financial liability corresponds to the present value of the lease payments due.Regarding the discount rate, on the basis of IFRS 16 requirements, the Group uses the implicit interest rate, where available, for each lease contract. If such a rate is not available or cannot be readily determined without resorting to estimates, the Group will base the incremental rate on market rate curves and the lessee\u2019s spread.Land is recognised separately, even when purchased jointly with the building, taking a component-based approach. The break-down of the value of the land and that of the building is prepared on the basis of independent expert appraisals.The costs of major repairs which increase the future economic benefits associated with the asset are recognised in the carrying amount of the asset, when the criteria for capitalisation are met, while the costs of day-to-day servicing are recognised in the In-come Statement.Measurement criteriaProperty, plant and equipment (for operational use and held for investment purposes) with a finite useful life are subsequently me-asured at cost adjusted for accumulated depreciation and any impairment losses and reversals.The depreciable value of property and equipment, equal to the cost of the assets insofar as the residual value at the end of the depreciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, according to a criterion of allocation that reflects the technical-economic duration and the residual possible use of the individual elements.The useful life with reference to the different categories of tangible assets is at most as follows:- Civil/industrial buildings for functional use: 33 years- Civil/industrial buildings held for investment purposes: 33 years- POSs: 5 years- ATMs: 7 years- Electrical systems 7 years- Data centres: 7 years- Air-conditioning systems: 7 years- Alarm and security systems: 5 years- Fire-fighting systems: 7 years- Telephone and telecommunications equipment: 3 years- Hardware: 5 years- Furniture: 7 years- Furnishings: 7 yearsThe rights of use recognised in accordance with IFRS 16 are depreciated over a period equal to the lesser of the asset\u2019s useful life and the duration of the lease contract. The lease term is determined taking into account periods covered by an option to extend the lease and an option to terminate the lease where the exercise of those options is reasonably certain.Land is not depreciated insofar as it has an undefined useful life, and artistic heritage is not depreciated insofar as the useful life cannot be estimated and its value normally increases over time.At each reporting date, the Group weighs up whether or not there is any indication showing that property, equipment, investment property and rights of use may have suffered a loss in value. If there is evidence of any such loss, the carrying amount is compared with the recoverable value.Derecognition criteriaProperty, equipment end investment property are derecognised when disposed of or when no further future economic benefit is expected from their use or decommissioning.Intangible assetsClassification criteriaIntangible fixed assets are non-monetary assets with no physical consistency, which can be identified and are able to generate future economic benefits that can be controlled by the company, and include goodwill and other intangible assets governed by IAS 38. They may include rights of use acquired under leases and relating to the use of an intangible asset by the lessees.Recognition criteriaIntangible assets are recognised at the cost of acquisition when the main risks and benefits connected with the asset are transferred, but only if it is likely that the related future economic benefits will be realised and if the cost can be reliably determined. If not, the cost of the intangible asset is recognised in the income statement in the year in which it is incurred. More specifically, the cost of software development includes only the expenses incurred that can be directly attributed to the development process and constitute intangi-ble assets only if all the following conditions are met:- the cost attributable to the development activity can be reliably determined;- the entity has the intention, the availability of financial resources and the technical capacity to make the asset ready for use or sale;- it can be demonstrated that the asset is able to produce future economic benefits.There are also intangible assets linked to the customers represented by the valuation, during combinations, of contracts with custo-mers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is represen-tative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a period expressing the residual, contractual or estimated duration of the relationships in place at the time of the combination transaction.Finally, the brand, which is also recognised in combination transactions, is valued using the \u201croyalty relief\u201d criterion.Measurement criteriaAll intangible assets recognised, other than goodwill, are considered of finite useful life and consequently amortised considering the cost of the individual assets and the related useful life.More specifically, intangible assets based on technology, such as application software purchased with permanent user\u2019s licenses and the costs for software development, are amortised according to their expected technological obsolescence and in any case in general over a period of five years, save for particular cases connected to the development of new platforms, analysed from time to time based on the technical features.Intangible assets arising from the purchase price allocation of business combination have a useful life estimated individually for each transaction:- Customer contracts: on the basis of the contract terms;- Customer relationship: approximately 20 years;- Brand: 5 yearsThe residual value of the various assets is assumed as equal to zero.If there is any indication that an intangible asset with a finite useful life may be impaired, the asset\u2019s recoverable amount is estimated and the amount of the loss, recognised in the income statement, is equal to the difference between the asset\u2019s carrying amount and its recoverable amount.Derecognition criteriaAn intangible asset is derecognised on disposal or when no future economic benefits are expected.GoodwillGoodwill is recognised in the statement of financial position at cost, net of any accrued losses, and is not subject to amortisation.With respect to business combinations, goodwill may be recorded when the positive difference between the fair value of shareholders\u2019 equity acquired and the purchase price of the equity investment is representative of the future potential income generation of the equity investment.If this difference is negative (badwill) or if goodwill may not be attributed considering future potential income generation of the equity investments, the same difference is directly recorded in the income statement.Even if there is no indication of impairment, goodwill is impairment tested once a year. For this purpose, goodwill is allocated to the Cash Generating Units (\u201cCGUs\u201d) identified based on the characteristics of the Group\u2019s business, its model and related organizational structure as well as internal and external reporting used. Starting from the financial statements for the year ended December 31, 2022, within the Nexi Group, Cash Generating Units matches to the business units represented in the segment reporting. The recoverable amount of an asset or CGU is the greater of its value in use and its Fair Value less costs of disposal. A loss of value is recognised if the carrying amount of the CGU exceeds its recoverable value. Impairment of goodwill is recognised on the consolidated Income Statement and not restored in subsequent years.Non-current assets or groups of assets/liabilities held for sale\u201cNon-current assets held for sale and discontinued operations\u201d (in the assets) and \u201cLiabilities associated with assets held for sale and discontinued operations\u201d (in the liabilities) include all non-current assets or groups of assets/liabilities for which a decision has been made to dispose and the sale of which is considered extremely likely.These assets/liabilities are measured at the lower of their carrying value and their Fair Value less costs to sell, with the exception of cer-tain types of assets for which IFRS 5 specifically provides that the valuation criteria of the relevant accounting standard must be applied (e.g. financial assets within the scope of IFRS 9). Income and expenses (net of the tax effect) attributable to groups of assets held for disposal or recognised as such during the period, are presented in the Income Statement in a separate item.Other assets and liabilitiesOther assets essentially include items awaiting arrangement and items that cannot be traced to other items of the Statement of Finan-cial Position, including receivables deriving from the supply of non-financial goods and services (net of depreciation funds), tax items other than those recognised under own item (for example connected with the activity of tax substitute), accrued income other than that capitalised on the related financial assets, including that deriving from contracts with customers in accordance with IFRS 15, para-graphs 116 et seq. and costs incurred to fulfil contracts with customers as envisaged by paragraphs 91 et seq. of IFRS 15. The item also includes inventories related to POS and ATM (including spare parts) and plastics for cards managed by the Group. These inventories are valued respectively at weighted average cost and at FIFO. At the end of the year, impairment losses are eventually recognised if the Fair Value minus the selling costs is lower than the carrying amount.Other liabilities include liabilities that cannot be allocated to the other liability items in the statement of financial position, including payables associated with the payment of non-financial goods and services, accrued expenses other than those to be capitalised on the relevant financial liabilities, and miscellaneous tax credit items other than those recognised under \u201cTax liabilities\u201d, for example related to the activity of a withholding agent.Current and deferred taxIncome taxes are calculated in accordance with national tax legislation, and are accounted for as a cost on an accruals basis, in line with the method of recognition in the financial statements of the costs and revenues that they generated. Taxes are therefore determined on the basis of the forecast of the current, advance and deferred tax burden.Current tax assets and liabilities include the net balance of the Group companies\u2019 positions vis-\u00e0-vis Italian and foreign tax authorities attributable to direct taxation. More specifically, these items include the net balance between past and current tax liabilities for the year, calculated on the basis of a prudent forecast of the tax liability for the year, determined in accordance with current tax regulations, and current tax assets represented by advance payments, withholding taxes incurred or other tax credits.Current tax expenses, determined on the basis of the \u201cnational tax consolidation\u201d, not yet paid as at the reporting date, in full or in part, is included amongst the tax liabilities on the Statement of Financial Position. If the payment of current tax expenses for the period or current tax expenses for the previous years has exceeded the related tax payable, the surplus is entered amongst the assets of the sta-tement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome taxes for the period\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments me-asured at Fair Value through other comprehensive income and related hedging derivatives); these latter are instead allocated directly to the same valuation reserves, which, therefore, are stated net of the relevant tax.Deferred tax assets and liabilities are recognised as equity with open balances and without netting, stating the first under \u201cTax assets\u201d and the second under \u201cTax liabilities\u201d.Deferred tax assets are computed in respect of the temporary differences arising between the carrying amount assigned to an asset or a liability, and their corresponding assumed value for tax purposes. For these purposes, \u201ctaxable temporary differences\u201d are those that will result in taxable amounts in future periods and \u201cdeductible temporary differences\u201d are those that will result in deductible amounts in future periods. Deferred taxation is calculated by applying the tax rates set forth in the applicable law to taxable temporary differences for which there is a probability that taxes will actually be incurred, and to deductible temporary differences for which there is a reaso-nable certainty that there will be future taxable income at the time when the related tax deductibility will arise.Deferred tax liabilities are calculated on all taxable timing differences.Deferred tax assets and liabilities are determined using the tax rates expected to be applied in the period in which the tax asset is rea-lised or the tax liability will be extinguished, in accordance with current tax legislation. Tax assets and liabilities relating to the same tax and due in the same period are offset.Deferred tax assets and liabilities are systematically measured to reflect any alterations to tax rules or rates as well as any possible chan-ges in the Group companies\u2019 subjective positions.Financial liabilities measured at amortised costClassification criteriaA financial instrument issued is classified as a liability when, on the basis of the substance of the contractual agreement, a con-tractual obligation is held to deliver money or another financial asset to a third party. More specifically, the item mainly includes loans in place and facilities in place in support of the Group\u2019s electronic money business, as well as lease debts. Please note that the item also included the \u201cdebt\u201d component of the convertible bond loans issued.Recognition criteriaPayables are recognised as at the date on which the contract is entered into, which normally coincides with the time when the amounts collected are received and debt instruments issued.Financial liabilities are initially measured at Fair Value, which normally coincides with the amount collected or issue price, plus the directly related costs/income. Internal administrative costs are excluded. Lease liabilities are initially recognised at the current value of the payments due.Measurement criteriaAfter initial recognition, financial liabilities are measured at amortised cost using the effective interest method. Interest is recorded under the \u201cInterest and similar expense\u201d item of the Income Statement.Derecognition criteriaFinancial liabilities, or part thereof, are derecognised when extinguished, i.e. when the obligation has been met, cancelled or expired.Financial liabilities measured at Fair Value through profit or lossAs at 31 December 2022 the item \u201cFinancial liabilities measured at Fair Value through profit or loss\u201d includes the earn-outs related to the business combination transactions executed, as well as the fair value of the call option sold to Alpha Bank on the shares of Nexi Payment Greece.All the items included in this caption are valued at Fair Value with the allocation of the result of the measurement to the Income Statement.Fair Value is determined based on the criteria set out in the \u201cFair Value Disclosure\u201d section.Share-Based PaymentsStaff share-based remuneration plans, all falling under the \u201cEquity settled\u201d category, are recognised in the Income Statement with a corresponding increase in shareholders\u2019 equity, on the basis of the Fair Value of the financial instruments attributed at the assign-ment date, breaking up the expense throughout the plan period.If options are present, their Fair Value is determined using a valuation technique that takes into account the specific terms and con-ditions of the stock option plan in place, in addition to information such as the exercise price and the life of the option, the current price of underlying shares, the expected volatility of the share price, dividends expected on the shares and the risk-free interest rate for the life of the option. The measurement model measures, separately, the option and the probability of fulfilment of the conditions on which basis the options have been assigned. The combination of the two values is the Fair Value of the stock option.Any reduction in the number of financial instruments assigned is recognised as the cancellation of a portion of such.Employee benefitsEmployee benefits are all types of remuneration disbursed by the company in exchange for the work of employees. Employee benefits are divided up into:- short-term benefits (other than benefits due to employees for the termination of the contract of employment and remunerative benefits in the form of a share in the capital), expected to be paid in full within twelve months of the end of the period during which the employees worked and recorded fully on the Income Statement at the time they are accrued (this category includes, for example, wages, salaries and \u201cextraordinary\u201d provisions);- post-employment benefits due after the termination of the contract of employment that oblige the company to make a future pay-ment to employees, divided into:- defined contribution plans that mainly comprise: supplementary pension funds involving a defined amount of contributions by the company; the severance pay provision, limited to the portions accrued since 1 January 2007 for companies with more than 50 employees, regardless of the allocation option chosen by the employee; the portions of severance pay accrued since 1 January 2007 and allocated to supplementary pension funds, in the case of companies with fewer than 50 employees; and supplementary health care funds;- defined benefit plans or company pension funds, which mainly include: severance pay, limited to the portion accrued up to 31 De-cember 2006 for all companies, as well as the portions accrued from 1 January 2007 and not allocated to supplementary pension plans for companies with fewer than 50 employees; supplementary pension funds whose terms and conditions provide for the payment of a defined benefit to members; and seniority bonuses, which provide for an extraordinary payment to employees upon reaching a certain level of seniority.- benefits for the termination of the contract of employment, i.e. compensation that the company acknowledges to employees in exchange for the termination of the contract of employment following its decision to terminate the contract of employment ahead of the standard retirement date;- long-term benefits other than the foregoing, which are not expected to be extinguished in full within twelve months after the end of the period in which the employees worked.With particular regard to post-employment benefits, note that in defined contribution plans the reporting company\u2019s obligation is determined on the basis of the contributions due for that year, and therefore the valuation of the obligation does not require the appli-cation of actuarial methods. On the contrary, the accounting of defined benefit plans is characterised by the use of an actuarial method to determine the value of the obligation. Specifically, these benefits are recognised using the \u201cProjected Unit Credit\u201d method, which involves projecting future disbursements on the basis of historical statistical analyses and the demographic curve, and discounting these flows on the basis of a market interest rate. The components of defined benefit cost are recognised as follows: - service cost and net interest on the net liability (asset) in the Income Statement;- revaluations of the net defined benefit liability (asset) in the Statement of Comprehensive Income.Actuarial gains and losses are recognised in the Statement of Comprehensive Income, with an offsetting entry to Shareholders\u2019 equity (valuation reserve).For discounting purposes, the rate used is determined by reference to the market yield on bonds of leading companies, taking into account the average remaining life of the liability, weighted by the percentage of the amount paid and advanced for each maturity with respect to the total amount to be paid and advanced until the final repayment of the entire obligation. Provisions for risks and chargesProvisions for risks and charges include all provisions made in relation to current obligations originating from past events for which an economic outlay is probable for the fulfilment of such obligations, as long as a reliable estimate can be made of the relevant amount. Accordingly, a provision is recognised if and only if there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a re-liable estimate can be made of the amount of the obligation. The amount recognised as a provision represents the best estimate of the expenditure required to settle the obligation existing at the date of the financial statements and reflects risks and uncertain-ties that inevitably characterise a number of facts and circumstances. When the effect of the time value of money is material, the amount of the provision is discounted at current market rates. The provision is recognised on the income statement. At the close of all financial statements the provisions made are periodically reviewed, and if the incurrence of possible expenses should become unlikely the provisions are entirely or partially released to the income statement.Foreign currency transactionsCriteria for initial recognitionAt initial recognition, foreign currency transactions are registered into the money of account, applying the current exchange rate in force at the date of the transaction.Criteria for subsequent recognitionAt each annual or interim report closing date:- the monetary elements are converted at the current exchange rate in force at the reporting date;- non-monetary items measured at historical cost are converted at the exchange rate as at the date of the transaction;- non-monetary items measured at Fair Value are translated using the exchange rate at the reporting date.Exchange differences relative to monetary items are recognised in the Income Statement in the period they arise; those relating to non-monetary items are recognised in Shareholders\u2019 equity or in the Income Statement consistently with the method of entering profits and losses that include this component.The costs and revenues in foreign currencies are recognised at the exchange rate in force at the time of booking or, if being accrued, at the exchange rate in force at the reporting date.Other Information Income StatementInterest income and expenseInterest income and expense is recognised on the Income Statement for all instruments measured in accordance with the amortised cost criterion, using the effective interest method, including commissions and transaction costs.Other fees for services rendered and commission incomeCommission income other than that included in the amortised cost and other fees for services provided are recognised when the obligation of the provision is satisfied, transferring the service to the customer or when all the following conditions are met:- the contract with the customer has been identified;- in order to identify a contract, the parties must have approved the contract (in writing or in compliance with other standard commer-cial practices) and must have undertaken to fulfil their respective obligations;- the performance obligations contained in the contract have been identified;- the goods and services to be transferred must be identified; - the price was determined;- the prices and payment methods must be defined;- the price has been allocated to the individual performance obligations contained in the contract;- if a contract envisages the delivery/supply of multiple goods or services, the prices agreed must be allocated to the individual goods/services;- the performance obligations contained in the contract have been satisfied;- goods and services must be effectively transferred to the customer.Additionally, in accordance with IFRS 15, the service is transferred to the customer and, therefore, revenues can be recognised:- at a specific moment in time, when the entity fulfils the obligation to do, transferring the good or service promised to the custo-mer, or- over time, gradually, as the entity fulfils the obligation to do, transferring the good or service promised to the customer.The asset is transferred when, or during the period in which, the customer acquires control over such. The variable components of the prices, mainly relating to year-end balances and variable incentives, are included in the price if they can be reliably determined and if any refund is considered to be a remote or unlikely event. Specifically:- association fees are entered on the Income Statement according to the credit card validity date;- commission income from merchants and systems are entered on the Income Statement, according to the trading date of expen-ses incurred by the holders;- up-front revenues connected with the start of new customers and new products are recorded throughout the expected term of the contracts;- revenues for design activities specifically requested by customers are recorded during development (overtime), if any of the fol-lowing conditions apply:a. the customer simultaneously receives and uses the benefits deriving from the provision, as it is made;b. the provision is provided on customer\u2019s assets;c. the asset produced has no alternative use and Nexi is entitled to be paid for the work done to date; if not, the costs and revenues of the project are suspended and recorded at the end of the design phase;- the revenues connected with recurring services (mainly maintenance and rental of POSs and ATMs and processing services) are split in a linear fashion throughout the contract term.It is also noted that, in application of IFRS 15, the value of the commission is rectified in order to take the Fair Value of the premiums connected with the Loyalty program into account. The Fair Value of the catalogue is calculated as the average unitary value of the points with respect to the market value of the premiums, including VAT and delivery expenses, so as to link the Fair Value to the va-lue perceived by the customer. The unitary Fair Value is applied to the number of points in circulation, net of the points that, on the basis of the analysis performed, are expected not to be redeemed (on the basis of the redemption estimates). Deferred commission is recognised in the Income Statement according to point redemption.Commission considered in the amortised cost to calculate the effective interest rate are excluded and recognised instead under interest income.Commission expenseCommission expense, other than that included in the amortised cost, is recognised when incurred or when the related revenues are recorded.Fees for services receivedFee for services received are recognised when incurred or when the related revenues are recorded.Costs for the implementation of the contract with the customer (such as, for example, costs for the emission of cards and ICT services incurred during the start-up of new customers/products or non-substantial contractual changes) are recognised on a straight-line basis in connection with the useful life of the underlying contracts.DividendsDividends are recognised in the Income Statement when their distribution is resolved upon.Basis for presentation of the segment disclosureThe segment disclosure of the Nexi Group is based on the elements that the management uses to make its operative decisions and is therefore consistent with the information requirements envisaged by IFRS 8.Specifically, the identification of the operating segments is based on the way in which the reports that the \u201cchief operating decision maker\u201d (i.e. the highest operative decision-making level, as defined by IFRS 8) receives and uses for the purpose of decision-making in regard to the resources to be allocated and the assessment of results. Business combinationsBusiness combinations are accounted for using the \u201cpurchase method\u201d, which requires: (i) the identification of the acquirer; (ii) the determination of the combination costs; (iii) the \u201cPurchase Price Allocation\u201d.According to the IFRS 3, an acquirer is identified for all business combinations. The acquirer is the entity that obtains control over another entity, which is the power to determine the financial and management policies of that entity in order to receive benefits from its activities.The consideration transferred in a business combination is equal to the Fair Value, at the acquisition date, of the assets sold, the liabi-lities incurred and the equity instruments issued by the acquirer in exchange for obtaining control of the acquiree. The consideration that the acquirer transfers in exchange for the acquired entity includes any assets and liabilities resulting from an agreement on the \u201cpotential consideration\u201d, to be recognised on the acquisition date on the basis of Fair Value.Based on the purchase method, on the acquisition date, the acquirer must allocate the cost of the combination (so-called PPA, \u201cPur-chase Price Allocation\u201d) to the identifiable assets acquired and the liabilities measured at the relative Fair Value on that date, also reco-gnising the value of the minority interests of the acquired entity.Use of Estimates and Assumptions in Preparing the Consolidated Financial Statements In accordance with the IAS-IFRS international accounting standards, the implementation of some accounting standards illustrated above for the several balance sheet aggregates can entail the adoption, by Corporate Management, of estimates and assumptions capable of significantly impacting the values recognised in the statement of financial position and in the income statement.The drafting of such estimates implies the use of the information available and the adoption of subjective evaluations, also based on historical experience, used for the purpose of formulating reasonable assumptions for the reporting of management-related issues. In the presence of significant uncertainties and/or activities subject to measurement of particular materiality, the valuation is supported by fairness opinions of external experts/appraisers.By nature, the estimations and assumptions used may vary from year to year and, therefore, it cannot be ruled out that in subsequent financial periods the values posted to the financial statements may also vary significantly as a result of changes in the subjective evalua-tions used. Specifically, the measurement process is particularly complex, considering how uncertain the macroeconomic and market contexts are, hence it is not possible to rule out that the envisaged hypotheses, while being reasonable, may not be confirmed in the future scenarios in which the Group shall operate. The parameters and information used to check the aforesaid amounts are therefore considerably affected by such factors, which may quickly change in a way that is not currently foreseeable, to the point that future balance sheet amounts might be affected.Among the several elements of uncertainty that may impact the future scenarios for the Group are the effects of the Covid-19 pande-mic and the macroeconomic impacts linked to interest rate trends , inflation and other market trends consequent to the invasion of Ukraine on 24 February 2022 by Russian troops, further detailed within the relevant section of the Report on Operations and the Notes.In that respect, please also note that an estimate can be adjusted following changes to the circumstances on which it was based or new information or even additional experience. Any change to the estimate is applied prospectively and therefore impacts the income statement of the period in which the change is made and, potentially, those of future years.While stressing that the use of reasonable estimates is key when drafting financial statements, without this factor being held to affect their reliability, below are the items in which the use of estimates and assumptions is most significant, both in terms of the materiality of the values to be recognised in the balance sheet and impacted by such policies, and in terms of the complexity of the measurements, which entails the resorting to estimates and assumptions by Corporate Management:- valuation of financial assets and liabilities measured at Fair Value not listed on active markets;- fair value measurement of assets and liabilities within the Purchase Price Allocation processes carried out following the completion of business combinations as described in the specific section;- measurement of the financial assets measured at amortised cost and loan commitments;- stock valuation;- quantification of the useful life of intangible assets with a finite useful life and tangible assets;- estimate of the recoverable amount of goodwill for impairment testing purposes;- quantification of employee benefits and share-based payments;- quantification of provisions made for risks and charges and payables for Loyalty programmes;- assessment of the recoverability of deferred taxation.For some of the cases listed above, the main factors can be identified that are subject to estimates by the Group and therefore contri-bute to determining the value at which assets and liabilities are recognised in the financial statements. Without claiming to be exhau-stive, note that:- to determine the fair value of financial instruments not listed on active markets, if it is necessary to use parameters that cannot be deduced from the market, on the one hand the main estimates concern the development of future cash flows (or even income flows, in the case of equities), possibly conditioned by future events, and on the other hand the level of certain input parameters not listed on active markets;- to determine the value of goodwill and other intangible assets with a finite useful life arising from business combinations, with regard to the Cash Generating Units (CGUs) of the Group, the future cash flows in the analytical forecast period are estimated separately and appropriately discounted, and the flows used to determine the so-called terminal value generated by the CGU. The cost of capital is also included in the estimated elements;- to quantify employee benefits requiring actuarial valuation, the present value of the obligations is estimated taking into account the appropriately discounted flows resulting from historical statistical analyses, and the demographic curve;- when quantifying provisions for risks and charges, where possible an estimate is made of the amount of disbursements required to fulfil obligations, taking into account the actual likelihood of having to use resources;- to determine deferred taxation items, the probability of actual future taxable income (taxable temporary differences) and the degree of reasonable certainty \u2013 if any \u2013 of future taxable income at the time when tax deductibility will arise (deductible temporary differen-ces and tax loss carryforwards) is estimated.Events after the reporting period No events with an impact on the financial statements have occurred since the reporting date. For a complete description of the sub-sequent events, please refer to the most important events, in addition to the Management Report.Transfers of Financial Assets Between Portfolios No transfers of financial assets between portfolios occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__18": {
"value": "Basis of PreparationIn accordance with the provisions of art. 154 of Italian Legislative Decree no. 58 of February 24, 1998, the Group has prepared these Consolidated Financial Statements as at December 31, 2022 in compliance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Interpretations Com-mittee (IFRIC), as ratified by the European Commission and transposed into Italian Law via Italian Legislative Decree 38/2005 pursuant to Community Regulation no. 1606/2002. In preparing the Consolidated Financial Statements as at 31 December 2022, the IAS/IFRS standards endorsed and in force as at 31 December 2022 were applied, including the SIC and IFRIC interpre-tative documents.Moreover, as required by current regulations, Nexi\u2019s consolidated financial statements are made available to the public in the iXBRL format. Note that due to technical problems some information contained in the Notes to the Consolidated Financial Statements, prepared in ESEF format and extracted from the XHTML format in an XBRL instance, may not be reproduced iden-tically to what is contained in the consolidated financial statements in XHTML format.The Consolidated Financial Statements as at 31 December 2022 comprise the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows, the Notes to the Financial Statements, which include the criteria used for their preparation, and the related comparative informa-tion. The Consolidated Financial Statements are also accompanied by the Board of Directors\u2019 Management Report addressing the Group\u2019s operating performance, its economic results and its equity and financial position.In addition to the amounts for the reporting period, the Financial Statements and Notes to the Financial Statements also pre-sent the comparative figures as at 31 December 2021, which have been restated due to the completion of the Purchase Price Allocation process of Nets and SIA as detailed in section 39 of the Notes to the Financial Statements.The Consolidated Financial Statements as at 31 December 2022 are prepared in euro which is the Company\u2019s functional curren-cy. Unless otherwise stated, amounts in the financial statements and notes are expressed in thousands of euros.As also specified in the Management Report, the measurement criteria are adopted considering the corporate business as a going concern with entries made on an accruals basis, respecting principles of relevance and significance of the accounting information and substance over form. Furthermore, no compensation is made between costs and revenues or between assets and liabilities except in cases expressly provided for or accepted by the accounting standards in force.As well as providing all information mandatory pursuant to international accounting standards, the law, Consob and ESMA, the Management Report and the Notes also provide additional non-mandatory information deemed useful for the purposes of presenting a true and fair view. In continuity with what was done during the drafting of the 2021 annual financial statements, also for the purposes of the 2022 consolidated financial statements, reference was made to the ESMA documents of 20 May 2020 and 28 October 2020 and to the Consob documents of 16 July 2020 and 16 February 2021 relating to the impacts deriving from the Covid-19 pandemic.Moreover, in connection with the invasion of Ukraine that began on 24 February 2022 by troops of the Russian Federation, refe-rence was made to the \u201cEuropean common enforcement priorities for 2022 annual financial reports\u201d Public Statement issued by ESMA on 28 October 2022 for the preparation of the 2022 consolidated financial statements. Finally, account was taken of the joint Consob/Bank of Italy/IVASS statement of October 27, 2022 (\u201cIAS/IFRS Financial Statements as at 31 December 2022 - Disclosures on the Transition to IFRS 17 and IFRS 9\u201d), which requires users of financial statements to understand the impact that the adoption of IFRS 17 and, for many insurance companies, IFRS 9 will have on their financial position and results of operations. Note that the above principles have no impact on the Group\u2019s financial statements.In 2022 the Group applied accounting standards consistent with those of the previous year, except for the changes in accounting standards issued by the IASB and effective as of 1 January 2022. More specifically, the changes \u2013 which did not have a significant impact on the Group \u2013 concern:- IAS 16 - Cost components: introduces a prohibition against deducting from the cost of property, plant and equipment amounts received from the sale of items produced before the activities necessary to prepare the asset for its intended purpose are com-pleted. The company must recognise these sales proceeds and related costs in the income statement;- IAS 37 - Onerous contracts: it is clarified that in order to assess whether a contract is onerous, it is necessary to include in the estimate all costs directly related to the contract and not only the incremental costs necessary to perform the contract. Accor-dingly, the assessment of whether a contract is onerous includes incremental costs (e.g. the cost of direct material used in the production), but also all costs that the company cannot avoid as a result of entering into the contract (e.g. the share of personnel costs and depreciation of machinery used in the performance of the contract);- IFRS 3 - References to the Conceptual Framework: the reference to the new 2018 version of the Conceptual Framework has been updated and an exception to the requirements for recognising contingent liabilities under IFRS 3 has been inserted in order to avoid changes to pre-existing accounting methods. Furthermore, the prohibition against recognising contingent assets (i.e. tho-se assets whose existence will only be confirmed by uncertain future events) in business combinations is made explicit (previously this prohibition was only explicitly stated in the Basis for Conclusion).With this Regulation, the usual annual improvements \u2013 Annual cycle of improvements to IFRS 2018-2020 \u2013 that clarify the wording or correct errors, oversights or conflicts between the requirements of the standards were also implemented. Amongst these minor amendments are changes to IFRS 9 Financial Instruments, with some clarifications concerning the fees to be included in the 10% test for the derecognition of financial liabilities. In this regard, it is specified that only fees paid or received between parties should be included, and not also fees directly attributable to third parties.The changes to the accounting standards described above had no significant impact on the Group\u2019s financial statement balances and comparisons. As of 1 January 2023 it will be mandatory to apply International Accounting Standard \u201cIFRS 17 Insurance Contracts\u201d and subsequent amendments \u201cAmendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information\u201d, amendments to International Accounting Standard \u201cIAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Di-sclosure of Accounting Policies\u201d, the amendments to International Accounting Standard \u201cIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u201d and the amendments to International Accounting Standard \u201cIAS 12 Income Taxes: Deferred Taxes related to Assets and Liabilities arising from a Single Transaction\u201d following endorsement by the European Union.It is expected that these changes will have no significant impact on the Group.The table below shows the standards for which amendments have been issued but not yet approved by the European Union.IASB documents IASB publication dateAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current 23/01/2020 \u2013 15/07/2020and Classification of Liabilities as Current or Non-current - Deferral of Effective DateAmendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback 22/09/2022Since none of these has been approved by the European Union, they have not impacted the Consolidated Financial Statements as of 31 December 2022.The Consolidated Financial Statements are accompanied by a statement by the Managing Director - CEO and by the Financial Reporting Manager, in accordance with Article 154 bis of the TUF and subjected to an audit by the independent auditors Pricewa-terhouseCoopers SpA.Contents of the accounting statementsStatement of Financial Position and Income StatementThe Statement of Financial Position and the Income Statement consist of items, sub-items and additional, more detailed informa-tion. In the Income Statement, revenues are indicated with no sign, while costs are preceded by the minus sign.Statement of Comprehensive IncomeThe Statement of Comprehensive Income starts out from the profit (loss) for the period to show the items of income recognised as counter-entries in the valuation reserves, net of the relevant tax effect, in compliance with the international accounting standards. Consolidated comprehensive income is presented with separate evidence of the income components that will not be recognised in the income statement in the future and those that may otherwise be reclassified to profit (loss) for the year under certain condi-tions. The statement also distinguishes the share of profitability pertaining to the Parent Company from that pertaining to minority shareholders. Negative amounts are preceded by a minus sign.Statement of Changes in EquityThe Statement of Changes in Equity shows the changes to shareholders\u2019 equity accounts that took place during the year covered by the financial statements and the previous year, divided up into share capital, reserves (capital reserves and net income reserves), valuation reserves and the profit (loss) for the period. Any treasury shares reduce Shareholders\u2019 equity. The \u201cEquity\u201d components included in the Bond Loans issued, net of the direct transaction costs, increase Shareholders\u2019 equity.Statement of Cash FlowsThe statement of cash flows provides information on cash flows for the year of the consolidated financial statements under review and the previous period, and has been prepared using the indirect method whereby, in reporting cash flows from operating activi-ties, profit or loss is adjusted for the effects of non-monetary transactions.Cash flows are broken down into those generated by operating, investing and financing activities. It should be noted that, as required by IAS 7.43, cash flows from investment activity have been excluded those that did not require the use of cash or cash equivalents, including leases.The cash flows generated in the period are indicated with no sign, while the cash flows absorbed in the period are preceded by the minus sign.Contents of the Notes to the Financial StatementsThe Notes to the Financial Statements provide all information envisaged by the international accounting standards.The measurement criteria, described below, were adopted to determine all information given in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__17": {
"value": "In accordance with the provisions of art. 154 of Italian Legislative Decree no. 58 of February 24, 1998, the Group has prepared these Consolidated Financial Statements as at December 31, 2022 in compliance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Interpretations Com-mittee (IFRIC), as ratified by the European Commission and transposed into Italian Law via Italian Legislative Decree 38/2005 pursuant to Community Regulation no. 1606/2002.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__19": {
"value": "Consolidation criteriaThe Group has established the consolidation scope in accordance with IFRS 10 - Consolidated Financial Statements. Accordingly, the con-cept of control is fundamental to consolidation of all types of entities. It exists when the investor concurrently:- has power over the entity relevant activities;- is exposed or has rights to variable returns arising from its involvement with the entity;- has the ability to affect those returns through its power over the entity.The Group therefore consolidates all types of entities when all three control elements are present. As a rule, when an entity is mainly ma-naged through voting rights, control derives from the holding of more than half of the voting rights.Assessment of whether control exists may be more complex in other circumstances and require a greater use of judgement as it is neces-sary to consider all the factors and circumstances that give control over the investee (de facto control).In the context of the Nexi Group, all the consolidated entities are mainly controlled through voting rights. Accordingly, Nexi did not have to exercise judgements or make significant assumptions in order to establish the existence of control over subsidiaries and significant influence over associates. For the preparation of the consolidated financial statements as at 31 December 2022, the following were used: i) the financial statements of the Parent Company Nexi SpA and ii) the accounting results as at 31 December 2022, approved by the competent bodies and functions of the other fully consolidated companies.Controlled companies have been consolidated by recognising all the assets, liabilities, revenue and costs on a line-by-line basis of the Statement of Financial Position and Income Statement aggregates of the accounting situations of subsidiaries. To this end, the following adjustments were made:- the carrying amount of equity investments in the in-scope subsidiaries and the Parent Company\u2019s share of their Shareholders\u2019 equity have been eliminated; - recognising the Shareholders\u2019 equity and profits or losses of non-controlling interests in the period separately.The differences resulting from the above adjustments, if positive, are recognised \u2013 after any allocation to items of the assets or liabilities of the subsidiary \u2013 as goodwill or as other intangibles in item \u201cIntangible Assets\u201d as at the date of first consolidation. Any negative differences are recognised in the Income Statement.Intragroup assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses are eliminated.Business combinations must be accounted for using the \u201cacquisition method\u201d in accordance with IFRS 3, whereby identifiable assets acqui-red or liabilities assumed (including contingent liabilities) are recognised at their fair value at the acquisition date. Moreover, for each bu-siness combination, any minority interest in the acquired company can be recognised at fair value or in proportion to the minority invest-ment in the net identifiable assets of the acquired company. Any excess of the consideration transferred (being the fair value of the assets sold, the liabilities incurred and the equity instruments issued) over the fair value recognition of minority interests with respect to the fair value of the assets acquired and the liabilities assumed is recognised as goodwill. If the consideration is lower, the difference is recognised in the income statement. The Group applies the \u2018Partial Goodwill\u2019 approach and therefore accounts for minority interests at their book value.The \u201cacquisition method\u201d is applied starting from the acquisition date, that is from the moment in which control of the acquired company is obtained. Therefore, the economic results of a subsidiary acquired in the reference period are included in the Consolidated financial statements starting from the acquisition date. Likewise, economic results of a subsidiary sold are included in the Consolidated financial statements until the date in which control ceased. The difference between sale price and book value at the date of disposal (including foreign exchange differences recorded in shareholders\u2019 equity on consolidation, over time) is accounted for in the income statement.In a business combination achieved in stages, the fair value at the acquisition date shall also be determined by reference to the acquirer\u2019s previously held equity interest in the acquiree.Pursuant to IAS 28, the consolidated financial statements also include the results of investees, i.e., entities over which the Group has signi-ficant influence and the power to participate in directing its financial and operating policies without having control or joint control. Such equity investments are measured using the Shareholders\u2019 equity method which entails the initial recognition of the investment at cost and its subsequent adjustment based on the Group\u2019s share of the investee\u2019s shareholders\u2019 equity. The Group\u2019s share of the associate\u2019s profit or loss in the period is recognised separately in the consolidated Income Statement.The difference between the investment\u2019s carrying amount and the Group\u2019s share of its Shareholders\u2019 equity is included in the investment\u2019s carrying amount.If there is indication of impairment, the Group estimates the investment\u2019s recoverable amount, considering the discounted future cash flows that the investee may generate, including the investment\u2019s costs to sell. When the recoverable amount is less than the investment\u2019s carrying amount, the difference is recognised in the Income Statement.All the assets and liabilities of the subsidiaries that prepare their financial statements in currency other than the euro (so-called Forei-gn Operation) and that fall within the consolidation area are translated using the exchange rates in force at the reporting date (current exchange method), while the related revenues and costs are translated at the average exchange rates for the year. The translation exchan-ge differences resulting from the application of this method are classified as a Shareholders\u2019 equity item until the equity investment is disposed of in full or when the investee ceases to qualify as a subsidiary. On partial disposal, without loss of control, the portion of exchange rate differences relating to the portion of the equity investment disposed of is allocated to the Shareholders\u2019 equity of the minority intere-sts. In preparing the consolidated statement of cash flows, the cash flows of consolidated foreign companies expressed in currencies other than the euro are translated using the average exchange rates for the period. Goodwill and fair value adjustments generated when alloca-ting the purchase cost of a foreign company are recognised in the related currency and are translated using the year-end exchange rate.Equity investments in subsidiaries The following table shows Nexi Group\u2019s scope at 31 December 2022:% Registered Company Structure Currency investorownershipoffice()*Nexi Payments SpAsubsidiary EUR Nexi SpA 99.49 Milan, Italy()()***Nexi Payments Greece S.A.subsidiary EUR Nexi SpA 90.01 Athens, GreeceMercury Payment Services SpA subsidiary EUR Nexi SpA 100 Milan, ItalyHelp Line SpA subsidiary EUR Nexi SpA 69.24 Milan, ItalyHelp Line SpA subsidiary EUR Nexi Payments SpA 1.06 Milan, ItalyOrbital Cultura srl (ex Bassmart) subsidiary EUR Nexi Payments SpA 95 Florence, ItalyService HUB SpA subsidiary EUR Nexi SpA 100 Milan, Italy()*SIApay S.r.l.subsidiary EUR Nexi Payments SpA 100 Milan, ItalySIA Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, Greece()**Numera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH subsidiary EUR Nexi SpA 100 Wien, AustriaSIA RS d.o.o. Beograd subsidiary RSD SIA Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK SIA Central Europe a.s. 100 Zagreb, CroatiaSIA Czech Republic, s.r.o. subsidiary CZK SIA Central Europe a.s. 100 Prague, Czech RepublicSIA Romania Payment Technologies S.r.l. subsidiary RON SIA Central Europe a.s. 100 Bucharest, RomaniaSIA Payment Services subsidiary EUR SIA Central Europe a.s. 100 Bratislava, SlovakiaNets US LLC subsidiary USD Nexi SpA 100 Delaware, USA()*BillBird S.A.subsidiary PLN Centrum Rozliczen Elektronicznych 100 Krakow, PolandPolskie ePlatnosci S.A.Centrum Rozliczen Elektronicznych Polskie subsidiary PLN Rementi Investments S.A. 100 Taj\u0119cina, PolandePlatnosci S.A.()*Checkout Finland Oy subsidiary EUR Paytrail Oyj 100 Tampere, FinlandConcardis GmbH subsidiary EUR Concardis Holding GmbH 100 Eschborn, GermanyConcardis Austria GmbH subsidiary EUR Concardis GmbH 100 V\u00f6sedorf, AustriaConcardis Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyCPG Sales GmbH subsidiary EUR Concardis Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, Poland% Registered Company Structure Currency investorownershipoffice()**GfliB Wireless GmbH subsidiary EUR Orderbird AG 98.15 Berlin, Germany()**Orderbird GmbH subsidiary EUR Orderbird AG 98.15 Wien, AustriaEvergood Germany 1 GmbH subsidiary EUR Nets Holdco 1 ApS 100 Eschborn, GermanyNassa Topco AS subsidiary DKK Nets A/S 100 Oslo, NorwayNets A/S subsidiary EUR Nets Holdco 5 AS 100 Ballerup, DenmarkNets Cards Processing A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, DenmarkNexi Croatia Ltd subsidiary HRK Concardis Holding GmbH 100 Zagreb, CroatiaNets CEE d.o.o. (Slovenia) subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark(*)Nets Denmark A/S subsidiary DKK Nassa Topco AS 100 Ballerup, DenmarkNets Estonia AS subsidiary EUR Nets Denmark A/S 100 Tallinn, EstoniaNets Holdco 1 ApS subsidiary DKK Nexi SpA 100 Ballerup, DenmarkNets Holdco 5 AS subsidiary DKK Nets Holdco 1 ApS 100 Oslo, NorwayNets Sweden AB subsidiary SEK Nets Denmark A/S 100 Stockholm, SwedenNets Schweiz AG subsidiary CHF Concardis GmbH 100 Wallisellen, Switzerland()**Orderbird AG subsidiary EUR Concardis GmbH 98.15 Berlin, Germany()**Paytech Payment Provider GmbH subsidiary EUR Concardis GmbH 100 Eschborn, GermanyP24 Dotcard Sp. z o.o. subsidiary PLN Nets Denmark A/S 100 Warszawa, Poland(*)PayPro S.A. subsidiary PLN P24 Dotcard Sp. z o.o. 82 Pozna\u0144, Poland(*)Paytrail Oyj subsidiary EUR Nets Denmark A/S 100 Jyv\u00e4skyl\u00e4, FinlandPaytrail Technology Oy subsidiary EUR Paytrail Oyj 100 Jyv\u00e4skyl\u00e4, Finland(*)Polskie e Platnosci Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 100 Jasionka, PolandPolskie ePlatnosci S.A.Poplatek Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland(*)Ratepay GmbH subsidiary EUR Concardis Holding GmbH 100 Berlin, GermanyRementi Investments S.A. subsidiary PLN Nets Denmark A/S 100 Warszawa, PolandSignaturgruppen A/S subsidiary DKK Nets Denmark A/S 100 Aarhus, DenmarkStorebox ApS subsidiary DKK Nets Denmark A/S 100 Copenhagen, DenmarkTopCard Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 100 Taj\u0119cina, PolandPolskie ePlatnosci S.A.()**Team4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.(*) Company conducting regulated activities subject to local supervisory regulations.(**) Companies included in full consolidation scope in 2022.Note that in 2022 the companies EdiGard As, its subsidiary IT Baltic SIA (Latvia) and the company ATS SpA, which was sold, left the scope of consolidation.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2022 includes, in addition to the companies listed above and consolidated on a line-by-line basis, the following associates measured, given the stakes and/or relevance, accor-ding to the equity method:% Registered Company Structure Currency investorownershipofficeRs Record store (in liquidation) significant influence/joint control EUR Nexi Payments SpA 30 Genova, Italye-Boks Development A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, Denmarke-Boks GCC ApS significant influence/joint control DKK e-Boks International A/S 50 Hellerup, Denmarke-Boks Group A/S significant influence/joint control DKK Nets Denmark A/S 50 Hellerup, Denmarke-Boks International A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, Denmarke-Boks Nordic A/S significant influence/joint control DKK e-Boks Group A/S 50 Hellerup, DenmarkWEAT Electronic Datenservice significant influence/joint control EUR Concardis GmbH 40 D\u00fcsseldorf, Germany()*GmbHNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, Italy()***Nexi Digital Polska sp z o.o . significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, Poland(***) the percentage indicated refers to the Group\u2019s share.Significant assessments and assumptions made to determine the scope of consolidationAs mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its relationship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsidiaries. Control can only take place if the following elements are present at the same time:- the power to direct the relevant activities of the investee;- the exposure or rights to variable returns arising from the relationship with the entity invested in;- the capacity to exercise its power over the investee company to affect the amount of its returns.Specifically, the Group considers the following factors when assessing the existence of control:- the purpose and structure of the investee, in order to identify the entity\u2019s objectives, its relevant activities, i.e. those that most influence its performance, and how these activities are governed;- power, in order to understand whether the Group has contractual rights that confer the ability to direct the relevant operations;- exposure to the variability of the investee\u2019s returns, in order to assess whether the return received by the Group may potentially vary depending on the results achieved by the investee.Furthermore, in order to assess the existence of control, potential principal-agent relationships are taken into account. In assessing whether it operates as a principal or as an agent, the Group considers the following factors:- decision-making power over the relevant activities of the investee;- rights held by other parties;- the remuneration the Group is entitled to;- the Group\u2019s exposure to the variability of returns from any investment held in the investee.IFRS 10 identifies as \u201cmaterial assets\u201d only those assets that significantly affect the performance of the investee company. In general terms, when material assets are managed through voting rights, the following factors provide evidence of control:- ownership, directly or indirectly through its subsidiaries, of more than half of the voting rights of an entity, unless \u2013 in exceptional cases \u2013 it can be clearly demonstrated that such ownership does not constitute control;- ownership of half or less of the votes exercisable at the shareholders\u2019 meeting and the practical ability to unilaterally govern the relevant activities through:- control of more than half of the voting rights by virtue of an agreement with other investors;- the power to determine the financial and operating policies of the entity by virtue of provisions of the articles of association or a contract;- the power to appoint or remove the majority of the members of the board of directors or equivalent corporate governance body;- the power to exercise the majority of voting rights at meetings of the board of directors or equivalent corporate governance body.In order to exercise the power, it is necessary that the Group\u2019s rights over the investee entity be substantial. To be substantial, those rights must be practically exercisable when decisions on the relevant activities are to be made. Where substantial, the existence and effect of potential voting rights are taken into account when assessing whether or not there is the power to direct the financial and management policies of another entity. It may sometimes be the case that \u201cde facto control\u201d is exercised over certain entities when, even in the absence of a majority of voting rights, one owns such rights as to enable one to direct the relevant activities of the in-vestee entity in a unidirectional manner. Conversely, cases may arise where, despite owning more than half of the voting rights, one does not have control of the entities invested in because, as a result of agreements with other investors, the exposure to variable returns from the relationship with those entities is not considered significant.Subsidiaries may also include any \u201cstructured entities\u201d in which voting rights do not represent determinants of control, including special purpose vehicles (SPE/SPV) and investment funds. Structured entities are considered to be controlled where one has power through contractual rights to govern the relevant assets and is exposed to variable returns from those assets.As mentioned above, no circumstances arose that required the exercise of subjective evaluations or significant assumptions to determine the scope and method of consolidation.Significant restrictionsNote that as for significant restrictions applicable to the transfer of resources within the Nexi Group, some Group companies, as specified in the relevant section, are subject to prudential rules under supervisory regulations, aimed at preserving adequate capi-talisation in relation to the risks assumed. The ability of these companies to distribute capital or dividends is, therefore, subject to compliance with the relevant provisions on equity requirements.Conversely, there are no significant limitations or restrictions to the exercise of voting rights held in subsidiaries.Other InformationThere are no financial statements of subsidiaries used in preparing the consolidated financial statements for a date other than that of the consolidated financial statements. At the date of the consolidated financial statements, no other undertakings connected to equity investments in associated com-panies are in place with reference to the regulation in force.As reported in the Management Report, the Directors confirm the reasonable expectation that the Group will continue to operate in the foreseeable future with a view to business continuity",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__20": {
"value": "Financial assets at Fair Value through OCIClassification criteriaAt the reporting date, this category only includes equity instruments other than those held for trading and which the Group has op-ted to measure at FVTOCI. In fact, the non-derivative financial assets held within the scope of the \u201cHeld to Collect and Sell\u201d business model do not have a balance at the reporting date as they are sold on a daily basis as part of a factoring contract.Under IFRS 9 general requirements on the reclassification of financial assets (excluding equity securities, for which no reclassifica-tion is allowed), reclassifications to other categories of financial assets is only permitted if the Group changes its business model within which the financial assets are held. Such cases, the occurrence of which should be extremely infrequent, allow reclassification of financial assets measured at Fair Value through other comprehensive income to one of two categories designated by IFRS 9 (i.e. \u201cFinancial assets measured at amortised cost\u201d or \u201cFinancial assets at FVPL\u201d). The transfer value, which is applied prospectively from the reclassification date, is recognised as the Fair Value at time of reclassification. Where financial assets at FVTOCI are reclassified to amortised cost, the Fair Value of the financial asset at the reclassification date is adjusted by the cumulative profit or losses pre-sented in the valuation reserve. Where financial assets at FVTOCI are reclassified to financial assets at FVTPL, the cumulative gain or loss previously recognised presented in the valuation reserve is reclassified from equity to profit or loss for the period.Recognition criteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs attributable to their acquisition.Measurement criteriaThey are measured at Fair Value and recognised as a balancing entry in the statement of changes in equity (i.e. \u201cOther comprehen-sive income items\u201d). Fair Value is determined based on the criteria set out in the \u201cFair Value Disclosure\u201d section.While dividends are recognised under profit and loss for the period, any impairment loss and any profit or loss from their sale is not recognised in the Income Statement.Derecognition criteriaFinancial assets or parts of such assets are derecognised whenever the contractual rights to cash flows expire or are transferred, essentially transferring all the related risks and rewards. More specifically, transferred financial assets are derecognised when the entity retains the contractual rights to receive the assets\u2019 cash flows but concurrently assumes an obligation to pay these \u2013 and only these \u2013 cash flows to third parties without significant delay.Where derecognition is applied to receivables transferred within the scope of non-recourse factoring contracts, the result of dispo-sals, which is equal to the difference between the carrying value and the price of sale, is recognised under \u201cDividends and profit/loss from the investment and sale of financial assets at FVTOCI\u201d on the Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__21": {
"value": "Financial assets measured at amortised costClassification criteriaThis category comprises non-derivative financial assets held in the \u201cHeld-to-Collect\u201d business model, the contractual terms of which solely generate cash flows that are payments of principal and interest (SPPI criterion).The item mainly accounts for receivables due from holders and merchants (including those deriving from the \u201cpay later\u201d solution), their bank accounts, including positions towards international card schemes. Under IFRS 9 general requirements on the reclassifi-cation of financial assets, reclassifications to other categories of financial assets is only permitted if an entity changes the business model within which the financial assets are held. Such cases, the occurrence of which should be extremely infrequent, allow re-classification of financial assets measured at Fair Value through other comprehensive income to one of the other two categories designated by IFRS 9 (i.e. \u201cFinancial assets at fair value through OCI\u201d or \u201cFinancial assets at FVPL\u201d). The transfer value, which is applied prospectively from the reclassification date, is recognised as the Fair Value at time of reclassification. Gains or losses generated by the difference between the amortised cost of financial assets and their fair value are recognised either to profit or loss, where the assets are reclassified as \u201cFinancial assets at FVPL\u201d, or to Shareholders\u2019 equity (and to the relevant valuation reserve), where the as-sets are reclassified as \u201cFinancial assets at fair value through OCI\u201d.Recognition criteria\u201cFinancial assets measured at amortised cost\u201d are initially recognised at the agreement signing date, which is usually the disburse-ment date, based on the financial instrument\u2019s Fair Value, which usually equals the amount disbursed including transaction costs.Measurement criteriaAfter initial recognition, assets included in this item are measured at amortised cost using the effective interest method.\u201cFinancial assets measured at amortised cost\u201d are tested for impairment at each reporting date. The impairment rules described below also apply to loan commitments and financial guarantee contracts.Impairment is calculated considering the financial asset\u2019s expected credit losses. For the financial receivables, application of the related impairment method requires classification of the financial assets according to three stages, depending on whether any significant increase in credit risk has occurred as of initial recognition. For each stage a different method of measuring impairment is used based on the expected loss in the 12 subsequent months for receivables in Stage 1 (performing financial instruments that have not seen a significant increase in credit risk) and on lifetime expected losses of receivables classified in Stage 2 and Stage 3 (including performing financial instruments that have seen an increase in credit risk and bad financial assets, respectively). Given the specific features of the Group\u2019s credits portfolio, the expected 12-month loss is itself the expected lifetime loss.Regarding the trade receivables under the item in point, mainly consisting of merchant fees charged to the merchants, the Group made use of the option to apply the simplified approach of IFRS 9 by measuring the expected loss over the life of the instrument without applying the three-stage approach.With respect to impairment:- the Group defined the methods to monitor changes in credit quality of its financial assets measured at amortised cost and at Fair Value as a balancing entry in the statement of changes in equity;- since the IFRS definition of exposures at default is now aligned with the regulatory definition, the approach used to classify expo-sures as credit-impaired, which are now allocated to Stage 3, has not changed.The Group considers historical information and all the information available at the reporting date, including forward-looking infor-mation on the potential worsening in the historical losses.Impairment losses are recognised in profit or loss as net impairment losses.An entity recognises an impairment gain on credit-impaired debt instruments when the reasons for the impairment no longer exist and the gain is objectively related to an event that took place after recognition of the impairment loss. Impairment gains are recognised in the Income Statement and may not exceed the amortised cost the asset would have had had the impairment loss not been recognised.Derecognition criteriaFinancial assets or parts of financial assets are derecognised when the contractual rights to cash flows expire or are transferred, transferring substantially all the related risks and rewards.More specifically, transferred financial assets are derecognised when an entity retains the contractual rights to receive the assets\u2019 cash flows but concurrently assumes an obligation to pay these - and only these - cash flows to third parties without significant delay.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__22": {
"value": "Hedging transactionsClassification criteriaAsset and liability items include hedging financial derivatives, which at the date of the financial statements had a positive and ne-gative fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attributable to a specific risk by offsetting them with recognisable gains on a different financial instrument or group of financial instruments.The following types of hedging relationships are envisaged in IFRS 9:- fair value hedge: a hedge of the exposure against changes in the fair value of a recognised asset or liability or an unrecognised firm commitment, or a component thereof, that is attributable to a particular risk and could affect profit (loss) for the period;- cash flow hedge: a hedge of the exposure against variability in cash flows attributable to a particular risk associated with all or a component of recognised assets or liabilities (such as all or only some future interest payments on variable rate debt) or a highly probable planned transaction that could affect profit (loss) for the period;- hedges of a net investment in a foreign operation as defined in IAS 21.As established by IFRS 9, derivative instruments are designated as hedging instruments provided that the hedging relationship between the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the stan-dard, including those relating to hedge effectiveness.The Group has only entered into cash flow hedge transactions.Recognition criteriaHedging derivatives are initially recognised at fair value at the date of the transaction.Measurement criteriaHedging derivatives are measured at fair value.The method of accounting for gains and losses arising from changes in fair value differs according to the type of hedge: With regard to cash flow hedges, changes in the fair value of the derivative are recognised in Shareholders\u2019 equity for the effective portion of the hedge, and are only recognised in the income statement when a change in the cash flows to be offset occurs or if the hedge proves ineffective with respect to the hedged item. In application of the accounting standard, hedging relationships must meet the following requirements: - presence of an economic relationship between the hedged item and the hedging instrument; - the non-dominance of credit risk within the fair value changes relating to this economic relationship; - the definition of a hedge ratio that identifies the quantities of hedged item and hedging instrument considered in the hedging relationship, so as not to create a mismatch that generates a component of ineffectiveness that does not properly reflect the objectives of the hedge.Derecognition criteriaThe hedging relationship is terminated if the hedge effectiveness test fails or the risk management objective underlying the hed-ging relationship has changed. In such case, the derivative instrument is classified as a trading transaction.Furthermore, the hedging relationship is interrupted when:- the hedged item is sold and repaid;- the hedging transaction is terminated early;- the derivative expires, is sold, extinguished or exercised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__23": {
"value": "Equity investments in associates and joint venturesBasis of classification, recognition and measurementThis item includes equity investments in associates and joint ventures, measured using the equity method, as described in the Consolidation criteria section. Jointly controlled companies are entities for which control is shared between the Group and one or more other parties on a con-tractual basis, or when the unanimous consent of all parties sharing control is required for decisions concerning material activities. Associate companies are entities in which the Group owns at least 20% of the voting rights (including potential voting rights) or in which, even with a lower proportion of voting rights, it has the power to participate in the determination of the financial and mana-gement policies of the investee company by virtue of special legal ties such as participation in shareholders\u2019 agreements.Equity investments are recognised at cost and accounted for using the equity method. If there is evidence that the value of an investment may have been impaired, the recoverable amount of the investment is estimated, considering the discounted future cash flows that the investee may generate, including the investment\u2019s costs to sell.When the recoverable amount is less than the investment\u2019s carrying amount, the difference is recognised in the income statement. If the reasons for an impairment loss are removed as a result of an event occurring after the impairment was recognised, a reversal of the impairment loss is recognised in the income statement.Investments in entities other than subsidiaries, associates or joint ventures are classified in the portfolio of financial instruments measured at Fair Value trough the income statement or the portfolio of financial instruments measured at Fair Value trough com-prehensive income.Derecognition criteriaEquity investments are derecognised when the contractual rights to the cash flows from the assets expire or when the equity invest-ment is sold, substantially transferring all the risks and rewards associated with it.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__24": {
"value": "Tangible AssetsClassification criteriaProperty, equipment and investment property include land, instrumental properties, furniture, furnishings, valuable artistic herita-ge, POSs and ATMs, electronic machinery and equipment of all types, expected to be used for more than one year. The item also includes rights of use acquired through lease contracts, as envisaged by IFRS 16. According to IFRS 16, a lease is a contract or part of a contract that transfers the right to use an asset for a period of time in exchange for consideration.Items of property and equipment held for use in production or for the supply of goods and services are classified as such under IAS 16. Property held for investment purposes held to earn rentals or for capital appreciation or both is classified as \u201cInvestment property\u201d under IAS 40.Recognition criteriaTangible assets acquired on the market are recognised as assets when the main risks and rewards connected with the asset are transferred. Initial recognition is at cost, which includes all directly related charges. Rights of use accounted for under IFRS 16 are recognised as the sum of the present value of future lease payments to be made over the lease term, lease payments made on or before the lease term, any incentives received, initial direct costs, and any estimated costs of dismantling or restoring the underlying asset, as the lessee has a financial obligation to make payments due to the lessor to compensate for its right to use the underlying asset during the lease term. Recognition occurs when the asset is made available to the lessee for its use, and on that date the lessee recognises both the liability and the asset consisting of the right of use. The recognised financial liability corresponds to the present value of the lease payments due.Regarding the discount rate, on the basis of IFRS 16 requirements, the Group uses the implicit interest rate, where available, for each lease contract. If such a rate is not available or cannot be readily determined without resorting to estimates, the Group will base the incremental rate on market rate curves and the lessee\u2019s spread.Land is recognised separately, even when purchased jointly with the building, taking a component-based approach. The break-down of the value of the land and that of the building is prepared on the basis of independent expert appraisals.The costs of major repairs which increase the future economic benefits associated with the asset are recognised in the carrying amount of the asset, when the criteria for capitalisation are met, while the costs of day-to-day servicing are recognised in the In-come Statement.Measurement criteriaProperty, plant and equipment (for operational use and held for investment purposes) with a finite useful life are subsequently me-asured at cost adjusted for accumulated depreciation and any impairment losses and reversals.The depreciable value of property and equipment, equal to the cost of the assets insofar as the residual value at the end of the depreciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, according to a criterion of allocation that reflects the technical-economic duration and the residual possible use of the individual elements.The useful life with reference to the different categories of tangible assets is at most as follows:- Civil/industrial buildings for functional use: 33 years- Civil/industrial buildings held for investment purposes: 33 years- POSs: 5 years- ATMs: 7 years- Electrical systems 7 years- Data centres: 7 years- Air-conditioning systems: 7 years- Alarm and security systems: 5 years- Fire-fighting systems: 7 years- Telephone and telecommunications equipment: 3 years- Hardware: 5 years- Furniture: 7 years- Furnishings: 7 yearsThe rights of use recognised in accordance with IFRS 16 are depreciated over a period equal to the lesser of the asset\u2019s useful life and the duration of the lease contract. The lease term is determined taking into account periods covered by an option to extend the lease and an option to terminate the lease where the exercise of those options is reasonably certain.Land is not depreciated insofar as it has an undefined useful life, and artistic heritage is not depreciated insofar as the useful life cannot be estimated and its value normally increases over time.At each reporting date, the Group weighs up whether or not there is any indication showing that property, equipment, investment property and rights of use may have suffered a loss in value. If there is evidence of any such loss, the carrying amount is compared with the recoverable value.Derecognition criteriaProperty, equipment end investment property are derecognised when disposed of or when no further future economic benefit is expected from their use or decommissioning.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__25": {
"value": "Intangible assetsClassification criteriaIntangible fixed assets are non-monetary assets with no physical consistency, which can be identified and are able to generate future economic benefits that can be controlled by the company, and include goodwill and other intangible assets governed by IAS 38. They may include rights of use acquired under leases and relating to the use of an intangible asset by the lessees.Recognition criteriaIntangible assets are recognised at the cost of acquisition when the main risks and benefits connected with the asset are transferred, but only if it is likely that the related future economic benefits will be realised and if the cost can be reliably determined. If not, the cost of the intangible asset is recognised in the income statement in the year in which it is incurred. More specifically, the cost of software development includes only the expenses incurred that can be directly attributed to the development process and constitute intangi-ble assets only if all the following conditions are met:- the cost attributable to the development activity can be reliably determined;- the entity has the intention, the availability of financial resources and the technical capacity to make the asset ready for use or sale;- it can be demonstrated that the asset is able to produce future economic benefits.There are also intangible assets linked to the customers represented by the valuation, during combinations, of contracts with custo-mers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is represen-tative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a period expressing the residual, contractual or estimated duration of the relationships in place at the time of the combination transaction.Finally, the brand, which is also recognised in combination transactions, is valued using the \u201croyalty relief\u201d criterion.Measurement criteriaAll intangible assets recognised, other than goodwill, are considered of finite useful life and consequently amortised considering the cost of the individual assets and the related useful life.More specifically, intangible assets based on technology, such as application software purchased with permanent user\u2019s licenses and the costs for software development, are amortised according to their expected technological obsolescence and in any case in general over a period of five years, save for particular cases connected to the development of new platforms, analysed from time to time based on the technical features.Intangible assets arising from the purchase price allocation of business combination have a useful life estimated individually for each transaction:- Customer contracts: on the basis of the contract terms;- Customer relationship: approximately 20 years;- Brand: 5 yearsThe residual value of the various assets is assumed as equal to zero.If there is any indication that an intangible asset with a finite useful life may be impaired, the asset\u2019s recoverable amount is estimated and the amount of the loss, recognised in the income statement, is equal to the difference between the asset\u2019s carrying amount and its recoverable amount.Derecognition criteriaAn intangible asset is derecognised on disposal or when no future economic benefits are expected.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__26": {
"value": "GoodwillGoodwill is recognised in the statement of financial position at cost, net of any accrued losses, and is not subject to amortisation.With respect to business combinations, goodwill may be recorded when the positive difference between the fair value of shareholders\u2019 equity acquired and the purchase price of the equity investment is representative of the future potential income generation of the equity investment.If this difference is negative (badwill) or if goodwill may not be attributed considering future potential income generation of the equity investments, the same difference is directly recorded in the income statement.Even if there is no indication of impairment, goodwill is impairment tested once a year. For this purpose, goodwill is allocated to the Cash Generating Units (\u201cCGUs\u201d) identified based on the characteristics of the Group\u2019s business, its model and related organizational structure as well as internal and external reporting used. Starting from the financial statements for the year ended December 31, 2022, within the Nexi Group, Cash Generating Units matches to the business units represented in the segment reporting. The recoverable amount of an asset or CGU is the greater of its value in use and its Fair Value less costs of disposal. A loss of value is recognised if the carrying amount of the CGU exceeds its recoverable value. Impairment of goodwill is recognised on the consolidated Income Statement and not restored in subsequent years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__27": {
"value": "Non-current assets or groups of assets/liabilities held for sale\u201cNon-current assets held for sale and discontinued operations\u201d (in the assets) and \u201cLiabilities associated with assets held for sale and discontinued operations\u201d (in the liabilities) include all non-current assets or groups of assets/liabilities for which a decision has been made to dispose and the sale of which is considered extremely likely.These assets/liabilities are measured at the lower of their carrying value and their Fair Value less costs to sell, with the exception of cer-tain types of assets for which IFRS 5 specifically provides that the valuation criteria of the relevant accounting standard must be applied (e.g. financial assets within the scope of IFRS 9). Income and expenses (net of the tax effect) attributable to groups of assets held for disposal or recognised as such during the period, are presented in the Income Statement in a separate item.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__28-1": {
"value": "Other assets and liabilitiesOther assets essentially include items awaiting arrangement and items that cannot be traced to other items of the Statement of Finan-cial Position, including receivables deriving from the supply of non-financial goods and services (net of depreciation funds), tax items other than those recognised under own item (for example connected with the activity of tax substitute), accrued income other than that capitalised on the related financial assets, including that deriving from contracts with customers in accordance with IFRS 15, para-graphs 116 et seq. and costs incurred to fulfil contracts with customers as envisaged by paragraphs 91 et seq. of IFRS 15. The item also includes inventories related to POS and ATM (including spare parts) and plastics for cards managed by the Group. These inventories are valued respectively at weighted average cost and at FIFO. At the end of the year, impairment losses are eventually recognised if the Fair Value minus the selling costs is lower than the carrying amount.Other liabilities include liabilities that cannot be allocated to the other liability items in the statement of financial position, including payables associated with the payment of non-financial goods and services, accrued expenses other than those to be capitalised on the relevant financial liabilities, and miscellaneous tax credit items other than those recognised under \u201cTax liabilities\u201d, for example related to the activity of a withholding agent.12. Other assetsDec. 31, 2021 Dec. 31, 2022RestatedTax receivables 71,251 68,364 Other assets for commissions to be collected 750,542 649,510 Deferred costs 199,559 174,497 Inventory 53,699 23,164 Unsettled transactions 617,255 324,941 Other receivables 32,176 32,451 Receivables for tax consolidation - - Total 1,724,483 1,272,927 The item \u201cOther assets for commissions to be collected\u201d refers to receivables net of the relevant risk provisions. Inventories mainly refers to ATMs, POSs and spare parts net of the relevant depreciation.The \u201cDeferred costs\u201d item includes deferred expenses relating to costs connected to contracts with customers and similar for Euro 106 million and deferred expenses for costs paid but not yet accrued of about Euro 93 million.The item \u201cUnsettled transactions\u201d refers to transaction associated with different processing stages of the settlement of transactions generally concluded in the first days of the following month.LIABILITIES",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__29": {
"value": "Current and deferred taxIncome taxes are calculated in accordance with national tax legislation, and are accounted for as a cost on an accruals basis, in line with the method of recognition in the financial statements of the costs and revenues that they generated. Taxes are therefore determined on the basis of the forecast of the current, advance and deferred tax burden.Current tax assets and liabilities include the net balance of the Group companies\u2019 positions vis-\u00e0-vis Italian and foreign tax authorities attributable to direct taxation. More specifically, these items include the net balance between past and current tax liabilities for the year, calculated on the basis of a prudent forecast of the tax liability for the year, determined in accordance with current tax regulations, and current tax assets represented by advance payments, withholding taxes incurred or other tax credits.Current tax expenses, determined on the basis of the \u201cnational tax consolidation\u201d, not yet paid as at the reporting date, in full or in part, is included amongst the tax liabilities on the Statement of Financial Position. If the payment of current tax expenses for the period or current tax expenses for the previous years has exceeded the related tax payable, the surplus is entered amongst the assets of the sta-tement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome taxes for the period\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments me-asured at Fair Value through other comprehensive income and related hedging derivatives); these latter are instead allocated directly to the same valuation reserves, which, therefore, are stated net of the relevant tax.Deferred tax assets and liabilities are recognised as equity with open balances and without netting, stating the first under \u201cTax assets\u201d and the second under \u201cTax liabilities\u201d.Deferred tax assets are computed in respect of the temporary differences arising between the carrying amount assigned to an asset or a liability, and their corresponding assumed value for tax purposes. For these purposes, \u201ctaxable temporary differences\u201d are those that will result in taxable amounts in future periods and \u201cdeductible temporary differences\u201d are those that will result in deductible amounts in future periods. Deferred taxation is calculated by applying the tax rates set forth in the applicable law to taxable temporary differences for which there is a probability that taxes will actually be incurred, and to deductible temporary differences for which there is a reaso-nable certainty that there will be future taxable income at the time when the related tax deductibility will arise.Deferred tax liabilities are calculated on all taxable timing differences.Deferred tax assets and liabilities are determined using the tax rates expected to be applied in the period in which the tax asset is rea-lised or the tax liability will be extinguished, in accordance with current tax legislation. Tax assets and liabilities relating to the same tax and due in the same period are offset.Deferred tax assets and liabilities are systematically measured to reflect any alterations to tax rules or rates as well as any possible chan-ges in the Group companies\u2019 subjective positions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__30": {
"value": "Financial liabilities measured at amortised costClassification criteriaA financial instrument issued is classified as a liability when, on the basis of the substance of the contractual agreement, a con-tractual obligation is held to deliver money or another financial asset to a third party. More specifically, the item mainly includes loans in place and facilities in place in support of the Group\u2019s electronic money business, as well as lease debts. Please note that the item also included the \u201cdebt\u201d component of the convertible bond loans issued.Recognition criteriaPayables are recognised as at the date on which the contract is entered into, which normally coincides with the time when the amounts collected are received and debt instruments issued.Financial liabilities are initially measured at Fair Value, which normally coincides with the amount collected or issue price, plus the directly related costs/income. Internal administrative costs are excluded. Lease liabilities are initially recognised at the current value of the payments due.Measurement criteriaAfter initial recognition, financial liabilities are measured at amortised cost using the effective interest method. Interest is recorded under the \u201cInterest and similar expense\u201d item of the Income Statement.Derecognition criteriaFinancial liabilities, or part thereof, are derecognised when extinguished, i.e. when the obligation has been met, cancelled or expired.Financial liabilities measured at Fair Value through profit or lossAs at 31 December 2022 the item \u201cFinancial liabilities measured at Fair Value through profit or loss\u201d includes the earn-outs related to the business combination transactions executed, as well as the fair value of the call option sold to Alpha Bank on the shares of Nexi Payment Greece.All the items included in this caption are valued at Fair Value with the allocation of the result of the measurement to the Income Statement.Fair Value is determined based on the criteria set out in the \u201cFair Value Disclosure\u201d section.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__31": {
"value": "Share-Based PaymentsStaff share-based remuneration plans, all falling under the \u201cEquity settled\u201d category, are recognised in the Income Statement with a corresponding increase in shareholders\u2019 equity, on the basis of the Fair Value of the financial instruments attributed at the assign-ment date, breaking up the expense throughout the plan period.If options are present, their Fair Value is determined using a valuation technique that takes into account the specific terms and con-ditions of the stock option plan in place, in addition to information such as the exercise price and the life of the option, the current price of underlying shares, the expected volatility of the share price, dividends expected on the shares and the risk-free interest rate for the life of the option. The measurement model measures, separately, the option and the probability of fulfilment of the conditions on which basis the options have been assigned. The combination of the two values is the Fair Value of the stock option.Any reduction in the number of financial instruments assigned is recognised as the cancellation of a portion of such.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__32": {
"value": "Employee benefitsEmployee benefits are all types of remuneration disbursed by the company in exchange for the work of employees. Employee benefits are divided up into:- short-term benefits (other than benefits due to employees for the termination of the contract of employment and remunerative benefits in the form of a share in the capital), expected to be paid in full within twelve months of the end of the period during which the employees worked and recorded fully on the Income Statement at the time they are accrued (this category includes, for example, wages, salaries and \u201cextraordinary\u201d provisions);- post-employment benefits due after the termination of the contract of employment that oblige the company to make a future pay-ment to employees, divided into:- defined contribution plans that mainly comprise: supplementary pension funds involving a defined amount of contributions by the company; the severance pay provision, limited to the portions accrued since 1 January 2007 for companies with more than 50 employees, regardless of the allocation option chosen by the employee; the portions of severance pay accrued since 1 January 2007 and allocated to supplementary pension funds, in the case of companies with fewer than 50 employees; and supplementary health care funds;- defined benefit plans or company pension funds, which mainly include: severance pay, limited to the portion accrued up to 31 De-cember 2006 for all companies, as well as the portions accrued from 1 January 2007 and not allocated to supplementary pension plans for companies with fewer than 50 employees; supplementary pension funds whose terms and conditions provide for the payment of a defined benefit to members; and seniority bonuses, which provide for an extraordinary payment to employees upon reaching a certain level of seniority.- benefits for the termination of the contract of employment, i.e. compensation that the company acknowledges to employees in exchange for the termination of the contract of employment following its decision to terminate the contract of employment ahead of the standard retirement date;- long-term benefits other than the foregoing, which are not expected to be extinguished in full within twelve months after the end of the period in which the employees worked.With particular regard to post-employment benefits, note that in defined contribution plans the reporting company\u2019s obligation is determined on the basis of the contributions due for that year, and therefore the valuation of the obligation does not require the appli-cation of actuarial methods. On the contrary, the accounting of defined benefit plans is characterised by the use of an actuarial method to determine the value of the obligation. Specifically, these benefits are recognised using the \u201cProjected Unit Credit\u201d method, which involves projecting future disbursements on the basis of historical statistical analyses and the demographic curve, and discounting these flows on the basis of a market interest rate. The components of defined benefit cost are recognised as follows: - service cost and net interest on the net liability (asset) in the Income Statement;- revaluations of the net defined benefit liability (asset) in the Statement of Comprehensive Income.Actuarial gains and losses are recognised in the Statement of Comprehensive Income, with an offsetting entry to Shareholders\u2019 equity (valuation reserve).For discounting purposes, the rate used is determined by reference to the market yield on bonds of leading companies, taking into account the average remaining life of the liability, weighted by the percentage of the amount paid and advanced for each maturity with respect to the total amount to be paid and advanced until the final repayment of the entire obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__33": {
"value": "Provisions for risks and chargesProvisions for risks and charges include all provisions made in relation to current obligations originating from past events for which an economic outlay is probable for the fulfilment of such obligations, as long as a reliable estimate can be made of the relevant amount. Accordingly, a provision is recognised if and only if there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a re-liable estimate can be made of the amount of the obligation. The amount recognised as a provision represents the best estimate of the expenditure required to settle the obligation existing at the date of the financial statements and reflects risks and uncertain-ties that inevitably characterise a number of facts and circumstances. When the effect of the time value of money is material, the amount of the provision is discounted at current market rates. The provision is recognised on the income statement. At the close of all financial statements the provisions made are periodically reviewed, and if the incurrence of possible expenses should become unlikely the provisions are entirely or partially released to the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__34": {
"value": "Foreign currency transactionsCriteria for initial recognitionAt initial recognition, foreign currency transactions are registered into the money of account, applying the current exchange rate in force at the date of the transaction.Criteria for subsequent recognitionAt each annual or interim report closing date:- the monetary elements are converted at the current exchange rate in force at the reporting date;- non-monetary items measured at historical cost are converted at the exchange rate as at the date of the transaction;- non-monetary items measured at Fair Value are translated using the exchange rate at the reporting date.Exchange differences relative to monetary items are recognised in the Income Statement in the period they arise; those relating to non-monetary items are recognised in Shareholders\u2019 equity or in the Income Statement consistently with the method of entering profits and losses that include this component.The costs and revenues in foreign currencies are recognised at the exchange rate in force at the time of booking or, if being accrued, at the exchange rate in force at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__35": {
"value": "Interest income and expenseInterest income and expense is recognised on the Income Statement for all instruments measured in accordance with the amortised cost criterion, using the effective interest method, including commissions and transaction costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__36": {
"value": "Other fees for services rendered and commission incomeCommission income other than that included in the amortised cost and other fees for services provided are recognised when the obligation of the provision is satisfied, transferring the service to the customer or when all the following conditions are met:- the contract with the customer has been identified;- in order to identify a contract, the parties must have approved the contract (in writing or in compliance with other standard commer-cial practices) and must have undertaken to fulfil their respective obligations;- the performance obligations contained in the contract have been identified;- the goods and services to be transferred must be identified; - the price was determined;- the prices and payment methods must be defined;- the price has been allocated to the individual performance obligations contained in the contract;- if a contract envisages the delivery/supply of multiple goods or services, the prices agreed must be allocated to the individual goods/services;- the performance obligations contained in the contract have been satisfied;- goods and services must be effectively transferred to the customer.Additionally, in accordance with IFRS 15, the service is transferred to the customer and, therefore, revenues can be recognised:- at a specific moment in time, when the entity fulfils the obligation to do, transferring the good or service promised to the custo-mer, or- over time, gradually, as the entity fulfils the obligation to do, transferring the good or service promised to the customer.The asset is transferred when, or during the period in which, the customer acquires control over such. The variable components of the prices, mainly relating to year-end balances and variable incentives, are included in the price if they can be reliably determined and if any refund is considered to be a remote or unlikely event. Specifically:- association fees are entered on the Income Statement according to the credit card validity date;- commission income from merchants and systems are entered on the Income Statement, according to the trading date of expen-ses incurred by the holders;- up-front revenues connected with the start of new customers and new products are recorded throughout the expected term of the contracts;- revenues for design activities specifically requested by customers are recorded during development (overtime), if any of the fol-lowing conditions apply:a. the customer simultaneously receives and uses the benefits deriving from the provision, as it is made;b. the provision is provided on customer\u2019s assets;c. the asset produced has no alternative use and Nexi is entitled to be paid for the work done to date; if not, the costs and revenues of the project are suspended and recorded at the end of the design phase;- the revenues connected with recurring services (mainly maintenance and rental of POSs and ATMs and processing services) are split in a linear fashion throughout the contract term.It is also noted that, in application of IFRS 15, the value of the commission is rectified in order to take the Fair Value of the premiums connected with the Loyalty program into account. The Fair Value of the catalogue is calculated as the average unitary value of the points with respect to the market value of the premiums, including VAT and delivery expenses, so as to link the Fair Value to the va-lue perceived by the customer. The unitary Fair Value is applied to the number of points in circulation, net of the points that, on the basis of the analysis performed, are expected not to be redeemed (on the basis of the redemption estimates). Deferred commission is recognised in the Income Statement according to point redemption.Commission considered in the amortised cost to calculate the effective interest rate are excluded and recognised instead under interest income.Commission expenseCommission expense, other than that included in the amortised cost, is recognised when incurred or when the related revenues are recorded.Fees for services receivedFee for services received are recognised when incurred or when the related revenues are recorded.Costs for the implementation of the contract with the customer (such as, for example, costs for the emission of cards and ICT services incurred during the start-up of new customers/products or non-substantial contractual changes) are recognised on a straight-line basis in connection with the useful life of the underlying contracts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__37": {
"value": "DividendsDividends are recognised in the Income Statement when their distribution is resolved upon.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__38-1": {
"value": "Basis for presentation of the segment disclosureThe segment disclosure of the Nexi Group is based on the elements that the management uses to make its operative decisions and is therefore consistent with the information requirements envisaged by IFRS 8.Specifically, the identification of the operating segments is based on the way in which the reports that the \u201cchief operating decision maker\u201d (i.e. the highest operative decision-making level, as defined by IFRS 8) receives and uses for the purpose of decision-making in regard to the resources to be allocated and the assessment of results.42. Segment Reporting The segment disclosure has been prepared in compliance with the IFRS 8 international accounting standard.As described in the paragraph 9.3 \u201cIntangible Asset: impairment Test\u201d, starting from 2022 financial statements, the Group has identi-fied operating segment consistent with the Business Units of the Group and the Cash Generating Units considered for Impairment test purposes.Consistent with the Group\u2019s organisational structure as well as the reporting to management at the date of the financial statements,the following Operating Sectors were identified:- Merchant Solutions: through this business line, the Group provides the services necessary to enable merchants to accept digital payments, including through commercial relationships with partner banks, for transactions carried out physically at retail outlets and digital transactions on the internet (e-commerce).- Issuing Solutions; via this business line, the Group and its partner banks provide a wide range of issuing services, namely services relating to the supply, issue and management of payment cards.- Digital Banking Solutions: through this business line, the Group provides ATM terminal management, clearing, digital corporate banking, as well as network services.The geographical breakdown of revenues is also provided. Section 42.2 presents a reconciliation of the Income Statement drafted by means of segment disclosure and the Income Statement prepared in the Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__39": {
"value": "Business combinationsBusiness combinations are accounted for using the \u201cpurchase method\u201d, which requires: (i) the identification of the acquirer; (ii) the determination of the combination costs; (iii) the \u201cPurchase Price Allocation\u201d.According to the IFRS 3, an acquirer is identified for all business combinations. The acquirer is the entity that obtains control over another entity, which is the power to determine the financial and management policies of that entity in order to receive benefits from its activities.The consideration transferred in a business combination is equal to the Fair Value, at the acquisition date, of the assets sold, the liabi-lities incurred and the equity instruments issued by the acquirer in exchange for obtaining control of the acquiree. The consideration that the acquirer transfers in exchange for the acquired entity includes any assets and liabilities resulting from an agreement on the \u201cpotential consideration\u201d, to be recognised on the acquisition date on the basis of Fair Value.Based on the purchase method, on the acquisition date, the acquirer must allocate the cost of the combination (so-called PPA, \u201cPur-chase Price Allocation\u201d) to the identifiable assets acquired and the liabilities measured at the relative Fair Value on that date, also reco-gnising the value of the minority interests of the acquired entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__40": {
"value": "Use of Estimates and Assumptions in Preparing the Consolidated Financial Statements In accordance with the IAS-IFRS international accounting standards, the implementation of some accounting standards illustrated above for the several balance sheet aggregates can entail the adoption, by Corporate Management, of estimates and assumptions capable of significantly impacting the values recognised in the statement of financial position and in the income statement.The drafting of such estimates implies the use of the information available and the adoption of subjective evaluations, also based on historical experience, used for the purpose of formulating reasonable assumptions for the reporting of management-related issues. In the presence of significant uncertainties and/or activities subject to measurement of particular materiality, the valuation is supported by fairness opinions of external experts/appraisers.By nature, the estimations and assumptions used may vary from year to year and, therefore, it cannot be ruled out that in subsequent financial periods the values posted to the financial statements may also vary significantly as a result of changes in the subjective evalua-tions used. Specifically, the measurement process is particularly complex, considering how uncertain the macroeconomic and market contexts are, hence it is not possible to rule out that the envisaged hypotheses, while being reasonable, may not be confirmed in the future scenarios in which the Group shall operate. The parameters and information used to check the aforesaid amounts are therefore considerably affected by such factors, which may quickly change in a way that is not currently foreseeable, to the point that future balance sheet amounts might be affected.Among the several elements of uncertainty that may impact the future scenarios for the Group are the effects of the Covid-19 pande-mic and the macroeconomic impacts linked to interest rate trends , inflation and other market trends consequent to the invasion of Ukraine on 24 February 2022 by Russian troops, further detailed within the relevant section of the Report on Operations and the Notes.In that respect, please also note that an estimate can be adjusted following changes to the circumstances on which it was based or new information or even additional experience. Any change to the estimate is applied prospectively and therefore impacts the income statement of the period in which the change is made and, potentially, those of future years.While stressing that the use of reasonable estimates is key when drafting financial statements, without this factor being held to affect their reliability, below are the items in which the use of estimates and assumptions is most significant, both in terms of the materiality of the values to be recognised in the balance sheet and impacted by such policies, and in terms of the complexity of the measurements, which entails the resorting to estimates and assumptions by Corporate Management:- valuation of financial assets and liabilities measured at Fair Value not listed on active markets;- fair value measurement of assets and liabilities within the Purchase Price Allocation processes carried out following the completion of business combinations as described in the specific section;- measurement of the financial assets measured at amortised cost and loan commitments;- stock valuation;- quantification of the useful life of intangible assets with a finite useful life and tangible assets;- estimate of the recoverable amount of goodwill for impairment testing purposes;- quantification of employee benefits and share-based payments;- quantification of provisions made for risks and charges and payables for Loyalty programmes;- assessment of the recoverability of deferred taxation.For some of the cases listed above, the main factors can be identified that are subject to estimates by the Group and therefore contri-bute to determining the value at which assets and liabilities are recognised in the financial statements. Without claiming to be exhau-stive, note that:- to determine the fair value of financial instruments not listed on active markets, if it is necessary to use parameters that cannot be deduced from the market, on the one hand the main estimates concern the development of future cash flows (or even income flows, in the case of equities), possibly conditioned by future events, and on the other hand the level of certain input parameters not listed on active markets;- to determine the value of goodwill and other intangible assets with a finite useful life arising from business combinations, with regard to the Cash Generating Units (CGUs) of the Group, the future cash flows in the analytical forecast period are estimated separately and appropriately discounted, and the flows used to determine the so-called terminal value generated by the CGU. The cost of capital is also included in the estimated elements;- to quantify employee benefits requiring actuarial valuation, the present value of the obligations is estimated taking into account the appropriately discounted flows resulting from historical statistical analyses, and the demographic curve;- when quantifying provisions for risks and charges, where possible an estimate is made of the amount of disbursements required to fulfil obligations, taking into account the actual likelihood of having to use resources;- to determine deferred taxation items, the probability of actual future taxable income (taxable temporary differences) and the degree of reasonable certainty \u2013 if any \u2013 of future taxable income at the time when tax deductibility will arise (deductible temporary differen-ces and tax loss carryforwards) is estimated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__41": {
"value": "Events after the reporting period No events with an impact on the financial statements have occurred since the reporting date. For a complete description of the sub-sequent events, please refer to the most important events, in addition to the Management Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__42": {
"value": "Transfers of Financial Assets Between Portfolios No transfers of financial assets between portfolios occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransfersOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__43": {
"value": "Fair Value Disclosure The international accounting standards IAS/IFRS prescribe the Fair Value measurement for financial products classified as \u201cFinancial assets at fair value through OCI\u201d and \u201cFinancial assets at FVPL\u201d.Accounting standard IFRS 13 regulates the Fair Value measurement and related disclosure.More specifically, the Fair Value is the price that would be received for the sale of an asset, or which would be paid for the transfer of a liability in a regular transaction between market operators (i.e. not in a compulsory liquidation or sale below cost) as at the valuation date.In determining the Fair Value of a financial instrument, IFRS 13 establishes a hierarchy of criteria in terms of the reliability of the Fair Va-lue, according to the degree of discretion applied to businesses, giving precedence to the use of parameters that can be observed on the market, which reflect the assumptions that the market participants would use in the valuation (pricing) of the asset/liability. Three different levels of input are identified:- Level 1: inputs consisting of listed prices (unadjusted) on active markets for identical assets or liabilities that can be accessed at the measurement date;- Level 2: inputs other than the listed prices included on Level 1, which can be observed, directly (as in the case of prices) or indirectly (insofar as deriving from the prices) for assets or liabilities to be measured;- Level 3: inputs for assets or liabilities that are not based on observable market data.The measurement method defined for a financial instrument is adopted continuously over time and modified only following significant changes in market conditions or subjective conditions of the financial instrument issuer.For financial assets and liabilities recognised on the financial statements at cost or amortised cost, the Fair Value given in the Notes to the Financial Statements is determined according to the following method:- for bonds issued: Fair Value obtained from active markets where the liability is traded;- for assets and liabilities at fixed rates in the medium/long-term (other than securities issued): discounting of future cash flows at a rate obtained from the market and rectified to include the credit risk;- for variable rate, on demand assets or those with short-term maturities: the carrying amount recognised net of the analytical and col-lective impairment is considered a good approximation of the fair value, insofar as it incorporates the change in rates and the change in the counterparty\u2019s credit risk;- for variable rate and short-term fixed rate liabilities: the carrying amount is considered a good approximation of the Fair Value, for the reasons given above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__44": {
"value": "Qualitative DisclosureFair Value Levels 2 and 3: measurement techniques and inputs usedThe information requested by IFRS 13 concerning accounting portfolios measured at Fair Value on a recurring basis and not measured at Fair Value or measured at Fair Value on a non-recurring basis is reported below.Assets and Liabilities measured at Fair Value on a recurring basisAt the date of the consolidated financial statements, the following instruments were measured at fair value:- Preferred Class C Visa Shares: these are measured according to the market value of Visa Inc class A shares, listed on active markets where the portfolio shares (class C) will be converted, adjusting the value to reflect both the liquidity risk of class C shares and the potential adjustments to the conversion ratio, as communicated by Visa under the specific section of the company\u2019s website, which varies depending on potential future liabilities linked to European merchants of Visa Europe, a company that has been incorporated into Visa Inc US. Share-based payments: the Group has implemented remuneration plans similar to share-based payments. This adjustment was not applied with respect to the Class C Shares, for which notice of forthcoming conversion into Visa Preferred Class A Shares was received at a now finalised exchange ratio.- Contingent consideration: Fair Value is the current value, based on the market rates and spread at measurement date, of the expected cash-outs based on the earn-out mechanisms provided for by contracts.- Call options on shares of unlisted companies: Fair Value is estimated using models generally used by market participants (Black & Scholes) and supplemented where possible with parameters derived from the market. Moreover, due to the nature of the instrument underlying the option, the valuation model was also fed with parameters not derived from the market. Specifically, volatility was determined based on the historical volatility of shares of comparable companies. The equity value of Nexi Payments Greece (\u201cNP Greece\u201d or \u201cNPG\u201d) was estimated using the DCF model and the discount rate was estimated also taking into the Cost of Equity of NPG.- Hedging derivatives: outstanding derivatives consist of plain vanilla interest rate swaps, the fair value of which is estimated using va-luation models in line with market practice. Specifically, since these derivatives are not listed on active markets and are not subject to Credit Support Annexes (CSA), the Fair Value is determined as the sum of the risk-free (mid-market) reference value and the Credit Value Adjustment (CVA), understood as the counterparty risk premium linked to the possibility that the counterparties to the con-tract may not honour their commitments. The CVA is calculated using valuation models that take into account the Loss Given Default (LGC) and Probability of Default (PD), which are determined on the basis of market information, where available.Assets and Liabilities measured at fair value on a non-recurring basisFinancial instruments not measured at Fair Value (FV), including loans and receivables with customers and banks are not managed on a Fair Value basis. For said assets, Fair Value is calculated solely for the purpose of complying with the request of disclosure to the market and has no impact on the financial statements or on profit and loss. Furthermore, since these assets are not generally traded, the determining of Fair Value is based on the use of internal parameters not directly detectable on the market, as defined under IFRS 13.- Cash and cash equivalents: given their short-term nature and their negligible credit risk, the carrying amount of cash and cash equi-valents is practically equal to the Fair Value.- Financial assets measured at amortised cost: for variable rate, on demand assets or those with short-term maturities, the book value recognised net of the analytical and collective impairment is considered a good approximation of the Fair Value, insofar as it incorpo-rates the change in rates and the change in the counterparty\u2019s credit risk. - Investment property: the Fair Value of Investment property is determined on the basis of a measurement made by independent experts holding duly acknowledged and pertinent professional expertise, who conduct their measurement mainly on the basis of an indirect knowledge of assets through the information made available by the holders with reference to property location, consistency, venue use, and in view of market analyses.- Financial liabilities measured at amortised cost: the carrying amount is considered to approximately be equivalent to Fair Value for variable and fixed rate, short term liabilities. As for debt instruments issued, Fair Value is calculated based on active markets where liabilities have been traded.Measurement process and sensitivityThe option on Nexi Payments Greece\u2019s shares represents an instrument with a Level 3 Fair Value. In particular, below is indicated the volatility of the fair value of the option as a function of the following non market-related parameters: Discount Rate/Volatility 2% Base -2%1% 18% 8% -2%Base 10% - -10%-1% 2% -8% -18%Fair Value hierarchyTransfers between Fair Value levels derive from the empirical observation of intrinsic phenomena of the instrument taken into account or the markets on which it is traded.Changes from Level 1 to Level 2 are brought about by a lack of an adequate number of contributors or the limited number of inve-stors holding the float in issue.Conversely, securities that at issue are not very liquid but have high numbers of contracts - thereby classified as Level 2 - are tran-sferred to Level 1 when the existence is seen of an active market.There have been no transfers between categories of financial assets and liabilities between Level 1, Level 2 or Level 3.Quantitative Disclosure Fair Value hierarchy ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVELSDec.31, 2022 Dec.31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Financial assets measured at Fair Value through profit or loss 3,083 3,322 Financial assets at Fair Value through OCI 19,200 124,621 71,186 Hedging derivatives - 870 - - Total 19,200 128,574 - - 74,508 - Financial liabilities at Fair Value through profit or loss - 215,757 14,671 168,529 Hedging derivatives - 256 - - Total - 216,013 14,671 - 168,529 - The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes Euro 1.5 million of equity instruments for which, based on agreements made at the time of acquisition of the companies holding these instruments, there is a contractual obligation to transfer the relative fair value back to the counterparties to the transaction. The corresponding liability is measured at Fair Value through profit or loss. The item \u201cFinancial assets at fair value through OCI\u201d consists of capital assets not held for trading, which the company, at initial recognition, has irrevocably chosen to classify and measure at FVTOCI. The item \u201cfinancial liabilities at Fair Value through profit or loss\u201d comprises not only the liability described above, but also liabilities associated with contingent consideration recognised in connection with acquisitions for which earn-out mechanisms are envisa-ged, and the option related to the purchase of the equity investment in Nexi Payments Greece. There have been no transfers between categories of financial assets and liabilities between Level 1, Level 2 or Level 3.Annual changes of assets measured at Fair Value on a recurring basis (level 3) No variations. Annual changes of liabilities measured at Fair Value on a recurring basis (level 3) In the year the item increased as a result of the option agreement on shares of Nexi Payments Greece representing a liability mea-sured at Fair Value level 3.ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE OR MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVELDec. 31, 2022 Dec. 31, 2021 Level 1 Level 2 Level 3 Carrying Level 1 Level 2 Level 3 Carrying amountamountLoans and receivables with banks - 1,875,404 - 1,875,404 - 1,595,782 - 1,595,782 Loans and receivables with customers - 2,462,980 20,002 2,482,982 - 1,764,076 38,372 1,802,448 Investment property - 1,614 - 1,607 - 2,257 - 1,800 Total - 4,339,998 20,002 4,359,992 - 3,362,115 38,372 3,400,030 Payables to banks - 3,495,963 - 3,495,963 - 3,649,309 - 3,649,309 Payables due to financial entities and - 2,141,864 - 2,141,864 - 1,813,534 - 1,813,534 customers Securities issued - 3,535,460 - 4,011,514 - 4,635,783 - 4,449,279 Total - 9,173,287 - 9,649,341 - 10,098,626 - 9,912,122 Information on \u201cDay One Profit or Loss\u201dNot reported to the extent that for Nexi Group no transactions are recorded that are ascribable to this item.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__47": {
"value": "6 Hedging derivatives - 870 - - Total 19,200 128,574 - - 74,508 - Financial liabilities at Fair Value through profit or loss - 215,757 14,671 168,529 Hedging derivatives - 256 - - Total - 216,013 14,671 - 168,529 - The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes Euro 1.5 million of equity instruments for which, based on agreements made at the time of acquisition of the companies holding these instruments, there is a contractual obligation to transfer the relative fair value back to the counterparties to the transaction. The corresponding liability is measured at Fair Value through profit or loss. The item \u201cFinancial assets at fair value through OCI\u201d consists of capital assets not held for trading, which the company, at initial recognition, has irrevocably chosen to classify and measure at FVTOCI. The item \u201cfinancial liabilities at Fair Value through profit or loss\u201d comprises not only the liability described above, but also liabilities associated with contingent consideration recognised in connection with acquisitions for which earn-out mechanisms are envisa-ged, and the option related to the purchase of the equity investment in Nexi Payments Greece. There have been no transfers between categories of financial assets and liabilities between Level 1, Level 2 or Level 3.Annual changes of assets measured at Fair Value on a recurring basis (level 3) No variations. Annual changes of liabilities measured at Fair Value on a recurring basis (level 3) In the year the item increased as a result of the option agreement on shares of Nexi Payments Greece representing a liability mea-sured at Fair Value level 3.ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE OR MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVELDec. 31, 2022 Dec. 31, 2021 Level 1 Level 2 Level 3 Carrying Level 1 Level 2 Level 3 Carrying amountamountLoans and receivables with banks - 1,875,404 - 1,875,404 - 1,595,782 - 1,595,782 Loans and receivables with customers - 2,462,980 20,002 2,482,982 - 1,764,076 38,372 1,802,448 Investment property - 1,614 - 1,607 - 2,257 - 1,800 Total - 4,339,998 20,002 4,359,992 - 3,362,115 38,372 3,400,030 Payables to banks - 3,495,963 - 3,495,963 - 3,649,309 - 3,649,309 Payables due to financial entities and - 2,141,864 - 2,141,864 - 1,813,534 - 1,813,534 customers Securities issued - 3,535,460 - 4,011,514 - 4,635,783 - 4,449,279 Total - 9,173,287 - 9,649,341 - 10,098,626 - 9,912,122 Information on \u201cDay One Profit or Loss\u201dNot reported to the extent that for Nexi Group no transactions are recorded that are ascribable to this item.2. Statement of Financial Position(Amounts in thousand euros)ASSETS3. Cash and cash equivalents Dec. 31, 2022 Dec. 31, 2021a) Cash 47 53b) Deposits and current accounts 448,731 1,546,063 Total 448,778 1,546,116 The item \u201cDeposits and current accounts\u201d refers to the liquid funds in the current accounts of Nexi SpA.The change in the item is mainly attributable to the repayment of former SIA funding at the beginning of 2022. The item also inclu-des the effects of funding and acquisition transactions during the period, the receipt of dividends from subsidiaries, the payment of interest expenses related to financing taken out and other expenses incurred during the period.The item total for \u201cDeposits and current accounts\u201d is included in the Net Financial Position reported in the Management Report.4. Financial assets at Fair Value4.1 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE Dec. 31, 2022 Dec. 31, 2021Financial assets measured at Fair Value through profit or loss 3,083 3,322 Financial assets measured at Fair Value through OCI 143,821 71,186 Total 146,904 74,508 4.2 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Dec. 31, 2022 Dec. 31, 2021Financial assets held for trading - - Financial assets measured at Fair Value 3,083 3,322 Other financial assets mandatorily valued at Fair Value - - Total 3,083 3,322 The item \u201cFinancial assets at Fair Value through profit or loss\u201d includes Euro 1.5 million of Fair Value of Visa Shares held through the Nets Group and related to Financial liabilities measured at Fair Value as well as other minor investments in equity instruments that do not confer any influence on the investee company.4.3 BREAKDOWN BY PRODUCT OF FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Dec. 31, 2022 Dec. 31, 2021Debt instruments - - Equity instruments 143,821 71,186 Financing - - Total 143,821 71,186 4.4 BREAKDOWN BY ISSUER OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Dec. 31, 2022 Dec. 31, 2021a) Banks 19,241 41 b) Financial institutions 118,920 70,533 - Visa Inc. 86,599 70,489 - Other financial companies 32,321 44 c) Non-financial institutions 5,660 612 Total 143,821 71,186 The item \u201cFinancial assets at Fair Value through OCI\u201d mainly refers to Visa Inc. shares held by the Group\u2019s operating companies (Euro 87 million) and the shares acquired in 2022 by Nexi SpA in GoHenry (Euro 32 million) and in Monte dei Paschi di Siena (Euro 19.2 million). With respect to these equity investments, the Group does not exercise control, joint control or significant influence. With regard to the Visa shares in portfolio, note that they consist of Class A Preferred Shares and Visa Series C Shares eligible for conversion into Visa Class A ordinary Shares at a variable conversion rate dependent on expenses arising from contingent liabilities associated with the former Visa Europe. Note that the Class A Preferred Shares in the portfolio derive from the conversion in the second quarter of 2022 of approximately 50% of the Visa Series C shares previously held. The Visa Class A Preferred shares are im-mediately available for sale in the market. 5. Financial assets measured at amortised cost5.1 LOANS AND RECEIVABLES WITH BANKS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying amount Fair Value Carrying amount Fair ValueStages 1 & 2 Stage 3 Level 1 Level 2 Level 3 Stages 1 & 2 Stage 3 Level 1 Level 2 Level 3Loans and receivables with banksDeposits 1,549,870 - - 1,549,870 - 1,426,610 - - 1,426,610 - and current accountsPrepaid cards 47,855 - - 47,855 - 49,474 - - 49,474 - liquidityRestricted 159,886 - - 159,886 - 119,295 - - 119,295 - depositsOther assets 117,793 - - 117,793 - 403 - - 403 - Total 1,875,404 - - 1,875,404 - 1,595,782 - - 1,595,782 - The current account balance includes the daily settlement balance of transactions processed by the Group on behalf of Intesa Sanpaolo and the liquidity at the level of the operating entities only.The liquidity of the prepaid cards relates to the electronic money business carried out on said cards. Such liquidity is considered se-parate from operational liquidity to the extent that it is deposited in a restricted current account, transactions on which are limited to covering uses of prepaid cards by cardholders.The item \u201cRestricted deposits\u201d includes the escrow accounts connected with the Nexi Payments factoring transactions on the ba-lances of credit cards (Euro 3.2 million) as well as Euro 106.6 million in deposits to guarantee deferred payments made to merchants as part of the acquiring activity. A Euro 0.5 million pledge in favour of the factoring company is attached to said restricted accounts. The item also includes time deposits related to the operations of the Nets Group (amounting to Euro 50 million).The total of the item includes Euro 1,040 million of liquidity in the operating companies\u2019 bank accounts, which has been included in the Group\u2019s Net Financial Position reported in the Management Report.5.2 LOANS AND RECEIVABLES WITH FINANCIAL ENTITIES AND CUSTOMERS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying amount Fair Value Carrying amount Fair ValueStages 1 Stage 3 Stages 1 Stage 3& 2& 2Purchased Other Level 1 Level 2 Level 3 Purchased Other Level 1 Level 2 Level 3Ordinary credit 191,140 - - - 191,140 - 324,240 - - - 324,240 - cardsReceivables 1,561,833 - - - 1,561,833 - 791,986 - - - 791,986 - from schemesRevolving credit 278,441 - 1,216 - 278,441 1,216 255,101 - 781 - 255,101 781 cardsReceivables 103,281 - 18,019 - 103,281 18,019 174,271 - 36,629 - 174,271 36,629 from \"Buy Now Pay Later\" solutionReceivables 131,987 - - - 131,987 - 118,861 - - - 118,861 - from merchantsOther assets 196,296 - 766 - 196,296 766 99,617 - 962 - 99,617 962 Total 2,462,980 - 20,002 - 2,462,980 20,002 1,764,076 - 38,372 - 1,764,076 38,372The \u201cOrdinary credit cards\u201d item refers to charge cards and is the balance at the end of each month of the amount cumulatively spent up to that date by the cardholders during the last operative month. Via the partner banks this amount is generally debited to the current accounts of holders on the 15th day of the following month. The Group adopts a model according to which the receivables deriving from ordinary credit cards are the object of factoring operations that envisage the daily sale of receivables. The balance at 31 December 2022, included Euro 120 million worth of receivables sold on a with recourse basis and which therefore have not been derecognised.Positions in respect of international schemes refer to the daily settlement balances on the Visa-Mastercard schemes of which Nexi Payments SpA is a direct member and include the deposit paid by the Group\u2019s operating companies to its customer merchants on transactions that are yet to be settled. All such positions are settled within a few days (generally 1 to 3 days). Moreover, these period-end balances are influenced by the number of non-working days running across the end of each period, days on which settlement systems are closed, determining a greater build-up of transactions and a consequent drawdown of funding facilities.The item \u201cReceivable from Buy Now Pay Later\u201d refers to receivables arising from the \u201cBuy Now, Pay Later\u201d solution provided through the Nets Group.The item \u201cReceivables from merchants\u201d refers to trade receivables from merchants for commissions to be collected. The item \u201cRevol-ving credit cards\u201d mainly includes receivables guaranteed by partner banks.\u201cOther assets\u201d mainly include the amount due from the factoring company of Nexi Payments SpA of Euro 76.4 million connected with the balance to be settled daily with the counterparty.5.3 LOANS AND RECEIVABLES WITH CUSTOMERS: GROSS AND NET VALUES AND WRITE-OFFS OF PERFORMING AND NON-PERFORMING LOANSDec. 31, 2022 Dec. 31, 2021Gross value Fund Net value Gross value Fund Net valuePerforming loans - Stage 1 2,467,361 (4,380) 2,462,980 1,767,012 (2,936) 1,764,076- Stage 2 - - - - - - Non-performing loans - Stage 3 61,581 (41,580) 20,002 85,390 (47,018) 38,372Total 2,528,942 (45,960) 2,482,982 1,852,402 (49,954) 1,802,4486 Hedging derivativesDuring 2022 Nexi SpA entered into cash flow hedging transactions related to some outstanding variable-rate financing. These tran-sactions fall under the type of cash flow hedges envisaged by IFRS 9. For more information see section 40.At the reporting date the derivatives taken out had the following values:Dec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivatives with positive Fair Value Fair Value hedge - Cash flow hedge 870 870 - Total 870 - 870 - - - - - Derivatives with negative Fair Value Fair Value hedge - Cash flow hedge 256 256 - Total 256 - 256 - - - - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__45": {
"value": "3. Cash and cash equivalents Dec. 31, 2022 Dec. 31, 2021a) Cash 47 53b) Deposits and current accounts 448,731 1,546,063 Total 448,778 1,546,116 The item \u201cDeposits and current accounts\u201d refers to the liquid funds in the current accounts of Nexi SpA.The change in the item is mainly attributable to the repayment of former SIA funding at the beginning of 2022. The item also inclu-des the effects of funding and acquisition transactions during the period, the receipt of dividends from subsidiaries, the payment of interest expenses related to financing taken out and other expenses incurred during the period.The item total for \u201cDeposits and current accounts\u201d is included in the Net Financial Position reported in the Management Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__46-1": {
"value": "4. Financial assets at Fair Value4.1 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE Dec. 31, 2022 Dec. 31, 2021Financial assets measured at Fair Value through profit or loss 3,083 3,322 Financial assets measured at Fair Value through OCI 143,821 71,186 Total 146,904 74,508 4.2 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Dec. 31, 2022 Dec. 31, 2021Financial assets held for trading - - Financial assets measured at Fair Value 3,083 3,322 Other financial assets mandatorily valued at Fair Value - - Total 3,083 3,322 The item \u201cFinancial assets at Fair Value through profit or loss\u201d includes Euro 1.5 million of Fair Value of Visa Shares held through the Nets Group and related to Financial liabilities measured at Fair Value as well as other minor investments in equity instruments that do not confer any influence on the investee company.4.3 BREAKDOWN BY PRODUCT OF FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Dec. 31, 2022 Dec. 31, 2021Debt instruments - - Equity instruments 143,821 71,186 Financing - - Total 143,821 71,186 4.4 BREAKDOWN BY ISSUER OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Dec. 31, 2022 Dec. 31, 2021a) Banks 19,241 41 b) Financial institutions 118,920 70,533 - Visa Inc. 86,599 70,489 - Other financial companies 32,321 44 c) Non-financial institutions 5,660 612 Total 143,821 71,186 The item \u201cFinancial assets at Fair Value through OCI\u201d mainly refers to Visa Inc. shares held by the Group\u2019s operating companies (Euro 87 million) and the shares acquired in 2022 by Nexi SpA in GoHenry (Euro 32 million) and in Monte dei Paschi di Siena (Euro 19.2 million). With respect to these equity investments, the Group does not exercise control, joint control or significant influence. With regard to the Visa shares in portfolio, note that they consist of Class A Preferred Shares and Visa Series C Shares eligible for conversion into Visa Class A ordinary Shares at a variable conversion rate dependent on expenses arising from contingent liabilities associated with the former Visa Europe. Note that the Class A Preferred Shares in the portfolio derive from the conversion in the second quarter of 2022 of approximately 50% of the Visa Series C shares previously held. The Visa Class A Preferred shares are im-mediately available for sale in the market. 5. Financial assets measured at amortised cost5.1 LOANS AND RECEIVABLES WITH BANKS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying amount Fair Value Carrying amount Fair ValueStages 1 & 2 Stage 3 Level 1 Level 2 Level 3 Stages 1 & 2 Stage 3 Level 1 Level 2 Level 3Loans and receivables with banksDeposits 1,549,870 - - 1,549,870 - 1,426,610 - - 1,426,610 - and current accountsPrepaid cards 47,855 - - 47,855 - 49,474 - - 49,474 - liquidityRestricted 159,886 - - 159,886 - 119,295 - - 119,295 - depositsOther assets 117,793 - - 117,793 - 403 - - 403 - Total 1,875,404 - - 1,875,404 - 1,595,782 - - 1,595,782 - The current account balance includes the daily settlement balance of transactions processed by the Group on behalf of Intesa Sanpaolo and the liquidity at the level of the operating entities only.The liquidity of the prepaid cards relates to the electronic money business carried out on said cards. Such liquidity is considered se-parate from operational liquidity to the extent that it is deposited in a restricted current account, transactions on which are limited to covering uses of prepaid cards by cardholders.The item \u201cRestricted deposits\u201d includes the escrow accounts connected with the Nexi Payments factoring transactions on the ba-lances of credit cards (Euro 3.2 million) as well as Euro 106.6 million in deposits to guarantee deferred payments made to merchants as part of the acquiring activity. A Euro 0.5 million pledge in favour of the factoring company is attached to said restricted accounts. The item also includes time deposits related to the operations of the Nets Group (amounting to Euro 50 million).The total of the item includes Euro 1,040 million of liquidity in the operating companies\u2019 bank accounts, which has been included in the Group\u2019s Net Financial Position reported in the Management Report.5.2 LOANS AND RECEIVABLES WITH FINANCIAL ENTITIES AND CUSTOMERS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying amount Fair Value Carrying amount Fair ValueStages 1 Stage 3 Stages 1 Stage 3& 2& 2Purchased Other Level 1 Level 2 Level 3 Purchased Other Level 1 Level 2 Level 3Ordinary credit 191,140 - - - 191,140 - 324,240 - - - 324,240 - cardsReceivables 1,561,833 - - - 1,561,833 - 791,986 - - - 791,986 - from schemesRevolving credit 278,441 - 1,216 - 278,441 1,216 255,101 - 781 - 255,101 781 cardsReceivables 103,281 - 18,019 - 103,281 18,019 174,271 - 36,629 - 174,271 36,629 from \"Buy Now Pay Later\" solutionReceivables 131,987 - - - 131,987 - 118,861 - - - 118,861 - from merchantsOther assets 196,296 - 766 - 196,296 766 99,617 - 962 - 99,617 962 Total 2,462,980 - 20,002 - 2,462,980 20,002 1,764,076 - 38,372 - 1,764,076 38,372The \u201cOrdinary credit cards\u201d item refers to charge cards and is the balance at the end of each month of the amount cumulatively spent up to that date by the cardholders during the last operative month. Via the partner banks this amount is generally debited to the current accounts of holders on the 15th day of the following month. The Group adopts a model according to which the receivables deriving from ordinary credit cards are the object of factoring operations that envisage the daily sale of receivables. The balance at 31 December 2022, included Euro 120 million worth of receivables sold on a with recourse basis and which therefore have not been derecognised.Positions in respect of international schemes refer to the daily settlement balances on the Visa-Mastercard schemes of which Nexi Payments SpA is a direct member and include the deposit paid by the Group\u2019s operating companies to its customer merchants on transactions that are yet to be settled. All such positions are settled within a few days (generally 1 to 3 days). Moreover, these period-end balances are influenced by the number of non-working days running across the end of each period, days on which settlement systems are closed, determining a greater build-up of transactions and a consequent drawdown of funding facilities.The item \u201cReceivable from Buy Now Pay Later\u201d refers to receivables arising from the \u201cBuy Now, Pay Later\u201d solution provided through the Nets Group.The item \u201cReceivables from merchants\u201d refers to trade receivables from merchants for commissions to be collected. The item \u201cRevol-ving credit cards\u201d mainly includes receivables guaranteed by partner banks.\u201cOther assets\u201d mainly include the amount due from the factoring company of Nexi Payments SpA of Euro 76.4 million connected with the balance to be settled daily with the counterparty.5.3 LOANS AND RECEIVABLES WITH CUSTOMERS: GROSS AND NET VALUES AND WRITE-OFFS OF PERFORMING AND NON-PERFORMING LOANSDec. 31, 2022 Dec. 31, 2021Gross value Fund Net value Gross value Fund Net valuePerforming loans - Stage 1 2,467,361 (4,380) 2,462,980 1,767,012 (2,936) 1,764,076- Stage 2 - - - - - - Non-performing loans - Stage 3 61,581 (41,580) 20,002 85,390 (47,018) 38,372Total 2,528,942 (45,960) 2,482,982 1,852,402 (49,954) 1,802,44813. Financial liabilities measured at amortised cost 13.1 FINANCIAL LIABILITIES DUE TO BANKS: BREAKDOWN BY PRODUCT Dec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Financing 3,230,728 - 3,230,728 - 3,358,371 - 3,358,371 - 2. Other liabilities 263,080 - 263,080 - 281,815 - 281,815 - 3. Lease liabilities 2,155 - 2,155 - 9,123 - 9,123 - Total 3,495,963 - 3,495,963 - 3,649,309 - 3,649,309 - The item \u201cFinancing\u201d mainly includes the Group\u2019s funding, composed as follows:- the IPO Term line for Euro 996 million. The carrying amount as at the reporting date included direct residual transactions costs, not yet amortised, for Euro 7.5 million;- the Term Loan for Euro 364 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 2.6 million. In 2022 Euro 100 million were repaid early;- the BBPM Credit Line for Euro 199 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 1 million;- the 2022 Term Loan for Euro 746 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 4.5 million;- the BPER loan agreement amounting to Euro 50 million;- funding to support the operations of the subsidiary Ratepay, in particular pay-later services in the amount of Euro 115 million;- the payable to Alpha Bank in the amount of Euro 114 million for the deferred payment of the purchase of Nexi Payments Greece. Moreover, the item includes credit lines used by the Group for settlements. The item \u201cOther liabilities\u201d mainly refers to payables for fees and other retrocessions to partner banks.The item total includes Euro 2,584 million in bank financing and Euro 2 million in lease debts in the Net Financial Position reported in the Management Report.13.2 FINANCIAL LIABILITIES DUE TO FINANCIAL ENTITIES AND CUSTOMERS: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Financing 223,054 - 223,054 - 434,699 - 434,699 - 2. Other liabilities 1,759,780 - 1,759,780 - 1,202,184 - 1,202,184 - 3. Lease liabilities 159,030 - 159,030 - 176,651 - 176,651 - Total 2,141,864 - 2,141,864 - 1,813,534 - 1,813,534 - The item \u201cFinancing\u201d refers mainly (Euro 177 million) to payables to the factoring company for advances on ordinary credit cards sold with recourse.The item \u201cOther liabilities\u201d mainly includes settlement payables of the acquiring business arising from the activities of the foreign operating companies, as well as balances related to prepaid cards.The item \u201cLease liabilities\u201d equal to Euro 159 million includes the liability deriving from the application of IFRS 16 to operating leases, equal to the current value of the payment flows envisaged by current contracts and is entirely included in the Net Financial Position reported in the Management Report.13.3 SECURITIES ISSUED: BREAKDOWN BY PRODUCTDec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair Valueamountamount Level 1 Level 2 Level 3 Level 1 Level 2 Level 31. Fixed rate securities 4,011,514 - 3,535,460 - 4,449,279 - 4,635,783 - 2. Floating rate securities - - - - - - - - Total 4,011,514 - 3,535,460 - 4,449,279 - 4,635,783 - Note: with reference to the convertible bonds, the Fair Value above refers to financial liability for the issue as a whole.As more fully explained in the Directors\u2019 Report, the item refers to:- the 2026 Bonds, in the amount of Euro 922 million, including direct transaction costs not yet amortised in the amount of Euro 7 million; during 2022, nominal Euro 124 million were repurchased and subsequently cancelled;- the 2029 Bonds in the amount of Euro 1,045 million, including direct transaction costs not yet amortised in the amount of Euro 9 million;- the 2027 Convertible Loan, in the amount of Euro 462 million, including direct transaction costs not yet amortised in the amount of Euro 4 million attributed to the \u201cPayable\u201d component;- the 2028 Convertible Loan, in the amount of Euro 889 million, including direct transaction costs not yet amortised in the amount of Euro 9 million attributed to the \u201cPayable\u201d component;- the 2024 Bond Loan, in the amount of Euro 475 million, including direct transaction costs not yet amortised in the amount of Euro 2 million; during the year nominal Euro 349 million were repurchased and subsequently cancelled;- the Nassa Topco Bond, in the amount of Euro 219 million.The item is fully included in the Net Financial Position reported in the Management Report.24. Profit/(Loss) on Hedging/ Financial Assets and Liabilities at Fair Value through Profit or Loss/ Derecognition of Assets and Liabilities at Amortised Cost2022 2021Net result of financial assets measured at FVTPL 453 - Net result of financial liabilities measured at FVTPL (22,951) (67,969)Net hedging income on financial assets 426 - Net result on derecognition of asset and liabilites at Amortised cost 22,865 - Total 793 (67,969)The item mainly includes the effect of the repurchase of bonds and subsequent cancellation for a positive Euro 23 million, in addi-tion to the fair value measurement of the earn-outs (negative to about Euro 22 million), the measurement of the option related to Nexi Payments Greece (negative for about Euro 2 million), to the effect of the ineffectiveness of the hedging relationship (positive for about Euro 0.4 million).25. Dividends and Profit (Loss) from Investments and Sale of Assets at Fair Value through Other Comprehensive Income 2022 2021Dividends 457 1,383 Profit/(loss) from disposal of financial assets at FVTOCI (20,954) (8,380)Net income (20,496) (6,997)The item\u2019s balance mainly refers to, under the scope of the factoring contract, expense due to transfer without recourse by Nexi Payments SpA of a significant portion of the loans portfolio attached to credit cards issued. It also includes dividends distributed by the Group\u2019s investee companies, other than subsidiaries and associates, which are classified as \u201cFinancial assets at Fair Value through OCI\u201d. The increase is related to the rise in market rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__48-1": {
"value": "7. Equity investmentsThe balance of this item consists of the following Equity Investments:Direct Carrying Share Profit/(loss) ()**Name% heldEquity()()****ownershipamountcapitalA. Companies subject to joint control (*)e-Boks A/S, Denmark Nets Denmark A/S 50% 37,977 134 24,305 6,251 B. Companies subject to significant influence Nexi Digital Nexi SpA 49% 910 10 10 - Rs-Record Store into liquidation Nexi Payments SpA 30% - 2,921 317 (412)WEAT Electronic Dataservice GmbH, Germany Concardis GmbH 40% 2,933 409 6,732 3,903 Total 41,820 (*) Information reported in aggregate for all companies belonging to e-Boks Group A/S.(**) Data from the latest approved financial statements as at 31 December 2021.This item decreased due to the acquisition of control of Orderbird as described in section 39. Moreover, the equity investment in ATS was sold as part of the sale of the \u201cCapital Market\u201d business units.31. Profit (Loss) from Equity Investments and Disposals of Investments2022 2021 Profit Profits on equity investments 3,463 1,585 Profits on sale of investments 67 240 Loss Loss on equity investments - - Loss on sale of investments (250) (384)Net Result 3,281 1,441",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__49": {
"value": "8. Tangible assets 8.1 TANGIBLE ASSETS: BREAKDOWN OF ASSETS BY DESTINATIONDec. 31, 2021 Dec. 31, 2022RestatedProperty and equipment 561,747 541,739 Investment property 1,607 1,800 Total 563,354 543,539 8.2 PROPERTY AND EQUIPMENT: BREAKDOWN OF ASSETS MEASURED AT COSTDec. 31, 2021 Dec. 31, 2022RestatedOwned a) Land 42,430 42,430b) Buildings 71,184 70,452c) POS and ATM 143,862 117,058 d) Machinery and electronic equipment/systems 123,090 114,543 e) Furniture and furnishings 8,697 5,978 f) Other 7,130 1,391 Rights of use from leasing contracts a) Land - - b) Buildings 108,339 123,798 c) POS and ATM 17,458 22,594d) Machinery and electronic equipment/systems 17,825 30,954e) Furniture and furnishings - - f) Other 21,731 12,541Total 561,747 541,739 With regard to item \u201cOwned\u201d, note the following:- the value of real estate includes the effect of the write-back to Fair Value of the assets acquired in 2015 with the establishment of the Mercury Group, as a result of the completion of the purchase price allocation (PPA);- the item \u201cPOS and ATM\u201d refers to assets acquired by the Group and covered by contracts with customers; - the item \u201cmachinery and electronic systems\u201d mainly includes hardware used by the Group\u2019s operating companies. The amount entered is net of depreciation up until the reporting date.The \u201cRights of use from lease contracts\u201d item refers to assets recognised following the application of IFRS 16. The total of tangible assets in progress at 31 December 2022 amounted to approximately Euro 9.5 million.At the reporting date there are no restrictions as to the usage of such rights of use. Note that the Nexi Group made use of the option to exclude contracts with a duration of less than 12 months and/or contract value of less than Euro 5,000 from IFRS 16 for certain asset classes (low value contracts).8.3 PROPERTY AND EQUIPMENT: CHANGES Machi-nery and Furniture POS and 31.12.2022 Land Buildings electronic and Other Total ATM equipment/furnishings systems A. Opening balance - Gross 44,643 275,833 325,996 345,069 13,399 25,015 1,029,955 A.1 Depreciation Fund (2,213) (81,583) (186,344) (199,573) (7,421) (11,083) (488,216)A.2 Net Opening balance 42,430 194,250 139,652 145,496 5,978 13,932 541,739 B. Increases - 13,315 90,004 55,806 4,581 23,099 186,806 B.1 Purchases - 1,369 82,632 55,352 4,202 2,571 146,126 B.2 Capitalised improvement costs - B.3 Reversals of impairment losses - B.4 Positive Fair Value adjustments - B.5 Business combination - 1,874 4,836 - - 236 6,946 B.6 Transfers from investment property - B.7 Other increases - 10,073 2,536 454 379 20,293 33,734 of which of Rights of use - 10,073 2,008 272 - 20,285 32,637 B.8 Currency translation adjustment - - - - - - - C. Decreases - 28,043 68,336 60,388 1,862 8,170 166,798 C.1 Sales - C.2 Depreciation - 26,137 67,649 58,341 1,861 7,553 161,541 of which of Rights of use - 21,633 9,202 10,890 - 6,684 48,409 C.3 Impairment losses - C.4 Negative Fair Value adjustments - C.5 Business combination - C.6 Transfers - - - 662 - 0 663 a) investment property - b) non-current assets held for sale and - - - 662 - 0 663 discontinued operationsC.7 Other decreases - 1,753 - - - - 1,753 C.8 Currency translation adjustment - 153 688 1,385 0 616 2,841 D. Closing balance - Gross 44,643 282,222 408,615 405,148 19,100 45,483 1,205,210 D.1 Depreciation Fund (2,213) (102,699) (247,295) (264,233) (10,403) (16,621) (643,463)D.2 Net Closing balance 42,430 179,523 161,320 140,915 8,697 28,862 561,747 8.4 INVESTMENT PROPERTY: BREAKDOWN OF ASSETS MEASURED AT COSTDec. 31, 2022 Dec. 31, 2021 Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 31. Owned a) land 339 - - - 366 - - - b) buildings 1,268 - - - 1,434 - - - 2. Rights of use acquired through leasing a) land - - - - - - b) buildings - - - - - - Total 1,607 - 1,614 - 1,800 - 2,257 - The item includes the following properties:- Strada delle Frigge 6, Monteriggioni (Siena), owned by Nexi Payments SpA;- Via Nazionale 3, San Giovanni al Natisone (Udine), owned by Help Line SpA.These investments are recorded in accordance with IAS 40 and include properties held (whether through ownership or finance leases) either to obtain remuneration by way of their rental, or to benefit from a return on invested capital as they appreciate in market value. Such property is measured at cost, net of depreciation.As at the date of reference, there are no:- restrictions or limits to the sale of property or collection of rental charges;- obligations or contractual commitments, construction, development, repair or extraordinary maintenance of these properties.The reduction in this item reflects depreciation for the period as well as the sale of the building located in Colle Val D\u2019Elsa.8.5 INVESTMENT PROPERTY: CHANGESDec. 31, 2022 Land Buildings Total A. Opening balance - Gross 366 1,876 2,242 A.1 Depreciation Fund - (442) (442) A.2 Net Opening balance 366 1,434 1,800 B. Increases - - - B.1 Purchases - - - B.2 Capitalised improvement costs - - - B.3 Reversals of impairment losses - - - B.4 Positive Fair Value adjustments - - - B.5 Business combination - - - B.6 Transfers from property and equipment - - - B.7 Other increases - - - of which of Rights of use B.8 Currency translation adjustment - - - C. Decreases 27 166 193 C.1 Sales 27 73 100 C.2 Depreciation - 93 93 of which of Rights of use - C.3 Impairment losses - - - C.4 Negative Fair Value adjustments - - - C.5 Business combination - - - C.6 Transfers - - - a) property and equipment - b) non-current assets held for sale and discontinued operations - C.7 Other decreases - - - C.8 Currency translation adjustment - - - D. Closing balance - Gross 339 1,803 2,142 D.1 Depreciation Fund - (535) (535) D.2 Net closing balance 339 1,268 1,607",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__50": {
"value": "9. Intangible assets 9.1 INTANGIBLE ASSETS: BREAKDOWN BY TYPE OF ASSETDec. 31, 2022 Dec. 31, 2021 RestatedFinite useful life Indefinite useful Finite useful life Indefinite useful lifelifeA.1 Goodwill 13,104,984 12,769,109 A.2 Intangible assets - Customer contracts 3,509,583 3,981,090 A.3 Other intangible assets 1,363,010 1,312,482 - internally generated assets 743,744 625,412 - externally purchased assets 619,266 687,070 - leased intangible assets - - Total 4,872,593 13,104,984 5,293,572 12,769,109 Goodwill as at 31 December 2022 is as follows:- goodwill arising from the acquisition of the Nets Group amounting to Euro 7,145 million, already net of the Purchase Price Alloca-tion process completed in 2022 as described in section 39. Note that during 2022 goodwill was reduced by Euro 71 million due to the sale of Edigard and by Euro 150 million due to the conversion of goodwill allocated to currencies other than the Euro;- goodwill arising from the acquisition of the SIA Group, amounting to Euro 2,394 million net of the Purchase Price Allocation pro-cess completed in 2022 as described in Section 39. Note that in 2022 goodwill was reduced by Euro 8 million due to the sale of the Capital Market business unit;- goodwill related to book acquiring acquired in previous years by Nexi Payments for Euro 1,357 million, already net of the Purchase Price Allocation process;- goodwill arising from the 2022 acquisition of Bper\u2019s acquiring book and Numera amounting to Euro 300 million, for which the Purchase Price Allocation process has not yet been completed;- acquisition of Nexi Payments and Help Line in 2018 (Euro 931 million, already net of the Purchase Price Allocation process);- acquisition of Mercury Payment Services in 2017 (Euro 590.8 million, already net of the Purchase Price Allocation process); - goodwill recognised in the financial statements of Nexi Payments, the Group\u2019s share amounting to Euro 123 million mainly relative to the payment business unit acquired from DEPObank in 2018 following the reorganisation of the Nexi Group;- goodwill of Euro 167 million related to the acquisition in 2022 of Nexi Payments Greece as described in section 39;- goodwill of Euro 97 million related to the acquisitions in 2022 of Orderbird, PayTech and Team4U as described in section 39.With reference to the method of allocation of goodwill to the different CGUs identified, please refer to the disclosure in section 9.3 \u201cIntangible assets: Impairment Test\u201d below.The other intangible assets consist of: - purchases of software and technological developments; the item also includes the effects of software revaluations performed as part of the Purchase Price Allocation processes. Note that ongoing uncompleted projects amount to Euro 359 million;- intangible assets with a finite useful life as resulting from the above Purchase Price Allocation processes, comprised as follows:- customer contracts and customer relationships deriving from the Purchase Price Allocation processes completed in previous years referring to acquiring books, amounting to Euro 610 million;- contracts with customers and customer relationships resulting from the Purchase Price Allocation processes concluded during 2022 of Euro 2,900 milion as detailed in section 39. Broken down, these intangible assets are composed as follows: Euro 1,653 million related to the acquisition of the SIA Group, Euro 1,226 million to the acquisition of the Nets Group, and a total of Euro 21 million related to the acquisition of Orderbird and Paytech.9.2 INTANGIBLE ASSETS: CHANGESDec. 31, 2022Other intangible assetsCustomer Goodwill Contractsinternally externally leased intangible Totalgenerated assetspurchased assetsassetsA Net opening balance 12,769,109 3,981,090 625,412 687,070 18,062,681B. Increases 565,435 23,436 326,867 78,043 - 993,783B.1 Purchases - - 326,645 54,027 380,673B.2 Reversals of impairment losses -B.3 Positive Fair Value adjustments B.4 Business combination 565,435 23,436 - 17,011 605,882B.5 Other increases 222 222of which of Rights of use B.6 Currency translation adjustment 7,005 7,005C. Decreases 229,560 494,943 208,535 145,848 - 1,078,886C.1 Sales -()*C.2 Amortisation- 362,007 199,050 145,157 706,214of which of Rights of useC.3 Impairment losses - 65,210 1,826 39 67,075C.4 Business combination 79,085 45,704 2,092 - 126,881C.5 Negative Fair Value adjustments -C.6 Transfers to non-current assets held for - - - 6 6sale and discontinued operationsC.7 Other decreases 230 567 797C.8 Currency translation adjustment 150,475 22,023 5,337 78 177,913D. Net closing balance 13,104,984 3,509,583 743,744 619,266 - 17,977,577(*) The item includes Euro 2 million classified under the item \u201cIncome/(Loss) after tax from discontinued operations\u201d. Item C.3 mainly refers to the acceleration of the amortisation of customer relationships accounted for with respect to the Purchase Price Allocation process of Nets, following the exit of some customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__51": {
"value": "9.3 INTANGIBLE ASSETS: IMPAIRMENT TESTINGAs required by the international accounting standard IAS 36, Nexi Group carried out the Impairment Test exercise on intangible assets with an indefinite useful life represented by goodwill recorded in the financial statements.It should be noted that, having completed the PPA (Purchase Price Allocation) processes of the SIA and Nets business combinations whose reflections have been accounted for in these financial statements, taking into account the process of integrating the business of SIA and Nets within the Group, the evolution of the Group\u2019s organizational model, the related organizational structure and management respon-sibilities and subsequent monitoring carried out by business unit, it was necessary to revise the CGUs compared to those used for the 2021 financial statements that had been identified based on the different corporate entities. These considerations with reference to the criteria for determining the CGUs for the goodwill impairment test are, moreover, consistent with the definition of recoverable value of an asset - the determination of which is the basis for impairment tests - according to which the amount that the company expects to recover from that asset, considering synergies with other assets, is relevant. So, consistent with the pricing logic that gave rise to the accounting of goo-dwill, the recoverable value for the purpose of impairment tests of the CGU, to which the goodwill is allocated, must include the valuation of not only external (or universal) synergies but also the internal ones, which the specific acquirer can obtain from the integration of the acquired assets in its business combinations, evidently depending on the business models defined by the management.In view of the above, coherently with the business units into which the Nexi Group is organized and the related reporting model imple-mented, the following Cash Generating Units have been identified:- Merchant Solutions;- Issuing Solutions:- Digital Banking Solutions.As a result, it was first necessary to reallocate the goodwill, amounting to 13,105 million euros, which wa previously allocated provi-sionally to the corporate entities of the respective groups (Nexi Payments, SIA and Nets) to the three units above. The allocation process was carried out, in compliance with the provisions of the international accounting standards, on the basis of the \u201cimplied goodwill relative fair value\u201d method, which provides for the attribution of the relative goodwill attributable to each business unit on the basis of the percentage weight of the respective notional goodwill determined as the difference between the overall fair value of each business unit and the fair value of the assets and liabilities attributable to it, as it is considered more representative than the standard method of the so-called \u201crelative fair value.\u201d The allocation process described above, thus led to the following result:(Amounts in million euros)()*Name of CGU GoodwillCarrying AmountMerchant Solutions 9,401 11,830Issuing Solutions 3,420 4,767Digital Banking Solutions 488 1,213Total 13,309 17,810(*) Goodwill expressed at 100%, including minority interests.According to IAS 36, the recoverable amount of CGUs is determined as the greater of:- Fair Value, less costs of disposal;- Value in Use;although it is not necessary to estimate both values. In fact, the impairment test is passed if either value in use or fair value less costs of disposal is higher than the carrying value of the CGUs to which goodwill is allocated. Therefore, for the purpose of this impairment test, the value in use of the CGUs defined above was estimated.Regarding the determination of the value in use, the method of discounted cash flow in the unlevered version (\u201cDCF\u201d) was adop-ted. Such method is based on the general concept that the value of a company is equivalent to the discounted amount of the two following elements:- the cash flows it will generate within the forecast horizon;- the terminal value, namely the overall corporate value deriving from the period that lies beyond the forecast horizon.Cash flows are discounted using the weighted average capital cost (WACC) which is the weighted average of the cost of equity and the cost of debt, after taxation. The formula for estimating WACC is the following:EDWACC = Ke *+ Kd * (1 - t) *D + ED + Ewhere:- Ke = cost of equity;- E/(D+E) = percentage of equity capital in the total invested capital (risk capital+ debt capital); - Kd = cost of debt capital before taxes; - t = tax rate (\u201ctax shield\u201d); - D/(D+E) = percentage of debt capital in the total invested capital (risk capital + debt capital).The cost of equity is the expected return, in a situation not affected by contingent phenomena, on the relevant sector; it is calcu-lated through the Capital Asset Pricing Model, the formula being:Ke = Rf + \u03b2 * (Rm \u2013 Rf)where:- Rf = risk-free rate, equal to the average yield to maturity of 10-year government bonds observed over the last six months weighted by the countries the Group operates for each CGU;- Beta = \u201cbeta\u201d coefficient expressing the risk of the specific enterprise in the market. This parameter was estimated based on an analysis of the betas of comparable companies- Rm - Rf = equity risk premium, namely the additional return requested by a risk averse investor compared with the return of risk-free assets; it is equivalent to the difference between the average return of the stock market and the risk-free rate. The para-meter considered is 5.70%, applicable to European companies (source: Berec BoR (22) 70).The debt cost must be considered net of the tax rate \u201ct\u201d, in order to take into account the tax shield on interest costs. This parame-ter was estimated based on an analysis of the yields of comparable bonds, consistent with the target financial structure assumed in the WACC calculation.For the purpose of estimating the long-term growth rate (g rate), the long-term inflation rate of the countries the CGUs operate in as estimated by the IMF (World Economic Outlook) in October 2022 was used.The WACC and g rate used for the purpose of the impairment test are as follows:- Merchant Solutions CGU: 9.05% and 2.02%- Issuing Solutions CGU: 9.25% and 2.01%- Digital Banking Solutions CGU: 9.02% and 1.94%The estimate of the CGUs\u2019 recoverable value was based on an estimate of the value in use, using a Discounted Cash Flow (DCF) asset-side criterion starting from the 2023 Budget and the 2024-2027 Plan (base plan) approved by the Nexi SpA Board of Directors. Note that, as part of the impairment test, it was verified that the plan cash flows were an expression of expected average flows, and that in this sense there was a balance between the upside and downside with respect to the plan disclosed to the market. In light of the current macro-economic landscape, a worst-case scenario was developed by management to reflect the volatility resulting from the current macro-economic environment. This scenario was developed using worst-case macroeconomic assu-mptions provided by external bodies, to which further downward adjustments were made in order to take into account the possible variability of these parameters (double-stressed scenario).The checks, carried out by means of the above impairment testing, have shown that the book values can be fully recovered, even in the worst scenario.Since the value in use is determined through estimates and assumptions that may feature elements of uncertainty, sensitivity analy-ses were conducted \u2013 as provided for by IAS/IFRS standards \u2013 for verifying the sensitivity of the results obtained upon variation of some basic parameters and hypotheses.In fact, the sensitivity analysis was performed with respect to the base plan considering the following ranges of variability:- WACC increase: +50 bps;- reduction in the long-term growth rate g: -100 bps- parallel downward shift in EBITDA: -5%The above sensitivity analyses did not reveal any indicators of impairment.In order to make the value in use equal to the value of the invested capital (break-even hypothesis), the following permanent chan-ges (thus also impacting the terminal value) of the key parameters would be required:Decrease of growth Shift parallel to decrease Name of the CGU Increase of WACCrate (g)in EBITDAMerchant Solutions +1.19% -1.62% -12.34%Issuing Solutions +1.16% -1.60% -11.95%Digital Banking Solutions +0.84% -1.14% -9.48%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__52": {
"value": "10. Tax Assets and Liabilities 10.1 CURRENT TAX ASSETS AND LIABILITIESAt 31 December 2022 the financial statements show Euro 14.9 million (Euro 25.1 million at 31 December 2021) relating to current tax assets and Euro 106.7 million (Euro 47.6 million as at 31 December 2021) for current tax liabilities. The current tax assets mainly consist of IRES and IRAP receivables of Italian subsidiaries and receivables for taxes paid abroad.The current tax liabilities include payables for the balance of the domestic tax consolidation as well as taxes owed by foreign sub-sidiaries.Note that the current national tax consolidation scheme refers not just to the Parent Company Nexi SpA, but extends to subsidiaries Mercury Payment Services SpA, Nexi Payments SpA, Help Line SpA, Service Hub SpA and SIApay Srl.10.2 DEFERRED TAX ASSETS: BREAKDOWNDec. 31, 2021 Dec. 31, 2022RestatedDeferred taxes assets - of which: recognised in equity 2,267 3,482 - of which: recognised in profit and loss 193,654 213,682 Total 195,922 217,164 The deferred tax assets amounted to Euro 196 million and were composed as follows:- tax recognised in Shareholders\u2019 equity mainly arising from deferred tax assets relating to severance pay; - taxes recognised with a balancing entry in the Income Statement, mainly relating to deferred tax assets arising from the redemp-tion of goodwill recognised in the financial statements of Nexi Payments and Nexi SpA. The item also includes deferred tax assets relating to adjustments to receivables, provisions for risks and charges, as well as the tax asset arising from the spin-off of certain equity investments from DEPObank SpA to Nexi, and deferred tax assets on tax losses. As at 31 December 2022 the Group had unused tax losses of Euro 90 million, of which Euro 4 million can be carried forward for 3 years and Euro 86 million for more than 3 years With regard to these tax losses, according to available estimates, deferred tax assets of Euro 11 million were recognised. The asses-sment of the recoverability of tax loss assets is based on the positive taxable income expected within the next three to five years.Unrecognised tax assets, for which there is no evidence of short-term use, were not recognised and amounted to Euro 9 million, corresponding to tax losses of approximately Euro 39 million.10.2.2 Changes in deferred tax assets (recognised in equity)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 3,482 548 2. Increases 184 2,934 2.1 Deferred tax assets recognised in the year - - 2.2 Business combination 2,934 2.3 Other increases 184 - 2.4 Currency translation adjustment - - 3. Decreases 1,399 - 3.1 Deferred tax assets derecognised in the year 58 3.2 Business combination - - 3.3 Other decreases 1,341 - 3.4 Currency translation adjustment - - 4. Closing balance 2,267 3,482 10.2.3 Changes in deferred tax assets (recognised in profit and loss)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 213,682 49,996 2. Increases 19,494 193,0152.1 Deferred tax assets recognised in the year 16,224 63,6772.2 Business combination 129,3382.3 Other increases 3,270 -2.4 Currency translation adjustment - -3. Decreases 39,521 29,3293.1 Deferred tax assets derecognised in the year 39,200 29,2093.2 Business combination - - 3.3 Other decreases 185 - 3.4 Currency translation adjustment 136 120 4. Closing balance 193,654 213,682 10.3 DEFERRED TAX LIABILITIES: BREAKDOWNDec. 31, 2021 Dec. 31, 2022RestatedDeferred tax liabilities - of which: recognised in equity 4,216 3,166 - of which: recognised in profit and loss 1,024,537 1,167,314 - of which: recognised in the profit and loss statement due to elimination of the equity investments 96,704 80,459 Total 1,125,457 1,250,939 The deferred tax liabilities amounted to Euro 1,125 million (Euro 1,250 million in 2021 restated) and consisted mainly of deferred taxes recognised as a result of purchase price allocations of Nets and SIA.Specifically:- tax recognised in Shareholders\u2019 equity mainly arising from deferred tax relative to the Fair Value measurement of the Visa Shares portfolio; - tax recognised in the Income Statement arising from temporary differences in goodwill and deferred taxes identified in the Pur-chase Price Allocation of the business combination transactions carried out by the Group;- tax recognised in the Income Statement arising from the elimination of the equity investments in subsidiaries and the allocation of part of the purchase price to intangible assets with a finite useful life.10.3.1 Changes in deferred tax liabilities (recognised in equity)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 3,166 7,026 2. Increases 2,018 737 2.1 Deferred tax liabilities recognised in the year 2,018 737 2.2 Business combination - - 2.3 Other increases - - 2.4 Currency translation adjustment - - 3. Decreases 968 4,5973.1 Deferred tax liabilities derecognised in the year 968 4,5973.2 Business combination - - 3.3 Other decreases - -3.4 Currency translation adjustment - -4. Closing balance 4,216 3,166 10.3.2 Changes in deferred tax liabilities (recognised in the profit and loss)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 1,247,773 217,122 2. Increases 22,335 1,095,496 2.1 Deferred tax liabilities recognised in the year 12,477 840,512 2.2 Business combination 9,800 251,670 2.3 Other increases 58 467 2.4 Currency translation adjustment 2,847 3. Decreases 148,867 64,845 3.1 Deferred tax liabilities derecognised in the year 122,238 39,967 3.2 Business combination 1,062 - 3.3 Other decreases 23,087 24,878 3.4 Currency translation adjustment 2,480 4. Closing balance 1,121,241 1,247,773",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__53": {
"value": "10.2 DEFERRED TAX ASSETS: BREAKDOWNDec. 31, 2021 Dec. 31, 2022RestatedDeferred taxes assets - of which: recognised in equity 2,267 3,482 - of which: recognised in profit and loss 193,654 213,682 Total 195,922 217,164 The deferred tax assets amounted to Euro 196 million and were composed as follows:- tax recognised in Shareholders\u2019 equity mainly arising from deferred tax assets relating to severance pay; - taxes recognised with a balancing entry in the Income Statement, mainly relating to deferred tax assets arising from the redemp-tion of goodwill recognised in the financial statements of Nexi Payments and Nexi SpA. The item also includes deferred tax assets relating to adjustments to receivables, provisions for risks and charges, as well as the tax asset arising from the spin-off of certain equity investments from DEPObank SpA to Nexi, and deferred tax assets on tax losses. As at 31 December 2022 the Group had unused tax losses of Euro 90 million, of which Euro 4 million can be carried forward for 3 years and Euro 86 million for more than 3 years With regard to these tax losses, according to available estimates, deferred tax assets of Euro 11 million were recognised. The asses-sment of the recoverability of tax loss assets is based on the positive taxable income expected within the next three to five years.Unrecognised tax assets, for which there is no evidence of short-term use, were not recognised and amounted to Euro 9 million, corresponding to tax losses of approximately Euro 39 million.10.2.2 Changes in deferred tax assets (recognised in equity)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 3,482 548 2. Increases 184 2,934 2.1 Deferred tax assets recognised in the year - - 2.2 Business combination 2,934 2.3 Other increases 184 - 2.4 Currency translation adjustment - - 3. Decreases 1,399 - 3.1 Deferred tax assets derecognised in the year 58 3.2 Business combination - - 3.3 Other decreases 1,341 - 3.4 Currency translation adjustment - - 4. Closing balance 2,267 3,482 10.2.3 Changes in deferred tax assets (recognised in profit and loss)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 213,682 49,996 2. Increases 19,494 193,0152.1 Deferred tax assets recognised in the year 16,224 63,6772.2 Business combination 129,3382.3 Other increases 3,270 -2.4 Currency translation adjustment - -3. Decreases 39,521 29,3293.1 Deferred tax assets derecognised in the year 39,200 29,2093.2 Business combination - - 3.3 Other decreases 185 - 3.4 Currency translation adjustment 136 120 4. Closing balance 193,654 213,682 10.3 DEFERRED TAX LIABILITIES: BREAKDOWNDec. 31, 2021 Dec. 31, 2022RestatedDeferred tax liabilities - of which: recognised in equity 4,216 3,166 - of which: recognised in profit and loss 1,024,537 1,167,314 - of which: recognised in the profit and loss statement due to elimination of the equity investments 96,704 80,459 Total 1,125,457 1,250,939 The deferred tax liabilities amounted to Euro 1,125 million (Euro 1,250 million in 2021 restated) and consisted mainly of deferred taxes recognised as a result of purchase price allocations of Nets and SIA.Specifically:- tax recognised in Shareholders\u2019 equity mainly arising from deferred tax relative to the Fair Value measurement of the Visa Shares portfolio; - tax recognised in the Income Statement arising from temporary differences in goodwill and deferred taxes identified in the Pur-chase Price Allocation of the business combination transactions carried out by the Group;- tax recognised in the Income Statement arising from the elimination of the equity investments in subsidiaries and the allocation of part of the purchase price to intangible assets with a finite useful life.10.3.1 Changes in deferred tax liabilities (recognised in equity)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 3,166 7,026 2. Increases 2,018 737 2.1 Deferred tax liabilities recognised in the year 2,018 737 2.2 Business combination - - 2.3 Other increases - - 2.4 Currency translation adjustment - - 3. Decreases 968 4,5973.1 Deferred tax liabilities derecognised in the year 968 4,5973.2 Business combination - - 3.3 Other decreases - -3.4 Currency translation adjustment - -4. Closing balance 4,216 3,166 10.3.2 Changes in deferred tax liabilities (recognised in the profit and loss)Dec. 31, 2021 Dec. 31, 2022Restated1. Opening balance 1,247,773 217,122 2. Increases 22,335 1,095,496 2.1 Deferred tax liabilities recognised in the year 12,477 840,512 2.2 Business combination 9,800 251,670 2.3 Other increases 58 467 2.4 Currency translation adjustment 2,847 3. Decreases 148,867 64,845 3.1 Deferred tax liabilities derecognised in the year 122,238 39,967 3.2 Business combination 1,062 - 3.3 Other decreases 23,087 24,878 3.4 Currency translation adjustment 2,480 4. Closing balance 1,121,241 1,247,773",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__54-1": {
"value": "11. Non-current assets held for sale and discontinued operations and liabilities associated with non-current assets held for sale and discontinued operationsDec. 31, 2022 Dec. 31, 2021A. Assets held for sale A.1 Financial assets 621 551 A.2 Tangible assets 681 16 A.3 Intangible assets 269 229 A.4 Other assets 900 995 Total (A) 2,471 1,790 B. Liabilities associated with assets held for sale B.1 Financial liabilities 259 329 B.2 Other liabilities 462 312 Total (B) 721 641 This category mainly includes the assets and liabilities related to Orbital Cultura and a business unit of Nexi Greece Processing Ser-vices Single Member S.A. concerning customer operations services, for which a contract of sale was signed in October 2022 and whose closing is expected in 2023.33. Income (Loss) after Tax from Discontinued OperationsThe item mainly includes the positive and negative income components of the Capital Market segment classified as discontinued operations. 2022 2021 1. Profit 22,066 7812. Loss (10,354) (815) 3. Valuation of disposal group and associated liabilities - - 4. Profit (Loss) from disposal - -5. Tax and duty (4,011) - Profit (Loss) 7,701 (34)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__57": {
"value": "14. Financial Liabilities at Fair Value through Profit or Loss 14.1 FINANCIAL LIABILITIES AT FVTPL: BREAKDOWNDec. 31, 2022 Dec. 31, 2021Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3Financial liabilities measured at Fair Value 1,133 - 1,133 - 1,572 - 1,572 - Other financial liabilities mandatorily 229,295 - 214,624 14,671 166,957 - 166,957 - measured at Fair Value Total 230,428 - 215,757 14,671 168,529 - 168,529 - The item \u201cFinancial liabilities measured at Fair Value\u201d refers to the liability linked to Visa shares as described in more detail in section 4.2.The item \u201cOther financial liabilities mandatorily measured at Fair Value\u201d refers to the contingent considerations provided for by contracts with reference to the business combination transactions.The item also includes the Fair Value of the call option granted to Alpha Bank in connection with the purchase of an additional 39% of Nexi Payments Greece.This item is included in Net Financial Position for Euro 214 million reported in the Management Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__58": {
"value": "15. Other Liabilities Dec. 31, 2022 Dec. 31, 2021 Tax liabilities and social security debts 51,325 55,307 Payables due to employees 180,063 169,692 Other liabilities for fees and commissions 731,248 650,910 Unsettled transactions 912,364 340,715 Deferred loyalty fees and other revenues 76,013 66,841 Other debts 911 820 Payables for tax consolidation - - Total 1,951,924 1,284,285 The item \u201cOther liabilities for fees and commissions\u201d includes payables to suppliers and other counterparties for commercial ser-vices received.The item \u201cDeferred loyalty fees and other revenues\u201d mainly includes liabilities associated with Loyalty programmes in place, worth Euro 37.3 million, aside from the liabilities deriving from customer contracts, worth Euro 33 million, mainly associated with revenues invoiced in advance and one-off revenues for projects concerning the goodwill of new customers or new products. The item \u201cUnsettled transactions\u201d refers to transaction associated with different processing stages of the settlement of transactions in the first days of the following month.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__59": {
"value": "16. Post-employment benefits Dec. 31, 2022 Dec. 31, 2021Defined benefit plan 30,996 39,847 Contribution plan - -Total 30,996 39,847 The item includes defined benefit plans in place at the Group\u2019s operating companies based on local legislation or supplementary agreements. As at 31 December 2022, amounts payable pursuant to IAS 19 requirements for post-employment benefits totalled Euro 31 million (Euro 39.8 million as at 31 December 2021).16.1 POST-EMPLOYMENTBENEFITS : CHANGES Dec. 31, 2022 Dec. 31, 2021A. Opening balance 39,847 14,808 B. Increases 1,745 29,728 B.1 Accruals for the year 1,354 416 B.2 Other changes 391 29,312 - Business combinations 298 28,181 - Other increases 93 1,131 C. Decreases 10,597 4,689 C.1 Payments 2,251 581 C.2 Other changes 8,346 4,108 - Business combinations 1,006 - - Other decreases 7,340 4,108 D. Closing balance 30,996 39,847 16.2 MAIN DEMOGRAPHIC AND ACTUARIAL ASSUMPTIONS USED TO MEASURE POST-EMPLOYMENTS BENEFITS: SENSITIVITY ANALYSISAssumptions Sensitivity Dec. 31, 2022 Dec. 31, 2021 (0.50%) 0.50%- Discount rate from 1.78% from 0.98% 4.71% -3.79%to 4.04%to 1.07%- Inflation rate 2.30% from 1.75% n.a. n.a.to 2.08%- Turnover rate 3.23% from 0.00% -0.24% 0.24%to 4.39%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__60": {
"value": "17. Provisions for Risks and Charges17.1 PROVISIONS FOR RISKS AND CHARGES: BREAKDOWNDec. 31, 2021 Dec. 31, 2022 Restated1. Internal pension funds - - 2. Other provisions for risks and charges 141,886 193,611 2.1 Legal and tax disputes 55,133 61,638 2.2 Employees expenses 1,801 3,257 2.3 Other provisions 84,953 128,716 Total 141,886 193,611 The item \u201cLegal and tax disputes\u201d of Euro 55 million (Euro 62 million as at 31 December 2021) refers mainly to the provisions made for litigation, including estimated legal fees, for which the risk is considered probable. The reduction is mainly related to uses.The item \u201cOther provisions\u201d of Euro 85 million (Euro 129 million as at 31 December 2021 restated) mainly refers to:a. Provision for contractual commitments made during the acquisition of the equity investment held in Bassilichi, for about Euro 6 million, down compared with 31 December 2021 (Euro 7.2 million) mainly due to releases in the period;b. Provision for disposal costs of non-core equity investments held by the Bassilichi Group, for Euro 1 million (Euro 2.5 million as at 31 December 2021) down due to use in the period;c. Provision to cover risks mainly related to pending transactions and other disputes related to ordinary operations amounting to approximately Euro 11 million (Euro 15 million as at 31 December 2021). The item decreased mainly as a result of the releases during the period because of the reduced level of risk;d. Provision for fraudulent transactions, mainly in issuing, of Euro 1 million (Euro 1.3 million as at 31 December 2021);e. Provision to cover charge back and other risks related to the acquiring business in the amount of approximately Euro 17 million (Euro 27 million as at 31 December 2021) as a result of the release in the period due to the lapse of the specific risks involved;f. Provisions to cover risks recorded as an adjustment to the opening balances related to the merger with Nets and SIA equal to Euro 34 million (Euro 10 million as at 31 December 2021);g. Provisions related to onerous contracts and contractual penalties amounting to Euro 13 million (Euro 32 million as at 31 December 2021), the reduction of which is related to uses for the period.With reference to the ongoing arbitration against Cedacri, central to which is Cedacri\u2019s request of a Euro 74.1 million price adjust-ment, please note that the Group, also based on the opinion of its legal advisers, cannot rule out the risk of an adverse ruling.On 15 December 2022 a tax audit report was served to the company contesting its failure to apply the withholding tax as withhol-ding agent, amounting to approximately Euro 126.2 million on dividends distributed in 2018 to the shareholder Mercury UK Ltd. Based on the opinion issued by its consultants appointed for the defence, without prejudice to the right of recourse, the Company believes that it can successfully litigate the reasons for the correctness of the company\u2019s actions and is in the process of initiating formal discussions with the tax authority to explain its reasoning.On 28 December 2022, three notices of assessment were served for IRES, IRAP and VAT in 2017, in which the Revenue Agency conte-sted the tax relevance of a settlement agreement entered into by the merged Bassilichi with one of its counterparties. The potential charge resulting from these notices is estimated at approximately Euro 15.2 million for taxes and Euro 7.3 million for penalties, plus interest. Based on the opinion issued by its consultants appointed for the defence, the Company believes that it can successfully litigate the groundlessness of the Revenue Agency\u2019s charge in the aforesaid notices, in respect of which it has submitted a petition to argue its reasoning.A VAT dispute dating back to the years 2007, 2008, and 2011 of the merged company SIA SpA, which in turn derives from the Italian branch of a Belgian subsidiary, is pending before the Court of Cassation. The potential risk should reasonably be limited to penalties and interest amounting to approximately Euro 12 million. The two previous court rulings were in the company\u2019s favour.The Group\u2019s operating companies are also involved in tax disputes totalling Euro 14 million, as well as other legal disputes totalling Euro 31 million, in respect of which the Group believes it can successfully argue the groundlessness of the relative objections.17.2 PROVISIONS FOR RISKS AND CHARGES: CHANGESOther provi-Internal Pen-sions for risks Totalsion fundsand chargesA. Opening balance - 193,611 193,611 B. Increases - 5,882 5,882 C. Business combination - - - D. Decreases for utilisation - (44,159) (44,159)E. Decreases for releases - (13,437) (13,437)F. Time value adjustment - (11) (11)G. Closing balance - 141,886 141,886",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__61": {
"value": "18. Shareholders\u2019 EquityDec. 31, 2021 Dec. 31, 2022 RestatedShare capital 118,583 118,452Treasury shares (4,440) (4,493)Share premium 11,587,260 11,587,260Reserves 468,390 523,080Valuation reserves (90,226) 36,729Profit (Loss) for the year 140,023 37,729Equity attributable to non-controlling interests (+/-) 18,147 9,411Total Shareholders\u2019 Equity 12,237,737 12,308,168 The \u201cEquity attributable to non-controlling interests\u201d item of Euro 18.1 million, mainly refers to minority stakes in Nexi Payments SpA (Euro 14.5 million), Help Line SpA (Euro 1.4 million) and Nexi Payments Greece (Euro 1.7 million).Specifically, as at 31 December 2022 share capital comprised 1,311,638,938 ordinary shares, all fully paid up.The treasury shares in portfolio amounted to 279,147.The item \u201cReserves\u201d increased mainly due to the recognition of the effects of share-based plans (about Euro 37 million).The change in the item \u201cValuation reserves\u201d is mainly related to the Conversion Reserve, whose decrease was partially offset by the incre-ase in the Valuation reserve related to the Visa shares in the portfolio.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__62": {
"value": "20. Fees for Services Rendered and Commission Income 2022 2021Issuing & Acquiring fees: 3,507,963 2,285,758 - fees and commissions from counterparties 2,414,912 1,543,787 - fees and commissions from cardholders 1,093,051 741,971 Revenues from services 1,891,178 766,900 Total 5,399,141 3,052,658The item \u201cIssuing & Acquiring fees\u201d item mainly consists of:- the item \u201cFees and commissions from counterparties\u201d, which includes the interchange fees recognised by the schemes, the acquiring commissions paid by merchants and the commissions for processing issuing/acquiring and servicing paid by partner banks;- the item \u201cFees and commissions from cardholders\u201d, which includes commissions debited to licensed cardholders, mainly relating to charges.The item \u201cRevenues from services\u201d mainly consists of POS and ATM rental and maintenance charges, of revenue from Digital & Cor-porate Banking services, and revenue from activities linked to Payment Services and revenues connected with Help Desk services.Revenues from active lease contracts amount to approximately Euro 337,2 million.The revenue recognised, in accordance with IFRS 15 \u201cAt a point of Time\u201d mainly refers to revenue commensurate with transacted volumes, which at 31 December amounted to approximately Euro 3,442 million.Note that, as required by IFRS 15.116, fees and commission income for services rendered include revenues recognised during the period, included in the opening balance of liabilities from customer contracts for Euro 14 million.21. Fees for Services Received and Commission Expense 2022 2021Bank charges: (1,713,348) 1,091,819- fees due to correspondents (1,299,387) (782,305)- fees due to banks (413,961) (309,514)Other fees (393,647) (188,361)Total (2,106,995) (1,280,180)This item mainly comprises:- the item \u201cFees due to correspondents\u201d, mostly consisting of interchange fees and other charges debited by the schemes;- the item \u201cFees due to banks\u201d, mainly consisting of fees paid to partner banks and commissions retroceded within the framework of the master and distribution agreements in place with regard to acquiring books acquired in recent years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__63": {
"value": "22. Interest and Similar Income2022 2021Financial assets measured at amortised cost: 15,637 20,277 Other assets 1,134 123 Other financial income 32,879 - Total 49,650 20,399Interest income with customers mainly refers to revolving credit card transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__64": {
"value": "23. Interest and Similar Expense 2022 2021Financial liabilities measured at amortised cost: (198,116) (187,669)- lease contracts (8,984) (3,234)- due to banks and customers (92,447) (102,576)- securities issued (96,685) (81,859)Financial liabilities at Fair Value through profit or loss: (10,142) (574)- financial liabilities held for trading (156) - - financial liabilities measured at Fair Value (9,986) (574) - other financial liabilities mandatorily measured at Fair Value - - Hedging derivatives (38) - Other liabilities/provisions (555) (11,622)Other financial charges (12,458) - Total (221,310) (199,864)Interest expense mainly refers to:- recourse credit facilities attached to the factoring agreement entered into in 2018 by Nexi Payments SpA;- securities issued as detailed in the Board of Directors\u2019 Management Report and Note 38;- outstanding financing as detailed in the Board of Directors\u2019 Management Report and section 14.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__66": {
"value": "24. Profit/(Loss) on Hedging/ Financial Assets and Liabilities at Fair Value through Profit or Loss/ Derecognition of Assets and Liabilities at Amortised Cost2022 2021Net result of financial assets measured at FVTPL 453 - Net result of financial liabilities measured at FVTPL (22,951) (67,969)Net hedging income on financial assets 426 - Net result on derecognition of asset and liabilites at Amortised cost 22,865 - Total 793 (67,969)The item mainly includes the effect of the repurchase of bonds and subsequent cancellation for a positive Euro 23 million, in addi-tion to the fair value measurement of the earn-outs (negative to about Euro 22 million), the measurement of the option related to Nexi Payments Greece (negative for about Euro 2 million), to the effect of the ineffectiveness of the hedging relationship (positive for about Euro 0.4 million).25. Dividends and Profit (Loss) from Investments and Sale of Assets at Fair Value through Other Comprehensive Income 2022 2021Dividends 457 1,383 Profit/(loss) from disposal of financial assets at FVTOCI (20,954) (8,380)Net income (20,496) (6,997)The item\u2019s balance mainly refers to, under the scope of the factoring contract, expense due to transfer without recourse by Nexi Payments SpA of a significant portion of the loans portfolio attached to credit cards issued. It also includes dividends distributed by the Group\u2019s investee companies, other than subsidiaries and associates, which are classified as \u201cFinancial assets at Fair Value through OCI\u201d. The increase is related to the rise in market rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__67": {
"value": "26.1 PERSONNEL-RELATED COSTS: BREAKDOWN 2022 20211) Employees a) wages and salaries (556,947) (261,602)b) social security charges and similar cost (135,669) (56,782)c) post-employment benefits (36,403) (16,432) - defined contribution plans (12,448) (9,115) - defined benefit plans (23,955) (7,318)d) costs of share-based payment plans (38,081) (47,506)e) other employee benefits (23,137) (12,290)2) Other personnel (28,793) (13,378)Total (819,030) (407,991)Payroll costs also include costs linked to the stock grant plan (guaranteed by Mercury UK) for Nexi Group employees and the costs connected with the Long-Term Incentive plan, as further detailed in Note 38.In addition, capitalised personnel costs amount to Euro 93.8 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__68": {
"value": "26.2 OTHER ADMINISTRATIVE COSTS: BREAKDOWN 2022 20211. Third-party services (273,884) (221,011)2. Lease and building management fees (19,633) (8,426)3. Insurance (8,738) 1,368 ()*4. Rentals (31,809) (12,433)5. Maintenance (117,646) (46,181)6. Shipping costs (26,902) (27,642)7. Telephone and telegraph (34,125) (15,144)8. Cards and accessories (1,179) (4,151)9. Printed matter and stationery (14,987) (6,655)10. Other taxes (23,382) (13,188)11. Legal, notary and consultancy services (201,772) (161,254)12. Agents' commissions and expense reimbursement (174) (121)13. Advertising (12,768) (7,265)14. Promotional materials and competition prizes (37,373) (31,506)15. Other commercial costs (7,279) (1,704)16. Other general expenses (265,050) (110,085)Total (1,076,700) (665,399)*) The item includes software rental fees for Euro 28.9 million and short-term rental contracts or related to low value assets for Euro 2.9 million.As required by IFRS 15.128, note that the costs for the execution of customer contracts recognised during the period and included in the opening balance of assets deriving from customer contracts, amounted to approximately Euro 26 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__69": {
"value": "27. Other Operating Income/Expenses, Net 2022 2021Other operating income 7,694 26,463 Other operating expenses (7,555) (23,365)Total 139 3,098",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__70": {
"value": "28. Net Value Adjustments on Assets Measured at Amortised CostImpairment losses Reversals of Impairment losses 2022 2021Stages 1& 2 Stage 3 Stages 1& 2 Stage 3 Total TotalA. Loans and receivables with - - - - - - banksB. Loans and receivables with (4,052) (9,302) - 195 (13,159) (4,995)customersTotal (4,052) (9,302) - 195 (13,159) (4,995)The item refers to the net value adjustments applied to receivables due from customers mainly connected with direct issuing and acquiring operations carried out by the Group\u2019s operating companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__71": {
"value": "29. Net Accruals to Provisions for Risks and Charges 2022 2021 Provisions for risks and charges (5,882) (26,851)Releases 13,437 - Total 7,556 (26,851)The item reflects changes to the provision for risks and charges.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__72": {
"value": "30. Net value adjustments/write-backs on tangible and intangible assets2021 2022RestatedDepreciation and net impairment loss on tangible assets (161,634) (90,241)Amortisation and net impairment loss on intangible assets (771,136) (283,816)Total (932,770) (374,057)30.1. AMORTISATION AND NET IMPAIRMENT LOSSES ON INTANGIBLE ASSETS: BREAKDOWNReversals of Amortisation Impairment lossesNet incomeimpairment lossesA. Intangible assetsA.1 Owned (704,061) (67,075) - (771,136)- From acquisition (359,854) (65,210) - (425,064)- Other (344,207) (1,865) - (346,073)A.2 Rights of use acquired through leasing - - - - A.3 Intangible assets held for sale - - - - Total (704,061) (67,075) - (771,136)30.2. DEPRECIATION AND NET IMPAIRMENT LOSSES ON TANGIBLE ASSETS: BREAKDOWNReversals of Depreciation Impairment lossesNet incomeimpairment lossesA. Tangible assetsA.1 Owned (113,225) - - (113,225)- Property and equipment (113,132) - - (113,132)- Investment property (93) - - (93)A.2 Held under lease (48,409) - - (48,409)- Property and equipment (48,409) - - (48,409)- Investment property - - - - A.3 Tangible assets held for sale - - - - Total (161,634) - - (161,634)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__74": {
"value": "31. Profit (Loss) from Equity Investments and Disposals of Investments2022 2021 Profit Profits on equity investments 3,463 1,585 Profits on sale of investments 67 240 Loss Loss on equity investments - - Loss on sale of investments (250) (384)Net Result 3,281 1,441",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__75": {
"value": "32. Income Taxes2021 2022RestatedCurrent taxes (241,686) (90,367)Changes in current taxes in previous years - (723)Change in deferred tax assets 42,488 30,696 Change in deferred tax liabilities 64,445 56,356 Total (134,753) (4,038)Income taxes amounted to Euro 134.8 million, compared to Euro 4.0 million in the previous period restated.32.1 RECONCILIATION BETWEEN THEORETICAL TAX CHARGE AND EFFECTIVE TAX CHARGE RECOGNISEDThe reconciliation between the theoretical tax charge of the Group and the effective tax charge is shown below. Note that the effective taxe rate includes taxes of euro 2.5 million relating to discontinued operations accounted for, as required by IFRS 5, in the item \u201cincome/(losses) after tax from discontinued operations\u201d.2022Theoretical Tax rate 24%Difference in subsidiaries' tax rates compared with Nexi's tax rate 19%Permanent differences: not deductible cost 12%Permanent differences: not taxable revenues -5%Not recognised tax losses utilised or capitalised 1%Currency translation adjustment -2%Change in income tax rate on deferred taxes 0%Prior year adjustment 1%Other taxes 1%Effective tax rate 49%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__77-1": {
"value": "34. Profit (Loss) for the year attributable to Non-Controlling InterestsThese are minorities mainly referring to Nexi Payments SpA for Euro 2 million, Nexi Payments Greece for Euro 0.7 million and Help Line SpA for Euro 0.3 million.40. Group funding transactions As shown in the Management Report, the Group\u2019s financial structure changed significantly during the year. The following is a summary of the accounting impacts deriving from the refinancing and repayment transactions executed during the year ended 31 December 2022. See the Management Report for the exposure of the Group\u2019s Net Financial Position. VOLUNTARY EARLY REPAYMENT OF FINANCIAL DEBT INSTRUMENTSDuring 2022 several early repayments were made for various debt instruments, which improved the Group\u2019s financial structure. Specifically:- on 30 September the variable-rate bank \u201cTerm Loan\u201d in the original amount of Euro 466.5 million, maturing on 30 June 2025, was partially repaid in the amount of Euro 100 million. As at 31 December 2022, the Term Loan was fully utilised for a residual nominal amount of Euro 366.5 million;- on 7 October 2022, Nexi SpA completed Liability Management by repurchasing its own senior unsecured bonds for a total no-minal amount of Euro 473 million, of which Euro 349 million related to the 2024 Bond, having an original nominal amount of Euro 825 million, a semi-annual fixed-rate coupon of 1.75% p.a. and maturity on 31 October 2024, and Euro 124 million related to the 2026 Bonds, having an original nominal amount of Euro 1,050 million, a semi-annual fixed-rate coupon of 1.625% p.a. and maturity on 30 April 2026, with a total disbursement of approximately Euro 450 million, excluding accrued interest and transaction costs.As of 31 December 2022, the outstanding nominal value of the 2024 Bond and the 2026 Bonds was Euro 476 million and Euro 926 million, respectively. BPER CREDIT LINEOn 29 June 2022, Nexi SpA signed the BPER Loan Agreement pursuant to which BPER Banca SpA granted an unsecured credit line for a total amount of Euro 50 million, fully disbursed on 14 July 2022, which in any case must be repaid in a single instalment on 30 April 2026. 2022 TERM LOANOn 2 August 2022, Nexi SpA entered into the 2022 Term Loan pursuant to which a pool of leading banks granted Nexi SpA a credit line for a total amount of Euro 900 million, partially utilised as of 31 December 2022 for a nominal amount of Euro 750 million and therefore with a residual amount available and not yet disbursed of Euro 150 million, which must be repaid in a single payment on 2 August 2027. Fully utilised at the date of these Notes to the Financial Statements, the 2022 Term Loan was entirely subject to inte-rest rate risk hedging transactions executed in the fourth quarter of 2022 through the subscription of interest rate swap derivative instruments that meet the requirements to be qualified as hedge accounting (so-called cash flow hedges).COVENANTS AND OTHER GUARANTEES LINKED TO FUNDING TRANSACTIONSIn line with financing transactions of a similar complexity and nature, the Nexi Group\u2019s financial indebtedness is characterised by clauses containing commitments, limitations (including negative pledge clauses) and restrictions, representations and warranties, as well as cases of early repayment (in whole or in part), and events of default linked to contractual breaches. The primary obliga-tions include:- financial maintenance covenant: at each \u201ctest date\u201d (i.e. 30 June and 31 December of each year), respect for a financial leverage ratio at a consolidated level (essentially the \u201cleverage ratio\u201d, the ratio of net debt and consolidated LTM \u2013 last twelve months \u2013 EBITDA), that will be tested with respect to the consolidated financial statements and consolidated half-yearly reports and must not exceed the specific periodic thresholds indicated in the contracts of the IPO Loan, the Term Loan, the BBPM Credit Line, the BPER Credit Line and the 2022 Term Loan;- negative pledge: Nexi SpA must abstain from establishing or allowing for the maintenance (and must ensure that no other mem-ber of the Nexi Group establishes or maintains) liens or collateral against its assets, with the exception of certain expressly permit-ted guarantees and restrictions;- prohibition against dispositive actions related to assets (sales, leases, transfers or other dispositive actions), except as expressly permitted under the relevant contracts.Note that at the reporting date all obligations attached to the abovementioned loan contracts have been fulfilled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__78-1": {
"value": "35. Information on Risks and Related Hedging Policies The Nexi Group oversees strategic, operational, compliance and financial risks. These Notes to the Financial Statements analyse some more relevant cases of operational and financial risks. For other risks, please refer to the \u201cMain Risks and Uncertainties\u201d section of the Report on Operations.Risk Management at Nexi GroupThe Risk Management and Internal Control System adopted by the Nexi Group (RMICS) consists of a set of rules, procedures and organisational structures aimed at the effective and efficient identification, measurement, management and monitoring of the main risks in order to contribute to the company\u2019s sustainable success. This system is integrated into the more general organisational and corporate governance structures adopted by the companies of the Nexi Group, takes into account the recommendations of the Corporate Governance Code and is inspired by current national and international best practices.The Nexi Group\u2019s Risk Management and Internal Control System is divided into three lines of defence for its companies. Specifically:- First level of control - line controls, aimed at ensuring the smooth running of operations. These controls are the primary respon-sibility of operational management and are considered an integral part of every business process. The operational and business structures are therefore primarily responsible for the internal control and risk management process. In the course of day-to-day operations, these structures are called upon to identify, measure or assess, monitor, mitigate and report risks arising from ordinary business operations in accordance with the risk management process and applicable internal procedures.- Second level of control - controls on risk management and regulatory compliance that aim to contribute to the definition of methodologies for the identification and assessment of corporate risks, to the definition of their governance policies, to verify compliance with the limits assigned to the various operational functions and to ensure the consistency of the operations of indi-vidual production areas with the assigned risk-return objectives, as well as the compliance of corporate operations with laws and regulations, in particular for Supervised Companies, including those of self-regulation. They are entrusted to structures other than the operational ones (so-called Second-level control functions).- Third level of control consisting of the controls of the Internal Audit function. This includes controls aimed at detecting violations of procedures and regulations, as well as the periodic assessment of the completeness, functionality and adequacy of the risk management and internal control system, including those on the information system (ICT Audit), at a predetermined frequency in relation to the nature and intensity of the risks. This activity is carried out by a different function that is independent of the operational functions, including through on-site audits.In the Companies of the Nexi Group, the Audit Function is placed under the direct authority of the Board of Directors and does not directly take part in the provision of the services they are required to audit.The second- and third-level Control Functions have the authority, resources and skills necessary for the performance of their tasks. These Functions may intervene in corporate activities, including those that have been outsourced, have access to all the docu-mentation necessary for the performance of their duties and, if necessary, promote the involvement of other Organisational Units concerned by any issues that may arise.The subsidiaries of Nexi SpA ensure the establishment and maintenance of an adequate and effective RMICS, implementing the Gui-delines defined by the Parent Company in compliance with the regulations applicable to each Subsidiary and Supervised Company.Nexi Group RisksOperational riskOperational risks relate to the performance of business processes in an inefficient and/or ineffective manner, including ICT, securi-ty, legal and contractual risks, which could adversely affect the Company\u2019s operations and/or performance.The reliability, operational performance, integrity and continuity of the ICT infrastructure of the Nexi Group and the technologi-cal networks are crucial to the Group\u2019s business, prospects and reputation. Particularly important in the context of the ICT infra-structure in question are the merchant acquiring and card issuing platforms. The availability of such platforms and other systems and products may be compromised by damage or malfunctions to the Group\u2019s or its third-party service providers\u2019 ICT systems. Malfunctions can be caused by migrations to new technological or application environments, in the case of significant changes in the production environment, or by human error, insufficient and incomplete testing, cyber-attacks, unavailability of infrastructure services (e.g. electrical or network connectivity) or natural phenomena (e.g. floods, fires or earthquakes).In line with the high degree of technological innovation of the services supplied by the Group and given the sensitive nature of operations involving the management of payment data, specific policies and methods have been set in place to identify and ma-nage IT risk (including cybersecurity risk) and specific organisational measures have been implemented under the scope of the Information Security Management System for line controls and risk management control.Other significant risks worthy of consideration are that the Group may incur liability and, therefore, may suffer damages, including to its reputation, in connection with fraudulent digital payment transactions, fraudulent loans made by merchants or other parties or fraudulent sales of goods or services, including fraudulent sales made by Group merchants.Examples of fraud may include the intentional use of stolen or counterfeit debit or credit cards, of payment card numbers or other credentials to book sales or false transactions by merchants or other parties, the sale of counterfeit goods, the intentional failure to deliver goods or services sold under the scope of a transaction that is otherwise valid. Failure to identify thefts and the failure to effectively manage fraud risk and prevention may increase the Group\u2019s charge-back liability or cause the Group to incur other liability, including fines and sanctions.The Group has sophisticated systems in place for transaction control and detection and suitable organisational measures to prevent fraud and control risk management.For operational risks, the risk management objective is mitigation of the impact and/or probability from a cost/benefit perspective, in line with the defined risk appetite. Nexi has adopted policies, processes and instruments to identify, manage and monitor these risks, in line with the national and international regulatory provisions and requirements and best practices in the sector.Impacts of the Russia/Ukraine conflict on operational riskThe economic and political tensions generated by the conflict between Russia and Ukraine undoubtedly pose threats to the ope-rational continuity of many companies. As per its business continuity procedures, the Nexi Group organised a special Group Crisis Management Team in the earliest days to closely monitor the evolution of the crisis and to implement the necessary actions to protect the Customers and the business. In fact, the areas under monitoring are people, business continuity, cyber risk, business impact and regulatory compliance.As far as the Nexi Group is concerned, there were no significant operational or economic impacts. In fact, the company has no production or personnel in Russia, Belarus or Ukraine, and has no direct business relations with companies based in those countries. There are also no reported impacts of any sanctions on the company\u2019s business. With regard to cyber risk, no suspicious activities or cyber threats were identified at a group level. However, a dedicated task force was set up at a group level in order to: - monitor unusual events in all companies;- define preventive measures to be implemented (e.g. offline backup of critical systems, mapping of network connections to war-ring countries, preparation of filters based on geographical locations, etc.);- coordinate with intelligence providers, both national and European.Nexi also has Disaster Recovery and Business Continuity plans and procedures for critical services to be triggered in the event of a crisis. Finally, with regard to the risk of fraud, there has been no change in the level of fraud in the recent period due to the Russia/Ukraine conflict.Climate riskIn accordance with the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) and the European Commission\u2019s Non-Binding Guidelines on Climate Information Reporting, the Nexi Group conducted an analysis to identify and assess the risks and opportunities related to climate change in Nexi, although no risk area related to environmental aspects was identified. The risks identified did not exceed the materiality threshold that would have determined their inclusion in ERM asses-sments. However, climate change risks are important to the Group given the potentially high strategic and reputational impacts such risks could have on the company and the speed with which such changes could occur.Climate-related risks are integrated into the company-wide risk management process and evaluated regularly through analyses covering multiple time horizons, short, medium and long term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__79": {
"value": "Liquidity and interest rate risksThe Group has significant financial indebtedness, as described in the section \u201cChanges in Group Debt\u201d. Sustainability of Nexi Group\u2019s debt level is correlated, first and foremost, to its operating results and thus to its capacity to generate sufficient liquid funds and to refinance debt at maturity.The Group is exposed to the risk that significant changes may take place with respect to interest rates and that the policies adopted to neutralise such changes may prove inadequate. The fluctuation of interest rates depends on various factors, which are outside the Group\u2019s control, such as monetary policies, macroeconomic performance and economic and political conditions in Italy.Changes in interest rates impact the market value of the company\u2019s financial assets and liabilities and the level of interest expenses, as some of the loans subscribed are variable rate.As of 31 December 2022, net of the effect of interest rate risk hedging transactions put in place, approximately 25% of the Nexi Group\u2019s medium-long term Financial Liabilities expressed at nominal value were exposed to sources of funding at a variable interest rate, and specifically to the Euribor index. Nexi periodically monitors the forward curves of the variable rates of reference, paying particular attention to trends relating to the 1/3/6-month Euribor rate, which the Group is primarily exposed to. Also in light of this monitoring \u2013 taking into consideration the maturity of the related debts \u2013 in the second half of 2022 the Nexi Group decided to implement certain interest rate risk hedging transactions, qualifying as hedge accounting (so-called cash flow hedges) and realised through interest rate swaps.It is not possible to rule out that at a future date the Nexi Group may have to refinance its debt at due date or that, for whatever reason, it may have to replace its current factoring lines or other credit lines and that that may lead to higher charges and costs and/or lead to disruptions or delays in service provision also due to the required timeframe for replacement, to the extent that may compromise Group operations.The Group has set up procedures aimed at identifying, monitoring and managing liquidity and interest rate risks, which include among other things the regular monitoring of the interest rates market curve to which the debt is indexed, the performance of its listed securities and the country risk, as well as other macroeconomic market indicators.BREAKDOWN OF ASSETS BY RESIDUAL LIFE(Amounts in thousand euros) Current Non-current TotalCash and cash equivalents 448,778 448,778 Financial receivables 4,355,172 3,214 4,358,386 Financial assets at Fair Value 69,238 78,536 147,774 Net trade receivables 750,542 750,542 Inventory 53,699 53,699 Other assets 935,137 18,778,673 19,713,810 Non-current assets held for sale and discontinued operations 2,471 2,471 Total 6,615,037 18,860,424 25,475,461 BREAKDOWN OF LIABILITIES BY RESIDUAL LIFE(Amounts in thousand euros)Within 1 year Between 1 and 5 years Over 5 years TotalFinancial Liabilities: Payables to: - Banks 1,027,285 2,468,678 3,495,963 - Financial entities and customers 2,019,445 122,419 2,141,864 - Securities issued - 2,077,891 1,933,623 4,011,514 Other financial liabilities 9,445 221,238 230,684 Total 3,056,175 4,890,226 1,933,623 9,880,025 (Amounts in thousand euros)Current Non-current TotalOther items of liabilities:Trade payables 731,248 731,248 Other liabilities 1,220,676 1,220,676 Provisions for risks and charges 141,886 141,886 Post-employment benefits 30,996 30,996 Deferred tax liabilities 1,125,457 1,125,457 Current tax liabilities 106,715 106,715 Liabilities associated with non-current assets held for sale and discontinued operations 721 721 Total 2,059,360 1,298,339 3,357,699 Impacts of the Russia/Ukraine conflict on liquidity and interest rate risk Following Russia\u2019s attack on Ukraine, there has been a marked change in the economic picture, especially with regard to inflation, and the way in which the European Central Bank (ECB) is responding to these changes. Inflation has been rising sharply globally for several months as a result of rising energy prices on international markets, especially oil and gas. Despite the increased downside risks to growth posed by the Russian invasion of Ukraine, the gradual increase in current and expected inflation led the European Central Bank to decide, among other things, to discontinue the APP (Asset Purchase Program-me) in July 2022, continuing from then on to fully reinvest the repaid principal on maturing bonds. At its meeting in December 2022, the Governing Council then decided that from March 2023 onwards the APP portfolio would be reduced at a moderate, pre-de-termined pace (Euro 15 billion per month until the second quarter of 2023), with only a portion of the principal repaid on maturing securities actually reinvested. The significant increase of the ECB\u2019s three key interest rates decided by the Governing Council at its October 2022 meeting by 75 bps was followed by an increase of 50 bps in December 2022 and a further 50 bps in February 2023, confirming the Cen-tral Bank\u2019s decision to move towards the removal of monetary accommodation. The intention in the medium term remains to bring the inflation rate back towards the target value of 2% in order to fulfil the ECB\u2019s mandate to preserve price stability. Indeed, at its meeting in February 2023 the ECB already made clear its intention to raise interest rates by a further 50 bps at its next monetary policy meeting in March 2023 in order to ensure a prompt return of inflation to the 2% target in the medium term mentioned above, judging the current level of inflation to be too high and projected to remain above this target for a prolonged period of time.In light of the foregoing, it cannot be excluded that there may be an increase in the financial charges, with consequent significant impacts on the Nexi Group\u2019s results and prospects.Moreover, with specific reference to the Group\u2019s funding liquidity risk, while no critical elements were identified as of the date of these Notes to the Financial Statements, considering the current maturity of the existing financial debt, it cannot be excluded that in the future the level of this risk may increase, even significantly, to the point of generating significant impacts on the results and prospects of the Nexi Group itself.The company in September 2022 approved the new strategic plan for 2022/2027. The Plan has been prepared considering the main factors of macroeconomic uncertainty that could affect the Group\u2019s future scenarios such as inflation and interest rate trends Moreover stress tests have been prepared in order to include possible adverse scenarios such as the interruption of the supply of Russian gas by the European economy with a consequent increase in gas prices throughout Europe would lead to a further surge inflation from the end of the year, reducing real household incomes, consumer spending and, ultimately, GDP growth. In this scenario, no significant impact on debt sustainability is expected over the five-year plan, as inflation leads to an increase in nominal private consumption that partially covers the macroeconomic slowdown and does not impact the CAGR of EBITDA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__81": {
"value": "Credit riskFor Nexi Group, credit risk mainly originates in the area of:- Acquiring activities, and in particular in the form of:- Chargeback risk: in the event of non-delivery of a product/service purchased on a prepaid basis, the cardholder may receive an advance from the acquirer, who only then sees reimbursement from the merchant;- Return risk: if a cardholder decides to exercise the right of withdrawal for online purchases of products/services, the acquirer is obliged to make the refund and only then is the amount settled with the merchant;- Risk associated with non-payment of fees (i.e. Merchant Fees) in cases where net settlement is not applied.- Issuing activities. Nexi Group manages \u201cRetail\u201d credit cards (in the name of individuals) and \u201cCorporate\u201d credit cards (in the name of legal entities). Nexi Group debits the expenditures of credit card customers on a date that is later than the date on which the payments were made, thus establishing a receivable due from the cardholders.- Buy Now Pay Later (\u201cBNPL\u201d) activities carried out by Ratepay, where the credit risk is inherent in the type of service provided.- Processing activities, and in particular in relation to trade receivables generated by non-payment of invoices to non-banking customers.Credit risk mitigation and monitoringThe Group is committed to assessing and implementing all mitigation measures deemed necessary and/or most effective depen-ding on the specific circumstances, based on risk-return analyses.The main mitigation measures that the Group can adopt include the following:- request for bank, insurance or cash collateral guarantees from the customer;- inclusion of contractual clauses requiring bank or insurance guarantees if the customer exceeds certain risk thresholds;Moreover, with specific reference to acquiring, we note the following:- use of net settlement to credit the merchant with the amounts due, net of commissions, chargebacks, any refunds- deferral of payments due, depending on business model and characteristics of the merchantsIn selected cases, following a risk-based analysis, the Group may also decide to reduce or terminate the relationship with the customer.Within each Legal Entity, the first-level functions are responsible for the continuous monitoring of credit risk, initiating the appro-priate mitigation and/or escalation measures in the event of signs of anomalies. Moreover, the local second-level Risk Management functions contribute to the definition of credit risk governance policies, ensure proper monitoring of risk performance and provide adequate information to the Corporate Bodies on the outcome of the activities carried out.The Nexi Group works very hard to estimate the current and future risk levels in the most vulnerable economic sectors, intensifying the monitoring of exposures.At the date of these Notes to the Financial Statements, while faced with situations that are still potentially critical arising from the pandemic and the Russia-Ukraine conflict, timely risk management, monitoring and applicable mitigation actions are effective tools in maintaining a low risk profile.Indeed, with regard to the full year of 2022, it is noted that:- Chargebacks decreased compared to 2021.- The value of outstanding amounts from merchants, gross of recoveries, was down compared to 2021. Therefore, no relevant risks are foreseen in the short term.- Insolvencies in the Buy Now, Pay Later business are decreasing compared to 2021.BREAKDOWN OF FINANCIAL ASSETS BY PORTFOLIO AND CREDIT QUALITY (CARRYING AMOUNTS)(Amounts in thousand euros)Non-perfor-Impaired Unimpaired Other Unlikely to ming past due past due unimpaired TotalpayexposuresexposuresexposuresexposuresFinancial assets measured at amortised cost a) Loans and receivables with banks 1,875,404 1,875,404 b) Loans and receivables with financial entities 20,002 2,462,980 2,482,982 and customersHedging derivatives 870 870 Financial assets held for sale 2,471 2,471 Total as at December 31, 2022 - 20,002 - - 4,341,725 4,361,727 Total as at December 31, 2021 - 24,269 - - 3,375,751 3,400,020 BREAKDOWN OF FINANCIAL ASSETS BY PORTFOLIO AND CREDIT QUALITY (GROSS AND NET AMOUNTS)(Amounts in thousand euros)of which: Non of which: PerformingTotalforbearanceperformingforbearanceLoans and receivables with banksGross exposure 1,875,404 1,875,404 Bad debt provision - Net exposure 1,875,404 1,875,404 Loans and receivables with financial entities and customersGross exposure 2,467,361 61,581 2,528,942 Bad debt provision (4,380) (41,580) (45,960)Net exposure 2,462,980 20,002 2,482,982 Hedging derivatives Gross exposure 870 870 Bad debt provision - Net exposure 870 870 Non-current financial assets held for sale Gross exposure 2,471 2,471 Bad debt provision - - Net exposure 2,471 2,471 Total as at December 31, 2022 4,341,725 - 20,002 - 4,361,727 Total as at December 31, 2021 3,375,751 - 24,269 - 3,400,020 ON-BALANCE SHEET EXPOSURES TO CUSTOMERS AND FINANCIAL ENTITIES: TRENDS IN GROSS IMPAIRED EXPOSURES (Amounts in thousand euros)of which:Non performingforbearanceA. Initial gross exposure 71,270 - - of which: transferred exposures not derecognised - -B. Increases 7,330 - B.1 Inflow from unimpaired exposures 582 B.2 Inflow from purchased or originated credit-impaired financial assets B.3 Transfers from other impaired exposure categories B.4 Contractual changes without derecognition B.5 Other increases 6,748 C. Decreases 17,019 - C.1 Outflows to unimpaired exposures C.2 Write-offs C.3 Collections 12,775 C.4 Profits from sales C.5 Losses from sales 4,242 C.6 Transfers to other impaired exposure categories C.7 Contractual changes without derecognition C.8 Other decreases 2 D. Final gross exposure 61,581 - - of which: transferred exposures not derecognised - - ON-BALANCE SHEET IMPAIRED EXPOSURES TO CUSTOMERS AND FINANCIAL ENTITIES: TRENDS IN COMPREHENSIVE VALUE ADJUSTMENTS(Amounts in thousand euros)of which:Non performingforbearanceA. Initial gross adjustments 47,001 - of which: transferred exposures not derecognised B. Increases 6,999 - B.1 Value adjustments from purchased or originated credit-impaired financial assets B.2 Other value adjustments B.3 Losses from sales B.4 Transfers from other impaired exposure categories B.5 Contractual changes without derecognition B.6 Other increases 6,999 C. Decreases 12,420 - C.1 Reversals of impairment losses from revaluation C.2 Reversals of impairment losses from collections 8,179 C.3 Profits from sales C.4 Write-offs C.5 Transfers to other impaired exposure categories C.7 Contractual changes without derecognition C.8 Other decreases 4,241 D. Final gross adjustments 41,580 - - of which: transferred exposures not derecognised",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__82": {
"value": "Market risk (price and exchange rate risk)The Nexi Group is exposed to the risk of unfavourable movements in the price of the shares in its portfolio, especially Visa Inc. Class A and C shares, as well as negative effects on the value of said shares due to movements in the EUR/USD exchange rate. Further-more, the Class C shares (convertible into Visa ordinary Class A shares at a conversion factor that varies based on the costs deriving from potential liabilities of the former Visa Europe, acquired by Visa Inc.) are illiquid financial instruments, and as such are characte-rised by possible obstacles (in law or de facto) or restrictions on divestment within a reasonable time and at fair market conditions. As at the reference date of these Notes, based on the measurement at fair value of the stock in the current context of the reference markets, hedging against market risks described above via financial instruments was deemed unnecessary. For the moment it appears that market risks have not been significantly impacted by the Covid-19 pandemic and the Russia/Ukrai-ne conflict.The Italian Group companies are also marginally exposed to the exchange rate risk, to the extent that the payments and collections, respectively for transactions to be paid or collected in relation to the Mastercard and Visa schemes, are mainly denominated in euros.However, note that some of the Group\u2019s foreign companies operate mainly in Northern and Central Europe, and consequently the Group is exposed to exchange rate risk arising from its operations in DKK (Danish krone), NOK (Norwegian krone), SEK (Swedish krona), PLN (Polish zloty) and until 31 December 2022 HRD (Croatian dinar), and to a lesser extent to its operations in USD (US dol-lar), CHF (Swiss franc), GBP (British pound) and ISK (Icelandic krona). The risk exposure in Danish kroner is considered to be low, as it is a currency that has seen relatively low volatility against the euro in the past.The potential impact on revenues and EBITDA from changes in the main currencies the group is exposed to is shown below:(Amounts in million euros)2022Any change Net Revenue EBITDAin the exchange rateNOK 10% 14.89 8.72SEK 10% 6.93 4.88DKK 1% 3.65 1.19PLN 10% 13.11 8.78HRK 10% 1.91 (0.35)EUR 1% - - Below are the average and spot rates used for the conversion of financial statements in other currencies for the main currencies:(Euro per 100)Exchange rate 2022Main currencies NOK SEK DKK PLN HRK RSD CZK RON EURAverage exchange rate 9.57 9.10 13.45 21.35 13.26 0.85 4.07 20.28 1.00End of year exchange rate 9.51 8.99 13.45 21.35 13.27 0.85 4.15 20.20 1.00Change for the year -8.6% -7.9 % - -1.9% -0.2% 0.3% 3.1% - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__84": {
"value": "36. Statement of Comprehensive (Amounts in thousand euros)2021 2022RestatedProfit (Loss) for the year 143,048 39,221Items that will not be reclassified subsequently to profit or loss Financial assets measured at FVTOCI a) Fair Value changes 35,575 (9,358)b) transfers to other equity components Defined benefit plans 8,503 (123)Income taxes related to high income components without profit and loss reversal (5,154) 684Items that will be reclassified subsequently to profit or loss Conversion reserve a) Fair Value changes (165,945) 6,071 b) income statement reversal c) other changes Cash flow hedges: a) fair value variances 298 b) income statement reversal c) other variances Income taxes related to high income components with profit and loss reversal (73) - Other comprehensive income (net of tax) (126,796) (2,726)Comprehensive income 16,252 36,495Comprehensive income attributable to non-controlling interests 3,184 3,184Comprehensive income attributable to the owners of the parent 13,068 33,311",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__85": {
"value": "37. Related Parties The purpose of IAS 24 (Related party disclosure) is to make sure that the financial statements of an entity contain the additional information necessary to highlight the possibility that the equity-financial position and economic results may have been altered by the existence of related parties and transactions and balances applicable with said parties.In accordance with these indications, applied to the organisational and governance structure of the Nexi Group, the following are considered as related parties:a) parties that directly or indirectly, de jure or de facto, including through subsidiaries, trusts or intermediaries, exercise significant influence over Nexi; note that these parties include, Bain Capital Investors LP, Advent International Corporation and Hellman & Friedman LLC, Cassa Depositi e Prestiti and its direct parent company represented by the MEF (Italian Ministry of Finance);b) the subsidiaries or entities under the joint control of the entities listed at the point above;c) the subsidiaries, associates or entities under the joint control of Nexi SpA;d) key management personnel of the Nexi Group and its direct Parent Company and its subsidiaries, entities under its joint control or subject to its significant influence;e) close family members of the natural persons included under letters a) and d) above;f) the complementary pension fund established in favour of employees of Nexi SpA or its related entities.37.1 INFORMATION ON THE REMUNERATION OF KEY MANAGEMENT PERSONNELBelow are the fees paid, in the reference period, to the directors and managers and key management personnel.(Amounts in thousand euros)Board of Statutory Executives holding DirectorsAuditorsstrategic responsibilityCorporate bodies remunerations 1,731 459 - Short-term benefits - - 3,028 Benefits subsequent to the termination of employment - - 432 Other long-term benefits - - - Indemnities for termination of employment - - - Total 1,731 459 3,461 37.2 INFORMATION ON RELATED-PARTY TRANSACTIONSThe effects of transactions with related parties, over and above the fees described above, are summarised in the table below:(Amounts in thousand euros)Directors, Executives and Controlling company Other related partiesother Supervisory BodiesFinancial asset measured at amortised cost 19,179 Financial asset at Fair Value 19,200Tangible assets 12 Intangible assets 4,134 Other assets 63,600 2 Financial liabilities measured at amortised cost 7,013 Other liabilities 21,615 Fees for services rendered and commission income 160,560 Fees for services received and commission expense 9,129 Interest and similar expense 700 Other administrative expenses 30,967 Other operating income/expenses 6 Credit and debit balances with related parties as of 31 December 2022 were not material with respect to the size of the Group\u2019s balance sheet. Likewise, the impact of income and expenses with related parties on the consolidated operating result was not ma-terial, nor was the impact of these transactions on the Group\u2019s cash flows. The main contracts, all of which falling within ordinary operations, mainly refer to services received from related parties (especially consulting services, software development and card production) and services provided related to the ordinary business carried out by the group to customers falling within the definition of related parties, regulated by conditions in line with market conditions and in any case based on assessments of mutual economic convenience.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__86": {
"value": "38. Share-Based Payments 38.1 STOCK GRANTMercury UK HoldCo Ltd (\u201cMercury UK\u201d) in 2019 adopted two incentive plans (the \u201cPlans\u201d), based on the shares of Nexi SpA (\u201cNexi\u201d) that ended in 2021.In addition, during 2020 and 2021, Mercury UK together with Nexi\u2019s other financial sponsors adopted some new incentive plans based on the shares of Nexi SpA (\u201cNexi\u201d) and with a vesting period until 16 April 2022, 31 December 2022 and 1 July 2024. These plans are reserved for selected employees (the \u201cBeneficiaries\u201d) of Group companies. These plans provide for additional shares assignable to employees depending on the market price of Nexi shares.On the basis of the provisions of IFRS 2, although not having made any commitments to the Beneficiaries, as the Nexi Group is the entity that receives the services (the \u201creceiving entity\u201d), it must book, in its consolidated financial statements, the Plans in question on the basis of the accounting rules envisaged for the \u201cplans settled with equity instruments\u201d.More specifically, IFRS 2 establishes that, in the plans settled with equity instruments with employees, the entity must:- measure the cost for the services it has received on the basis of the Fair Value of the representative instruments as at the assign-ment date;- book the Fair Value of the services received, throughout the accrual period, making a counter-entry as an increase in Sharehol-ders\u2019 equity on the basis of the best estimate available of the number of equity instruments expected to accrue;- review this estimate, if the subsequent information indicates that the number of equity instruments to be accrued differs from previous estimates.For the 2020 and 2021 plans, the Fair Value was determined, for base shares, considering the forward price, discounted at the valua-tion date, of Nexi shares at the expiry of the vesting period. As for additional shares, the Monte Carlo method was adopted in order to simulate, for an adequate number of scenarios, the number of additional shares and the price of Nexi stocks. In this context, the implicit volatility used was that obtained from info-providers as relevant to Nexi stock options with time-to-maturity set at equal to that of the plan.Below are the changes in the rights (conventionally measured in terms of the number of based shares) relating to the aforemen-tioned plans:Description Number of Based sharesOutstanding rights to receive shares at the grant date 10,546,916Rights assigned definitively in accordance with the Plans (9,195,680)Rights forfeited from the Plans (161,833)Otustanding rights at December 31, 2022 1,189,403 Based on the above, the overall cost of the Plans for 2022 is about Euro 16 million.38.2 LONG TERM INCENTIVESIn 2019 a medium- to long-term incentive plan (hereinafter the First LTI Plan) was approved, implementing the remuneration policy adopted by the Company. The Plan was structured into three cycles, each with a three-year duration (2019-2021/2020-2022/2021-2023) and envisaged the assignment of rights to receive ordinary shares in the Company once a year. These shares are not subject to any restrictions to voting rights or dividend distribution. In 2022 the Shareholders\u2019 Meeting of Nexi Spa approved a Second Long-Term Incentive Plan (hereinafter referred to as the Second LTI Plan). In keeping with the First LTI Plan, this second plan envisages the free assignment of a number of incentives to selected employees over a medium-long-term time horizon, divided into three three-year cycles (2022-2024, 2023-2025 and 2024-2026). These plans, according to the provision of IFRS 2 described above with reference to the Stock Plan, must be accounted for as a transaction with employees to be settled with equity instruments of the entity.As of the date of these Financial Statements, all three cycles of the First LTI Plan have been assigned (for the first cycle 2019-2021 vested shares have already been granted, for the remaining two cycles the vesting period expires on 31 December 2022 and 31 December 2023, respectively), as has the first cycle of the Second Plan for which the vesting period expires on 31 December 2024.More specifically, the process of assigning the rights to receive shares was completed as follows:- First tranche (First Plan): for most of the employees, in July 2019, and for new employees, on 30 September 2019;- Second tranche (First Plan): for most of the employees, in July 2020, and for new employees, on 30 September 2020;- Third tranche (First Plan): for most of the employees in July 2021, and for new employees, in October 2021. With regard to this tranche, there was also the allocation in January 2022 to former SIA employees.- First tranche (Second Plan): for most of the employees, in July 2022, and for new employees, in October 2022.These dates are the grant dates for the purpose of IFRS 2.The rights to be assigned in the context of the LTI plan are divided up into:- Performance Share Rights, i.e. the rights to receive ordinary shares in the Company, which accrue (and the same applies to the attribution of the related shares to the employee) only upon achieving predetermined business performance objectives, referring to a specific period of time;- Restricted Share Rights, i.e. the rights to receive ordinary shares in the Company, which accrue (and the same applies to the attri-bution of the related shares to the employee) regardless of whether or not the predetermined business performance objectives are achieved. These rights will accrue after the vesting period, subject to the beneficiary remaining in the Company.A condition for the accrual of the rights and, therefore, the attribution of the shares for both the types described above is that the employee remains in service until the delivery date of the share attribution letter.More specifically, with reference to Performance Share Rights:- accrual is first and foremost subject to achieving - at the end of the vesting period of each Cycle - at least 80% of the Operating Cash Flow Target (the \u201cEntry Gate\u201d);- once the Entry Gate is satisfied, accrual of Performance Share Rights is also subject to achieving specific objectives at the end of the related vesting period, comprising two components:- a market-based component, linked to the achievement of objectives related to the performance of the market price of Nexi shares with respect to a benchmark, during the measurement period (weighing for 50%). The benchmark is determined as the mathematical average of three market indicators identified in the Plan regulation;- a non-market-based component, linked to the achievement of the Company\u2019s performance objectives in terms of Operating Cash Flow (weighing for 50%).Changes in the number of rights assigned for the three cycles are reported below:No. of Performance No. of Restricted DescriptionTotalShare Rights Share Rights Outstanding rights to receive shares at the grant date 3,852,943 2,172,528 6,025,471 Right assigned definitively in accordance with the Plans (850,540) (377,713) (1,228,253)Rights forfeited from the Plans (150,905) (135,264) (286,169)Outstanding rights at December 31, 2022 2,851,498 1,659,551 4,511,049The rights assigned were measured, reflecting the financial market conditions valid as at the grant date. Determination of the total plan value, as established by IFRS 2, is impacted by the number of rights that will accrue in accordance with the rules set out by the performance and Fair Value conditions of each right. Measurement was carried out considering the two components of the Performance Shares and Restricted Shares included in the plan, separately. Moreover, within the Performance Share component, consideration was given to the presence of the aforesaid specific objectives.More specifically, the market-based component was estimated using the Monte Carlo Method, a stochastic simulation technique which, based on a set of starting conditions, produced a wide array of outcomes within a specified time horizon. More specifically, for each outcome scenario, share price projections are computed as of the initial value according to geometric Brownian motion. In this case it is:and that is the change in the price of the share S over a period of time depends on the expected average change (\u03c5) and its varia-bility (\u03c3) as well as on a random parameter (\u03b5) with standardised normal distribution.Based on market sources at the reference date, other starting conditions include a risk-free rate in Nexi share returns of 1% p.a. and a share price volatility of 25% for the first tranche, 47% for the second tranche, 40% for the third tranche of the First LTI Plan and 42% and 37% for the first tranche of the Second LTI Plan (reasonable estimates based on historical volatility as at the measurement date).At the grant date the simulation delivered a unit value of Euro 11.9, Euro 11.6 for the first tranche, around Euro 25.87 and Euro 25.71 for the second tranche and Euro 20.17, Euro 17.63 and Euro 10.81 for the third tranche (respectively, with reference to the shares issued in July and September 2021 and January 2022) of the First LTI Plan and Euro 7.41 and Euro 9.57 for the first tranches of the Second LTI Plan (respectively, with reference to the rights granted in July and October 2022).As for the likelihood of beneficiaries leaving, the annual exit probability was assumed to be zero. In accordance with IFRS 2, the non-market-based component is a condition that rather than be measured at the time of assignment is to be updated periodically at each reporting date, so as to take into account the expectations in relation to the number of rights that may accrue. For these components the unit Fair Value is Euro 9.57 and Euro 9.36 for the first tranche, Euro 15.59 and Euro 17.12 for the second and Euro 18.22 and Euro 17.03 for the third tranche (respectively, with reference to the shares issued in July and September) of the First LTI Plan and Euro 7.842 and Euro 8.514 (respectively, with reference to the rights assigned in July and October 2022).The total cost pertaining to 2022 is approximately Euro 21 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__87": {
"value": "39. Business Combination Transactions 39.1 Transactions carried out during the periodBelow are the transactions carried out during the period that, falling within the definition of business combinations, have been accounted for in accordance with the provisions of IFRS 3: Business Combinations. Specifically, the latter defines a business combi-nation as \u201ca transaction or other event in which an acquirer obtains control of one or more businesses\u201d and states that any assets acquired (including any intangible assets not featured in the acquiree\u2019s statements at the date of acquisition) and any liabilities assumed or contingent are subject to Fair Value consolidation as at the acquisition date, and that the same applies for measure-ment at goodwill of the difference between the Fair Value of the net assets acquired and the considerations transferred during the transaction.Acquisition of control of Nexi Payments Greece As already described in the Management Report, on 30 June 2022 the transaction with Alpha Bank SA was realised with the acqui-sition of control, through :- spin-off by Alpha Bank of its merchant acquiring arm to a new entity licensed to operate as a payment institution;- purchase by Nexi SpA of a 51% stake in the Newco, which has since been named Nexi Payments Greece, for a cash outlay of Euro 160 million (including the Euro 4 million price adjustment). With regard to this transaction, the Purchase Price Allocation process, as also permitted by the international accounting standard IFRS 3, will be completed within 12 months from the date of closing.The agreement with Alpha Bank also provides for an earn-out of up to Euro 30.6 million (corresponding to a maximum total amount of Euro 60 million for 100%), contingent upon the achievement of predetermined financial targets within the first four years of the NewCo\u2019s operations, as well as certain indemnification mechanisms related to the actual recovery of certain receivables included in the merchant acquiring business. These components were subject to valuation on a provisional basis, pending the completion of the Purchase Price Allocation process.The ancillary charges associated with the transaction described were recognised in the Income Statement at the date the services were rendered. Specifically, the costs incurred in 2022 amount to approximately Euro 8 million.Provisional goodwill arising from the business combination, pending the Purchase Price Allocation, amounts to approximately Euro 166.6 million and is composed as follows:(Amounts in thousand euros)Provisional Fair ValueCash consideration paid 156,870Contingent consideration/deferred price 15,038Minority interests 5,126Cash and cash equivalents -Financial assets 202,621Tangible assets 1,188Financial liabilities (889)Other liabilities (192,458)Net assets 10,461Goodwill 166,573Cash consideration paid 171,908Cash acquired -Net cash consideration 171,908Acquisizione di OrderbirdThrough Nets, in May the Nexi Group acquired full ownership of the German company Orderbird, a leading provider of integrated software solutions in the hospitality industry. Nets increased its strategic investment in Orderbird at the end of 2021 (44% as at 31 December 2021) and acquired a controlling stake to further strengthen its commercial services in the hospitality sector. Therefore, the Nexi Group owns 99.53% of Orderbird through Nets, with an aggregate liquidity of approximately Euro 100 million including previous share purchases.Specifically, considering that this was a \u201cbusiness combination achieved in stages\u201d, as required by IFRS 3.47 Nexi reassessed the value of the shares held prior to the acquisition of control. Since these equity investments had already been revalued as part of the Purchase Price Allocation process of the merger with Nets, there were no further adjustments to be made.The ancillary charges associated with the transaction described were recognised in the Income Statement at the date the services were rendered. Specifically, the costs incurred in 2022 amount to approximately Euro 1 million. The Purchase Price Allocation process was completed in 2022 and the price paid was allocated as follows:- Software: Euro 9 million- Brand: Euro 2 million- Customer contracts/relations: Euro 13 millionResidual goodwill amounted to approximately Euro 91.4 million and was composed as follows:(Amounts in thousand euros)Provisional Fair Value Adjustment Final Fair ValueCash consideration paid 102,085 - 102,085Contingent consideration/deferred price 3,796 - 3,796Minority interests 70 202 271Cash and cash equivalents 5,396 - 5,396Financial assets 158 - 158Tangible assets 202 - 202Intangible assets 4,941 24,369 29,310Other assets 3,284 (700) 2,584Financial liabilities (1,000) - (1,000)Tax liabilities - (7,311) (7,311)Other liabilities (9,201) (5,400) (14,601)Net assets 3,780 10,958 14,738Goodwill 102,171 (10,756) 91,414Cash consideration paid 105,881 - 105,881Cash acquired 5,396 - 5,396Net cash consideration 100,485 - 100,485Acquisition of Paytec Payment Provider GmbHAs further described in the Management Report, on 22 December 2021, Concardis GmbH signed an agreement to acquire the control through the participation in the 100% of the share capital of Paytec Payment Provider GmbH for a purchase price of Euro 17.2 million. The transaction was completed on 31 March 2022.Currently, the price paid has been allocated mainly to customer contracts/relationships, the Fair Value of which was determined using the Multi-Period Excess Earnings (\u201cMPEEM\u201d) method. The ancillary charges associated with the transaction described were recognised in the Income Statement at the date the services were rendered and amount to Euro 0.2 million. The goodwill amounts to about Euro 1.3 million and is composed as follows:(Amounts in thousand euros)Provisional Fair Value Provisional Fair Value Adjustmentafter Draft PPACash consideration paid 14,501 (478) 14,023Contingent consideration/deferred price - - -Minority interests - - -Cash and cash equivalents 6,459 - 6,459Tangible assets 484 - 484Intangible assets 7,661 2,139 9,800Other assets 359 (300) 59Tax liablities - (2,500) (2,500)Other liabilities (1,379) (200) (1,579)Net assets 13,584 (861) 12,723Goodwill 917 383 1,300Cash consideration paid 14,501 (478) 14,023Cash acquired 6,459 - 6,459Net cash consideration 8,042 (478) 7,564Acquisition of Team4UOn 8 July 2022 the Nexi Group, through Nets Subgroup acquired the control of Team4U with the participation in 75% of the share capital. The company provides value-added services for merchants (Simcard registration, pre-paid top-ups, insurance, loans, etc.).The consideration paid is Euro 3.3 million. Pending the completion of the Purchase Price Allocation process, provisional goodwill amounts to Euro 5.7 million, as shown below:(Amounts in thousand euros)Provisional Fair ValueCash consideration paid 3,236Contingent consideration/deferred price 2,700Minority interests 88Cash and cash equivalents -Other liabilities 351Net assets 351Goodwill 5,673Cash consideration paid 5,936Cash acquired Net cash consideration 5,936Acquisition of Bper and Numera Sistemi e Informatica S.p.A book acquiringOn 29 December 2022, the acquisition of the two merchant acquiring businesses of BPER and Banco di Sardegna was closed, ef-fective from 31 December 2022. At the same time, Nexi Payments SpA acquired 100% of Numera Sistemi e Informatica SpA, a company that was held with a total shareholding by Banco di Sardegna, active in the management of POSs. The consideration for the transaction was Euro 318 million, which may increase in the event of the payment of a possible deferred component up to Euro 66 million, the payment of which will be conditional upon the achievement of certain economic and qua-litative targets. Pending the completion of the Purchase Price Allocation process, this transaction resulted in the recognition of provisional goo-dwill in the amount of Euro 300 million.39.2 Retrospective adjustmentsAs at 31 December 2022, the Purchase Price Allocation processes were completed with respect to the merger by incorporation of Nets Topco 2 S.\u00e0.r.l, the Luxembourg holding company of the Nets Group, whose legal, fiscal and accounting effects took effect on 1 July 2021 and the merger by incorporation of SIA SpA which took effect on 31 December 2021. Nets Topco 2 S.\u00e0.r.l. during the second half of 2021 was merged by incorporation into Nets Topco 3 S.\u00e0.r.l., which in turn was merged by incorporation into Nets Holdco 1 ApS on 27 December 2022. This process requires the acquirer to allocate the cost of the combination to the identifiable assets acquired, including any intangi-ble assets not recognised in the financial statements of the acquiree, to the liabilities assumed measured at their Fair Values at the acquisition date, and to recognise the value of non-controlling interests in the acquired entity. The Fair Values of the above intangible assets were determined, with the support of an independent expert, using income methods (income approach). Specifically:- Customer contacts/Customer relationships: the Fair Value was estimated using the MPEEM method, which derives the value of customer relationships on the basis of the present value of the extra income attributable to the customer relationships over the remaining life of the relationships. Extra income from customer relations is derived from total income by deducting the income pertaining to the other activities that contribute to the total income (so-called contributory asset) and adding any costs for the acquisition of new customers (which do not constitute costs pertaining to the customer base existing at the date of the PPA).The assumptions and parameters used include estimated annual income flows, discount rates to discount the result flows, the estimated useful life of customer relationships and the tax benefit of amortisation (Tax Amortisation Benefit - TAB).- Software: the Fair Value estimate for the Nets merger was based on an income approach that took into account capitalised costs (also related to software acquired from third parties) and the Net Present Value (NPV) of ongoing projects for the development of new technology platforms. The assumptions and parameters used include the estimated differential cash flows of each project, the discount rate, the estimated life cycle and the tax amortisation benefit. For SIA\u2019s merger, the estimate was based on a mar-ket measure of the royalty rate found in comparable transactions. The assumptions and parameters used include the estimated annual net income (including the appropriate revenue attributable to the business, the applicable tax rate and royalty rate), the discount rate, the estimated life cycle and the Tax Amortisation Benefit (TAB);- Brand: the fair value of the brands (Nets and SIA) was estimated using the relief-from-royalty (RFR) method, which deduces the value on the basis of the present value of the income derived from the brand, estimated as the product of a royalty rate recon-structed on the basis of implicit rates in comparable PPAs (Business Combination pursuant to IFRS 3) and the revenues of the geographical areas where the brands themselves are located. The assumptions and parameters used include the estimated annual net income (including the appropriate revenue attributable to the business, the applicable tax rate and royalty rate), the discount rate, the estimated life cycle and the Tax Amortisation Benefit (TAB).Nets Purchase Price AllocationThe Purchase Price Allocation process led to the identification of the following adjustments to the book values of the assets and liabilities of the acquired company:(Amounts in million euros)Customer Relationship 1,621Software 643Brand 59Contingent Liabilities (21)Investments 4Deferred taxes (446)The aforementioned intangible assets have an average useful life of about 7-13 years with regard to customer relations, about 7 years for software and about 5 years for the Nets brand.Contingent liabilities were estimated on the basis of information available at the date.The adjustment related to Equity investments refers to the revaluation of the equity investment in Orderbird, determined by taking into account the Fair Value resulting from the transaction concluded in 2022 relating to the acquisition of control of the company by the Nexi Group.These values replace the values previously accounted for by Nets, as a result of the Purchase Price Allocation processes previously accounted for by the Nets sub-group, which were consequently written off for a total value (net of the related deferred taxes) of Euro 993.7 million.Finally, note that the assets identified above and the residual goodwill were allocated in the functional currencies of the businesses comprising the Nets Group using methods consistent with those used for the valuation of the assets themselves, taking into ac-count, in particular, the contribution of the different geographic areas of operation of the Nets Group.The residual goodwill from the business combination amounted to approximately Euro 7,370.1 million, and is mainly attributable to the highly qualified workforce and know-how of the Nets Group.(Amounts in thousand euros)Provisional Fair Value PPA Adjustment Final Fair ValueCash consideration paid 7,051,352 - 7,051,352Contingent consideration/deferred price - - -Minority interests - - -Cash and cash equivalents 1,116 - 1,116Financial assets 1,709,718 - 1,709,718Equity investments 41,031 4,000 45,031Tangible assets 171,868 - 171,868Intangible assets 1,176,619 1,147,022 2,323,641Tax assets 49,708 4,784 54,492Other assets 242,535 - 242,535Financial liabilities (3,683,709) - (3,683,709)Tax liabilities (392,044) (268,030) (660,074)Other liabilities (484,369) (21,040) (505,409)Equity attributable to non-controlling interests (17,929) - (17,929)Net assets (1,185,456) 866,736 (318,720)Goodwill 8,236,808 (866,736) 7,370,072SIA Purchase Price AllocationThe Purchase Price Allocation process led to the identification of the following adjustments to the book values of the assets and liabilities of the acquired company:(Amounts in million euros)Customer Relationship 1,824Software 288Brand 84Tangible assets (6)Contingent Liabilities (13)Other adjsutments (3)Deferred taxes (587)The above-mentioned intangible assets have an average useful life of between 11 and 20 years with regard to customer relations, 5 years for software and the SIA brand.Contingent liabilities were estimated on the basis of information available at the date.These values replace the values previously accounted for by SIA which were consequently written off for a total value (net of the related deferred taxes) of Euro 395 million.The residual goodwill from the business combination amounts to approximately Euro 2,402.8 million, and is mainly attributable to the highly qualified workforce and know-how of the SIA Group.(Amounts in thousand euros)Provisional Fair Value Adjustments Final Fair ValueCash consideration paid 3,515,085 3,515,085Contingent consideration/deferred price - -Minority interests - -Cash and cash equivalents 145,014 145,014Financial assets 107,690 107,690Equity investments 754 (101) 653Tangible assets 166,717 (5,993) 160,724Intangible assets 430,559 1,766,097 2,196,656Tax assets 101,247 4,504 105,751Other assets 285,510 (2,223) 283,287Financial liabilities (1,032,157) (1,032,157)Tax liabilities (36,583) (556,033) (592,617)Other liabilities (249,789) (12,975) (262,764)Equity attributable to non-controlling interests -Goodwill (81,040) 1,193,275 1,112,236Avviamento 3,596,125 (1,193,275) 2,402,850Cash consideration paid 3,515,085 - 3,515,085Cash acquired 145,014 - 145,014Net cash consideration 3,370,072 - 3,370,07239.3 Other informationAs provided for by IFRS 3, the following table shows, for the aforesaid corporate transactions, the pro-forma figures of revenues and costs at current exchange rates as if the transaction had been completed at the beginning of the year:(Amounts in million euros)Income Nexi Payments Exchange rate Orderbird PayTechProforma 2022Statement 2022GreeceimpactOperating revenues 3,228 7 1 16 8 3,260Operating costs (1,628) (7) (0) (12) (1) (1,647)EBITDA 1,600 1 1 4 7 1,613The table does not include the BPER/Numera transaction as it will contribute to the Income Statement from 1 January 2023.(Amounts in million euros)Income Statement 2022 Total proforma effect Proforma 2022Operating revenues 3,228 32 3,260 Operating costs (1,628) (19) (1,647)EBITDA 1,600 13 1,613 Profit before taxes 278 Net profit 140 39.4 Transactions after the reporting period28 February 2023 saw the closing of the transaction for the purchase of the merchant book of Intesa Sanpaolo in Croatia. Further information is available under the Management Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__89": {
"value": "41. Earnings per ShareThe share capital of Nexi SpA is made up entirely of ordinary shares.The indicator \u201cEarnings per share\u201d (or \u201cEPS\u201d) is presented on both basic and diluted basis: the basic EPS is calculated by considering the ratio of profit theoretically attributable to shareholders to the weighted average of the shares issued, whilst the diluted EPS also takes into account the effects of any future issues.Furthermore, as envisaged by IAS 33, below are details of earnings per share, deriving from the result of the continuing and discon-tinued operations:BASIC EARNINGS PER SHARE2022 2021 RestatedProfit from continuing operations attributable to the company's ordinary shares 0.10 0.05 Income (Loss) after tax from discontinued operations 0.01 -Total Basic earnings per share attributable to the company's ordinary shares 0.11 0.05 DILUTED EARNINGS PER SHARE 2022 2021 RestatedProfit from continuing operations attributable to the company's ordinary shares 0.10 0.04 Income (Loss) after tax from discontinued operations 0.01 -Total Diluted earnings per share attributable to the company's ordinary shares 0.11 0.04 PROFIT ATTRIBUTED TO ORDINARY SHARES(Amounts in thousand euros)2022 2021 RestatedProfit from continuing operations 135,347 39,255Income (Loss) after tax from discontinued operations 7,701 (34) Total net income 143,048 39,221AVERAGE NUMBER OF ORDINARY DILUTED SHARES(number of shares in thousand) 2022 2021Average number of ordinary shares used to compute basic earnings per share 1,310,754 834,754(*)Deferred Shares 70,215 64,321Average number of ordinary and potential shares used to compute diluted earnings per share 1,380,969 899,075(*) These are the shares assigned to the employees under the LTI Plan and the potential shares resulting from the conversion of the convertible bond issued on 29 June 2020 and 17 February 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__8__91": {
"value": "42. Segment Reporting The segment disclosure has been prepared in compliance with the IFRS 8 international accounting standard.As described in the paragraph 9.3 \u201cIntangible Asset: impairment Test\u201d, starting from 2022 financial statements, the Group has identi-fied operating segment consistent with the Business Units of the Group and the Cash Generating Units considered for Impairment test purposes.Consistent with the Group\u2019s organisational structure as well as the reporting to management at the date of the financial statements,the following Operating Sectors were identified:- Merchant Solutions: through this business line, the Group provides the services necessary to enable merchants to accept digital payments, including through commercial relationships with partner banks, for transactions carried out physically at retail outlets and digital transactions on the internet (e-commerce).- Issuing Solutions; via this business line, the Group and its partner banks provide a wide range of issuing services, namely services relating to the supply, issue and management of payment cards.- Digital Banking Solutions: through this business line, the Group provides ATM terminal management, clearing, digital corporate banking, as well as network services.The geographical breakdown of revenues is also provided. Section 42.2 presents a reconciliation of the Income Statement drafted by means of segment disclosure and the Income Statement prepared in the Financial Statements.42.1 SEGMENT REPORTING: INCOME STATEMENT FOR THE PERIOD(Amounts in million euros)Merchant Digital Banking Issuing SolutionsTotal segmentSolutionsSolutionsOperating revenues 1,742 1,025 462 3,228Personnel expenses (379) (231) (126) (736)Other administrative expenses (443) (287) (177) (907)Adjustments and net operating provisions 2 2 11 15Operating costs net of amortization (820) (516) (291) (1,628)EBITDA 921 509 170 1,600Amortization and depreciation (937)Operating margin 663Interest and financial costs (140)Non-recurring items (245)Profit before taxes 278Income taxes (135)Profit for the year 143Profit for the year attributable to non-controlling interests (3)Profit attributable to the Group 140The EBITDA presented above is the \u201cnormalised EBITDA\u201d as described in the \u201cAlternative Performance Indicators\u201d section of the Management Report.The breakdown of revenues by geographical area is as follows:(Amounts in million euros) (*)Italy Nordics & Baltics DACH & PolandSE Europe & Other TotalMerchant Solutions 831 419 430 61 1,742Issuing Solutions 671 176 37 140 1,025Digital Banking Solutions 290 89 6 77 462Total Operating Revenues 1,792 684 473 279 3,228(*) DACH includes Germany, Austria and Switzerland42.2 SEGMENT REPORTING: RECONCILIATION OF SEGMENT REPORTING ON THE INCOME STATEMENT WITH THE INCOME STATE-MENT FOR THE PERIOD(Amounts in million euros)Total segment Reconciliation Financial statementsreportingOperating revenues/Financial and operating income 3,228 (127) 3,101Personnel expenses (736) (83) (819)Other administrative expenses (907) (170) (1,077)Adjustments and net operating provisions 15 (20) (5)Operating costs net of amortization (1,628) (273) (1,901)EBITDA 1,600 (401) 1,200Amortization and depreciation (937) 5 (933)Operating margin 663 (396) 267Interest and financial costs (140) 140 -Non-recurring items (245) 256 11Profit before taxes 278 - 278Income taxes (135) - (135)Profit for the year 143 - 143Profit for the year attributable to non-controlling interests (3) - (3)Profit attributable to the Group 140 - 140",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}