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"value": "Holding of equity investments. Operating companies operate in the e-money sector (acquiring and issuing) and payments",
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"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",
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"value": "1. Accounting Policies Basis of PreparationThe Group has prepared these Consolidated Financial Statements as at 31 December 2023 in accordance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Inter-pretations Committee (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 2023, the IAS/IFRS standards endorsed and in force as at 31 December 2023 were applied, including the SIC and IFRIC interpretative documents. No derogations were made from the IAS/IFRS standards.In addition, as required by current legislation, the Nexi Consolidated Financial Statements are made available to the public in the iXBRL format. Note that due to some technical limits of the main tools used in the market some information contained in the Notes to the Consolidated Financial Statements, prepared in ESEF format, extracted from the XHTML format in an XBRL instance, may not be reproduced identically to what is contained in the consolidated financial statements in XHTML format.It should be noted that the publication of the Nexi Group\u2019s Consolidated Financial Statements as at 31 December 2023 was authorised by a resolution of the Board of Directors on 6 March 2024.The Consolidated Financial Statements as at 31 December 2023 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 Finan-cial Statements, which include the criteria used for their preparation, and the related comparative information. The Consolidated Financial Statements are also accompanied by the Board of Directors\u2019 Management Report addressing the Group\u2019s operating per-formance, its economic results and its equity and financial position.In addition to the amounts for the year, the Financial Statements and Notes present comparative figures as at 31 December 2022, which, as described in section 43, were restated as a result of the completion of the Purchase Price Allocations relating to the acqui-sitions of Nexi Payments Greece and BPER acquiring book as well as the classification of DBS eID assets as discontinued operations.The Consolidated Financial Statements as at 31 December 2023 are prepared in euro which is the Company\u2019s functional currency. 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 ex-cept 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 non-mandatory information deemed useful for the purposes of presenting a true and fair view of the Group\u2019s situation. In continuity with what was carried out during the preparation of the 2022 annual financial statements, also for the purposes of the Consolidated Financial Statements as at 31 December 2023 reference was made to the ESMA documents and in particular to the document issued on 25 October 2023 concerning the priorities relating to the financial statements prepared based on the IASs/IFRSs. Specifically, the enforcement priorities for 2023 for financial statements prepared in accordance with international accounting standards are:- Climate-related aspects for which ESMA emphasises the need for consistency in estimates and measurements between financial statements and non-financial statements, recommending that they be included in the assumptions used in the impairment testing process, and requiring clear information with specific reference to the accounting of emission allowances (ETS) and renewable energy certificates. The Group considers these aspects to be irrelevant to the type of business and the sector it operates in;- Impacts of the current macroeconomic environment on refinancing and other financial risks. Apart from the process of deter-mining Fair Value and related disclosure, considering the operations and risks it is exposed to, the Group has not identified any significant issues worthy of note;- Alternative Performance Measures and the preparation of the financial statements in ESEF format, with regard to which reference is made to the information contained in this section and in the Management Report.In 2023 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 2023.Specifically, the following changes in accounting standards apply from 1 January 2023: - FRS 17 Insurance Contracts and subsequent amendments - In May 2017 the IASB published the new IFRS 17 \u201cInsurance Contracts\u201d accounting standard, which was subsequently amended on 25 June 2020 and endorsed by EU Regulation no. 2036/2021 of 19 November 2021. IFRS 17 superseded IFRS 4 and applies to all types of insurance contracts (e.g. life, non-life, direct insurance, reinsurance) regardless of the type of entity that issues them, as well as to certain guarantees and financial instruments with discretionary participation features, and allows for a single way of representing insurance contracts. IFRS 17 provides a com-prehensive model for insurance contracts that covers all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by:- a specific adjustment for contracts with direct participation (the variable fee approach);- a simplified approach (the premium allocation approach) mainly for short-term contracts.In December 2021 the IASB also issued the initial application of IFRS 17 and IFRS 9 \u2013 Comparative information (amendment to IFRS 17). The amendment is a transition option relating to comparative information on financial assets presented in connection with the first-time application of IFRS 17.The amendment is intended to help insurers avoid temporary accounting mismatches between the financial assets and liabilities of insurance contracts, and thus to improve the usefulness of comparative information for users of financial statements. IFRS 17, which takes account of this amendment, is effective for financial years beginning on or after 1 January 2023.During the year, the Group carried out an assessment involving all its companies with the aim of checking the applicability of the standard. Given that the Group does not include insurance companies or companies engaged in the insurance business, the analysis focused on any other cases, also taking into account exclusions from application envisaged by the standard.As a result of this assessment, IFRS 17 is not applicable within the Nexi Group.- Definition of accounting estimate \u2013 Amendments to IAS 8 \u2013 In February 2021 the IASB issued amendments to IAS 8, introducing a definition of \u201caccounting estimates\u201d. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.- Disclosures of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 - In February 2021, the IASB issued amend-ments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to disclosures of accounting policies. The amendments aim to help entities provide more useful accounting standard disclosures by replacing the requirement for entities to disclose their \u201csignificant\u201d accounting policies with a requirement to disclose their \u201cmaterial\u201d accounting standards. Moreover, guidance is added on how entities apply the con-cept of materiality in making accounting standard disclosure decisions.- Deferred taxes relating to assets and liabilities arising from a single transaction - Amendments to IAS 12 - In May 2021 the IASB issued amendments to IAS 12, narrowing the scope of the initial recognition exception included in IAS 12, which is no longer to be applied to those transactions that give rise to taxable and deductible temporary differences in equal measure. The changes are applied to transactions occurring after or at the beginning of the comparative period presented. Furthermore, at the beginning of the comparative period presented, deferred tax assets (if there is sufficient taxable income) and deferred tax liabilities must be recognised for all deductible and taxable temporary differences associated with leases and restoration provisions.- International Tax Reform - Pillar Two Model - Amendments to IAS 12 - At the end of 2021 more than 135 countries, accounting for more than 90% of global GDP, reached an agreement on international tax reform introducing a Global Minimum Tax for large mul-tinational corporations. In detail, these countries adhered to the OECD Inclusive Framework on Base Erosion and Profit Shifting, which introduces a two-pillar model to address tax issues arising from the digitisation of the economy. In Europe, the Directive to implement the minimum tax component of the OECD reform was approved by the European Commission on 12 December 2022. Following the overcoming of reservations by some Member States, unanimous agreement was reached in the EU for the adoption of the proposed EU Directive to achieve a minimum level of effective taxation of 15% for multinational groups with total revenues exceeding Euro 750 million per year. Directive No. 2523/2022 was published in the EU Official Journal on 22 December 2022 and applies from the 2024 tax year. Other non-EU countries where the Group is present may implement the same internationally de-rived legislation in their national laws. With the publication of the amendments to IAS 12, the IASB intends to respond quickly to the concerns of several stakeholders on the potential implications of the application of the Pillar Two rules on tax accounting, given the imminent entry into force of the new tax provisions in some jurisdictions. Specifically, the amendments to the standard intro-duce a mandatory temporary exception not to recognise deferred taxation resulting from the implementation of the Pillar Two Framework. The exception is immediately applicable and retroactive. Specific disclosure requirements are also envisaged for the companies affected (applicable starting from the annual financial statements that commence with 1 January 2023), with different disclosure obligations to be fulfilled in periods when the Pillar Two regulations are enacted or substantially enacted but not yet in force and in periods in which the tax reform is in force. This new obligation falls on the parent company Nexi SpA, and analyses are currently under way to identify the most appropriate methods for managing it. Indeed, taking into account the involvement of more than 20 jurisdictions and more than 70 companies and subsidiaries of the Group in this obligation, the activities also include the identification of a tool that is suitable for this corporate structure. Efforts are also under way to estimate the likelihood that the simplified Safe Harbour requirements are applicable in the jurisdictions the Group operates in (using 2024 figures), which - if met - would not result in tax payments arising from the application of the aforementioned new law.These changes had no impact on the Group with respect to the balances of the Consolidated Financial Statements as at 31 December 2023 and comparative balances. IFRS and IFRIC accounting standards, amendments and interpretations endorsed by the European Union, not yet mandatorily applicable and not early adopted by the Group as at 31 December 2023- Amendments to IFRS 16 Leases: Lease Liabilities in a Sale and Leaseback Agreement.From 1 January 2024 amendments to IFRS 16 are mandatory, which specify how the lessee-seller subsequently assesses sale and leaseback transactions that meet the requirements of IFRS 15 to be accounted for as a sale, and amendments to IAS 1, which mainly clarify the distinction between current and non-current liabilities. Specifically, with regard to the amendments to IFRS 16, note that a sale and leaseback transaction consists of the sale of an asset by a seller and the repurchase of that same asset by entering into a lease. A characteristic of sale and leaseback transactions is that the sale price and lease payments are usually interdependent. The key issue is to define whether the transaction represents a true sale, in which most of the risks and rewards are transferred to the buyer, while the seller continues to use the asset, exposing itself to some (but not substantially all) of the risks and rewards, or whether it is merely a transaction for financial, tax or other purposes, in which the risks/benefits of ownership of the asset essentially remain with the seller/lessee. IFRS 16 governs this topic: if the selling lessee transfers the asset to another entity (the purchasing lessor) and leases back the asset from the purchasing lessor, both the selling lessee and the purchasing lessor must account for the transfer agreement and the lease under IFRS 16. To determine whether the transfer of the asset constitutes a sale, entities shall apply the requirements for determining when the obligation to do something is discharged under IFRS 15. Similarly, IFRS 15 shall be applied to determine whether the transfer of the asset is accounted for as a sale of the asset. A sale and leaseback qualify as a sale if the lessor purchaser obtains control of the underlying business.The seller-lessee measures a leaseback asset as the percentage of the former carrying amount of the asset that relates to the re-tained right of use. The gain (or loss) recognised by the seller is limited to the percentage of the total gain (or loss) that relates to the rights transferred to the buyer-lessee. Any difference between the sale proceeds and the Fair Value of the asset is a prepayment of lease instalments (if the purchase price is below market terms) or additional financing (if the purchase price is above market terms). The same logic applies if the lease payments are not at market rates.- Amendments to IAS 1: Presentation of Liabilities as Current or Non-Current and Subsequent - Deferral of First Application DateThe amendments to IAS 1 clarify that an entity must classify a liability as current when:a) it is expected to settle the liability in its normal operating cycle;b) it possesses it primarily for the purpose of negotiating it;c) the liability must be discharged within 12 months after the end of the financial year; ord) at the end of the reporting period it does not have the right to defer settlement of the liability for at least twelve months after the end of the reporting period.All other liabilities are to be classified as non-current.Liabilities arising from financing arrangements may be classified as non-current when the entity\u2019s right to defer settlement of those liabilities is subject to the entity\u2019s compliance with the terms within twelve months after the reporting period. In such situations the entity must disclose information in the notes that enables users of its financial statements to understand the risk that the liabilities may become repayable within twelve months after the reporting period. Specifically, the entity must disclose information about the terms (including the nature of the terms and when the entity is required to comply with them) and the carrying amount of the related liabilities and information about any facts and circumstances that indicate that the entity may have difficulty complying with the terms. The amendments also clarify that for the purposes of classifying a liability as current or non-current, settlement refers to a transfer to the counterparty that results in the settlement of the liability. The transfer could be of cash or other economic resources, e.g. goods or services or equity instruments of the entity. The terms of a liability that, at the option of the counterparty, could result in its settlement by the transfer of the entity\u2019s own equity instruments do not affect its classification as current or non-current if, in applying IAS 32, the entity classifies the option as an equity instrument and recognises it separately from the liability as a component of equity in a compound financial instrument.These amendments have been analysed and it is therefore specified that, given the nature of the Group\u2019s business and capital structure, these new amendments to the standards will have very little if any impact on the Group\u2019s consolidated financial statements.IFRS and IFRIC accounting standards, amendments and interpretations not yet endorsed by the European Union and not applicable at 31 December 2023La tabella seguente mostra infine gli standard per i quali sono state emanate modifiche non ancora oggetto di omologa da parte dell\u2019Unione Europea.IASB documents IASB publication dateAmendment allo IAS 7 \u201cStatement of Cash Flows\u201d: Supplier Finance Arrangements 25/05/2023Amendment all\u2019IFRS 7 \u201cFinancial Instruments: Disclosures\u201d: Supplier Finance Arrangements 25/05/2023Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 15/08/2023Since none of these has been approved by the European Union, they have not had any impact on the Consolidated Financial State-ments as at 31 December 2023.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 Pricewater-houseCoopers 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 equity.Statement of Cash FlowsThe statement of cash flows provides information on cash flows for the period under review and the previous period, and has been prepared using the indirect method whereby, in reporting cash flows from operating activities, 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. Note that as required by IAS 7.43, cash flows from investing activities were excluded that did not require the use of cash or cash equivalents, including lease transactions.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 Criteria The Group has established the consolidation scope in accordance with IFRS 10 - Consolidated financial statements. Accordingly, the concept 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 from its involvement with the investee;- 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 managed 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 requires a greater use of judgement as it is necessary to consider all the factors and circumstances that give control over the entity (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 2023, the following were used: i) the financial state-ments for the period of the Parent Company Nexi SpA and ii) the accounting results as at 31 December 2023, 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 held by the Parent Company and the corresponding share of the shareholders\u2019 equity have been eliminated; - recognising the equity and profits or losses of non-controlling interests separately.The differences resulting from the above adjustments, if positive, are recognised after any allocation to items of the assets or liabilities of the subsidiary as goodwill or as other intangible assets in the 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.Acquisitions of companies are accounted for according to the \"acquisition method\" envisaged in IFRS 3, on the basis of which the iden-tifiable assets acquired and the identifiable liabilities assumed (including potential liabilities) are to be recognised at their respective Fair Values at the acquisition date. Moreover, for each business combination, any non-controlling interest in the acquiree may be rec-ognised at Fair Value or in proportion to the non-controlling interest's share of the acquiree's identifiable net assets. Any excess of the consideration transferred (represented by the Fair Value of the assets sold, liabilities incurred and equity instruments issued) and the Fair Value of the minority interests over the Fair Value of the assets and liabilities acquired is recognised as goodwill. If the price is lower, the difference is recognised in the income statement. The Group applies the Partial Goodwill method and therefore accounts for minority interests at the carrying amount.The \u201cacquisition method\u201d is applied from the date of acquisition, i.e. when control of the acquired company is effectively obtained. Therefore, the economic results of a subsidiary acquired during the reporting period are included in the consolidated financial state-ments from the date of its acquisition. Similarly, the results of operations of a transferred subsidiary are included in the consolidated financial statements up to the date on which control ceased. The difference between the sale consideration and the carrying amount at the date of disposal (including exchange rate differences recognised in equity at the time of consolidation) is recognised in the income statement.In a multi-stage business combination, the Fair Value at the acquisition date must also be determined by reference to the interests in the acquiree previously held by the acquirer.Pursuant to IAS 28, the Group Consolidated financial statements also include the results of investees, i.e., entities over which the Group has significant influence and the power to participate in directing its financial and operating policies without having control or joint control, as well as equity investments subject to joint control in accordance with IFRS 11. 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 investee\u2019s profit or loss for 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 invest-ment\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 invest-ment\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 Foreign 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 period. The translation exchange differences resulting from the application of this method are classified as a shareholders\u2019 equity item until the equity invest-ment 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 interests. 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 allocating the purchase cost of a foreign company are recognised in the related currency and are translated using the period-end exchange rate.Scope of Consolidation The following table shows the list of subsidiaries in the Nexi Group as at 31 December 2023:Company Structure Currency Investor %ownership Registered office()*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, ItalyNexi Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, GreeceNumera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH (Austria) subsidiary EUR Nexi SpA 100 Wien, AustriaNexi RS d.o.o. Beograd subsidiary RSD Nexi Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK Nexi Central Europe a.s. 100 Zagreb, CroatiaNexi Czech Republic, s.r.o. subsidiary CZK Nexi Central Europe a.s. 100 Prague, Czech RepublicSIA Payment Services subsidiary EUR Nexi Central Europe a.s. 100 Bratislava, Slovakia()*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 Oysubsidiary EUR Paytrail Oyj 100 Tampere, FinlandNexi Germany GmbH subsidiary EUR Nexi Germany Holding GmbH 100 Eschborn, GermanyNexi Austria GmbH subsidiary EUR Nexi Germany GmbH 100 V\u00f6sedorf, AustriaNexi Germany Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyNexi Germany Sales GmbH subsidiary EUR Nexi Germany Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, PolandOrderbird AT GmbH subsidiary EUR Orderbird GmbH 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, Denmark()*Nexi Croatia Ltdsubsidiary HRK Nexi Germany Holding GmbH 100 Zagreb, CroatiaNexi Slovenia Ltd subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark()*Nets Denmark A/Ssubsidiary 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, SwedenNexi Schweiz AG subsidiary CHF Nexi Germany GmbH 100 Wallisellen, SwitzerlandOrderbird GmBH Germany (ex Orderbird AG) subsidiary EUR Nexi Germany GmbH 98.15 Berlin, GermanyPaytech Payment Provider GmbH subsidiary EUR Nexi Germany 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()*PayPro S.A.subsidiary PLN eCard S.A. 18 Pozna\u0144, PolandCompany Structure Currency Investor %ownership Registered office()*Paytrail Oyjsubsidiary 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.Nexi Digital Finland Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland()*Ratepay GmbHsubsidiary EUR Nexi Germany 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, DenmarkTeam4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.Trust Services Aps subsidiary DKK Nassa Topco AS 100 Ballerup, Denmark(*) = Company conducting regulated activities subject to local supervisory regulations.Note that in 2023 the scope of consolidation changed mainly due to the acquisition of control of Split Tech-Solutions GmbH, a com-pany based in Frankfurt, Germany, that offers innovative solutions in the catering industry. The transaction price was approximately Euro 2 million. The transaction represents a business combination that was accounted for in accordance with IFRS 3. For further information, please refer to section 39 of the Notes. Note also that during the year the following business combination transactions under common control were carried out with the aim of simplifying the Group structure, which did not generate impacts on the Nexi Group\u2019s consolidated financial statements:- Merger of Split Tech-Solution and Gflib Wireless GmbH into Orderbird GmbH;- Merger of Storebox into Nets Denmark. Moreover, the liquidations of SIA Romania Payments Technologies, NETS US llc and Topcard were completed during the year, and a new company, Trust Services, was set up, which is necessary for the sale of the eID business.Finally, note that Poplatek Payments Oy was merged into Nets Denmark effective 1 January 2024.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2023 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, accord-ing to the equity method:% Company Structure Currency Investorownership Registered office()***QRTAG Sp. z.o.o. (**) significant influence/joint control PLN Centrum Rozliczen 45 Pozna\u0144, PolandElektronicznych Polskie ePlatnosci S.A.Rs 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, Denmark()*WEAT Electronic Datenservice GmbHsignificant influence/joint control EUR Nexi Germany GmbH 40 D\u00fcsseldorf, Germany()**Computop Paygate Gmbh significant influence/joint control EUR Nexi Germany Holding GmbH 30 Bamberg, Germany(**Computop inc. (USA) significant influence/joint control USD Computop Paygate Gmbh 30 Delaware, United States(**Computop ltd. (UK) significant influence/joint control GBP Computop Paygate Gmbh 30 London, United Kingdom () **Computop Shanghai Co.Ltdsignificant influence/joint control CNY Computop Paygate Gmbh 30 Shanghai, China ()**Computop Finance GmbH (Germany) significant influence/joint control EUR Computop Paygate Gmbh 30 Bamberg, GermanyNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, ItalyNexi Digital Polska sp z o.o. significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, PolandDigital Commerce Finland Oy significant influence/joint control EUR Paytrail Oyj 16.67 Etel\u00e4ranta, Finland(*) = Company conducting regulated activities subject to local supervisory regulations.(**) = Companies included in full consolidation scope in 2023(***) = For indirect shareholdings significant influence/joint control has been indicated the relevance percentageSignificant Assessments and Assumptions Made to Determine the Scope of Consolidation As mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its rela-tionship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsid-iaries. 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 influ-ence 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, with the aim in particular of assessing whether the entity 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 - 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 rele-vant 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's 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 investee 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 are not the determining factor for the assessment of con-trol, 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 deter-mine the scope and method of consolidation.Significant Restrictions As for significant restrictions applicable to the transfer of resources within the Nexi Group, note that, as specified in the relevant section, some companies of the Group are subject to prudential rules under supervisory regulations in order to preserve adequate capitalisation based on the risks taken. The ability of such companies to distribute capital or dividends is, therefore, subject to com-pliance 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 Information No accounting records of subsidiaries used in preparing the consolidated financial statements refer to non-homogeneous account-ing standards or a date other than that of the consolidated financial statements. As noted in the management report, the Directors confirm the reasonable expectation that the Group will continue to operate on a going concern basis in the foreseeable future. In this regard, the Directors believe that no risks and uncertainties have arisen that would raise doubts as to the Group\u2019s ability to continue as a going concern, and that the Group has a reasonable expectation of being able to continue operating in the foresee-able future.For the purpose of expressing the aforesaid opinion, the Directors also evaluated the effects of the uncertainties related to the ref-erence macroeconomic landscape, taking into account the current geopolitical tensions, which could reasonably lead to negative repercussions on the corporate future results. However, the extent of these effects is deemed to be negligible with respect to con-tinuing as a going concern, especially considering the current and prospective solidity of the Group\u2019s equity and financial structure.For information on the Group\u2019s risks and related controls, see Note 35. \u201cInformation on risks and related hedging policies\u201d in these Notes to the Financial Statements, as well as the Group\u2019s Management Report.Main 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 opt-ed 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.Recognition CriteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs and/or proceeds directly 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, es-sentially 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.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 assets 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 direct transaction costs/proceeds.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 sig-nificant 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 recog-nised 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, trans-ferring 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 nega-tive fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attribut-able 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 be-tween the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the standard, 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 hedging 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 Con-solidation 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 man-agement 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 in-vestment 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 through the income statement or the portfolio of financial instruments measured at Fair Value through 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 CriteriaTangible assets include land, instrumental properties, furniture, furnishings, valuable artistic heritage, 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.Tangible assets held for use in production or for the supply of goods and services are classified as \u201cProperty and equipment\u201d 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 trans-ferred. 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 recog-nised 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 breakdown 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 meas-ured 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 depre-ciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, accord-ing 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 years.The 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 can-not 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 tangible assets 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 CriteriaTangible assets are derecognised when disposed of or when no further future economic benefit is expected from their use or de-commissioning.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 consti-tute intangible 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 cus-tomers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is repre-sentative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a peri-od 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 years.The 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.Goodwill may be recognised in the context of business combinations when the positive difference between the consideration trans-ferred and the Fair Value of the non-controlling interest and the Fair Value of the assets acquired is representative of the future earning capacity of the equity investment (goodwill).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.In conducting the impairment test as at 31 December 2023, the following was also taken into account:- ESMA\u2019s Public Statement of 25 October 2023 \u201cEuropean common enforcement priorities for 2023 annual financial reports\u201d as reported in the previous section, which among other things reiterates a number of recommendations already present in its previous Public Statement published in October 2022.- Discussion paper no. 1/2022 \u201cImpairment test of non-financial assets (IAS 36)\u201d published on 29 June 2022 by the Organismo Italiano di Valutazione (\u201cOIV\u201d) following the war in Ukraine, which incorporates the contents of ESMA\u2019s Public Statement of 13 May 2022 (the subject of Consob\u2019s Warning Note of 19 May 2022) and provides operational guidance for dealing with the uncertainty of the current environment in the context of the possible exercise of the impairment test.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 certain 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, par-agraphs 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 de-termined 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 regula-tions, 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 statement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome tax for the year on current operations\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments measured 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 reasonable 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 realised 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 changes 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 contrac-tual 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.Lease payables are recognised on the basis of the present value of future instalments still to be paid over the contractual term dis-counted at the interest rate implicit in the transaction or, if not determinable, the marginal financing rate.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 2023 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 assignment date, breaking up the expense throughout the plan period and according to the accrual criterion of the service provided.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 ben-efits 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 payment 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 application 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 meth-od, 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 reliable 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 uncertainties 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 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 com-mercial 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 cus-tomer, 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 expens-es 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 value 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 ser-vices 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 liabilities incurred and the equity instruments issued by the acquirer in exchange for obtaining control of the acquiree. The consid-eration 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, \u201cPurchase Price Allocation\u201d) to the identifiable assets acquired and the liabilities measured at the relative Fair Value on that date, also recognising the value of the minority interests of the acquired entity.Use of Estimates and Assumptions in Preparing the Consolidated Financial StatementsIn accordance with the IASs/IFRSs, 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 and/or independent assessments 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 evaluations 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.The main factors of uncertainty that could affect the future scenarios the Group will operate in include macroeconomic impacts related to interest rate trends, inflation and market trends.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 the 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 the 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 comple-tion 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 contribute to determining the value at which assets and liabilities are recognised in the financial statements. Without claiming to be exhaustive, 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, the main estimates concern, on the one hand, 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 and the flows used to determine the so-called terminal value generated by the CGU are estimated separately and appropriately discounted, and in the case of assets with a finite useful life the estimated useful life. 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 de-gree of reasonable certainty \u2013 if any \u2013 of future taxable income at the time when tax deductibility will arise (deductible temporary differences and tax loss carryforwards) are estimated.Events after the Reporting Period No events occurred after the date of the financial statements that had an impact thereon. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "Basis of PreparationThe Group has prepared these Consolidated Financial Statements as at 31 December 2023 in accordance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Inter-pretations Committee (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 2023, the IAS/IFRS standards endorsed and in force as at 31 December 2023 were applied, including the SIC and IFRIC interpretative documents. No derogations were made from the IAS/IFRS standards.In addition, as required by current legislation, the Nexi Consolidated Financial Statements are made available to the public in the iXBRL format. Note that due to some technical limits of the main tools used in the market some information contained in the Notes to the Consolidated Financial Statements, prepared in ESEF format, extracted from the XHTML format in an XBRL instance, may not be reproduced identically to what is contained in the consolidated financial statements in XHTML format.It should be noted that the publication of the Nexi Group\u2019s Consolidated Financial Statements as at 31 December 2023 was authorised by a resolution of the Board of Directors on 6 March 2024.The Consolidated Financial Statements as at 31 December 2023 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 Finan-cial Statements, which include the criteria used for their preparation, and the related comparative information. The Consolidated Financial Statements are also accompanied by the Board of Directors\u2019 Management Report addressing the Group\u2019s operating per-formance, its economic results and its equity and financial position.In addition to the amounts for the year, the Financial Statements and Notes present comparative figures as at 31 December 2022, which, as described in section 43, were restated as a result of the completion of the Purchase Price Allocations relating to the acqui-sitions of Nexi Payments Greece and BPER acquiring book as well as the classification of DBS eID assets as discontinued operations.The Consolidated Financial Statements as at 31 December 2023 are prepared in euro which is the Company\u2019s functional currency. 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 ex-cept 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 non-mandatory information deemed useful for the purposes of presenting a true and fair view of the Group\u2019s situation. In continuity with what was carried out during the preparation of the 2022 annual financial statements, also for the purposes of the Consolidated Financial Statements as at 31 December 2023 reference was made to the ESMA documents and in particular to the document issued on 25 October 2023 concerning the priorities relating to the financial statements prepared based on the IASs/IFRSs. Specifically, the enforcement priorities for 2023 for financial statements prepared in accordance with international accounting standards are:- Climate-related aspects for which ESMA emphasises the need for consistency in estimates and measurements between financial statements and non-financial statements, recommending that they be included in the assumptions used in the impairment testing process, and requiring clear information with specific reference to the accounting of emission allowances (ETS) and renewable energy certificates. The Group considers these aspects to be irrelevant to the type of business and the sector it operates in;- Impacts of the current macroeconomic environment on refinancing and other financial risks. Apart from the process of deter-mining Fair Value and related disclosure, considering the operations and risks it is exposed to, the Group has not identified any significant issues worthy of note;- Alternative Performance Measures and the preparation of the financial statements in ESEF format, with regard to which reference is made to the information contained in this section and in the Management Report.In 2023 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 2023.Specifically, the following changes in accounting standards apply from 1 January 2023: - FRS 17 Insurance Contracts and subsequent amendments - In May 2017 the IASB published the new IFRS 17 \u201cInsurance Contracts\u201d accounting standard, which was subsequently amended on 25 June 2020 and endorsed by EU Regulation no. 2036/2021 of 19 November 2021. IFRS 17 superseded IFRS 4 and applies to all types of insurance contracts (e.g. life, non-life, direct insurance, reinsurance) regardless of the type of entity that issues them, as well as to certain guarantees and financial instruments with discretionary participation features, and allows for a single way of representing insurance contracts. IFRS 17 provides a com-prehensive model for insurance contracts that covers all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by:- a specific adjustment for contracts with direct participation (the variable fee approach);- a simplified approach (the premium allocation approach) mainly for short-term contracts.In December 2021 the IASB also issued the initial application of IFRS 17 and IFRS 9 \u2013 Comparative information (amendment to IFRS 17). The amendment is a transition option relating to comparative information on financial assets presented in connection with the first-time application of IFRS 17.The amendment is intended to help insurers avoid temporary accounting mismatches between the financial assets and liabilities of insurance contracts, and thus to improve the usefulness of comparative information for users of financial statements. IFRS 17, which takes account of this amendment, is effective for financial years beginning on or after 1 January 2023.During the year, the Group carried out an assessment involving all its companies with the aim of checking the applicability of the standard. Given that the Group does not include insurance companies or companies engaged in the insurance business, the analysis focused on any other cases, also taking into account exclusions from application envisaged by the standard.As a result of this assessment, IFRS 17 is not applicable within the Nexi Group.- Definition of accounting estimate \u2013 Amendments to IAS 8 \u2013 In February 2021 the IASB issued amendments to IAS 8, introducing a definition of \u201caccounting estimates\u201d. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.- Disclosures of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 - In February 2021, the IASB issued amend-ments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to disclosures of accounting policies. The amendments aim to help entities provide more useful accounting standard disclosures by replacing the requirement for entities to disclose their \u201csignificant\u201d accounting policies with a requirement to disclose their \u201cmaterial\u201d accounting standards. Moreover, guidance is added on how entities apply the con-cept of materiality in making accounting standard disclosure decisions.- Deferred taxes relating to assets and liabilities arising from a single transaction - Amendments to IAS 12 - In May 2021 the IASB issued amendments to IAS 12, narrowing the scope of the initial recognition exception included in IAS 12, which is no longer to be applied to those transactions that give rise to taxable and deductible temporary differences in equal measure. The changes are applied to transactions occurring after or at the beginning of the comparative period presented. Furthermore, at the beginning of the comparative period presented, deferred tax assets (if there is sufficient taxable income) and deferred tax liabilities must be recognised for all deductible and taxable temporary differences associated with leases and restoration provisions.- International Tax Reform - Pillar Two Model - Amendments to IAS 12 - At the end of 2021 more than 135 countries, accounting for more than 90% of global GDP, reached an agreement on international tax reform introducing a Global Minimum Tax for large mul-tinational corporations. In detail, these countries adhered to the OECD Inclusive Framework on Base Erosion and Profit Shifting, which introduces a two-pillar model to address tax issues arising from the digitisation of the economy. In Europe, the Directive to implement the minimum tax component of the OECD reform was approved by the European Commission on 12 December 2022. Following the overcoming of reservations by some Member States, unanimous agreement was reached in the EU for the adoption of the proposed EU Directive to achieve a minimum level of effective taxation of 15% for multinational groups with total revenues exceeding Euro 750 million per year. Directive No. 2523/2022 was published in the EU Official Journal on 22 December 2022 and applies from the 2024 tax year. Other non-EU countries where the Group is present may implement the same internationally de-rived legislation in their national laws. With the publication of the amendments to IAS 12, the IASB intends to respond quickly to the concerns of several stakeholders on the potential implications of the application of the Pillar Two rules on tax accounting, given the imminent entry into force of the new tax provisions in some jurisdictions. Specifically, the amendments to the standard intro-duce a mandatory temporary exception not to recognise deferred taxation resulting from the implementation of the Pillar Two Framework. The exception is immediately applicable and retroactive. Specific disclosure requirements are also envisaged for the companies affected (applicable starting from the annual financial statements that commence with 1 January 2023), with different disclosure obligations to be fulfilled in periods when the Pillar Two regulations are enacted or substantially enacted but not yet in force and in periods in which the tax reform is in force. This new obligation falls on the parent company Nexi SpA, and analyses are currently under way to identify the most appropriate methods for managing it. Indeed, taking into account the involvement of more than 20 jurisdictions and more than 70 companies and subsidiaries of the Group in this obligation, the activities also include the identification of a tool that is suitable for this corporate structure. Efforts are also under way to estimate the likelihood that the simplified Safe Harbour requirements are applicable in the jurisdictions the Group operates in (using 2024 figures), which - if met - would not result in tax payments arising from the application of the aforementioned new law.These changes had no impact on the Group with respect to the balances of the Consolidated Financial Statements as at 31 December 2023 and comparative balances. IFRS and IFRIC accounting standards, amendments and interpretations endorsed by the European Union, not yet mandatorily applicable and not early adopted by the Group as at 31 December 2023- Amendments to IFRS 16 Leases: Lease Liabilities in a Sale and Leaseback Agreement.From 1 January 2024 amendments to IFRS 16 are mandatory, which specify how the lessee-seller subsequently assesses sale and leaseback transactions that meet the requirements of IFRS 15 to be accounted for as a sale, and amendments to IAS 1, which mainly clarify the distinction between current and non-current liabilities. Specifically, with regard to the amendments to IFRS 16, note that a sale and leaseback transaction consists of the sale of an asset by a seller and the repurchase of that same asset by entering into a lease. A characteristic of sale and leaseback transactions is that the sale price and lease payments are usually interdependent. The key issue is to define whether the transaction represents a true sale, in which most of the risks and rewards are transferred to the buyer, while the seller continues to use the asset, exposing itself to some (but not substantially all) of the risks and rewards, or whether it is merely a transaction for financial, tax or other purposes, in which the risks/benefits of ownership of the asset essentially remain with the seller/lessee. IFRS 16 governs this topic: if the selling lessee transfers the asset to another entity (the purchasing lessor) and leases back the asset from the purchasing lessor, both the selling lessee and the purchasing lessor must account for the transfer agreement and the lease under IFRS 16. To determine whether the transfer of the asset constitutes a sale, entities shall apply the requirements for determining when the obligation to do something is discharged under IFRS 15. Similarly, IFRS 15 shall be applied to determine whether the transfer of the asset is accounted for as a sale of the asset. A sale and leaseback qualify as a sale if the lessor purchaser obtains control of the underlying business.The seller-lessee measures a leaseback asset as the percentage of the former carrying amount of the asset that relates to the re-tained right of use. The gain (or loss) recognised by the seller is limited to the percentage of the total gain (or loss) that relates to the rights transferred to the buyer-lessee. Any difference between the sale proceeds and the Fair Value of the asset is a prepayment of lease instalments (if the purchase price is below market terms) or additional financing (if the purchase price is above market terms). The same logic applies if the lease payments are not at market rates.- Amendments to IAS 1: Presentation of Liabilities as Current or Non-Current and Subsequent - Deferral of First Application DateThe amendments to IAS 1 clarify that an entity must classify a liability as current when:a) it is expected to settle the liability in its normal operating cycle;b) it possesses it primarily for the purpose of negotiating it;c) the liability must be discharged within 12 months after the end of the financial year; ord) at the end of the reporting period it does not have the right to defer settlement of the liability for at least twelve months after the end of the reporting period.All other liabilities are to be classified as non-current.Liabilities arising from financing arrangements may be classified as non-current when the entity\u2019s right to defer settlement of those liabilities is subject to the entity\u2019s compliance with the terms within twelve months after the reporting period. In such situations the entity must disclose information in the notes that enables users of its financial statements to understand the risk that the liabilities may become repayable within twelve months after the reporting period. Specifically, the entity must disclose information about the terms (including the nature of the terms and when the entity is required to comply with them) and the carrying amount of the related liabilities and information about any facts and circumstances that indicate that the entity may have difficulty complying with the terms. The amendments also clarify that for the purposes of classifying a liability as current or non-current, settlement refers to a transfer to the counterparty that results in the settlement of the liability. The transfer could be of cash or other economic resources, e.g. goods or services or equity instruments of the entity. The terms of a liability that, at the option of the counterparty, could result in its settlement by the transfer of the entity\u2019s own equity instruments do not affect its classification as current or non-current if, in applying IAS 32, the entity classifies the option as an equity instrument and recognises it separately from the liability as a component of equity in a compound financial instrument.These amendments have been analysed and it is therefore specified that, given the nature of the Group\u2019s business and capital structure, these new amendments to the standards will have very little if any impact on the Group\u2019s consolidated financial statements.IFRS and IFRIC accounting standards, amendments and interpretations not yet endorsed by the European Union and not applicable at 31 December 2023La tabella seguente mostra infine gli standard per i quali sono state emanate modifiche non ancora oggetto di omologa da parte dell\u2019Unione Europea.IASB documents IASB publication dateAmendment allo IAS 7 \u201cStatement of Cash Flows\u201d: Supplier Finance Arrangements 25/05/2023Amendment all\u2019IFRS 7 \u201cFinancial Instruments: Disclosures\u201d: Supplier Finance Arrangements 25/05/2023Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 15/08/2023Since none of these has been approved by the European Union, they have not had any impact on the Consolidated Financial State-ments as at 31 December 2023.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 Pricewater-houseCoopers 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 equity.Statement of Cash FlowsThe statement of cash flows provides information on cash flows for the period under review and the previous period, and has been prepared using the indirect method whereby, in reporting cash flows from operating activities, 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. Note that as required by IAS 7.43, cash flows from investing activities were excluded that did not require the use of cash or cash equivalents, including lease transactions.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 Criteria The Group has established the consolidation scope in accordance with IFRS 10 - Consolidated financial statements. Accordingly, the concept 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 from its involvement with the investee;- 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 managed 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 requires a greater use of judgement as it is necessary to consider all the factors and circumstances that give control over the entity (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 2023, the following were used: i) the financial state-ments for the period of the Parent Company Nexi SpA and ii) the accounting results as at 31 December 2023, 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 held by the Parent Company and the corresponding share of the shareholders\u2019 equity have been eliminated; - recognising the equity and profits or losses of non-controlling interests separately.The differences resulting from the above adjustments, if positive, are recognised after any allocation to items of the assets or liabilities of the subsidiary as goodwill or as other intangible assets in the 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.Acquisitions of companies are accounted for according to the \"acquisition method\" envisaged in IFRS 3, on the basis of which the iden-tifiable assets acquired and the identifiable liabilities assumed (including potential liabilities) are to be recognised at their respective Fair Values at the acquisition date. Moreover, for each business combination, any non-controlling interest in the acquiree may be rec-ognised at Fair Value or in proportion to the non-controlling interest's share of the acquiree's identifiable net assets. Any excess of the consideration transferred (represented by the Fair Value of the assets sold, liabilities incurred and equity instruments issued) and the Fair Value of the minority interests over the Fair Value of the assets and liabilities acquired is recognised as goodwill. If the price is lower, the difference is recognised in the income statement. The Group applies the Partial Goodwill method and therefore accounts for minority interests at the carrying amount.The \u201cacquisition method\u201d is applied from the date of acquisition, i.e. when control of the acquired company is effectively obtained. Therefore, the economic results of a subsidiary acquired during the reporting period are included in the consolidated financial state-ments from the date of its acquisition. Similarly, the results of operations of a transferred subsidiary are included in the consolidated financial statements up to the date on which control ceased. The difference between the sale consideration and the carrying amount at the date of disposal (including exchange rate differences recognised in equity at the time of consolidation) is recognised in the income statement.In a multi-stage business combination, the Fair Value at the acquisition date must also be determined by reference to the interests in the acquiree previously held by the acquirer.Pursuant to IAS 28, the Group Consolidated financial statements also include the results of investees, i.e., entities over which the Group has significant influence and the power to participate in directing its financial and operating policies without having control or joint control, as well as equity investments subject to joint control in accordance with IFRS 11. 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 investee\u2019s profit or loss for 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 invest-ment\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 invest-ment\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 Foreign 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 period. The translation exchange differences resulting from the application of this method are classified as a shareholders\u2019 equity item until the equity invest-ment 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 interests. 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 allocating the purchase cost of a foreign company are recognised in the related currency and are translated using the period-end exchange rate.Scope of Consolidation The following table shows the list of subsidiaries in the Nexi Group as at 31 December 2023:Company Structure Currency Investor %ownership Registered office()*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, ItalyNexi Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, GreeceNumera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH (Austria) subsidiary EUR Nexi SpA 100 Wien, AustriaNexi RS d.o.o. Beograd subsidiary RSD Nexi Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK Nexi Central Europe a.s. 100 Zagreb, CroatiaNexi Czech Republic, s.r.o. subsidiary CZK Nexi Central Europe a.s. 100 Prague, Czech RepublicSIA Payment Services subsidiary EUR Nexi Central Europe a.s. 100 Bratislava, Slovakia()*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 Oysubsidiary EUR Paytrail Oyj 100 Tampere, FinlandNexi Germany GmbH subsidiary EUR Nexi Germany Holding GmbH 100 Eschborn, GermanyNexi Austria GmbH subsidiary EUR Nexi Germany GmbH 100 V\u00f6sedorf, AustriaNexi Germany Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyNexi Germany Sales GmbH subsidiary EUR Nexi Germany Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, PolandOrderbird AT GmbH subsidiary EUR Orderbird GmbH 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, Denmark()*Nexi Croatia Ltdsubsidiary HRK Nexi Germany Holding GmbH 100 Zagreb, CroatiaNexi Slovenia Ltd subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark()*Nets Denmark A/Ssubsidiary 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, SwedenNexi Schweiz AG subsidiary CHF Nexi Germany GmbH 100 Wallisellen, SwitzerlandOrderbird GmBH Germany (ex Orderbird AG) subsidiary EUR Nexi Germany GmbH 98.15 Berlin, GermanyPaytech Payment Provider GmbH subsidiary EUR Nexi Germany 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()*PayPro S.A.subsidiary PLN eCard S.A. 18 Pozna\u0144, PolandCompany Structure Currency Investor %ownership Registered office()*Paytrail Oyjsubsidiary 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.Nexi Digital Finland Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland()*Ratepay GmbHsubsidiary EUR Nexi Germany 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, DenmarkTeam4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.Trust Services Aps subsidiary DKK Nassa Topco AS 100 Ballerup, Denmark(*) = Company conducting regulated activities subject to local supervisory regulations.Note that in 2023 the scope of consolidation changed mainly due to the acquisition of control of Split Tech-Solutions GmbH, a com-pany based in Frankfurt, Germany, that offers innovative solutions in the catering industry. The transaction price was approximately Euro 2 million. The transaction represents a business combination that was accounted for in accordance with IFRS 3. For further information, please refer to section 39 of the Notes. Note also that during the year the following business combination transactions under common control were carried out with the aim of simplifying the Group structure, which did not generate impacts on the Nexi Group\u2019s consolidated financial statements:- Merger of Split Tech-Solution and Gflib Wireless GmbH into Orderbird GmbH;- Merger of Storebox into Nets Denmark. Moreover, the liquidations of SIA Romania Payments Technologies, NETS US llc and Topcard were completed during the year, and a new company, Trust Services, was set up, which is necessary for the sale of the eID business.Finally, note that Poplatek Payments Oy was merged into Nets Denmark effective 1 January 2024.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2023 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, accord-ing to the equity method:% Company Structure Currency Investorownership Registered office()***QRTAG Sp. z.o.o. (**) significant influence/joint control PLN Centrum Rozliczen 45 Pozna\u0144, PolandElektronicznych Polskie ePlatnosci S.A.Rs 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, Denmark()*WEAT Electronic Datenservice GmbHsignificant influence/joint control EUR Nexi Germany GmbH 40 D\u00fcsseldorf, Germany()**Computop Paygate Gmbh significant influence/joint control EUR Nexi Germany Holding GmbH 30 Bamberg, Germany(**Computop inc. (USA) significant influence/joint control USD Computop Paygate Gmbh 30 Delaware, United States(**Computop ltd. (UK) significant influence/joint control GBP Computop Paygate Gmbh 30 London, United Kingdom () **Computop Shanghai Co.Ltdsignificant influence/joint control CNY Computop Paygate Gmbh 30 Shanghai, China ()**Computop Finance GmbH (Germany) significant influence/joint control EUR Computop Paygate Gmbh 30 Bamberg, GermanyNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, ItalyNexi Digital Polska sp z o.o. significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, PolandDigital Commerce Finland Oy significant influence/joint control EUR Paytrail Oyj 16.67 Etel\u00e4ranta, Finland(*) = Company conducting regulated activities subject to local supervisory regulations.(**) = Companies included in full consolidation scope in 2023(***) = For indirect shareholdings significant influence/joint control has been indicated the relevance percentageSignificant Assessments and Assumptions Made to Determine the Scope of Consolidation As mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its rela-tionship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsid-iaries. 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 influ-ence 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, with the aim in particular of assessing whether the entity 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 - 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 rele-vant 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's 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 investee 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 are not the determining factor for the assessment of con-trol, 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 deter-mine the scope and method of consolidation.Significant Restrictions As for significant restrictions applicable to the transfer of resources within the Nexi Group, note that, as specified in the relevant section, some companies of the Group are subject to prudential rules under supervisory regulations in order to preserve adequate capitalisation based on the risks taken. The ability of such companies to distribute capital or dividends is, therefore, subject to com-pliance 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 Information No accounting records of subsidiaries used in preparing the consolidated financial statements refer to non-homogeneous account-ing standards or a date other than that of the consolidated financial statements. As noted in the management report, the Directors confirm the reasonable expectation that the Group will continue to operate on a going concern basis in the foreseeable future. In this regard, the Directors believe that no risks and uncertainties have arisen that would raise doubts as to the Group\u2019s ability to continue as a going concern, and that the Group has a reasonable expectation of being able to continue operating in the foresee-able future.For the purpose of expressing the aforesaid opinion, the Directors also evaluated the effects of the uncertainties related to the ref-erence macroeconomic landscape, taking into account the current geopolitical tensions, which could reasonably lead to negative repercussions on the corporate future results. However, the extent of these effects is deemed to be negligible with respect to con-tinuing as a going concern, especially considering the current and prospective solidity of the Group\u2019s equity and financial structure.For information on the Group\u2019s risks and related controls, see Note 35. \u201cInformation on risks and related hedging policies\u201d in these Notes to the Financial Statements, as well as the Group\u2019s Management Report.Main Accounting Policies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__16": {
"value": "Basis of PreparationThe Group has prepared these Consolidated Financial Statements as at 31 December 2023 in accordance with the IAS/IFRS, issued by the International Accounting Standards Board (IASB) and subject to interpretation by the International Financial Reporting Inter-pretations Committee (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 2023, the IAS/IFRS standards endorsed and in force as at 31 December 2023 were applied, including the SIC and IFRIC interpretative documents. No derogations were made from the IAS/IFRS standards.In addition, as required by current legislation, the Nexi Consolidated Financial Statements are made available to the public in the iXBRL format. Note that due to some technical limits of the main tools used in the market some information contained in the Notes to the Consolidated Financial Statements, prepared in ESEF format, extracted from the XHTML format in an XBRL instance, may not be reproduced identically to what is contained in the consolidated financial statements in XHTML format.It should be noted that the publication of the Nexi Group\u2019s Consolidated Financial Statements as at 31 December 2023 was authorised by a resolution of the Board of Directors on 6 March 2024.The Consolidated Financial Statements as at 31 December 2023 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 Finan-cial Statements, which include the criteria used for their preparation, and the related comparative information. The Consolidated Financial Statements are also accompanied by the Board of Directors\u2019 Management Report addressing the Group\u2019s operating per-formance, its economic results and its equity and financial position.In addition to the amounts for the year, the Financial Statements and Notes present comparative figures as at 31 December 2022, which, as described in section 43, were restated as a result of the completion of the Purchase Price Allocations relating to the acqui-sitions of Nexi Payments Greece and BPER acquiring book as well as the classification of DBS eID assets as discontinued operations.The Consolidated Financial Statements as at 31 December 2023 are prepared in euro which is the Company\u2019s functional currency. 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 ex-cept 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 non-mandatory information deemed useful for the purposes of presenting a true and fair view of the Group\u2019s situation. In continuity with what was carried out during the preparation of the 2022 annual financial statements, also for the purposes of the Consolidated Financial Statements as at 31 December 2023 reference was made to the ESMA documents and in particular to the document issued on 25 October 2023 concerning the priorities relating to the financial statements prepared based on the IASs/IFRSs. Specifically, the enforcement priorities for 2023 for financial statements prepared in accordance with international accounting standards are:- Climate-related aspects for which ESMA emphasises the need for consistency in estimates and measurements between financial statements and non-financial statements, recommending that they be included in the assumptions used in the impairment testing process, and requiring clear information with specific reference to the accounting of emission allowances (ETS) and renewable energy certificates. The Group considers these aspects to be irrelevant to the type of business and the sector it operates in;- Impacts of the current macroeconomic environment on refinancing and other financial risks. Apart from the process of deter-mining Fair Value and related disclosure, considering the operations and risks it is exposed to, the Group has not identified any significant issues worthy of note;- Alternative Performance Measures and the preparation of the financial statements in ESEF format, with regard to which reference is made to the information contained in this section and in the Management Report.In 2023 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 2023.Specifically, the following changes in accounting standards apply from 1 January 2023: - FRS 17 Insurance Contracts and subsequent amendments - In May 2017 the IASB published the new IFRS 17 \u201cInsurance Contracts\u201d accounting standard, which was subsequently amended on 25 June 2020 and endorsed by EU Regulation no. 2036/2021 of 19 November 2021. IFRS 17 superseded IFRS 4 and applies to all types of insurance contracts (e.g. life, non-life, direct insurance, reinsurance) regardless of the type of entity that issues them, as well as to certain guarantees and financial instruments with discretionary participation features, and allows for a single way of representing insurance contracts. IFRS 17 provides a com-prehensive model for insurance contracts that covers all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by:- a specific adjustment for contracts with direct participation (the variable fee approach);- a simplified approach (the premium allocation approach) mainly for short-term contracts.In December 2021 the IASB also issued the initial application of IFRS 17 and IFRS 9 \u2013 Comparative information (amendment to IFRS 17). The amendment is a transition option relating to comparative information on financial assets presented in connection with the first-time application of IFRS 17.The amendment is intended to help insurers avoid temporary accounting mismatches between the financial assets and liabilities of insurance contracts, and thus to improve the usefulness of comparative information for users of financial statements. IFRS 17, which takes account of this amendment, is effective for financial years beginning on or after 1 January 2023.During the year, the Group carried out an assessment involving all its companies with the aim of checking the applicability of the standard. Given that the Group does not include insurance companies or companies engaged in the insurance business, the analysis focused on any other cases, also taking into account exclusions from application envisaged by the standard.As a result of this assessment, IFRS 17 is not applicable within the Nexi Group.- Definition of accounting estimate \u2013 Amendments to IAS 8 \u2013 In February 2021 the IASB issued amendments to IAS 8, introducing a definition of \u201caccounting estimates\u201d. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.- Disclosures of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 - In February 2021, the IASB issued amend-ments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to disclosures of accounting policies. The amendments aim to help entities provide more useful accounting standard disclosures by replacing the requirement for entities to disclose their \u201csignificant\u201d accounting policies with a requirement to disclose their \u201cmaterial\u201d accounting standards. Moreover, guidance is added on how entities apply the con-cept of materiality in making accounting standard disclosure decisions.- Deferred taxes relating to assets and liabilities arising from a single transaction - Amendments to IAS 12 - In May 2021 the IASB issued amendments to IAS 12, narrowing the scope of the initial recognition exception included in IAS 12, which is no longer to be applied to those transactions that give rise to taxable and deductible temporary differences in equal measure. The changes are applied to transactions occurring after or at the beginning of the comparative period presented. Furthermore, at the beginning of the comparative period presented, deferred tax assets (if there is sufficient taxable income) and deferred tax liabilities must be recognised for all deductible and taxable temporary differences associated with leases and restoration provisions.- International Tax Reform - Pillar Two Model - Amendments to IAS 12 - At the end of 2021 more than 135 countries, accounting for more than 90% of global GDP, reached an agreement on international tax reform introducing a Global Minimum Tax for large mul-tinational corporations. In detail, these countries adhered to the OECD Inclusive Framework on Base Erosion and Profit Shifting, which introduces a two-pillar model to address tax issues arising from the digitisation of the economy. In Europe, the Directive to implement the minimum tax component of the OECD reform was approved by the European Commission on 12 December 2022. Following the overcoming of reservations by some Member States, unanimous agreement was reached in the EU for the adoption of the proposed EU Directive to achieve a minimum level of effective taxation of 15% for multinational groups with total revenues exceeding Euro 750 million per year. Directive No. 2523/2022 was published in the EU Official Journal on 22 December 2022 and applies from the 2024 tax year. Other non-EU countries where the Group is present may implement the same internationally de-rived legislation in their national laws. With the publication of the amendments to IAS 12, the IASB intends to respond quickly to the concerns of several stakeholders on the potential implications of the application of the Pillar Two rules on tax accounting, given the imminent entry into force of the new tax provisions in some jurisdictions. Specifically, the amendments to the standard intro-duce a mandatory temporary exception not to recognise deferred taxation resulting from the implementation of the Pillar Two Framework. The exception is immediately applicable and retroactive. Specific disclosure requirements are also envisaged for the companies affected (applicable starting from the annual financial statements that commence with 1 January 2023), with different disclosure obligations to be fulfilled in periods when the Pillar Two regulations are enacted or substantially enacted but not yet in force and in periods in which the tax reform is in force. This new obligation falls on the parent company Nexi SpA, and analyses are currently under way to identify the most appropriate methods for managing it. Indeed, taking into account the involvement of more than 20 jurisdictions and more than 70 companies and subsidiaries of the Group in this obligation, the activities also include the identification of a tool that is suitable for this corporate structure. Efforts are also under way to estimate the likelihood that the simplified Safe Harbour requirements are applicable in the jurisdictions the Group operates in (using 2024 figures), which - if met - would not result in tax payments arising from the application of the aforementioned new law.These changes had no impact on the Group with respect to the balances of the Consolidated Financial Statements as at 31 December 2023 and comparative balances. IFRS and IFRIC accounting standards, amendments and interpretations endorsed by the European Union, not yet mandatorily applicable and not early adopted by the Group as at 31 December 2023- Amendments to IFRS 16 Leases: Lease Liabilities in a Sale and Leaseback Agreement.From 1 January 2024 amendments to IFRS 16 are mandatory, which specify how the lessee-seller subsequently assesses sale and leaseback transactions that meet the requirements of IFRS 15 to be accounted for as a sale, and amendments to IAS 1, which mainly clarify the distinction between current and non-current liabilities. Specifically, with regard to the amendments to IFRS 16, note that a sale and leaseback transaction consists of the sale of an asset by a seller and the repurchase of that same asset by entering into a lease. A characteristic of sale and leaseback transactions is that the sale price and lease payments are usually interdependent. The key issue is to define whether the transaction represents a true sale, in which most of the risks and rewards are transferred to the buyer, while the seller continues to use the asset, exposing itself to some (but not substantially all) of the risks and rewards, or whether it is merely a transaction for financial, tax or other purposes, in which the risks/benefits of ownership of the asset essentially remain with the seller/lessee. IFRS 16 governs this topic: if the selling lessee transfers the asset to another entity (the purchasing lessor) and leases back the asset from the purchasing lessor, both the selling lessee and the purchasing lessor must account for the transfer agreement and the lease under IFRS 16. To determine whether the transfer of the asset constitutes a sale, entities shall apply the requirements for determining when the obligation to do something is discharged under IFRS 15. Similarly, IFRS 15 shall be applied to determine whether the transfer of the asset is accounted for as a sale of the asset. A sale and leaseback qualify as a sale if the lessor purchaser obtains control of the underlying business.The seller-lessee measures a leaseback asset as the percentage of the former carrying amount of the asset that relates to the re-tained right of use. The gain (or loss) recognised by the seller is limited to the percentage of the total gain (or loss) that relates to the rights transferred to the buyer-lessee. Any difference between the sale proceeds and the Fair Value of the asset is a prepayment of lease instalments (if the purchase price is below market terms) or additional financing (if the purchase price is above market terms). The same logic applies if the lease payments are not at market rates.- Amendments to IAS 1: Presentation of Liabilities as Current or Non-Current and Subsequent - Deferral of First Application DateThe amendments to IAS 1 clarify that an entity must classify a liability as current when:a) it is expected to settle the liability in its normal operating cycle;b) it possesses it primarily for the purpose of negotiating it;c) the liability must be discharged within 12 months after the end of the financial year; ord) at the end of the reporting period it does not have the right to defer settlement of the liability for at least twelve months after the end of the reporting period.All other liabilities are to be classified as non-current.Liabilities arising from financing arrangements may be classified as non-current when the entity\u2019s right to defer settlement of those liabilities is subject to the entity\u2019s compliance with the terms within twelve months after the reporting period. In such situations the entity must disclose information in the notes that enables users of its financial statements to understand the risk that the liabilities may become repayable within twelve months after the reporting period. Specifically, the entity must disclose information about the terms (including the nature of the terms and when the entity is required to comply with them) and the carrying amount of the related liabilities and information about any facts and circumstances that indicate that the entity may have difficulty complying with the terms. The amendments also clarify that for the purposes of classifying a liability as current or non-current, settlement refers to a transfer to the counterparty that results in the settlement of the liability. The transfer could be of cash or other economic resources, e.g. goods or services or equity instruments of the entity. The terms of a liability that, at the option of the counterparty, could result in its settlement by the transfer of the entity\u2019s own equity instruments do not affect its classification as current or non-current if, in applying IAS 32, the entity classifies the option as an equity instrument and recognises it separately from the liability as a component of equity in a compound financial instrument.These amendments have been analysed and it is therefore specified that, given the nature of the Group\u2019s business and capital structure, these new amendments to the standards will have very little if any impact on the Group\u2019s consolidated financial statements.IFRS and IFRIC accounting standards, amendments and interpretations not yet endorsed by the European Union and not applicable at 31 December 2023La tabella seguente mostra infine gli standard per i quali sono state emanate modifiche non ancora oggetto di omologa da parte dell\u2019Unione Europea.IASB documents IASB publication dateAmendment allo IAS 7 \u201cStatement of Cash Flows\u201d: Supplier Finance Arrangements 25/05/2023Amendment all\u2019IFRS 7 \u201cFinancial Instruments: Disclosures\u201d: Supplier Finance Arrangements 25/05/2023Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 15/08/2023Since none of these has been approved by the European Union, they have not had any impact on the Consolidated Financial State-ments as at 31 December 2023.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 Pricewater-houseCoopers 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 equity.Statement of Cash FlowsThe statement of cash flows provides information on cash flows for the period under review and the previous period, and has been prepared using the indirect method whereby, in reporting cash flows from operating activities, 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. Note that as required by IAS 7.43, cash flows from investing activities were excluded that did not require the use of cash or cash equivalents, including lease transactions.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "tangible assets in the 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.Acquisitions of companies are accounted for according to the \"acquisition method\" envisaged in IFRS 3, on the basis of which the iden-tifiable assets acquired and the identifiable liabilities assumed (including potential liabilities) are to be recognised at their respective Fair Values at the acquisition date. Moreover, for each business combination, any non-controlling interest in the acquiree may be rec-ognised at Fair Value or in proportion to the non-controlling interest's share of the acquiree's identifiable net assets. Any excess of the consideration transferred (represented by the Fair Value of the assets sold, liabilities incurred and equity instruments issued) and the Fair Value of the minority interests over the Fair Value of the assets and liabilities acquired is recognised as goodwill. If the price is lower, the difference is recognised in the income statement. The Group applies the Partial Goodwill method and therefore accounts for minority interests at the carrying amount.The \u201cacquisition method\u201d is applied from the date of acquisition, i.e. when control of the acquired company is effectively obtained. Therefore, the economic results of a subsidiary acquired during the reporting period are included in the consolidated financial state-ments from the date of its acquisition. Similarly, the results of operations of a transferred subsidiary are included in the consolidated financial statements up to the date on which control ceased. The difference between the sale consideration and the carrying amount at the date of disposal (including exchange rate differences recognised in equity at the time of consolidation) is recognised in the income statement.In a multi-stage business combination, the Fair Value at the acquisition date must also be determined by reference to the interests in the acquiree previously held by the acquirer.Pursuant to IAS 28, the Group Consolidated financial statements also include the results of investees, i.e., entities over which the Group has significant influence and the power to participate in directing its financial and operating policies without having control or joint control, as well as equity investments subject to joint control in accordance with IFRS 11. 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 investee\u2019s profit or loss for 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 invest-ment\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 invest-ment\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 Foreign 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 period. The translation exchange differences resulting from the application of this method are classified as a shareholders\u2019 equity item until the equity invest-ment 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 interests. 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 allocating the purchase cost of a foreign company are recognised in the related currency and are translated using the period-end exchange rate.Scope of Consolidation The following table shows the list of subsidiaries in the Nexi Group as at 31 December 2023:Company Structure Currency Investor %ownership Registered office()*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, ItalyNexi Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, GreeceNumera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH (Austria) subsidiary EUR Nexi SpA 100 Wien, AustriaNexi RS d.o.o. Beograd subsidiary RSD Nexi Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK Nexi Central Europe a.s. 100 Zagreb, CroatiaNexi Czech Republic, s.r.o. subsidiary CZK Nexi Central Europe a.s. 100 Prague, Czech RepublicSIA Payment Services subsidiary EUR Nexi Central Europe a.s. 100 Bratislava, Slovakia()*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 Oysubsidiary EUR Paytrail Oyj 100 Tampere, FinlandNexi Germany GmbH subsidiary EUR Nexi Germany Holding GmbH 100 Eschborn, GermanyNexi Austria GmbH subsidiary EUR Nexi Germany GmbH 100 V\u00f6sedorf, AustriaNexi Germany Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyNexi Germany Sales GmbH subsidiary EUR Nexi Germany Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, PolandOrderbird AT GmbH subsidiary EUR Orderbird GmbH 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, Denmark()*Nexi Croatia Ltdsubsidiary HRK Nexi Germany Holding GmbH 100 Zagreb, CroatiaNexi Slovenia Ltd subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark()*Nets Denmark A/Ssubsidiary 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, SwedenNexi Schweiz AG subsidiary CHF Nexi Germany GmbH 100 Wallisellen, SwitzerlandOrderbird GmBH Germany (ex Orderbird AG) subsidiary EUR Nexi Germany GmbH 98.15 Berlin, GermanyPaytech Payment Provider GmbH subsidiary EUR Nexi Germany 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()*PayPro S.A.subsidiary PLN eCard S.A. 18 Pozna\u0144, PolandCompany Structure Currency Investor %ownership Registered office()*Paytrail Oyjsubsidiary 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.Nexi Digital Finland Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland()*Ratepay GmbHsubsidiary EUR Nexi Germany 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, DenmarkTeam4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.Trust Services Aps subsidiary DKK Nassa Topco AS 100 Ballerup, Denmark(*) = Company conducting regulated activities subject to local supervisory regulations.Note that in 2023 the scope of consolidation changed mainly due to the acquisition of control of Split Tech-Solutions GmbH, a com-pany based in Frankfurt, Germany, that offers innovative solutions in the catering industry. The transaction price was approximately Euro 2 million. The transaction represents a business combination that was accounted for in accordance with IFRS 3. For further information, please refer to section 39 of the Notes. Note also that during the year the following business combination transactions under common control were carried out with the aim of simplifying the Group structure, which did not generate impacts on the Nexi Group\u2019s consolidated financial statements:- Merger of Split Tech-Solution and Gflib Wireless GmbH into Orderbird GmbH;- Merger of Storebox into Nets Denmark. Moreover, the liquidations of SIA Romania Payments Technologies, NETS US llc and Topcard were completed during the year, and a new company, Trust Services, was set up, which is necessary for the sale of the eID business.Finally, note that Poplatek Payments Oy was merged into Nets Denmark effective 1 January 2024.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2023 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, accord-ing to the equity method:% Company Structure Currency Investorownership Registered office()***QRTAG Sp. z.o.o. (**) significant influence/joint control PLN Centrum Rozliczen 45 Pozna\u0144, PolandElektronicznych Polskie ePlatnosci S.A.Rs 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, Denmark()*WEAT Electronic Datenservice GmbHsignificant influence/joint control EUR Nexi Germany GmbH 40 D\u00fcsseldorf, Germany()**Computop Paygate Gmbh significant influence/joint control EUR Nexi Germany Holding GmbH 30 Bamberg, Germany(**Computop inc. (USA) significant influence/joint control USD Computop Paygate Gmbh 30 Delaware, United States(**Computop ltd. (UK) significant influence/joint control GBP Computop Paygate Gmbh 30 London, United Kingdom () **Computop Shanghai Co.Ltdsignificant influence/joint control CNY Computop Paygate Gmbh 30 Shanghai, China ()**Computop Finance GmbH (Germany) significant influence/joint control EUR Computop Paygate Gmbh 30 Bamberg, GermanyNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, ItalyNexi Digital Polska sp z o.o. significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, PolandDigital Commerce Finland Oy significant influence/joint control EUR Paytrail Oyj 16.67 Etel\u00e4ranta, Finland(*) = Company conducting regulated activities subject to local supervisory regulations.(**) = Companies included in full consolidation scope in 2023(***) = For indirect shareholdings significant influence/joint control has been indicated the relevance percentageSignificant Assessments and Assumptions Made to Determine the Scope of Consolidation As mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its rela-tionship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsid-iaries. 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 influ-ence 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, with the aim in particular of assessing whether the entity 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 - 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 rele-vant 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's 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 investee 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 are not the determining factor for the assessment of con-trol, 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 deter-mine the scope and method of consolidation.Significant Restrictions As for significant restrictions applicable to the transfer of resources within the Nexi Group, note that, as specified in the relevant section, some companies of the Group are subject to prudential rules under supervisory regulations in order to preserve adequate capitalisation based on the risks taken. The ability of such companies to distribute capital or dividends is, therefore, subject to com-pliance 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 Information No accounting records of subsidiaries used in preparing the consolidated financial statements refer to non-homogeneous account-ing standards or a date other than that of the consolidated financial statements. As noted in the management report, the Directors confirm the reasonable expectation that the Group will continue to operate on a going concern basis in the foreseeable future. In this regard, the Directors believe that no risks and uncertainties have arisen that would raise doubts as to the Group\u2019s ability to continue as a going concern, and that the Group has a reasonable expectation of being able to continue operating in the foresee-able future.For the purpose of expressing the aforesaid opinion, the Directors also evaluated the effects of the uncertainties related to the ref-erence macroeconomic landscape, taking into account the current geopolitical tensions, which could reasonably lead to negative repercussions on the corporate future results. However, the extent of these effects is deemed to be negligible with respect to con-tinuing as a going concern, especially considering the current and prospective solidity of the Group\u2019s equity and financial structure.For information on the Group\u2019s risks and related controls, see Note 35. \u201cInformation on risks and related hedging policies\u201d in these Notes to the Financial Statements, as well as the Group\u2019s Management Report.Main 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 opt-ed 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.Recognition CriteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs and/or proceeds directly 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, es-sentially 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.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 assets 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 direct transaction costs/proceeds.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 sig-nificant 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 recog-nised 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, trans-ferring 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 nega-tive fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attribut-able 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 be-tween the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the standard, 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 hedging 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 Con-solidation 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 man-agement 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 in-vestment 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 through the income statement or the portfolio of financial instruments measured at Fair Value through 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 CriteriaTangible assets include land, instrumental properties, furniture, furnishings, valuable artistic heritage, 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.Tangible assets held for use in production or for the supply of goods and services are classified as \u201cProperty and equipment\u201d 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 trans-ferred. 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 recog-nised 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 breakdown 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 meas-ured 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 depre-ciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, accord-ing 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 years.The 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 can-not 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 tangible assets 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 CriteriaTangible assets are derecognised when disposed of or when no further future economic benefit is expected from their use or de-commissioning.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__23": {
"value": "Intangible 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.Acquisitions of companies are accounted for according to the \"acquisition method\" envisaged in IFRS 3, on the basis of which the iden-tifiable assets acquired and the identifiable liabilities assumed (including potential liabilities) are to be recognised at their respective Fair Values at the acquisition date. Moreover, for each business combination, any non-controlling interest in the acquiree may be rec-ognised at Fair Value or in proportion to the non-controlling interest's share of the acquiree's identifiable net assets. Any excess of the consideration transferred (represented by the Fair Value of the assets sold, liabilities incurred and equity instruments issued) and the Fair Value of the minority interests over the Fair Value of the assets and liabilities acquired is recognised as goodwill. If the price is lower, the difference is recognised in the income statement. The Group applies the Partial Goodwill method and therefore accounts for minority interests at the carrying amount.The \u201cacquisition method\u201d is applied from the date of acquisition, i.e. when control of the acquired company is effectively obtained. Therefore, the economic results of a subsidiary acquired during the reporting period are included in the consolidated financial state-ments from the date of its acquisition. Similarly, the results of operations of a transferred subsidiary are included in the consolidated financial statements up to the date on which control ceased. The difference between the sale consideration and the carrying amount at the date of disposal (including exchange rate differences recognised in equity at the time of consolidation) is recognised in the income statement.In a multi-stage business combination, the Fair Value at the acquisition date must also be determined by reference to the interests in the acquiree previously held by the acquirer.Pursuant to IAS 28, the Group Consolidated financial statements also include the results of investees, i.e., entities over which the Group has significant influence and the power to participate in directing its financial and operating policies without having control or joint control, as well as equity investments subject to joint control in accordance with IFRS 11. 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 investee\u2019s profit or loss for 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 invest-ment\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 invest-ment\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 Foreign 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 period. The translation exchange differences resulting from the application of this method are classified as a shareholders\u2019 equity item until the equity invest-ment 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 interests. 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 allocating the purchase cost of a foreign company are recognised in the related currency and are translated using the period-end exchange rate.Scope of Consolidation The following table shows the list of subsidiaries in the Nexi Group as at 31 December 2023:Company Structure Currency Investor %ownership Registered office()*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, ItalyNexi Central Europe AS subsidiary EUR Nexi SpA 100 Bratislava, SlovakiaNexi Greece Single Member SA subsidiary EUR Nexi SpA 100 Athens, GreeceNumera Sistemi e Informatica SpA subsidiary EUR Nexi Payments SpA 100 Sassari, ItalyPforCards GmbH (Austria) subsidiary EUR Nexi SpA 100 Wien, AustriaNexi RS d.o.o. Beograd subsidiary RSD Nexi Central Europe a.s. 100 Beograd, SerbiaSIA Croatia d.o.o. subsidiary HRK Nexi Central Europe a.s. 100 Zagreb, CroatiaNexi Czech Republic, s.r.o. subsidiary CZK Nexi Central Europe a.s. 100 Prague, Czech RepublicSIA Payment Services subsidiary EUR Nexi Central Europe a.s. 100 Bratislava, Slovakia()*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 Oysubsidiary EUR Paytrail Oyj 100 Tampere, FinlandNexi Germany GmbH subsidiary EUR Nexi Germany Holding GmbH 100 Eschborn, GermanyNexi Austria GmbH subsidiary EUR Nexi Germany GmbH 100 V\u00f6sedorf, AustriaNexi Germany Holding GmbH subsidiary EUR Evergood Germany 1 GmbH 100 Eschborn, GermanyNexi Germany Sales GmbH subsidiary EUR Nexi Germany Holding GmbH 100 K\u00f6ln, Germany()*eCard S.A.subsidiary PLN P24 Dotcard Sp. z o.o. 100 Warszawa, PolandOrderbird AT GmbH subsidiary EUR Orderbird GmbH 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, Denmark()*Nexi Croatia Ltdsubsidiary HRK Nexi Germany Holding GmbH 100 Zagreb, CroatiaNexi Slovenia Ltd subsidiary EUR Nexi Croatia Ltd 100 Ljubljana, SloveniaNets DanID A/S subsidiary DKK Nets Denmark A/S 100 Ballerup, Denmark()*Nets Denmark A/Ssubsidiary 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, SwedenNexi Schweiz AG subsidiary CHF Nexi Germany GmbH 100 Wallisellen, SwitzerlandOrderbird GmBH Germany (ex Orderbird AG) subsidiary EUR Nexi Germany GmbH 98.15 Berlin, GermanyPaytech Payment Provider GmbH subsidiary EUR Nexi Germany 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()*PayPro S.A.subsidiary PLN eCard S.A. 18 Pozna\u0144, PolandCompany Structure Currency Investor %ownership Registered office()*Paytrail Oyjsubsidiary 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.Nexi Digital Finland Oy subsidiary EUR Nets Denmark A/S 100 Espoo, FinlandPoplatek Payments Oy subsidiary EUR Nets Denmark A/S 100 Espoo, Finland()*Ratepay GmbHsubsidiary EUR Nexi Germany 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, DenmarkTeam4U Sp. z o.o. subsidiary PLN Centrum Rozliczen Elektronicznych 75 Bydgoszcz, PolandPolskie ePlatnosci S.A.Trust Services Aps subsidiary DKK Nassa Topco AS 100 Ballerup, Denmark(*) = Company conducting regulated activities subject to local supervisory regulations.Note that in 2023 the scope of consolidation changed mainly due to the acquisition of control of Split Tech-Solutions GmbH, a com-pany based in Frankfurt, Germany, that offers innovative solutions in the catering industry. The transaction price was approximately Euro 2 million. The transaction represents a business combination that was accounted for in accordance with IFRS 3. For further information, please refer to section 39 of the Notes. Note also that during the year the following business combination transactions under common control were carried out with the aim of simplifying the Group structure, which did not generate impacts on the Nexi Group\u2019s consolidated financial statements:- Merger of Split Tech-Solution and Gflib Wireless GmbH into Orderbird GmbH;- Merger of Storebox into Nets Denmark. Moreover, the liquidations of SIA Romania Payments Technologies, NETS US llc and Topcard were completed during the year, and a new company, Trust Services, was set up, which is necessary for the sale of the eID business.Finally, note that Poplatek Payments Oy was merged into Nets Denmark effective 1 January 2024.The scope of consolidation of the Nexi Group\u2019s financial statements as at 31 December 2023 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, accord-ing to the equity method:% Company Structure Currency Investorownership Registered office()***QRTAG Sp. z.o.o. (**) significant influence/joint control PLN Centrum Rozliczen 45 Pozna\u0144, PolandElektronicznych Polskie ePlatnosci S.A.Rs 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, Denmark()*WEAT Electronic Datenservice GmbHsignificant influence/joint control EUR Nexi Germany GmbH 40 D\u00fcsseldorf, Germany()**Computop Paygate Gmbh significant influence/joint control EUR Nexi Germany Holding GmbH 30 Bamberg, Germany(**Computop inc. (USA) significant influence/joint control USD Computop Paygate Gmbh 30 Delaware, United States(**Computop ltd. (UK) significant influence/joint control GBP Computop Paygate Gmbh 30 London, United Kingdom () **Computop Shanghai Co.Ltdsignificant influence/joint control CNY Computop Paygate Gmbh 30 Shanghai, China ()**Computop Finance GmbH (Germany) significant influence/joint control EUR Computop Paygate Gmbh 30 Bamberg, GermanyNexi Digital S.r.l. significant influence/joint control EUR Nexi SpA 49 Bari, ItalyNexi Digital Polska sp z o.o. significant influence/joint control PLN Nexi Digital Srl 49 Warszawa, PolandDigital Commerce Finland Oy significant influence/joint control EUR Paytrail Oyj 16.67 Etel\u00e4ranta, Finland(*) = Company conducting regulated activities subject to local supervisory regulations.(**) = Companies included in full consolidation scope in 2023(***) = For indirect shareholdings significant influence/joint control has been indicated the relevance percentageSignificant Assessments and Assumptions Made to Determine the Scope of Consolidation As mentioned above, companies in which the Group is exposed to variable returns or holds rights to such returns arising from its rela-tionship with them, and at the same time has the ability to affect returns by exercising power over those entities, are considered subsid-iaries. 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 influ-ence 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, with the aim in particular of assessing whether the entity 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 - 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 rele-vant 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's 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 investee 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 are not the determining factor for the assessment of con-trol, 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 deter-mine the scope and method of consolidation.Significant Restrictions As for significant restrictions applicable to the transfer of resources within the Nexi Group, note that, as specified in the relevant section, some companies of the Group are subject to prudential rules under supervisory regulations in order to preserve adequate capitalisation based on the risks taken. The ability of such companies to distribute capital or dividends is, therefore, subject to com-pliance 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 Information No accounting records of subsidiaries used in preparing the consolidated financial statements refer to non-homogeneous account-ing standards or a date other than that of the consolidated financial statements. As noted in the management report, the Directors confirm the reasonable expectation that the Group will continue to operate on a going concern basis in the foreseeable future. In this regard, the Directors believe that no risks and uncertainties have arisen that would raise doubts as to the Group\u2019s ability to continue as a going concern, and that the Group has a reasonable expectation of being able to continue operating in the foresee-able future.For the purpose of expressing the aforesaid opinion, the Directors also evaluated the effects of the uncertainties related to the ref-erence macroeconomic landscape, taking into account the current geopolitical tensions, which could reasonably lead to negative repercussions on the corporate future results. However, the extent of these effects is deemed to be negligible with respect to con-tinuing as a going concern, especially considering the current and prospective solidity of the Group\u2019s equity and financial structure.For information on the Group\u2019s risks and related controls, see Note 35. \u201cInformation on risks and related hedging policies\u201d in these Notes to the Financial Statements, as well as the Group\u2019s Management Report.Main 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 opt-ed 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.Recognition CriteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs and/or proceeds directly 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, es-sentially 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.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 assets 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 direct transaction costs/proceeds.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 sig-nificant 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 recog-nised 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, trans-ferring 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 nega-tive fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attribut-able 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 be-tween the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the standard, 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 hedging 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 Con-solidation 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 man-agement 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 in-vestment 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 through the income statement or the portfolio of financial instruments measured at Fair Value through 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 CriteriaTangible assets include land, instrumental properties, furniture, furnishings, valuable artistic heritage, 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.Tangible assets held for use in production or for the supply of goods and services are classified as \u201cProperty and equipment\u201d 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 trans-ferred. 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 recog-nised 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 breakdown 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 meas-ured 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 depre-ciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, accord-ing 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 years.The 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 can-not 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 tangible assets 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 CriteriaTangible assets are derecognised when disposed of or when no further future economic benefit is expected from their use or de-commissioning.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 consti-tute intangible 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 cus-tomers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is repre-sentative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a peri-od 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 years.The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "Other Information No accounting records of subsidiaries used in preparing the consolidated financial statements refer to non-homogeneous account-ing standards or a date other than that of the consolidated financial statements. As noted in the management report, the Directors confirm the reasonable expectation that the Group will continue to operate on a going concern basis in the foreseeable future. In this regard, the Directors believe that no risks and uncertainties have arisen that would raise doubts as to the Group\u2019s ability to continue as a going concern, and that the Group has a reasonable expectation of being able to continue operating in the foresee-able future.For the purpose of expressing the aforesaid opinion, the Directors also evaluated the effects of the uncertainties related to the ref-erence macroeconomic landscape, taking into account the current geopolitical tensions, which could reasonably lead to negative repercussions on the corporate future results. However, the extent of these effects is deemed to be negligible with respect to con-tinuing as a going concern, especially considering the current and prospective solidity of the Group\u2019s equity and financial structure.For information on the Group\u2019s risks and related controls, see Note 35. \u201cInformation on risks and related hedging policies\u201d in these Notes to the Financial Statements, as well as the Group\u2019s Management Report.Main 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 opt-ed 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.Recognition CriteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs and/or proceeds directly 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, es-sentially 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.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 assets 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 direct transaction costs/proceeds.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 sig-nificant 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 recog-nised 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, trans-ferring 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 nega-tive fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attribut-able 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 be-tween the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the standard, 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 hedging 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 Con-solidation 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 man-agement 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 in-vestment 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 through the income statement or the portfolio of financial instruments measured at Fair Value through 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 CriteriaTangible assets include land, instrumental properties, furniture, furnishings, valuable artistic heritage, 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.Tangible assets held for use in production or for the supply of goods and services are classified as \u201cProperty and equipment\u201d 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 trans-ferred. 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 recog-nised 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 breakdown 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 meas-ured 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 depre-ciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, accord-ing 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 years.The 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 can-not 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 tangible assets 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 CriteriaTangible assets are derecognised when disposed of or when no further future economic benefit is expected from their use or de-commissioning.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 consti-tute intangible 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 cus-tomers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is repre-sentative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a peri-od 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 years.The 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.Goodwill may be recognised in the context of business combinations when the positive difference between the consideration trans-ferred and the Fair Value of the non-controlling interest and the Fair Value of the assets acquired is representative of the future earning capacity of the equity investment (goodwill).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.In conducting the impairment test as at 31 December 2023, the following was also taken into account:- ESMA\u2019s Public Statement of 25 October 2023 \u201cEuropean common enforcement priorities for 2023 annual financial reports\u201d as reported in the previous section, which among other things reiterates a number of recommendations already present in its previous Public Statement published in October 2022.- Discussion paper no. 1/2022 \u201cImpairment test of non-financial assets (IAS 36)\u201d published on 29 June 2022 by the Organismo Italiano di Valutazione (\u201cOIV\u201d) following the war in Ukraine, which incorporates the contents of ESMA\u2019s Public Statement of 13 May 2022 (the subject of Consob\u2019s Warning Note of 19 May 2022) and provides operational guidance for dealing with the uncertainty of the current environment in the context of the possible exercise of the impairment test.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 certain 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, par-agraphs 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 de-termined 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 regula-tions, 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 statement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome tax for the year on current operations\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments measured 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 reasonable 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 realised 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 changes 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 contrac-tual 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.Lease payables are recognised on the basis of the present value of future instalments still to be paid over the contractual term dis-counted at the interest rate implicit in the transaction or, if not determinable, the marginal financing rate.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 2023 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 assignment date, breaking up the expense throughout the plan period and according to the accrual criterion of the service provided.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 ben-efits 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 payment 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 application 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 meth-od, 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 reliable 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 uncertainties 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 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 com-mercial 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 cus-tomer, 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 expens-es 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 value 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 ser-vices 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 liabilities incurred and the equity instruments issued by the acquirer in exchange for obtaining control of the acquiree. The consid-eration 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, \u201cPurchase Price Allocation\u201d) to the identifiable assets acquired and the liabilities measured at the relative Fair Value on that date, also recognising the value of the minority interests of the acquired entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "Other Information No accounting records of subsidiaries used in preparing the consolidated financial statements refer to non-homogeneous account-ing standards or a date other than that of the consolidated financial statements. As noted in the management report, the Directors confirm the reasonable expectation that the Group will continue to operate on a going concern basis in the foreseeable future. In this regard, the Directors believe that no risks and uncertainties have arisen that would raise doubts as to the Group\u2019s ability to continue as a going concern, and that the Group has a reasonable expectation of being able to continue operating in the foresee-able future.For the purpose of expressing the aforesaid opinion, the Directors also evaluated the effects of the uncertainties related to the ref-erence macroeconomic landscape, taking into account the current geopolitical tensions, which could reasonably lead to negative repercussions on the corporate future results. However, the extent of these effects is deemed to be negligible with respect to con-tinuing as a going concern, especially considering the current and prospective solidity of the Group\u2019s equity and financial structure.For information on the Group\u2019s risks and related controls, see Note 35. \u201cInformation on risks and related hedging policies\u201d in these Notes to the Financial Statements, as well as the Group\u2019s Management Report.Main 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 opt-ed 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.Recognition CriteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs and/or proceeds directly 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, es-sentially 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.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 assets 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 direct transaction costs/proceeds.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 sig-nificant 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 recog-nised 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, trans-ferring 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 nega-tive fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attribut-able 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 be-tween the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the standard, 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 hedging 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 Con-solidation 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 man-agement 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 in-vestment 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 through the income statement or the portfolio of financial instruments measured at Fair Value through 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 CriteriaTangible assets include land, instrumental properties, furniture, furnishings, valuable artistic heritage, 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.Tangible assets held for use in production or for the supply of goods and services are classified as \u201cProperty and equipment\u201d 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 trans-ferred. 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 recog-nised 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 breakdown 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 meas-ured 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 depre-ciation process is held to be insignificant, is split systematically on a straight-line basis throughout the estimated useful life, accord-ing 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 years.The 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 can-not 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 tangible assets 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 CriteriaTangible assets are derecognised when disposed of or when no further future economic benefit is expected from their use or de-commissioning.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 consti-tute intangible 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 cus-tomers and permanent relations, again with customers. These assets are originally valued by discounting, using a rate that is repre-sentative of the time value of money and the specific risks of the asset, of the flows representative of the income margins over a peri-od 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 years.The 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.Goodwill may be recognised in the context of business combinations when the positive difference between the consideration trans-ferred and the Fair Value of the non-controlling interest and the Fair Value of the assets acquired is representative of the future earning capacity of the equity investment (goodwill).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.In conducting the impairment test as at 31 December 2023, the following was also taken into account:- ESMA\u2019s Public Statement of 25 October 2023 \u201cEuropean common enforcement priorities for 2023 annual financial reports\u201d as reported in the previous section, which among other things reiterates a number of recommendations already present in its previous Public Statement published in October 2022.- Discussion paper no. 1/2022 \u201cImpairment test of non-financial assets (IAS 36)\u201d published on 29 June 2022 by the Organismo Italiano di Valutazione (\u201cOIV\u201d) following the war in Ukraine, which incorporates the contents of ESMA\u2019s Public Statement of 13 May 2022 (the subject of Consob\u2019s Warning Note of 19 May 2022) and provides operational guidance for dealing with the uncertainty of the current environment in the context of the possible exercise of the impairment test.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 certain 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, par-agraphs 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 de-termined 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 regula-tions, 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 statement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome tax for the year on current operations\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments measured 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 reasonable 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 realised 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 changes 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 contrac-tual 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.Lease payables are recognised on the basis of the present value of future instalments still to be paid over the contractual term dis-counted at the interest rate implicit in the transaction or, if not determinable, the marginal financing rate.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 2023 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 assignment date, breaking up the expense throughout the plan period and according to the accrual criterion of the service provided.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 ben-efits 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 payment 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 application 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 meth-od, 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 reliable 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 uncertainties 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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__18": {
"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 opt-ed 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.Recognition CriteriaThey are initially recognised at the settlement date and measured at Fair Value, which includes the transaction costs and/or proceeds directly 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, es-sentially 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"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 assets 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 direct transaction costs/proceeds.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 sig-nificant 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 recog-nised 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, trans-ferring 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "Hedging TransactionsClassification CriteriaAsset and liability items include hedging financial derivatives, which at the date of the financial statements had a positive and nega-tive fair value, respectively.Hedges seek to mitigate potential recognisable losses on a particular financial instrument or group of financial instruments attribut-able 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 be-tween the hedged instrument and the hedging instruments is formally documented and meets all the requirements of the standard, 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 hedging 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"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 Con-solidation 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 man-agement 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 in-vestment 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 through the income statement or the portfolio of financial instruments measured at Fair Value through 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"value": "GoodwillGoodwill is recognised in the statement of financial position at cost, net of any accrued losses, and is not subject to amortisation.Goodwill may be recognised in the context of business combinations when the positive difference between the consideration trans-ferred and the Fair Value of the non-controlling interest and the Fair Value of the assets acquired is representative of the future earning capacity of the equity investment (goodwill).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.In conducting the impairment test as at 31 December 2023, the following was also taken into account:- ESMA\u2019s Public Statement of 25 October 2023 \u201cEuropean common enforcement priorities for 2023 annual financial reports\u201d as reported in the previous section, which among other things reiterates a number of recommendations already present in its previous Public Statement published in October 2022.- Discussion paper no. 1/2022 \u201cImpairment test of non-financial assets (IAS 36)\u201d published on 29 June 2022 by the Organismo Italiano di Valutazione (\u201cOIV\u201d) following the war in Ukraine, which incorporates the contents of ESMA\u2019s Public Statement of 13 May 2022 (the subject of Consob\u2019s Warning Note of 19 May 2022) and provides operational guidance for dealing with the uncertainty of the current environment in the context of the possible exercise of the impairment test.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25": {
"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 certain 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26-1": {
"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, par-agraphs 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, 2022 Dec. 31, 2023RestatedTax receivables 78,232 71,251 Other assets for commissions to be collected 755,982 753,707 Deferred costs 240,431 199,559 Inventory 52,094 53,699 Unsettled transactions 1,003,321 617,255 Other receivables 21,084 32,176Total 2,151,143 1,727,647 Accounts relative to e-money settlements are excluded from the calculation of the working capital, and are presented, instead, under \u201cUnsettled transactions\", above. The item \u201cOther assets for commissions to be collected\u201d refers to receivables net of the relevant risk provisions. The inventory mainly refers to ATMs, POSs and spare parts net of the relevant depreciation.The \u201cDeferred costs\u201d item includes deferred expenses relating to costs to fulfil contracts with customers and similar items for Euro 127.6 million and deferred expenses for costs paid but not yet accrued equal to about Euro 112.8 million.The item \u201cUnsettled transactions\u201d refers to transaction associated with different processing stages of the settlement of transactions generally completed in the first days of the following month.LIABILITIES",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"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 de-termined 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 regula-tions, 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 statement of financial position, under \u201cTax assets - a) current\u201d.Current and deferred tax expenses are recognised in the Income Statement under \u201cIncome tax for the year on current operations\u201d, with the exception of those relating to cost or revenue components recorded in specific valuation reserves (defined benefit plans, financial instruments measured 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 reasonable 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 realised 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 changes in the Group companies\u2019 subjective positions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28-1": {
"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 contrac-tual 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.Lease payables are recognised on the basis of the present value of future instalments still to be paid over the contractual term dis-counted at the interest rate implicit in the transaction or, if not determinable, the marginal financing rate.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 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"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 assignment date, breaking up the expense throughout the plan period and according to the accrual criterion of the service provided.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "Employee BenefitsEmployee benefits are all types of remuneration disbursed by the company in exchange for the work of employees. Employee ben-efits 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 payment 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 application 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 meth-od, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"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 reliable 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 uncertainties 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33": {
"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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "Commission 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 com-mercial 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 cus-tomer, 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 expens-es 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 value 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "Dividends are recognised in the Income Statement when their distribution is resolved upon.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37-1": {
"value": "The 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 results42. Segment Reporting (Segment Disclosure)The segment disclosure has been prepared in compliance with the IFRS 8 international accounting standard.Consistent with the Group\u2019s organisational structure as well as the related management reporting methods, the following Operating Sectors were thus identified, coinciding with the CGUs used for the purposes of the Impairment Test (see paragraph 9.3):- 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: through this business line, working with its partner banks the Group provides a broad spectrum of issuing servic-es, i.e. relating to the procurement, issuing 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 1,863 1,085 383 3,331Personnel expenses (428) (208) (94) (730)Other administrative expenses (479) (273) (142) (894)Adjustments and net operating provisions 14 5 4 23Operating costs net of amortization (893) (476) (232) (1,601)EBITDA 969 609 151 1,730Amortization and depreciation (895)Operating margin 834Interest and financial costs (245)Non-recurring items (1,459)Profit/(Loss) before taxes (869)Income taxes (133)Profit/(Loss) for the year (1,003)Profit for the year attributable to non-controlling interests (3)Profit/(Loss) attributable to the Group (1,006)The EBITDA presented above is the \u201cnormalised EBITDA\u201d as described in the \u201cAlternative Performance Measures\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 931 425 392 115 1,863Issuing Solutions 749 172 42 122 1,085Digital Banking Solutions 285 6 5 87 383Operating Revenues 1,966 602 440 324 3,331 (*) DACH includes Germany, Austria and Switzerland.42.2 SEGMENT REPORTING: RECONCILIATION OF SEGMENT REPORTING ON THE INCOME STATEMENT WITH THE INCOME STATEMENT FOR THE PERIOD(Amounts in million euros)Total segment Reconciliation Financial statementsreportingOperating revenues/Financial and operating income 3,331 (158) 3,173Personnel expenses (730) (72) (802)Other administrative expenses (894) (151) (1,045)Adjustments and net operating provisions 23 (72) (49)Operating costs net of amortization (1,601) (295) EBITDA 1,730 (453) Amortization and depreciation (895) (1,256) (2,152)Operating margin 834 (1,709) Interest and financial costs (245) 245 -Non-recurring items (1,459) 1,466 7Profit/(Loss) before taxes (869) 1 (868)Income taxes (133) (1) (134)Profit/(Loss) for the year (1,003) - (1,003)Profit for the year attributable to non-controlling interests (3) - (3)Profit/(Loss) attributable to the Group (1,006) - (1,006)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "Use of Estimates and Assumptions in Preparing the Consolidated Financial StatementsIn accordance with the IASs/IFRSs, 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 and/or independent assessments 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 evaluations 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.The main factors of uncertainty that could affect the future scenarios the Group will operate in include macroeconomic impacts related to interest rate trends, inflation and market trends.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 the 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 the 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 comple-tion 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 contribute to determining the value at which assets and liabilities are recognised in the financial statements. Without claiming to be exhaustive, 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, the main estimates concern, on the one hand, 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 and the flows used to determine the so-called terminal value generated by the CGU are estimated separately and appropriately discounted, and in the case of assets with a finite useful life the estimated useful life. 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 de-gree of reasonable certainty \u2013 if any \u2013 of future taxable income at the time when tax deductibility will arise (deductible temporary differences and tax loss carryforwards) are estimated.Events after the Reporting Period No events occurred after the date of the financial statements that had an impact thereon.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "Transfers of Financial Assets Between Portfolios No transfers of financial assets between portfolios occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"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 li-ability 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 Value, 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 signif-icant 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 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 collective 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "Fair 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 meas-ured 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 valued at Fair Value were mainly in place:- 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 to European merchants of Visa Europe, a company that has been incorpo-rated into Visa Inc US.- Acorns shares in the portfolio, Fair Value was estimated using models generally used by market operators (Discounted Cash Flow) based partially on market-driven parameters;- Monte dei Paschi di Siena shares in portfolio, listed on active markets and valued according to market prices.- Contingent consideration: Fair Value is estimated as the present value of expected cash outflows, based on contractually agreed earn-out mechanisms, using the weighted average cost of capital (WACC) at the valuation date.- Derivatives 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. - Hedging derivatives: outstanding derivatives consist of plain vanilla interest rate swaps, the fair value of which is estimated using valuation models in line with market practice. Specifically, since these derivatives are not listed on active markets and are not sub-ject 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 contract 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 equivalents 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 carrying amount recognised net of the analytical and collective 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. - 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, con-sistency, 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 SensitivityAcorns shares and derivatives on shares of unlisted companies represent instruments whose Fair Value is Level 3. Specifically, the volatility of the option's Fair Value as the main non-market parameters change is provided below:CALL OPTION SOLD ON SHARES OF NEXI PAYMENTS GREECE:Discount Rate/Volatility 2% Base -2%1% 94% 22% -31%Base 63% 0% -46%-1% 36% -19% -58%PUT AND CALL OPTIONS AND FORWARDS TO PURCHASE SHARES OF COMPUTOP GMBHDiscount Rate/Volatility 2% Base -2%1% 34.2% 34.6% 35.0%Base -0.4% 0% 0.4%-1% -36.1% -35.7% -35.2%ACORNS SHARESWAAC % impact on Fair Value-0.50% 6%Base - 0.50% -6%g rate % impact on Fair value0.50% 5%Base --0.50% -5%Fair Value HierarchyTransfers between Fair Value levels derive from the empirical observation of intrinsic phenomena of the instrument taken into ac-count 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 inves-tors 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 trans-ferred 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 Information Fair Value Hierarchy ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVELS Dec.31, 2023 Dec.31, 2022 Restated Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Financial assets measured at Fair Value through profit or loss - 3,388 6,260 - 3,083 - Financial assets at Fair Value through OCI 30,460 79,080 10,000 19,200 124,621 - Hedging derivatives - 1,571 - - 870 - Total 30,460 84,040 16,260 19,200 128,574 - Financial liabilities at Fair Value through profit or loss - 245,624 689 - 234,968 14,671 Hedging derivatives - 24,419 - - 256 - Total - 270,043 689 - 235,224 14,671 The item \u201cFinancial assets measured at Fair Value through profit or loss\u201d mainly includes the Fair Value of outstanding derivatives on shares of companies measured at Equity (approximately Euro 6 million) and the Fair Value of equity instruments held (approximately Euro 2 million), which are linked to liabilities 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 rec-ognition, has irrevocably chosen to classify and measure at FVTOCI.The item \u201cFinancial liabilities at Fair Value through profit or loss\u201d mainly comprises liabilities associated with contingent consideration recognised in connection with acquisitions for which Earn-out mechanisms are envisaged, and the option related to the shares held 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 and Liabilities Measured at Fair Value on a Recurring Basis (Level 3)Assets measured at Level 3 Fair Value in 2023 include the shares in the company Acorns - received in 2023 as a result of the acquisition of GoHenry and the derivatives stipulated in 2023 with respect to the company Computop GmbH.ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUE OR MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS: BREAKDOWN BY FAIR VALUE LEVEL Dec. 31, 2023 Dec. 31, 2022 Restated Level 1 Level 2 Level 3 Carrying Level 1 Level 2 Level 3 Carrying amountamountLoans and receivables with banks - 2,225,657 - 2,225,657 - 1,875,404 - 1,875,404 Loans and receivables with customers - 3,462,857 20,070 3,482,928 - 2,462,980 20,002 2,482,982 Investment property - 1,360 - 1,204 - 1,614 - 1,607 Total - 5,689,874 20,070 5,709,789 - 4,339,998 20,002 4,359,992 Payables to banks - 4,130,544 - 4,130,544 - 3,497,444 - 3,497,444 Payables due to financial entities and customers - 2,919,348 - 2,919,348 - 2,141,864 - 2,141,864 Securities issued - 3,841,097 - 4,045,744 - 3,535,460 - 4,011,514 Total - 10,890,989 - 11,095,636 - 9,174,768 - 9,650,822 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.",
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"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "3. Cash and Cash Equivalents Dec. 31, 2023 Dec. 31, 2022a) Cash 46 47b) Deposits and current accounts 800,128 448,731 Total 800,172 448,778 The item \u201cDeposits and current accounts\u201d refers to the liquid funds in the current accounts of Nexi SpA, and is included in the Net Financial Position presented in the Management Report. The increase is related to dividends received from the Group\u2019s operating companies, net of costs incurred by the parent company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45-1": {
"value": "4. Financial Assets Measured at Fair Value4.1 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE Dec. 31, 2023 Dec. 31, 2022Financial assets measured at Fair Value through profit or loss 9,648 3,083 Financial assets measured at Fair Value through OCI 119,540 143,821 Total 129,189 146,904 4.2 BREAKDOWN OF FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Dec. 31, 2023 Dec. 31, 2022Financial assets held for trading - - Financial assets measured at Fair Value 3,388 3,083 Other financial assets mandatorily valued at Fair Value 6,260 - Total 9,648 3,083 The item \u201cFinancial assets measured at Fair Value through profit or loss\u201d includes Euro 1.8 million of Fair Value of Class A and Class C 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.The item \u201cOther financial assets mandatorily measured at Fair Value\u201d refers to the Fair Value as of the reporting date of derivatives related to the purchase of tranches II and III of the shares in Computop GmbH, a company over which the Group exercises joint con-trol at the reporting date. Note that the strike price for the settlement of these derivatives, estimated at the reporting date, totalled approximately Euro 105 million.4.3 BREAKDOWN BY PRODUCT OF FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI Dec. 31, 2023 Dec. 31, 2022Debt instruments - - Equity instruments 119,540 143,821 Financing - - Total 119,540 143,821 4.4 BREAKDOWN BY ISSUER OF FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI Dec. 31, 2023 Dec. 31, 2022a) Banks 30,501 19,241 b) Financial institutions 73,747 118,920 - Visa Inc. 63,703 86,599 - Other financial companies 10,044 32,321 c) Non-financial institutions 15,292 5,660 Total 119,540 143,821 The item \u201cFinancial assets at Fair Value through OCI\u201d mainly refers to Visa Inc shares held by the Group\u2019s operating companies (Euro 64 million), Acorns shares (Euro 10 million) \u2013 received in 2023 following the acquisition of GoHenry \u2013 and Monte dei Paschi di Siena shares (Euro 30 million). With respect to these equity investments, the Group does not exercise control, joint control or significant influence. Note that the Class A Preferred shares in the portfolio, derived from the conversion of Visa Series C Shares in the second half of 2022, were sold in the second half of 2023.As a result of this divestment, the portfolio shares shown above are made up of 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.5. Financial Assets Measured at Amortised Cost5.1 LOANS AND RECEIVABLES WITH BANKS: BREAKDOWN BY PRODUCTDec. 31, 2023 Dec. 31, 2022Carrying 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 and current 1,876,717 - - 1,876,717 - 1,549,870 - - 1,549,870 - accountsPrepaid cards liquidity 46,153 - - 46,153 - 47,855 - - 47,855 - Restricted deposits 231,978 - - 231,978 - 159,886 - - 159,886 - Other assets 70,809 - - 70,809 - 117,793 - - 117,793 - Total 2,225,657 - - 2,225,657 - 1,875,404 - - 1,875,404 - The current account balance includes the daily settlement balance of transactions processed by the Group on behalf of Intesa San-paolo 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 separate 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 bal-ances of ordinary credit cards (Euro 3.2 million) as well as Euro 27.9 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 65 million).The total of the item includes Euro 1,090 million of liquidity in the operating companies\u2019 bank accounts, which has been included in the Group\u2019s Net Financial Position in the Management Report.5.2 LOANS AND RECEIVABLES WITH FINANCIAL ENTITIES OR CUSTOMERS: BREAKDOWN BY PRODUCTDec. 31, 2023 Dec. 31, 2022Carrying 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 cards 145,828 - - 145,828 191,140 - - 191,140Receivables from 2,592,928 - - - 2,592,928 - 1,561,833 - - - 1,561,833 - schemesRevolving credit cards 305,053 - 523 - 305,053 523 278,441 - 1,216 - 278,441 1,216 Receivables from 92,679 - 17,558 - 92,679 17,558 103,281 - 18,019 - 103,281 18,019 \"Buy Now Pay Later\" solutionReceivables from 142,134 - 2 - 142,134 2 131,987 - - - 131,987 - merchantsOther assets 184,234 - 1,988 - 184,234 1,988 196,296 - 766 - 196,296 766 Total 3,462,857 - 20,070 - 3,462,857 20,070 2,462,980 - 20,002 - 2,462,980 20,002 The \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 2023 included Euro 76.4 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 peri-od-end balances are influenced by the number of non-working days running across the end of each period, days on which settle-ment systems are closed, determining a greater build-up of transactions and a consequent drawdown of funding facilities.The item \u201cRevolving credit cards\u201d mainly includes receivables guaranteed by partner banks.The item \u201cReceivables from Buy now pay later solution\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. As the latter two items are not related to asset settlement accounts, they are included for the purpose of calculating the effects of working capital.\u201cOther assets\u201d mainly include the amount due from the factoring company of Nexi Payments SpA of Euro 182.5 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, 2023 Dec. 31, 2022Gross value Fund Net value Gross value Fund Net valuePerforming loans - Stage 1 3,467,708 (4,851) 3,462,857 2,467,361 (4,380) 2,462,980- Stage 2 - - - - - - Non-performing loans - Stage 3 61,743 (41,673) 20,070 61,581 (41,580) 20,002Total 3,529,451 (46,523) 3,482,928 2,528,942 (45,960) 2,482,98213. Financial Liabilities Measured at Amortised Cost13.1 FINANCIAL LIABILITIES DUE TO BANKS: BREAKDOWN BY PRODUCT Dec. 31, 2023 Dec. 31, 2022 RestatedCarrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Financing 3,958,052 - 3,958,052 - 3,230,728 - 3,230,728 - 2. Other liabilities 172,492 - 172,492 - 264,561 - 264,561 - 3. Lease liabilities - - - - 2,155 - 2,155 - Total 4,130,544 - 4,130,544 - 3,497,444 - 3,497,444 - The item \u201cFinancing\u201d mainly includes the Group\u2019s funding, composed as follows:- the IPO Term line for Euro 999 million. The carrying amount as at the reporting date included direct residual transactions costs, not yet amortised, for Euro 5.5 million;- the Term Loan for Euro 365 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 1.6 million;- 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 0.7 million;- the 2022 Term Loan for Euro 895 million. The carrying amount as at the reporting date included direct residual transaction costs, not yet amortised, of Euro 4.4 million. In 2023 the last drawdown of Euro 150 million (Euro 149 million net of related direct transac-tion costs) was made;- the BPER loan agreement amounting to Euro 50 million;- the payable to Alpha Bank in the amount of Euro 118 million for the deferred payment of the purchase of Nexi Payments Greece;- Rate Pay funding supporting the operations of pay-later services in the amount of Euro 110 million.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 2,738 million in bank financing included in the Net Financial Position discussed in the Management Report.13.2 FINANCIAL LIABILITIES DUE TO FINANCIAL ENTITIES AND CUSTOMERS: BREAKDOWN BY PRODUCT Dec. 31, 2023 Dec. 31, 2022Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Financing 189,775 - 189,775 - 223,054 - 223,054 - 2. Other liabilities 2,566,050 - 2,566,050 - 1,759,780 - 1,759,780 - 3. Lease liabilities 163,523 - 163,523 - 159,030 - 159,030 - Total 2,919,348 - 2,919,348 - 2,141,864 - 2,141,864 - The item \u201cFinancing\u201d mainly refers for Euro 142 million to payables to the factoring company for advances on ordinary credit cards sold with recourse. The item also includes payables to merchants related to the Buy now pay later product (which are included for the purpose of calculating the effects of working capital) in the amount of Euro 22 million (net of the associated escrow accounts) (Euro 24 million as at December 2022).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 of Euro 164 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.13.3 SECURITIES ISSUED: BREAKDOWN BY PRODUCTDec. 31, 2023 Dec. 31, 2022Carrying Fair Value Carrying Fair Valueamountamount Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 1. Fixed rate securities 4,045,744 - 3,841,097 - 4,011,514 - 3,535,460 - 2. Floating rate securities - - - - - - - - Total 4,045,744 - 3,841,097 - 4,011,514 - 3,535,460 - 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 923 million, including direct transaction costs not yet amortised in the amount of Euro 4.8 million; - the 2029 Bonds in the amount of Euro 1,046 million, including direct transaction costs not yet amortised in the amount of Euro 7.8 million;- the 2027 Convertible Loan, in the amount of Euro 470 million, including direct transaction costs not yet amortised in the amount of Euro 3.1 million attributed to the \u201cPayable\u201d component;- the 2028 Convertible Loan, in the amount of Euro 910 million, including direct transaction costs not yet amortised in the amount of Euro 7.4 million attributed to the \u201cPayable\u201d component;- the 2024 Bond Loan in the amount of Euro 477 million, including direct transaction costs not yet amortised in the amount of Euro 0.9 million;- the Nassa Topco Bond Loan, in the amount of Euro 219 million.This item is entirely included in the Net Financial Position shown in the Management Report.",
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"s8_notes__6__47": {
"value": "6. Hedging Derivatives During 2022 Nexi SpA entered into cash flow hedging transactions related to certain outstanding variable-rate financing. These transactions fall under the type of cash flow hedges envisaged by IFRS 9. At the reporting date the derivatives stipulated had the following values:Dec. 31, 2023 Dec. 31, 2022Carrying 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 1,571 1,571 870 870 Total 1,571 - 1,571 - 870 - 870 - Derivatives with negative Fair Value Fair Value hedge Cash flow hedge 24,419 24,419 256 256 Total 24,419 - 24,419 - 256 - 256 - The negative Fair Value of hedging derivative, amount of Euro 24 million, has been included in the Net Financial Position The total notional amount of outstanding hedging derivatives, represented by plain vanilla interest rate swaps, is Euro 900 million.",
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"s8_notes__6__48": {
"value": "7. Equity Investments 7.1 EQUITY INVESTMENTS: BREAKDOWNThe balance of this item consists of the following Equity Investments:Carrying Carrying Direct Nameamount amount ownershipDec. 31, 2023Dec. 31, 2022A. Companies subject to joint control e-Boks A/S, Denmark Nets Denmark A/S 20,648 37,977 Computop Paygate GmbH Nexi Germany 44,249 - Holding GmbHB. Companies subject to significant influence QRTAG Sp. z.o.o. Polskie ePlat\u015bci S.A. 1,292 - Digital Commerce Finland Oy Paytrail Oyj 50 - Nexi Digital Nexi SpA 1,385 910 Rs-Record Store into liquidation Nexi Payments SpA - - WEAT Electronic Datenservice GmbH, Germany Nexi Germany GmbH 4,336 2,933 Total 71,960 41,820 In 2023 this item increased mainly as a result of the following transactions:- Purchase of a 45% stake in the company QRTAG Sp z.o.o. for a price of approximately Euro 1.2 million. - Purchase of a 30% stake in the share capital of the company Computop Paygate GmbH for Euro 45 million. The agreement also provides for the purchase of the remaining 70% in two tranches, within three years of the first closing. Furthermore, shareholder agreements were made such that Nexi will exercise joint control over the company until it acquires 100% of the company\u2019s capital.7.2 CHANGE IN EQUITY INVESTMENTS CARRIED IN EQUITY Effect of Carrying Carrying of which Acquisitions measurement Other Company nameamount Dividendsamount implicit 2023at equity changesDec. 31, 2022Dec. 31, 2023Goodwillmethode-Boks A/S, Denmark 37,977 - (1,707) - (15,621) 20,648 14,087 Computop Paygate GmbH - 44,947 (698) - - 44,249 40,043 Other equity investments 3,842 1,342 2,496 (617) - 7,063 62 Total 41,819 46,289 90 (617) (15,621) 71,960 7.3 EQUITY INVESTMENTS: ACCOUNTING INFORMATIONResult for the Company name % held Currency RevenuesEquityyeare-Boks A/S, Denmark 50% DKK 203,250 33,927 275,963 Computop Paygate GmbH 30% Euro 20,912 (2,012) 2,264 QRTAG Sp. z.o.o. 45% PLN 955 (165) 305Digital Commerce Finland Oy 17% Euro n/a n/a n/a Nexi Digital 49% Euro 19,047 1,558 1,568 Rs-Record Store SpA in liquidazione 30% Euro 54 (74) 243 WEAT Electronic Datenservice GmbH, Germany 40% Euro 18,043 5,010 8,535 The figures in the table above refer to the latest approved financial statements and include the results of any equity investments held by the entities indicated above.",
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"s8_notes__6__49": {
"value": "8. Tangible Assets8.1 TANGIBLE ASSETS: BREAKDOWN OF ASSETS BY DESTINATION Dec. 31, 2023 Dec. 31, 2022Property and equipment 547,849 561,747 Investment property 1,204 1,607 Total 549,053 563,354 8.2 PROPERTY AND EQUIPMENT: BREAKDOWN Dec. 31, 2023 Dec. 31, 2022Owned a) Land 42,175 42,430 b) Buildings 65,944 71,184 c) POS and ATM 159,371 143,862d) Machinery and electronic equipment/systems 114,951 123,090e) Furniture and furnishings 7,405 8,697 f) Other 13,098 7,130 Rights of use from leasing contracts a) Land - - b) Buildings 98,731 108,339 c) POS and ATM 11,751 17,458 d) Machinery and electronic equipment/systems 21,932 17,825 e) Furniture and furnishings - - f) Other 12,491 21,731 Total 547,849 561,747 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 price allocation process (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 equipment/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.At the reporting date there are no restrictions as to the usage of such rights of use. Note that for some categories of assets and/or agreements the Nexi Group exercised the right to exclude contracts with a duration of less than 12 months and/or contract value worth less than Euro 5,000 (low value contracts) from IFRS 16.Note that commitments already undertaken in connection with the purchase of tangible fixed assets amount to Euro 5.5 million and are entirely represented by the purchase of lease rights. 8.3 PROPERTY AND EQUIPMENT: CHANGE Machinery and Furniture POS and Dec. 31, 2023 Land Buildings electronic and Other Total ATM equipment/furnishings systems A. Opening balance - Gross 44,643 282,222 408,615 405,148 19,101 45,482 1,205,210 A.1 Depreciation Fund (2,213) (102,699) (247,295) (264,233) (10,403) (16,621) (643,464)A.2 Net Opening balance 42,430 179,523 161,320 140,915 8,697 28,861 561,747 B. Increases - 42,396 83,214 77,273 791 7,684 211,358B.1 Purchases - 1,921 79,627 46,530 669 695 129,443B.2 Capitalised improvement costs - - - - - - - B.3 Reversals of impairment losses - - - - - - - B.4 Positive Fair Value adjustments - - - - - - - B.5 Business combination - - - - - - - B.6 Transfers from investment property - - - - - - - B.7 Other increases - 40,475 3,053 24,737 12 4,981 73,258 of which of Rights of use - 40,416 3,053 24,737 - 4,981 73,188 B.8 Currency translation adjustment - - 533 6,006 110 2,008 8,657 C. Decreases 256 57, 243 73,412 81,305 2,084 10,957 225,257C.1 Sales - 94 252 33 108 118 606 C.2 Depreciation - 28,017 76,885 69,107 1,975 9,629 185,615 of which of Rights of use - 22,184 8,947 9,668 - 6,325 47,124 C.3 Impairment losses - - - 4,901 - - 4,901 C.4 Negative Fair Value adjustments - - - - - - - C.5 Business combination - - - - - - - C.6 Transfers 256 1,344 - - - - 1,600 a) investment property - - - - - - - b) non-current assets held for sale and 256 1,344 - - - - 1,600 discontinued operationsC.7 Other decreases - 26,205 (3,725) 7,264 - 1,210 30,953 C.8 Currency translation adjustment - 1,582 - - - - 1,582D. Closing balance - Gross 44,388 295,392 495,302 475,124 19,783 51,838 1,381,827D.1 Depreciation Fund (2,213) (130,717) (324,181) (338,242) (12,379) (26,250) (833,979)D.2 Net Closing balance 42,175 164,676 171,121 136,883 7,404 25,589 547,8498.4 INVESTMENT PROPERTY: BREAKDOWN OF ASSETS MEASURED AT COSTDec. 31, 2023 Dec. 31, 2022Carrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 31. Owned a) land 180 - - - 339 - - - b) buildings 1,024 - - - 1,268 - - - 2. Rights of use acquired through leasing a) land - - - - - - b) buildings - - - - - - Total 1,204 - 1,360 - 1,607 - 1,614 - In 2023, following the signing of a preliminary sales agreement, the property located in San Giovanni al Natisone was classified as a \u201cnon-current asset held for sale\u201d. As a result of the above, at the reporting date the item only includes the property located in Monteriggioni (SI) (Via delle Frigge) owned by Nexi Payments SpA.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.8.5 INVESTMENT PROPERTY: CHANGESDec. 31, 2023 Land Buildings Total A. Opening balance - Gross 339 1,803 2,142 A.1 Depreciation Fund - (535) (535)A.2 Net Opening balance 339 1,268 1,607 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 159 242 401 C.1 Sales - C.2 Depreciation 91 91 of which of Rights of use - C.3 Impairment losses - C.4 Negative Fair Value adjustments - C.5 Business combination - C.6 Transfers 159 151 310 a) property and equipment - b) non-current assets held for sale and discontinued operations 159 151 310 C.7 Other decreases - C.8 Currency translation adjustment - D. Closing balance - Gross 180 1,652 1,832 D.1 Depreciation Fund - (626) (626)D.2 Net closing balance 180 1,026 1,206",
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"s8_notes__6__50": {
"value": "9. Intangible Assets9.1 ATTIVIT\u00c0 IMMATERIALI: COMPOSIZIONE PER TIPOLOGIA DI ATTIVIT\u00c0Dec. 31, 2023 Dec. 31, 2022 RestatedFinite useful life Indefinite useful life Finite useful life Indefinite useful lifeA.1 Goodwill 11,999,223 13,041,982 A.2 Intangible assets - Customer contracts 3,241,122 3,647,188 A.3 Other intangible assets 1,343,709 1,363,010 - internally generated assets 723,081 740,029 - externally purchased assets 610,624 622,981 - leased intangible assets 10,005 - Total 4,584,831 11,999,223 5,010,198 13,041,982 Goodwill as at 31 December 2023 mainly arose from the following transactions (amounts shown are gross of impairment losses rec-ognised in 2023):- goodwill arising from the acquisition of the Nets Group amounting to Euro 7,098 million, already net of the Purchase Price Allo-cation process completed in 2022. Note that in 2023 goodwill was reduced by Euro 61 million due to the classification of goodwill related to the DBS business unit under \u201cnon-current assets held for sale and discontinued operations\u201d;- goodwill from the acquisition of the SIA Group, amounting to Euro 2,394 million net of the Purchase Price Allocation process com-pleted in 2022;- goodwill related to acquiring books acquired in previous years by Nexi Payments for Euro 1,357 million, already net of the Purchase Price Allocation process;- goodwill arising from the acquisition of Intesa Sanpaolo\u2019s acquiring book in Croatia, amounting to Euro 135 million, already net of the preliminary effects of the Purchase Price Allocation process described in section 39;- goodwill arising from the acquisition in 2022 of BPER\u2019s acquiring book and Numera amounting to Euro 251 million, already net of the provisional valuation of intangible assets related to contracts with customers as described in Section 39 and for which the Pur-chase Price Allocation process has not yet been concluded;- acquisition of Nexi Payments and Help Line in 2018 (Euro 927 million, already net of the Purchase Price Allocation process);- acquisition of Mercury Payment Services in 2017 (Euro 591 million, already net of the Purchase Price Allocation process); - goodwill recognised in the financial statements of Nexi Payments amounting (for the Group\u2019s share) to Euro 123 million referring mainly to the payment branch acquired from DEPObank in 2018 following the corporate reorganisation of the Nexi Group;- goodwill of Euro 153 million related to the 2022 acquisition of Nexi Payments Greece, already net of the Purchase Price Allocation process concluded in 2023 as described in section 39;- goodwill in the amount of Euro 99 million related to the acquisitions made in 2022 of Orderbird, PayTech and Team4U already net of the Purchase Price Allocation process and the 2023 acquisition of Split Tech-Solutions GmbH.As in the financial statements for the year ended 31 December 2022, the following three Cash Generating Units were identified:- Merchant Solutions;- Issuing Solutions;- Digital Banking Solutions.These CGUs correspond to the operating segments described in section 42.With regard to the method of allocation of goodwill to the various CGUs identified, see Section 9.3 \u201cIntangible Assets: Impairment Testing\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 projects not yet completed amount to Euro 333 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 resulting from the Purchase Price Allocation processes already completed in pre-vious years, amounting to Euro 3,105 million, of which Euro 1,403 million related to SIA\u2019s PPA and Euro 1,077 million to the Nets PPA;- contracts with customers and customer relationships resulting from the Purchase Price Allocation processes concluded during 2023 amounting to Euro 136 million as better described in Section 39.",
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"value": "9.3 INTANGIBLE ASSETS: IMPAIRMENT TESTINGWith regard to the impairment test, note that in consideration of the recommendations formulated by ESMA aimed at ensuring greater transparency of the methods adopted by listed companies within the scope of the impairment test procedures on good-will and intangible assets with a finite useful life, as well as in line with the recommendations of the joint Bank of Italy-Consob-Is-vap document no. 4 of 3 March 2010, the Company\u2019s Board of Directors expressly approved the compliance of the impairment test method with the requirements of international accounting standard IAS 36 following a favourable opinion issued in this re-gard by the Risk, Control and Sustainability Committee in January 2024, at a time prior to the approval of the financial statements for 2023. Moreover, as in previous years Nexi deemed it appropriate to assign the task of performing the impairment test to an Independent Expert.As required by IAS 36.12, the Nexi Group subjected goodwill (as an intangible asset with an indefinite useful life) to an impairment test after checking for the existence of indicators of impairment on other intangible assets with a finite useful life. With regard to the latter, there was a reduction in the useful life of customer relationships in connection with a revision of attrition rates with customers, which led to an increase in amortisation and a reduction in the value of customer contracts from previous Business Combinations. With regard to goodwill impairment testing, it was necessary to preliminarily allocate goodwill to eID Nets, the discontinued business unit reclassified under IFRS 5 among discontinued operations following the signing of the contract to transfer the business unit to IN Groupe. The allocation of goodwill to eID Nets (amounting to Euro 143.1 million) was made on the basis of the so-called relative fair value criterion prior to sale. Since the agreement between the Council and the European Parliament on the new European digital identity was reached during the negotiation, with negative effects on the prospects of the eID Nets business, goodwill was written down in a manner consistent with the reduction of offers from potential buyers before and after the new regulation. This resulted in a goodwill write-down of DBS Nets of Euro 81.6 million. Goodwill before impairment testing as at 31/12/2023 was allocated to the following Cash Generating Units.(Amounts in million euros)()*Name of CGU GoodwillCarrying AmountMerchant Solutions 9,473 11,854 Issuing Solutions 3,424 4,574 Digital Banking Solutions 342 944 Total 13,239 17,372(*) Goodwill expressed at 100%, including minority interests.Note that compared to 2022, the changes arising from the Bper and Nexi Payment Greece PPAs and the goodwill arising from the acquisition of ISP\u2019s acquiring book in Croatia only impacted the Merchant Solution CGU for an overall net increase (group share) of Euro 71 million (see section 39 for further details). In addition, the item decreased due to the above-described allocation of the eID business in IFRS 5.An impairment loss exists whenever the carrying amount of an asset \u2013 either individually or as a Cash Generating Unit (CGU) \u2013 is greater than its recoverable amount.As required by IAS 36, the recoverable amount of the CGUs coincides with the greater of:- Fair Value, less costs of disposal;- Value in Use.For the purposes of this impairment test, in addition to the value in use, the Fair Value (income approach) of the CGUs defined above was also estimated in order to reflect the effects of future restructuring, the benefits of which must be neutralised from the estimated value in use pursuant to IAS 36.44.To estimate Fair Value (income approach) and value in use, the unlevered version of the Discounted Cash Flow Method or \u201cDCF\u201d was used. This method represents the value of a business as the sum of the present value of:- expected cash flows over the plan horizon;- terminal value, equal to the present value of normalised cash flows expected beyond the explicit forecast period.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) = equity as a percentage of total enterprise value (equity + net financial debt);- Kd = cost of debt capital before taxes;- t = tax rate (\u201ctax shield\u201d);- D/(D+E) = percentage of debt to total enterprise value.The cost of equity represents the expected return on investments in shares of companies in the same sector as Nexi and is calculated using the Capital Asset Pricing Model, the formula of which is as follows:Ke = Rf + \u03b2 * (Rm \u2013 Rf)where:- Rf = risk-free rate, equal to the average yield to maturity of 10-year government bonds for the last month weighted with respect to the countries the Group operates in for each CGU identified;- Beta = beta coefficient expressing systematic risk. 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 risk premi-um considered is 5.92%, applicable to European companies (source: Berec BoR (23) 90).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 parameter was estimated based on an analysis of bond yields of comparable companies, 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 in which the CGUs operate estimated by IMF (World Economic Outlook) as at October 2023 was used.The WACC and g rate used for the purpose of the impairment test are as follows:- Merchant Solutions CGU: WACC = 9.59% and g = 2.03%.- Issuing Solutions CGU: WACC = 9.72% and g = 2.02%.- Digital Banking Solutions CGU: WACC = 9.69% and g = 1.84%.In view of the share price trend and current market conditions, the estimated recoverable amount obtained from the updated four-year plan approved by the Board of Directors of Nexi SpA and the extrapolated cash flows for a further year was revised (2024-2028). The recoverable amount of the Merchant Solutions CGU was lower than its carrying amount by an amount of Euro 1,049 million (im-pairment loss) resulting from the current economic context that has been reflected in all the parameters used. The Issuing Solutions and Digital Banking Solutions CGUs showed no impairment. The recoverable amount of these last two CGUs appears to correspond to the carrying amount when the following changes (also extended to the terminal value) of the key parameters occur: Decrease of growth rate Shift parallel to decrease Name of CGU Increase of WACC(g)in EBITDAIssuing Solutions +0.41% (0.55%) (4.45%)Digital Banking Solutions +0.04% (0.06%) (0.37%)With regard to the impairment test performed on the carrying amounts of equity investments, see the information in the separate financial statements.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__52": {
"value": "10. Tax Assets and Liabilities 10.1 CURRENT TAX ASSETS AND LIABILITIESAt 31 December 2023 the financial statements show Euro 16 million (Euro 14.9 million at 31 December 2022) relating to current tax assets and Euro 38 million (Euro 106.7 million as at 31 December 2022) for current tax liabilities.Current tax assets mainly consist of receivables for IRAP of Italian subsidiaries and receivables for taxes paid abroad.Current tax liabilities include payables for the balance of the domestic tax consolidation as well as taxes owed by foreign subsidiaries.Note that, in addition to the parent company Nexi SpA, the current national tax consolidation scheme involves the subsidiaries Mer-cury Payment Services SpA, Nexi Payments SpA, Help Line SpA, Service Hub SpA, SIApay Srl and Numera Sistemi e Informatica SpA.10.2 DEFERRED TAX ASSETS: BREAKDOWN Dec. 31, 2023 Dec. 31, 2022Deferred taxes assets - of which: recognised in equity 2,256 2,267 - of which: recognised in profit and loss 230,828 193,654 Total 233,085 195,922 Deferred tax assets amounted to Euro 233 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 residual 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 2023 the Group had unused tax losses of Euro 247 million, of which Euro 4 million can be carried forward for 3 years and Euro 243 million for more than 3 years.With regard to these tax losses, according to available estimates, deferred tax assets of Euro 51 million were recognised. The assess-ment 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 7 million, corresponding to tax losses of approximately Euro 52 million.10.2.1 Changes in deferred tax assets (recognised in equity) Dec. 31, 2023 Dec. 31, 20221. Opening balance 2,267 3,482 2. Increases 158 184 2.1 Deferred tax assets recognised in the year 158 - 2.2 Business combination - - 2.3 Other increases - 184 2.4 Currency translation adjustment - - 3. Decreases 169 1,399 3.1 Deferred tax assets derecognised in the year 169 58 3.2 Business combination - - 3.3 Other decreases - 1,341 3.4 Currency translation adjustment - - 4. Closing balance 2,256 2,267 10.2.2 Changes in deferred tax assets (recognised in profit and loss)Dec. 31, 2023 Dec. 31, 20221. Opening balance 193,654 213,682 2. Increases 86,611 19,4942.1 Deferred tax assets recognised in the year 74,238 16,2242.2 Business combination - -2.3 Other increases 10,247 3,2702.4 Currency translation adjustment 2,126 -3. Decreases 49,437 39,5213.1 Deferred tax assets derecognised in the year 43,000 39,2003.2 Business combination 1,875 -3.3 Other decreases 3,702 1853.4 Currency translation adjustment 860 1364. Closing balance 230,828 193,654 10.3 DEFERRED TAX LIABILITIES: BREAKDOWN Dec. 31, 2022 Dec. 31, 2023RestatedDeferred tax liabilities - of which: recognised in equity 4,277 4,216 - of which: recognised in profit and loss 1,047,904 1,151,392 Total 1,052,181 1,155,608 Deferred tax liabilities amounted to Euro 1,052 million (Euro 1,156 million being the 2022 restated figure) and consisted mainly of de-ferred taxes recognised as a result of the Purchase Price Allocations, specifically of Nets and SIA completed in previous years.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.10.3.1 Changes in deferred tax liabilities (recognised in equity) Dec. 31, 2023 Dec. 31, 20221. Opening balance 4,216 3,166 2. Increases 2,974 2,018 2.1 Deferred tax liabilities recognised in the year 2,974 2,018 2.2 Business combination - - 2.3 Other increases - - 2.4 Currency translation adjustment - - 3. Decreases 2,913 9683.1 Deferred tax liabilities derecognised in the year 2,913 9683.2 Business combination - - 3.3 Other decreases - -3.4 Currency translation adjustment - -4. Closing balance 4,277 4,216 10.3.2 Changes in deferred tax liabilities (recognised in the profit and loss) Dec. 31, 2022 Dec. 31, 2023Restated1. Opening balance 1,151,391 1,247,773 2. Increases 62,186 52,485 2.1 Deferred tax liabilities recognised in the year 33,210 12,477 2.2 Business combination - 39,950 2.3 Other increases 23,684 58 2.4 Currency translation adjustment 5,292 - 3. Decreases 165,673 148,867 3.1 Deferred tax liabilities derecognised in the year 158,687 122,238 3.2 Business combination - 1,062 3.3 Other decreases - 23,087 3.4 Currency translation adjustment 6,986 2,480 4. Closing balance 1,047,904 1,151,391",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "10.2 DEFERRED TAX ASSETS: BREAKDOWN Dec. 31, 2023 Dec. 31, 2022Deferred taxes assets - of which: recognised in equity 2,256 2,267 - of which: recognised in profit and loss 230,828 193,654 Total 233,085 195,922 Deferred tax assets amounted to Euro 233 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 residual 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 2023 the Group had unused tax losses of Euro 247 million, of which Euro 4 million can be carried forward for 3 years and Euro 243 million for more than 3 years.With regard to these tax losses, according to available estimates, deferred tax assets of Euro 51 million were recognised. The assess-ment 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 7 million, corresponding to tax losses of approximately Euro 52 million.10.2.1 Changes in deferred tax assets (recognised in equity) Dec. 31, 2023 Dec. 31, 20221. Opening balance 2,267 3,482 2. Increases 158 184 2.1 Deferred tax assets recognised in the year 158 - 2.2 Business combination - - 2.3 Other increases - 184 2.4 Currency translation adjustment - - 3. Decreases 169 1,399 3.1 Deferred tax assets derecognised in the year 169 58 3.2 Business combination - - 3.3 Other decreases - 1,341 3.4 Currency translation adjustment - - 4. Closing balance 2,256 2,267 10.2.2 Changes in deferred tax assets (recognised in profit and loss)Dec. 31, 2023 Dec. 31, 20221. Opening balance 193,654 213,682 2. Increases 86,611 19,4942.1 Deferred tax assets recognised in the year 74,238 16,2242.2 Business combination - -2.3 Other increases 10,247 3,2702.4 Currency translation adjustment 2,126 -3. Decreases 49,437 39,5213.1 Deferred tax assets derecognised in the year 43,000 39,2003.2 Business combination 1,875 -3.3 Other decreases 3,702 1853.4 Currency translation adjustment 860 1364. Closing balance 230,828 193,654 10.3 DEFERRED TAX LIABILITIES: BREAKDOWN Dec. 31, 2022 Dec. 31, 2023RestatedDeferred tax liabilities - of which: recognised in equity 4,277 4,216 - of which: recognised in profit and loss 1,047,904 1,151,392 Total 1,052,181 1,155,608 Deferred tax liabilities amounted to Euro 1,052 million (Euro 1,156 million being the 2022 restated figure) and consisted mainly of de-ferred taxes recognised as a result of the Purchase Price Allocations, specifically of Nets and SIA completed in previous years.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.10.3.1 Changes in deferred tax liabilities (recognised in equity) Dec. 31, 2023 Dec. 31, 20221. Opening balance 4,216 3,166 2. Increases 2,974 2,018 2.1 Deferred tax liabilities recognised in the year 2,974 2,018 2.2 Business combination - - 2.3 Other increases - - 2.4 Currency translation adjustment - - 3. Decreases 2,913 9683.1 Deferred tax liabilities derecognised in the year 2,913 9683.2 Business combination - - 3.3 Other decreases - -3.4 Currency translation adjustment - -4. Closing balance 4,277 4,216 10.3.2 Changes in deferred tax liabilities (recognised in the profit and loss) Dec. 31, 2022 Dec. 31, 2023Restated1. Opening balance 1,151,391 1,247,773 2. Increases 62,186 52,485 2.1 Deferred tax liabilities recognised in the year 33,210 12,477 2.2 Business combination - 39,950 2.3 Other increases 23,684 58 2.4 Currency translation adjustment 5,292 - 3. Decreases 165,673 148,867 3.1 Deferred tax liabilities derecognised in the year 158,687 122,238 3.2 Business combination - 1,062 3.3 Other decreases - 23,087 3.4 Currency translation adjustment 6,986 2,480 4. Closing balance 1,047,904 1,151,391",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54-1": {
"value": "11. Non-Current Assets Held for Sale and Discontinued Operations and Liabilities Associated with Assets Held for Sale and Discontinued Operations Dec. 31, 2023 Dec. 31, 2022A. Assets held for sale A.1 Financial assets 362 621 A.2 Tangible assets 1,954 681 A.3 Intangible assets 67,838 269 A.4 Other assets 34,985 900 Total (A) 105,139 2,471 B. Liabilities associated with assets held for saleB.1 Financial liabilities 189 259 B.2 Other liabilities 14,585 462 Total (B) 14,774 721 As mentioned in the management report, in November 2023 Nexi signed an agreement with IN Groupe to sell the Digital Banking business in the Nordics region, referred to as the eID business. Consequently, as at 31 December 2023 these assets were classified as \u201cnon-current assets held for sale\u201d. Note in particular that this business includes the companies Nets DanID, Signaturgruppen and a business unit of Nets Denmark A/S.This category also includes assets and liabilities related to Orbital Cultura and two properties held by the Group, for which sale con-tracts were signed at the end of 2023 and which will be disposed of in 2024.Note that the item decreased as a result of the sale of a business unit by Nexi Greece Processing Services Single Member S.A. con-cerning customer operations services, for which a sale contract had been signed in October 2022 and whose closing took place in December 2023.33. Income (Loss) after Tax from Discontinued OperationsAs mentioned in section 11, as at 31 December 2023 assets related to Nets\u2019s eID (DBS) business were classified as non-current assets held for sale.Since these assets are separate business lines, they also fall under the definition of \u201cdiscontinued operations\u201d, and consequently, as required by IFRS 5, the related economic values were reclassified under this item. Furthermore, as required by IFRS 5, the comparative consolidated income statement and the comparative comprehensive income table were restated to show discontinued operations separately from continuing operations (see also section 43). Note that inter-company transactions between continuing and discontinued operations were eliminated and are therefore not included in the figures reported here. 2023 2022 Restated1. Revenues 88,374 120,163 2. Costs (67,217) (60,453)3. Valuation of disposal group and associated liabilities - - 4. Profit (Loss) from disposal - - 5. Tax and duty - (12,004)Profit (Loss) 21,156 47,706",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "14. Financial Liabilities at Fair Value through Profit or Loss 14.1 FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS: BREAKDOWNDec. 31, 2023 Dec. 31, 2022 RestatedCarrying Fair Value Carrying Fair ValueamountamountLevel 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial liabilities measured at Fair Value 1,033 - 1,033 - 1,133 - 1,133 - Other financial liabilities mandatorily measured 245,280 - 244,591 689 248,506 - 233,835 14,671 at Fair Value Total 246,313 - 245,624 689 249,639 - 234,968 14,671 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 con-tracts with reference to the business combination transactions.The item also includes the Fair Value of the call option granted to Alpha Bank with respect to the sale of up to 39% of Nexi Payments Greece at a maximum strike of Euro 214 million.This item is included in Net Financial Position for Euro 243 million reported in the Management Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "15. Other Liabilities Dec. 31, 2022 Dec. 31, 2023 Restated Tax liabilities and social security debts 88,994 51,325 Payables due to employees 155,695 180,063 Other liabilities for fees and commissions 714,796 732,477 Unsettled transactions 1,342,629 912,364 Deferred loyalty fees and other revenues 69,818 76,013 Other debts 1,201 911 Total 2,373,133 1,953,152 Accounts relative to e-money settlements are excluded from the calculation of the working capital, and are presented, instead, under \u201cUnsettled transactions\", above. It should be noted that for the purpose of calculating the effects of net working capital the items \u201cOther assets\u201d and \u201cOther liabilities\u201d were adjusted in order to exclude the effects of the classification of the eID assets under IFRS 5 for a net amount of Euro 18 million.The item \u201cOther liabilities for fees and commissions\u201d includes payables to suppliers and other counterparties for commercial services received.The item \u201cDeferred loyalty fees and other revenues\u201d mainly includes liabilities associated with Loyalty programmes in place, worth Euro 37 million, aside from the liabilities deriving from customer contracts, worth Euro 32.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "16. Post-employment Benefits Dec. 31, 2023 Dec. 31, 2022Defined benefit plan 32,000 30,996 Contribution plan - - Total 32,000 30,996 The item includes defined benefit plans in place at the Group\u2019s operating companies based on local legislation or supplementary agreements. 16.1 POST-EMPLOYMENT BENEFITS: CHANGES Dec. 31, 2023 Dec. 31, 2022A. Opening balance 30,996 39,847 B. Increases 3,504 1,746 B.1 Accruals for the year 1,632 1,354 B.2 Other changes 1,872 392 - Business combinations 21 298 - Other increases 1,852 94 C. Decreases 2,500 10,597 C.1 Payments 1,591 2,251 C.2 Other changes 910 8,346 - Business combinations - 1,006 - Other decreases 910 7,340 D. Closing balance 32,000 30,996 16.2 MAIN DEMOGRAPHIC AND ACTUARIAL ASSUMPTIONS USED TO MEASURE DEFINED BENEFIT PLANS: SENSITIVITY ANALYSISAssumptions Sensitivity Dec. 31, 2023 Dec. 31, 2022 (0.50%) 0.50%- Discount rate from 3.08% to 3.59% from 3.63% to 4.04% 2.63% -2.49%- Inflation rate from 2.00% to 2.20% 2.30% n.a. n.a.- Turnover rate from 1.01% to 2.83% from 1.01% to 2.83% -0.09% 0.09%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "17. Provisions for Risks and Charges17.1 PROVISIONS FOR RISKS AND CHARGES: BREAKDOWNDec. 31, 2022 Dec. 31, 2023 Restated1. Internal pension funds - - 2. Other provisions for risks and charges 176,409 148,186 2.1 Legal and tax disputes 107,438 55,133 2.2 Employees expenses 1,716 1,801 2.3 Other provisions 67,255 91,253 Total 176,409 148,186 The item \u201cLegal and tax disputes\u201d of Euro 107 million (Euro 55 million as at 31 December 2022) refers mainly to the provisions made for litigation and pre-litigation, including estimated legal fees, for which the risk is considered probable. The increase is related to provisions made in the period for current litigation and pre-litigation.The item \u201cOther provisions\u201d of Euro 67 million (Euro 91 million as at 31 December 2022 restated) mainly refer to:a. Provision to cover contractual commitments undertaken at the time of the acquisition of the equity investment in Bassilichi amounting to approximately Euro 5 million, slightly reduced compared to last year following a revision of the relative estimate;b. Provision to cover the cost of divesting the Bassilichi Group\u2019s non-core equity investments, amounting to Euro 1 million in line with the previous year;c. Provision to cover risks mainly related to pending disputes and other disputes related to ordinary operations amounting to ap-proximately Euro 19 million. The increase over the previous year (Euro 10 million) is related to provisions made during the year;d. Provision for fraudulent transactions, mainly in issuing, of Euro 1 million in line with the previous year;e. Provision to cover charge back and other risks related to the acquiring business in the amount of approximately Euro 17 million (Euro 23 million in 2022 Restated), which is being reduced as a result of the reduction in the related risks;f. Provisions to cover risks recorded as an adjustment to the opening balances related to the merger with Nets and with SIA equal to Euro 19 million (Euro 34 million as at 31 December 2022), the reduction of which is related to uses for the period as well as releases due to the receding of the relevant risks;g. Provisions related to onerous contracts and contractual penalties amounting to Euro 3 million (Euro 12 million as at 31 December 2022), the reduction of which is related to uses for the period.17.2 PROVISIONS FOR RISKS AND CHARGES: CHANGES Other Internal provisions TotalPension fundsfor risks and chargesA. Opening balance - 148,186 148,186 B. Increases - 66,028 66,028 C. Business combination - - - D. Decreases for utilisation - (20,385) (20,385)E. Decreases for releases - (17,412) (17,412)F. Time value adjustment - (8) (8)G. Closing balance - 176,409 176,409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "18. Shareholders\u2019 EquityDec. 31, 2022 Dec. 31, 2023 RestatedShare capital 118,647 118,583Treasury shares (7,013) (4,440)Share premium 11,587,260 11,587,260Reserves 713,900 484,491Valuation reserves (132,390) (90,226)Profit (Loss) for the year (1,005,989) 138,995Equity attributable to non-controlling interests (+/-) 22,731 22,468Total Shareholders\u2019 Equity 11,297,146 12,257,132 The shares of Nexi S.p.A. are listed in Italy (FTSE index). The Group provides itself with the necessary capital to finance its business de-velopment and operational needs; its sources of financing are a balanced mix of risk capital, contributed on a permanent basis by share-holders, and debt capital, to ensure a balanced financial structure and the minimisation of the overall cost of capital, thus benefiting all stakeholders. The debt capital is structured in different maturities to ensure adequate diversification of funding sources and efficient access to external sources of finance. The remuneration of risk capital is proposed by the Board of Directors to the Shareholders\u2019 Meeting that is convened to approve the annual financial statements, based on market trends and business performance, once all other obligations, including debt service, have been met. Therefore, in order to ensure an adequate return on capital and safeguard business continuity and development, the Group constantly monitors the evolution of the debt and the marginality of operating activities.The \u201cEquity attributable to non-controlling entities\u201d item of Euro 22.7 million mainly refers to minority stakes in Nexi Payments SpA (Euro 14.5 million), Help Line SpA (Euro 1.7 million) and Nexi Payments Greece (Euro 6 million).The share capital as at 31 December 2023 consisted of 1,312,350,527 ordinary shares, all fully paid-up.The treasury shares in portfolio amounted to no. 744,170. Specifically, during the year 625,000 treasury shares were purchased for a mar-ket value of approximately Euro 4.3 million, and 159,977 were used to service the LTI plan, for a market value of Euro 2.2 million.The item \u201cReserves\u201d increased mainly due to the effects of share-based plans (approximately Euro 20 million) and the carry-forward of the profit from the previous period.The change in the item \u201cValuation reserves\u201d is related to the decrease in the Valuation reserve related to Visa shares in portfolio, the negative effect of the Cash Flow Hedge Reserve, partially offset by the increase in the Conversion Reserve. Note that the reduction of the Visa share Reserve is related to the partial sale of the Visa shares and subsequent reclassification to profit reserves.The table below details reconciliation between Shareholders\u2019 equity and profits of Parent Company Nexi SpA and their corresponding value in the consolidated financial statements for Nexi Group.(Amounts in thousand euros) Shareholders\u2019 Profit/(Loss) equity for the yearBalance of accounts for Parent Company at December 31, 2023 11,945,198 (576,680)Effect of consolidation of subsidiaries (577,118) 163,017Effect of measurement at equity method 3,273 715Other adjustments including comprehensive income (96,938) -Dividends collected in the year - (593,041)Balance of consolidated accounts at December 31, 2023 11,274,415 (1,005,989)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62-1": {
"value": "20. Fees for Services Rendered and Commission Income 2023 2022 RestatedIssuing & Acquiring fees: 3,933,074 3,507,963 - fees and commissions from counterparties 3,138,430 2,414,912 - fees and commissions from cardholders 794,644 994,954 Revenues from services 1,880,486 1,891,178 Total 5,813,560 5,301,044The item \u201cIssuing & acquiring fees\u201d item mainly consists of:- the item \u201cFees and commissions from counterparties\u201d, which include the interchange fees recognised by the schemes, the acquir-ing 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 include 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 322 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 2023 amounted to approximately Euro 4,664 million.21. Fees for Services Received and Commission Expense 2023 2022Bank charges: (2,254,176) (1,713,348)- fees due to correspondents (1,912,118) (1,299,387)- fees due to banks (342,058) (413,961)Other fees (91,148) (393,647)Total (2,345,323) (2,106,995)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 Income 2023 2022Interest income related to Financial assets measured at amortised cost: 103,490 15,637 Interest income related to Financial assets measured at FVTPL: 1,945 - Differentials related to Hedging derivatives 1,044 - Interest income related to Other assets 2,571 1,134 Other financial income 16,263 32,879 Total 125,313 49,650Interest income with customers mainly refers to revolving credit card transactions and profits on exchange rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64": {
"value": "21. Fees for Services Received and Commission Expense 2023 2022Bank charges: (2,254,176) (1,713,348)- fees due to correspondents (1,912,118) (1,299,387)- fees due to banks (342,058) (413,961)Other fees (91,148) (393,647)Total (2,345,323) (2,106,995)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 Income 2023 2022Interest income related to Financial assets measured at amortised cost: 103,490 15,637 Interest income related to Financial assets measured at FVTPL: 1,945 - Differentials related to Hedging derivatives 1,044 - Interest income related to Other assets 2,571 1,134 Other financial income 16,263 32,879 Total 125,313 49,650Interest income with customers mainly refers to revolving credit card transactions and profits on exchange rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "23. Interest and Similar Expense2023 2022 RestatedInterest expenses related to Financial liabilities measured at amortised cost: (329,434) (198,470)- lease contracts (6,632) (8,984)- due to banks and customers (234,689) (92,801)- securities issued (88,114) (96,685)Interest expenses related to Financial liabilities at Fair Value through profit or loss: (24,235) (10,142)Differentials related to Hedging derivatives - (38)Interest expenses related to Other liabilities/provisions - (147)Other financial charges (29,427) (12,458)Total (383,097) (221,256)Interest expense mainly refers to:- recourse credit facilities attached to the factoring agreement entered in 2018 by Nexi Payments SpA, included in the item \"Financial liabilities measured at amortised cost\";- securities issued as described in the Directors' Report and Section 36;- outstanding financing as described in the Directors' Report and section 14.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66-1": {
"value": "24. Profit/(Loss) on Hedging/Financial Assets and Liabilities at Fair Value through Profit or Loss/Derecognition of Assets and Liabilities at Amortised Cost 2023 2022Net result of financial assets measured at FVTPL - 453 Net result of financial liabilities measured at FVTPL 48,642 (22,951)Net hedging income (426) 426 Net result on derecognition of asset and liabilites at Amortised cost - 22,865 Total 48,216 793 This item mainly includes the effect of the valuation of the option related to Nexi Payments Greece (positive for about Euro 1.6 mil-lion) and the effect of the ineffectiveness of the hedging derivatives (positive for about Euro 0.2 million).25. Dividends and Profit (Loss) from Sale of Assets at Fair Value through Other Comprehensive Income 2023 2022Dividends 516 457 Profit/(loss) from disposal of financial assets at FVTOCI (86,641) (20,954)Net income (86,124) (20,496)The item\u2019s balance mainly refers to, under the scope of the factoring contract, expense due to transfer without recourse by Nexi Pay-ments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "26. Administrative Expenses26.1 PERSONNEL-RELATED COSTS: BREAKDOWN 2023 2022 Restated1) Employees a) wages and salaries (553,310) (544,487)b) social security charges and similar cost (133,125) (122,930)c) post-employment benefits (35,619) (35,820)- defined contribution plans (12,910) (12,438)- defined benefit plans (22,709) (23,381)d) costs of share-based payment plans (19,642) (38,081)e) other employee benefits (32,814) (34,623)2) Other personnel (27,216) (28,757)Total (801,725) (804,698)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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "26.2 OTHER ADMINISTRATIVE COSTS: BREAKDOWN 2023 2022 Restated1. Third-party services (316,931) (294,285)2. Lease and building management fees (17,643) (19,422)3. Insurance (9,735) (8,651)()*4. Rentals(49,849) (33,092)5. Maintenance (121,356) (117,572)6. Shipping costs (20,539) (24,630)7. Telephone and telegraph (33,315) (34,755)8. Cards and accessories (17,090) (11,004)9. Printed matter and stationery (2,803) (4,246)10. Other taxes (31,438) (23,522)11. Legal, notary and consultancy services (143,728) (184,976)12. Agents' commissions and expense reimbursement (173) (174)13. Advertising (11,842) (12,793)14. Promotional materials and competition prizes (41,244) (37,373)15. Other commercial costs (12,133) (7,763)16. Other general expenses (215,289) (226,977)Total (1,045,110) (1,041,236)(*) The item includes software rental fees in the amount of Euro 43.6 million and short-term rental contracts or contracts relating to low-value assets in the amount of Euro 6.2 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "27. Other Operating Income/Expenses, Net 2023 2022Other operating income 11,467 12,301 Other operating expenses (8,612) (12,162)Total 2,855 139",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "28. Net Value Adjustments on Assets Measured at Amortised CostImpairment losses Reversals of Impairment losses 2023 2022Stages 1& 2 Stage 3 Stages 1& 2 Stage 3 Total TotalA. Loans and receivables with banks - - 801 - 801 - B. Loans and receivables with (1,689) (2,506) - - (4,194) (13,159)customersTotal (1,689) (2,506) 801 - (3,393) (13,159)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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "29. Net Accruals to Provisions for Risks and Charges 2023 2022Provisions for risks and charges (66,028) (5,882)Releases 17,412 13,437 Total (48,616) 7,556 The item reflects changes to the provision for risks and charges.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "30. Net Value Adjustments/Write-backs on Tangible and Intangible Assets 2023 2022 RestatedDepreciation and net impairment loss on tangible assets (190,608) (161,431)Amortisation and net impairment loss on intangible assets (1,961,145) (772,233)Total (2,151,752) (933,663)30.1 AMORTISATION AND NET IMPAIRMENT LOSSES ON INTANGIBLE ASSETS: BREAKDOWNReversals of Amortisation Impairment lossesimpairment Net incomelossesA. Intangible assets A.1 Owned (701,191) (1,256,771) - (1,957,962)- From acquisition (391,552) (1,256,771) - (1,648,323)- Other (309,639) - (309,639)A.2 Rights of use acquired through leasing (3,183) - - (3,183)A.3 Intangible assets held for sale - - - - Total (704,374) (1,256,771) - (1,961,145)30.2 DEPRECIATION AND NET IMPAIRMENT LOSSES ON TANGIBLE ASSETS: BREAKDOWNReversals of Depreciation Impairment lossesimpairment Net incomelossesA. Tangible assets A.1 Owned (138,583) (4,901) - (143,484)- Property and equipment (138,492) (4,901) - (143,393)- Investment property (91) - - (91)A.2 Held under lease (47,124) - - (47,124)- Property and equipment (47,124) - - (47,124)- Investment property - - - - A.3 Tangible assets held for sale - - - - Total (185,707) (4,901) - (190,608)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74": {
"value": "31. Profit (Loss) from Equity Investments and Disposals of Investments 2023 2022Profit Profits on equity investments 1,122 3,463 Profits on sale of investments 1,345 67 Loss Loss on equity investments (16,603) - Loss on sale of investments (256) (250)Net Result (14,391) 3,281",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75": {
"value": "32. Income Taxes 2023 2022 RestatedCurrent taxes (281,682) (233,693)Changes in current taxes in previous years 9,040 -Change in deferred tax assets 35,830 42,488 Change in deferred tax liabilities 102,482 64,445 Total (134,331) (126,760)Income taxes amounted to Euro 134 million, compared to Euro 126 million in the previous restated period.32.1 RECONCILIATION BETWEEN THEORETICAL TAX CHARGE AND EFFECTIVE TAX CHARGE 2023 2022Theoretical Tax rate of the Parent Company 24% -24%Difference in subsidiaries' tax rates compared with Parent Company's tax rate -4% -19%Permanent differences: not deductible cost -43% -12%Permanent differences: not taxable revenues 9% 5%Not recognised tax losses utilised or capitalised -1% -1%Currency translation adjustment 1% 2%Change in income tax rate on deferred taxes - -Prior year adjustment -1% -1%Other taxes - -1%Effective tax rate 15% -50%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "34. Profit/Loss for the Year Attributable to Minority InterestsThese are minorities mainly referring to Nexi Payments SpA for Euro 2.4 million, Nexi Payments Greece negative for Euro 0.5 million and Help Line SpA for Euro 0.3 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78": {
"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 Management Report.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 opera-tional 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 Guide-lines 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.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 that may compromise Group operations.The Group is also 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, which could also affect Nexi's creditworthiness and consequently the cost of raising financial resources on the capital market.In order to ensure a prompt reduction of inflation to the 2% target in the medium term, the European Central Bank has adopted a restrictive monetary policy over the past two years by raising the level of key interest rates to 4.00%, 4.50% and 4.75% in September 2023 respectively for deposits at the central bank, main refinancing operations and marginal lending operations. However, at its last two meetings in 2023 the Governing Council chose to leave interest rates unchanged, considering them to be at levels that, if main-tained for a sufficiently long period, will make a substantial contribution to the achievement of the 2% target.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.At 31 December 2023 approximately 24% of the Nexi Group\u2019s medium- to long-term Financial Liabilities expressed at nominal values net of the effect of rate risk hedging transactions 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 relevant variable rates, paying particular attention to trends relating to the 1/3/6-month Euribor rate. To mitigate the risk, it carries out interest rate risk hedging operations when deemed necessary using the appropriate financial instruments. In this regard, among other things the company performs interest rate sen-sitivity analyses, also considering stress scenarios of the forward rate curve, in order to monitor the related exposure and analyse the impact of potential increases in borrowing costs. With respect to the liabilities exposed to interest rate risk (certain term loans corresponding to 24% of the total medium-/long-term market financial debt), in 2023 the Nexi Group would have had to bear an increase in pre-tax financial expenses of around 16 million euros if the actual three- or six-month Euribor rates had been on average one percentage point higher.Also in light of the foregoing, it cannot be excluded that there may be an increase in the financial charges, with consequent signifi-cant 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 Group. Nevertheless, the Group has procedures in place to identify, monitor and manage liquidity and interest rate risk.With particular regard to Nexi Payments, the following monitoring tools were set up, among others: - a set of specific financial risk indicators, mainly aimed at containing liquidity risk by assessing and monitoring the main risk factors;- a Contingency Funding Plan with indicators (1st and 2nd level), both specific and systemic, aimed at guaranteeing the company\u2019s business continuity in the event of serious and/or prolonged liquidity crises by defining a set of actions to be taken if the thresholds set for the indicators are exceeded.BREAKDOWN OF ASSETS BETWEEN CURRENT AND NON-CURRENT(Amounts in thousand euros) Current Non-current TotalCash and cash equivalents 800,172 800,172 Financial receivables 5,705,326 3,259 5,708,585Financial assets at Fair Value 34,530 96,230 130,760 Net trade receivables 751,118 751,118 Inventory 52,094 52,094 Other assets 1,352,541 17,449,379 18,801,920 Non-current assets held for sale and discontinued operations 105,139 105,139 Total 8,800,920 17,548,868 26,349,788BREAKDOWN OF LIABILITIES BETWEEN CURRENT AND NON-CURRENT(Amounts in thousand euros) Current Non-current TotalFINANCIAL LIABILITIES: Payables to: - Banks 1,562,882 2,567,662 4,130,544 - Financial entities and customers 2,799,914 119,434 2,919,348of which Leasing liabilities 44,089 119,434 163,523 - Securities issued 695,982 3,349,762 4,045,744 Other financial liabilities 4,054 266,678 270,732 OTHER ITEMS OF LIABILITIES: Trade payables 715,408 715,408 Other liabilities 1,657,725 1,657,725 Provisions for risks and charges 176,409 176,409 Post-employment benefits 32,000 32,000 Deferred tax liabilities 1,052,181 1,052,181 Current tax liabilities 37,777 37,777 Liabilities associated with non-current assets held for sale and 14,774 14,774 discontinued operationsTotal 7,488,516 7,564,126 15,052,642BREAKDOWN OF FINANCIAL LIABILITIES BY RESIDUAL MATURITY (Amounts in thousand euros)Within 1 year Between 1 and 5 years Over 5 years TotalFINANCIAL LIABILITIES: Payables to: - Banks 1,563,079 2,588,664 - 4,151,743 - Financial entities and customers 2,803,945 139,440 5,271 2,948,655 of which Leasing liabilities 48,119 139,440 5,271 192,830 - Securities issued 695,507 2,396,513 1,050,000 4,142,020 Other financial liabilities 4,054 304,665 - 308,719 Total 5,066,585 5,429,282 1,055,271 11,551,137 Note that the table above shows the amounts to be settled at maturity.Operational RiskOperational risks relate to the performance of business processes in an inefficient and/or ineffective manner, including ICT, security, 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 technological networks are crucial to the Group\u2019s business, prospects and reputation. Particularly important in the context of the ICT infrastructure 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 op-erations involving the management of payment data, specific policies and methods have been set in place to identify and manage 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. During 2023 ICT Key Risk Indicators were developed with reference to the scope of Nexi Payments and monitored on a monthly basis in order to detect anomalies at an early stage and strengthen IT&Security controls.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 ef-fectively 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.Credit RiskFor Nexi Group, credit risk mainly originates in the area of:- Acquiring activities, and specifically 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 \"Retail\" credit cards (in the name of individuals) and \"Corporate\" 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.Credit Risk Mitigation and MonitoringThe Group is committed to assessing and implementing all mitigation measures deemed necessary and/or most effective depend-ing on the specific circumstances, based on risk-return analyses.The main mitig nk, insurance or cash collateral guarantees from the customer;- inclusion of contractual provisions 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 merchants.In selected cases, following a risk-based analysis, the Group may also decide to reduce or terminate the relationship with the cus-tomer.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 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 mainly stemming from macroeconomic turbulence, timely risk management, monitoring and applicable mitigation actions are effective tools in main-taining a low risk profile.More specifically, with regard to 2023 note that:- The development of charge-backs allocated to merchants was stable compared to 2022.- The value of total outstanding amounts from merchants gross of recoveries worsened slightly compared to 2022 due to an in-crease in the case of risk deriving from commissions on transactions and POS fees in Italy. - Insolvencies in the Buy Now, Pay Later business are decreasing sharply compared to 2022.BREAKDOWN OF FINANCIAL ASSETS BY PORTFOLIO AND CREDIT QUALITY (CARRYING AMOUNTS)(Amounts in thousand euros)Non-Unimpaired Other Unlikely to Impaired past performing past due unimpaired Totalpaydue exposuresexposuresexposuresexposuresFinancial assets measured at amortised cost a) Loans and receivables with banks 2,225,657 2,225,657 b) Loans and receivables with financial entities and 20,070 3,462,858 3,482,928 customersHedging derivatives 1,571 1,571 Financial assets held for sale 105,139 105,139 Total as at December 31, 2023 - 20,070 - - 5,795,225 5,815,295 Total as at December 31, 2022 - 20,002 - - 4,341,725 4,361,727 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 banks Gross exposure 2,225,657 2,225,657 Bad debt provision - - Net exposure 2,225,657 - 2,225,657 Loans and receivables with financial entities and customers Gross exposure 3,467,708 61,743 3,529,451Bad debt provision (4,851) (41,673) (46,523)Net exposure 3,462,857 20,070 3,482,928Hedging derivatives Gross exposure 1,571 1,571 Bad debt provision - - Net exposure 1,571 - 1,571 Non-current financial assets held for sale Gross exposure 105,139 105,139 Bad debt provision - - Net exposure 105,139 - 105,139 Total as at December 31, 2023 5,795,224 - 20,070 - 5,815,294Total as at December 31, 2022 4,341,725 - 20,002 - 4,361,727 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 61,582 - of which: transferred exposures not derecognised B. Increases 7,377 - B.1 Inflow from unimpaired exposures 3,490 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 3,887 C. Decreases 7,216 - C.1 Outflows to unimpaired exposures C.2 Write-offs C.3 Collections 139 C.4 Profits from sales C.5 Losses from sales 7,023 C.6 Transfers to other impaired exposure categories C.7 Contractual changes without derecognition C.8 Other decreases 53 D. Final gross exposure 61,743 - - 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 41,580 - of which: transferred exposures not derecognised B. Increases 7,117 - B.1 Value adjustments from purchased or originated credit-impaired financial assets 2,870 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 4,247 C. Decreases 7,023 - C.1 Reversals of impairment losses from revaluation C.2 Reversals of impairment losses from collections - 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 7,023 D. Final gross adjustments 41,673 - - of which: transferred exposures not derecognised Market Risk (Price and Currency)The Nexi Group is exposed to the risk of unfavourable movements in the price of shares in its portfolio, especially the 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. 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 also illiquid financial instruments and, as such, are characterised 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, it was deemed unnecessary to hedge the market risk described above via financial instruments. 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 CHF (Swiss franc). The risk exposure to Danish krone is considered to be low as it is a currency that has historically seen low volatility against the euro, while for the remaining currencies mentioned the exposure is not sufficiently significant to justify the adoption of countermeasures to date.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) 2023Any change in the exchange rate Net Revenue EBITDANOK 10% 13.60 8.11SEK 10% 6.33 4.11DKK 1% 3.70 0.92PLN 10% 15.51 10.62EUR 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 2023Main currencies NOK SEK DKK PLN RSD CZK EURAverage exchange rate 8.76 8.72 13.42 22.03 0.85 4.17 1.00End of year exchange rate 8.90 9.02 13.42 23.05 0.85 4.04 1.00Change for the year -6.4% 0.3% -0.2% 8.0% - -2.6% - 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 assessed the risks and opportunities relat-ed to climate change in Nexi, although no risk area related to environmental aspects was identified. 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. The identified risks did not exceed the materiality threshold that would have determined their inclusion in ERM assessments. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493000P70CQRQG8SN85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__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.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 that may compromise Group operations.The Group is also 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, which could also affect Nexi's creditworthiness and consequently the cost of raising financial resources on the capital market.In order to ensure a prompt reduction of inflation to the 2% target in the medium term, the European Central Bank has adopted a restrictive monetary policy over the past two years by raising the level of key interest rates to 4.00%, 4.50% and 4.75% in September 2023 respectively for deposits at the central bank, main refinancing operations and marginal lending operations. However, at its last two meetings in 2023 the Governing Council chose to leave interest rates unchanged, considering them to be at levels that, if main-tained for a sufficiently long period, will make a substantial contribution to the achievement of the 2% target.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.At 31 December 2023 approximately 24% of the Nexi Group\u2019s medium- to long-term Financial Liabilities expressed at nominal values net of the effect of rate risk hedging transactions 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 relevant variable rates, paying particular attention to trends relating to the 1/3/6-month Euribor rate. To mitigate the risk, it carries out interest rate risk hedging operations when deemed necessary using the appropriate financial instruments. In this regard, among other things the company performs interest rate sen-sitivity analyses, also considering stress scenarios of the forward rate curve, in order to monitor the related exposure and analyse the impact of potential increases in borrowing costs. With respect to the liabilities exposed to interest rate risk (certain term loans corresponding to 24% of the total medium-/long-term market financial debt), in 2023 the Nexi Group would have had to bear an increase in pre-tax financial expenses of around 16 million euros if the actual three- or six-month Euribor rates had been on average one percentage point higher.Also in light of the foregoing, it cannot be excluded that there may be an increase in the financial charges, with consequent signifi-cant 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 Group. Nevertheless, the Group has procedures in place to identify, monitor and manage liquidity and interest rate risk.With particular regard to Nexi Payments, the following monitoring tools were set up, among others: - a set of specific financial risk indicators, mainly aimed at containing liquidity risk by assessing and monitoring the main risk factors;- a Contingency Funding Plan with indicators (1st and 2nd level), both specific and systemic, aimed at guaranteeing the company\u2019s business continuity in the event of serious and/or prolonged liquidity crises by defining a set of actions to be taken if the thresholds set for the indicators are exceeded.BREAKDOWN OF ASSETS BETWEEN CURRENT AND NON-CURRENT(Amounts in thousand euros) Current Non-current TotalCash and cash equivalents 800,172 800,172 Financial receivables 5,705,326 3,259 5,708,585Financial assets at Fair Value 34,530 96,230 130,760 Net trade receivables 751,118 751,118 Inventory 52,094 52,094 Other assets 1,352,541 17,449,379 18,801,920 Non-current assets held for sale and discontinued operations 105,139 105,139 Total 8,800,920 17,548,868 26,349,788BREAKDOWN OF LIABILITIES BETWEEN CURRENT AND NON-CURRENT(Amounts in thousand euros) Current Non-current TotalFINANCIAL LIABILITIES: Payables to: - Banks 1,562,882 2,567,662 4,130,544 - Financial entities and customers 2,799,914 119,434 2,919,348of which Leasing liabilities 44,089 119,434 163,523 - Securities issued 695,982 3,349,762 4,045,744 Other financial liabilities 4,054 266,678 270,732 OTHER ITEMS OF LIABILITIES: Trade payables 715,408 715,408 Other liabilities 1,657,725 1,657,725 Provisions for risks and charges 176,409 176,409 Post-employment benefits 32,000 32,000 Deferred tax liabilities 1,052,181 1,052,181 Current tax liabilities 37,777 37,777 Liabilities associated with non-current assets held for sale and 14,774 14,774 discontinued operationsTotal 7,488,516 7,564,126 15,052,642BREAKDOWN OF FINANCIAL LIABILITIES BY RESIDUAL MATURITY (Amounts in thousand euros)Within 1 year Between 1 and 5 years Over 5 years TotalFINANCIAL LIABILITIES: Payables to: - Banks 1,563,079 2,588,664 - 4,151,743 - Financial entities and customers 2,803,945 139,440 5,271 2,948,655 of which Leasing liabilities 48,119 139,440 5,271 192,830 - Securities issued 695,507 2,396,513 1,050,000 4,142,020 Other financial liabilities 4,054 304,665 - 308,719 Total 5,066,585 5,429,282 1,055,271 11,551,137 Note that the table above shows the amounts to be settled at maturity.",
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"s8_notes__6__80": {
"value": "Credit RiskFor Nexi Group, credit risk mainly originates in the area of:- Acquiring activities, and specifically 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 \"Retail\" credit cards (in the name of individuals) and \"Corporate\" 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.Credit Risk Mitigation and MonitoringThe Group is committed to assessing and implementing all mitigation measures deemed necessary and/or most effective depend-ing on the specific circumstances, based on risk-return analyses.The main mitig nk, insurance or cash collateral guarantees from the customer;- inclusion of contractual provisions 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 merchants.In selected cases, following a risk-based analysis, the Group may also decide to reduce or terminate the relationship with the cus-tomer.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 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 mainly stemming from macroeconomic turbulence, timely risk management, monitoring and applicable mitigation actions are effective tools in main-taining a low risk profile.More specifically, with regard to 2023 note that:- The development of charge-backs allocated to merchants was stable compared to 2022.- The value of total outstanding amounts from merchants gross of recoveries worsened slightly compared to 2022 due to an in-crease in the case of risk deriving from commissions on transactions and POS fees in Italy. - Insolvencies in the Buy Now, Pay Later business are decreasing sharply compared to 2022.BREAKDOWN OF FINANCIAL ASSETS BY PORTFOLIO AND CREDIT QUALITY (CARRYING AMOUNTS)(Amounts in thousand euros)Non-Unimpaired Other Unlikely to Impaired past performing past due unimpaired Totalpaydue exposuresexposuresexposuresexposuresFinancial assets measured at amortised cost a) Loans and receivables with banks 2,225,657 2,225,657 b) Loans and receivables with financial entities and 20,070 3,462,858 3,482,928 customersHedging derivatives 1,571 1,571 Financial assets held for sale 105,139 105,139 Total as at December 31, 2023 - 20,070 - - 5,795,225 5,815,295 Total as at December 31, 2022 - 20,002 - - 4,341,725 4,361,727 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 banks Gross exposure 2,225,657 2,225,657 Bad debt provision - - Net exposure 2,225,657 - 2,225,657 Loans and receivables with financial entities and customers Gross exposure 3,467,708 61,743 3,529,451Bad debt provision (4,851) (41,673) (46,523)Net exposure 3,462,857 20,070 3,482,928Hedging derivatives Gross exposure 1,571 1,571 Bad debt provision - - Net exposure 1,571 - 1,571 Non-current financial assets held for sale Gross exposure 105,139 105,139 Bad debt provision - - Net exposure 105,139 - 105,139 Total as at December 31, 2023 5,795,224 - 20,070 - 5,815,294Total as at December 31, 2022 4,341,725 - 20,002 - 4,361,727 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 61,582 - of which: transferred exposures not derecognised",
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"s8_notes__6__81": {
"value": "B. Increases 7,377 - B.1 Inflow from unimpaired exposures 3,490 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 3,887 C. Decreases 7,216 - C.1 Outflows to unimpaired exposures C.2 Write-offs C.3 Collections 139 C.4 Profits from sales C.5 Losses from sales 7,023 C.6 Transfers to other impaired exposure categories C.7 Contractual changes without derecognition C.8 Other decreases 53 D. Final gross exposure 61,743 - - 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 41,580 - of which: transferred exposures not derecognised B. Increases 7,117 - B.1 Value adjustments from purchased or originated credit-impaired financial assets 2,870 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 4,247 C. Decreases 7,023 - C.1 Reversals of impairment losses from revaluation C.2 Reversals of impairment losses from collections - 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 7,023 D. Final gross adjustments 41,673 - - of which: transferred exposures not derecognised Market Risk (Price and Currency)The Nexi Group is exposed to the risk of unfavourable movements in the price of shares in its portfolio, especially the 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. 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 also illiquid financial instruments and, as such, are characterised 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, it was deemed unnecessary to hedge the market risk described above via financial instruments. 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 CHF (Swiss franc). The risk exposure to Danish krone is considered to be low as it is a currency that has historically seen low volatility against the euro, while for the remaining currencies mentioned the exposure is not sufficiently significant to justify the adoption of countermeasures to date.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) 2023Any change in the exchange rate Net Revenue EBITDANOK 10% 13.60 8.11SEK 10% 6.33 4.11DKK 1% 3.70 0.92PLN 10% 15.51 10.62EUR 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 2023Main currencies NOK SEK DKK PLN RSD CZK EURAverage exchange rate 8.76 8.72 13.42 22.03 0.85 4.17 1.00End of year exchange rate 8.90 9.02 13.42 23.05 0.85 4.04 1.00Change for the year -6.4% 0.3% -0.2% 8.0% - -2.6% - 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 assessed the risks and opportunities relat-ed to climate change in Nexi, although no risk area related to environmental aspects was identified. 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. The identified risks did not exceed the materiality threshold that would have determined their inclusion in ERM assessments. 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.",
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"s8_notes__6__82": {
"value": "36. Statement of Comprehensive Income(Amounts in thousand euros)2023 2022 RestatedProfit (Loss) for the year (1,002,761) 141,906Items that will not be reclassified subsequently to profit or loss Financial assets measured at FVTOCI a) Fair Value changes 19,629 35,576 b) transfers to other equity components Defined benefit plans (1,492) 8,503Income taxes related to high income components without profit and loss reversal 499 (5,154)Items that will be reclassified subsequently to profit or loss Conversion reserve a) Fair Value changes 23,802 (165,946) b) income statement reversal c) other changes Cash flow hedges: a) fair value variances (23,135) 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) 19,303 (126,796)Comprehensive income (983,458) 15,110Comprehensive income attributable to non-controlling interests 3,357 3,184Comprehensive income attributable to the owners of the parent (986,815) 11,926",
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"s8_notes__6__83": {
"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 in-fluence over Nexi; note that these parties include Bain Capital Investors LP, Advent International Corporation, 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 due 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 1,527 548 - Short-term benefits - - 5,656 Benefits subsequent to the termination of employment - - 373 Other long-term benefits - - - Indemnities for termination of employment - - - Total 1,527 548 6,029 37.2 INFORMATION ON RELATED-PARTY The 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 104,172 Financial asset at Fair Value 30,460 Tangible assets - Intangible assets 2,160 Other assets 95,798 1 Financial liabilities measured at amortised cost 158,491 Other liabilities 20,952 - Fees for services rendered and commission income 168,657 7 Fees for services received and commission expense 4,999 Interest and similar incomne 508 Interest and similar expense 753 Other administrative expenses 34,340 Other operating income/expenses - - Credit and debit balances with related parties as of 31 December 2023 were not material with respect to the size of the Group\u2019s bal-ance sheet. Likewise, the impact of income and expenses with related parties on the consolidated operating result was not material, 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 financing received from and services provided by 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.",
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"s8_notes__6__84": {
"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), which ended in 2021.In addition, during 2020, 2021 and 2023, Mercury UK together with other financial sponsors of Nexi 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, 1 July 2024 and 30 June 2025. 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 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 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 these Plans, Fair Value was determined, for base shares, considering the forward price, discounted at the valuation 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 11,126,772Rights assigned definitively in accordance with the Plans (9,195,680)Rights forfeited from the Plans (443,682)Outstanding rights at December 31, 2023 1,487,410 Based on the above, the overall cost of the Plans for 2023 is about Euro 4 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' 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). The first two cycles of this Plan have already been granted, the second having been granted in October 2023.These plans, according to the provision of IFRS 2 described above with reference to the Stock Plan, must be accounted for as a trans-action 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 vest-ed shares have already been granted, for the remaining two cycles the vesting period expires on 31 December 2022 and 31 December 2023, respectively), as have the first two cycles of the Second Plan for which the vesting period expires respectively on 31 December 2024 and 31 December 2025.More specifically, the process of assigning the rights to receive shares was carried out as follows:- First tranche (First Plan): for most of the employees, in July 2019, and for new hires, on September 30, 2019;- Second tranche (First Plan): for most of the employees, in July 2020, and for new hires, on September 30, 2020;- Third tranche (First Plan): for most of the employees, in July 2021, and for new hires, 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 hires, in October 2022. - Second tranche (Second Plan): in October 2023.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 \"Entry Gate\");- once the Entry Gate is satisfied, accrual of Performance Shares 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 mathe-matical 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 at the reporting date are reported below:No. of Performance Share No. of Restricted Share DescriptionTotalRights Rights Outstanding rights to receive shares at the grant date 6,083,958 3,595,480 9,679,438 Right assigned definitively in accordance with the Plans (1,687,912) (749,878) (2,437,790)Rights forfeited from the Plans (286,241) (231,181) (517,422)Outstanding rights at December 31, 2023 4,109,805 2,614,421 6,724,226The 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 Perfor-mance Shares and Restricted Shares included in the plan, separately. Moreover, within the Performance Share component, consid-eration 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 (u) and its varia-bility (s) as well as on a random parameter (e) with standardised normal distribution.The simulations were carried out by assuming a rate of return on the Nexi share calculated using the swap curve and a historical volatility of the share calculated with reference to the valuation date. Specifically, for the cycle assigned in 2023 these parameters respectively stand at 3.7% and about 35%.For these components, with regard to the rights assigned during 2023 the unit value at the grant date was approximately Euro 3.8.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 this com-ponent, with regard to the rights assigned in 2023, the Fair Value per unit is Euro 5.67 and Euro 5.79.The total cost pertaining to the financial year 2023 is approximately Euro 16 million.",
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"s8_notes__6__85": {
"value": "39. Business Combination Operations 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 account-ed for in accordance with the provisions of IFRS 3: Business Combinations. Specifically, the latter defines a business combination 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, also calculating the value of the minority interests of the entity acquired, and that the same applies for measurement at goodwill of the difference between the Fair Value of the net assets acquired and the con-siderations transferred during the transaction.Acquisition of Merchant Acquiring Activities from Intesa Sanpaolo - CroatiaThe acquisition of Intesa Sanpaolo's merchant acquiring business in Croatia was completed on 28 February 2023.The transaction was carried out through the acquisition by Nexi Croatia d.o.o. (a company incorporated under Croatian law belonging to the Nexi Group and controlled by Concardis Holding GmbH) of the merchant acquiring business unit of PBZ Card d.o.o. (\"PBZ Card\"), a company incorporated under Croatian law indirectly controlled by Intesa Sanpaolo S.p.A. (\"ISP\") through Privredna banka Zagreb d.d. (\"PBZ Bank\").The agreement also provides for a long-term business partnership between Nexi Croatzia, PBZ Card and PBZ Bank in the marketing and distribution of Nexi products in the Croatian market. The transaction is substantially in line with the broader multi-year industrial partnership between the Nexi Group and the ISP Group in the Italian merchant acquiring business, launched with the acquisition of the merchant acquiring business unit owned by ISP, completed on 30 June 2020. 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. In this regard, note that the Purchase Price Allocation was carried out and included in the financial statements at 31 December 2023.Specifically, the price allocation process mainly concerned the valuation of customer contracts, the Fair Value of which was determined using the Multi-Period Excess Earnings method (MPEEM), which calculates the value of customer relationships based on the present value at the acquisition date of the extra-earnings over the remaining life of the customer relationships. The extra-income from cus-tomer relationships is derived from total income minus income from other assets (so-called contributory assets). Furthermore, the Fair Value of the earn-out envisaged in the agreement with ISP was calculated, estimated at Euro 27.7 million and included in the overall transaction price. Following an accounting for the effects of the Purchase Price Allocation, the goodwill arising from said business combination totals about Euro 135 million broken down as follows:(Amounts in thousand euros) Carrying amount Adjustments Fair ValueCash consideration paid 196,840 - 196,840Contingent consideration/deferred price 2,154 27,672 29,826Minority interests - - -Cash and cash equivalents 42,250 - 42,250Intangible assets 1,691 49,513 51,204Other assets 100,759 - 100,759Other liabilities (102,450) - (102,450)Net assets 42,250 49,513 91,763Goodwill 156,744 (21,841) 134,903Cash consideration 198,994 27,672 226,666Cash acquired 42,250 - 42,250Net cash consideration 156,744 27,672 184,416(*) = the price paid includes a Euro 16.8 million price adjustment already settled at the date of this report.Acquisition of the Company Split Tech-Solutions GmbHOn 24 February 2023 via Concardis GmbH the closing took place for the acquisition of Split Tech-Solutions GmbH, a SaaS company based in Frankfurt, Germany, offering innovative solutions in the catering industry.The Purchase Price Allocation was determined on31 December 2023, which led to the revaluation of the IT platforms owned by the company. At the date of this report, goodwill was composed as follows:(Amounts in thousand euros) Carrying amount Adjustments Fair ValueCash consideration paid 1,875 - 1,875Contingent consideration/deferred price 300 - 300Minority interests - - -Intangible assets 296 1,282 1,578Other liabilities - (218) (218)Net assets 296 1,064 1,360Goodwill 1,879 (1,064) 815Cash consideration 1,875 - 1,875Cash acquired - - -Net cash consideration 1,875 - 1,87539.2 RETROSPECTIVE ADJUSTMENTS Purchase Price Allocation Nexi Payments GreeceOn 30 June 2023 the Purchase Price Allocation process related to the 2022 acquisition of Nexi Payments Greece was completed. This process requires the acquirer to allocate the cost of the combination to the identifiable assets acquired, including any intangible assets not recognised in the financial statements of the acquiree, to the liabilities assumed measured at their Fair Values at the ac-quisition 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:- the price allocation process concerned the valuation of contracts with customers, whose Fair Value was determined using the MPEEM method (Multi-Period Excess Earnings), the valuation of the provision for risks and charges related to the so-called chargebacks, estimated based on the methodology adopted by the group for this type of risk, as well as the estimate of the Fair Value of the earn-outs envisaged in the contract;- the Purchase Price Allocation process led to the identification of the following adjustments shown in the table with respect to the carrying amounts of the assets and liabilities of the acquired company.The residual goodwill from the business combination amounts to approximately Euro 153 million, broken down as follow(Amounts in thousand euros)Provisional Fair Value Adjustments Final Fair ValueCash consideration paid 156,870 - 156,870Contingent consideration/deferred price 15,038 7,834 22,871Minority interests 5,126 20,225 25,350Cash and cash equivalents - - -Financial assets 202,621 - 202,621Tangible assets 1,188 - 1,188Intangible assets - 47,575 47,575Financial liabilities (889) - (889)Other liabilities (192,458) (6,300) (198,758)Net assets 10,461 41,275 51,736Goodwill 166,573 (13,216) 153,356The aforementioned intangible assets have an average useful life of about 18 years with regard to customer relations. The valuation of the provision for risks and charges related to so-called chargebacks was estimated based on the methodology adopted by the group for this type of risk.The residual goodwill arising from the business combination amounts to approximately Euro 153 million, and is mainly attributable to the workforce and its highly qualified know-how, as well as the synergies expected from the integration of the business within the Nexi group and future growth prospects, none of which qualify as identifiable intangible assets.Purchase Price Allocation Acquisition of BPER Merchant Acquiring and Numera Sistemi e Informatica SpAOn 31 December 2023 the Purchase Price Allocation process relating to the 31 December 2022 acquisition of the two merchant ac-quiring business units of BPER Banca S.p.A. and Banco di Sardegna S.p.A. was completed definitively. At the same time, Nexi Payments S.p.A. acquired 100% of Numera Sistemi e Informatica S.p.A., a company that manages POSs, held with a total shareholding by Banco di Sardegna S.p.A. The price allocation process involved the valuation of customer contracts included in the acquiring book, whose Fair Value was determined using the Multi-Period Excess Earnings (MPEEM) method. Furthermore, the Fair Value of the earn-out envisaged in the agreement with BPER was calculated, estimated at Euro 11.4 million and included in the overall transaction price. The goodwill resulting from the business combination is broken down as follows:(Amounts in thousand euros)Provisional Fair Value Adjustments Final Fair ValueCash consideration paid 313,750 - 313,750Contingent consideration/deferred price - 11,377 11,377Minority interests (1,538) 311 (1,227)Cash and cash equivalents - - -Financial assets 4,896 - 4,896Tangible assets 5,072 - 5,072Intangible assets 149 91,172 91,322Tax assets 541 - 541Other assets 5,449 - 5,449Financial liabilities (16) - (16)Tax liabilities - (30,151) (30,151)Other liabilities (3,902) - (3,902)Net assets 12,188 61,022 73,210Goodwill 300,024 (49,333) 250,690Cash consideration 313,750 11,377 325,127Cash acquired - - -Net cash consideration 313,750 11,377 325,127(*) = the price paid includes a Euro 1.4 million price adjustment settled in 2023.39.3 Other information As required by IFRS 3, for business combinations executed during the year, pro-forma figures for revenues and expenses at current exchange rates are shown below as if the transactions had been executed at the beginning of the year(Amounts in thousand euros) Income Statement 2023 ISP Croatia Proforma 2023Operating revenues 3,331 5 3,336 Operating costs (1,601) (1) (1,602)EBITDA 1,730 4 1,733 Profit/(Loss) before taxes (869) 3 (866)Profit/(Loss) for the year (1,006) 2 (1,004)39.4 Transactions after the reporting periodNothing to report.",
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"value": "40. Group Funding Transactions In 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. Obligations primarily include:- financial maintenance covenant: at each \u201ctest date\u201d (i.e. June 30 and December 31 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 of (and must ensure that no other member of the Nexi Group establishes or maintains) liens or collateral against its assets, with the exception of certain expressly permitted 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 as at 31 December 2023 all the obligations envisaged in the loan agreements described above have been met.",
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"value": "41. Result 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 RESULT PER SHARE 2023 2022 RestatedProfit/(Loss) from continuing operations attributable to the company's ordinary shares (0.78) 0.07Income/(Loss) after tax from discontinued operations 0.02 0.04Total Basic result per share attributable to the company's ordinary shares (0.76) 0.11DILUTED RESULT PER SHARE 2023 2022 RestatedProfit/(Loss) from continuing operations attributable to the company's ordinary shares (0.74) 0.07Income/(Loss) after tax from discontinued operations 0.02 0.03Total Diluted result per share attributable to the company's ordinary shares (0.72) 0.10RESULT ATTRIBUTABLE TO ORDINARY SHARES(Amounts in thousand euros) 2023 2022 RestatedProfit/(Loss) from continuing operations (1,023,917) 94,200Income/(Loss) after tax from discontinued operations 21,156 47,706Total net income (1,002,761) 141,906AVERAGE NUMBER OF ORDINARY DILUTED SHARES(No. of shares in thousands) 2023 2022Average number of ordinary shares used to compute basic earnings per share 1,311,358 1,310,754()*Deferred Shares70,211 70,215Average number of ordinary and potential shares used to compute diluted earnings per share 1,381,569 1,380,969(*) = shares attributed to employees according to the first tranche of the LTI Plan and potential shares in issue upon conversion of the convertible bond loan issued on 29 June 2020 and 17 February 2021.",
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"s8_notes__6__88": {
"value": "42. Segment Reporting (Segment Disclosure)The segment disclosure has been prepared in compliance with the IFRS 8 international accounting standard.Consistent with the Group\u2019s organisational structure as well as the related management reporting methods, the following Operating Sectors were thus identified, coinciding with the CGUs used for the purposes of the Impairment Test (see paragraph 9.3):- 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: through this business line, working with its partner banks the Group provides a broad spectrum of issuing servic-es, i.e. relating to the procurement, issuing 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 1,863 1,085 383 3,331Personnel expenses (428) (208) (94) (730)Other administrative expenses (479) (273) (142) (894)Adjustments and net operating provisions 14 5 4 23Operating costs net of amortization (893) (476) (232) (1,601)EBITDA 969 609 151 1,730Amortization and depreciation (895)Operating margin 834Interest and financial costs (245)Non-recurring items (1,459)Profit/(Loss) before taxes (869)Income taxes (133)Profit/(Loss) for the year (1,003)Profit for the year attributable to non-controlling interests (3)Profit/(Loss) attributable to the Group (1,006)The EBITDA presented above is the \u201cnormalised EBITDA\u201d as described in the \u201cAlternative Performance Measures\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 931 425 392 115 1,863Issuing Solutions 749 172 42 122 1,085Digital Banking Solutions 285 6 5 87 383Operating Revenues 1,966 602 440 324 3,331 (*) DACH includes Germany, Austria and Switzerland.42.2 SEGMENT REPORTING: RECONCILIATION OF SEGMENT REPORTING ON THE INCOME STATEMENT WITH THE INCOME STATEMENT FOR THE PERIOD(Amounts in million euros)Total segment Reconciliation Financial statementsreportingOperating revenues/Financial and operating income 3,331 (158) 3,173Personnel expenses (730) (72) (802)Other administrative expenses (894) (151) (1,045)Adjustments and net operating provisions 23 (72) (49)Operating costs net of amortization (1,601) (295) EBITDA 1,730 (453) Amortization and depreciation (895) (1,256) (2,152)Operating margin 834 (1,709) Interest and financial costs (245) 245 -Non-recurring items (1,459) 1,466 7Profit/(Loss) before taxes (869) 1 (868)Income taxes (133) (1) (134)Profit/(Loss) for the year (1,003) - (1,003)Profit for the year attributable to non-controlling interests (3) - (3)Profit/(Loss) attributable to the Group (1,006) - (1,006)",
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"s8_notes__6__90": {
"value": "43. Restatement of the 2022 Financial Statements In 2023 the Purchase Price Allocation (PPA) for the business combinations related to the acquisition of Nexi Payments Greece and BPER was completed. 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 informa-tion for the 2022 financial year. Moreover, following the classification of DBS eID as a discontinued operation, the comparative Income Statement figures were restated.The effects on the 2022 financial statements are shown below:(Amounts in thousand euros)Dec. 31, 2022 ASSETS Dec. 31, 2022 PPA NPG PPA BperRestatedCash and cash equivalents 448,778 448,778 Financial assets at Fair Value 146,904 146,904 Financial assets measured at amortised cost 4,358,386 4,358,386 a) loans and receivables with banks 1,875,404 1,875,404 b) loans and receivables with financial entities and customers 2,482,982 2,482,982 Hedging derivatives 870 870 Equity investments 41,820 41,820 Tangible assets 563,354 563,354 Intangible assets 17,977,577 33,216 41,387 18,052,180 of which: Goodwill 13,104,984 (13,216) (49,786) 13,041,982 Tax assets 210,818 210,818 a) current 14,896 14,896 b) deferred 195,922 195,922 Non-current assets held for sale and discontinued operations 2,471 2,471 Other assets 1,724,483 3,164 1,727,647 Total assets 25,475,461 33,216 44,551 25,553,228 (Amounts in thousand euros)Dec. 31, 2022 LIABILITIES Dec. 31, 2022 PPA NPG PPA BperRestatedFinancial liabilities measured at amortised cost 9,649,341 1,481 9,650,822 a) due to banks 3,495,963 1,481 3,497,444 b) due to financial entities and customers 2,141,864 2,141,864 c) securities issued 4,011,514 4,011,514 Financial liabilities at Fair Value through profit or loss 230,428 7,834 11,377 249,639 Hedging derivatives 256 256 Tax liabilities 1,232,172 30,151 1,262,323 a) current 106,715 106,715 b) deferred 1,125,457 30,151 1,155,608 Liabilities associated with non-current assets held for sale and 721 721 discontinued operationsOther liabilities 1,951,924 1,228 1,953,152 Post-employment benefits 30,996 30,996 Provisions for risks and charges 141,886 6,300 148,186 Share capital 118,583 118,583 Treasury shares (-) (4,440) (4,440)Share premium 11,587,260 11,587,260 Reserves 468,390 16,101 484,491 Valuation reserves (90,226) (90,226)Profit (loss) for the year 140,023 (1,028) 138,995 Equity attributable to non-controlling interests (+/-) 18,147 4,009 313 22,469 Total liabilities and equity 25,475,461 33,216 44,551 25,553,228 INCOME STATEMENT(Amounts in thousand euros)2022 PPA NPG PPA Bper DBS Nets 2022 RestatedFees for services rendered and commission income 5,399,141 (98,097) 5,301,044Fees for services received and commission expense (2,106,995) (2,106,995)Net fee and commission income 3,292,146 - - (98,097) 3,194,049Interest and similar income 49,650 49,650Interest and similar expense (221,310) 54 (221,256)Net interest income (171,660) - - 54 (171,606)Profit (loss) on hedging/ financial assets and liabilities at Fair Value 793 793through profit or loss / derecognition of assets and liabilities at amortised costDividends and profit (loss) from sale of assets at Fair Value through (20,496) (20,496)other comprehensive incomeFinancial and operating income 3,100,783 - - (98,043) 3,002,740Administrative expenses (1,895,730) - - 49,796 (1,845,934)Personnel-related costs (819,030) 14,332 (804,698)Other administrative costs (1,076,700) 35,464 (1,041,236)Other operating income/expenses, net 139 139Net value adjustments on assets measured at amortised cost (13,159) (13,159)Net accruals to provisions for risks and charges 7,556 7,556Net value adjustments/write-backs on tangible and intangible assets (932,770) (1,142) 249 (933,663)Operating margin 266,819 (1,142) - (47,998) 217,679Profit (loss) from equity investments and disposals of investments 3,281 3,281Profit (loss) before taxes from continuing operations 270,100 (1,142) - (47,998) 220,960Income taxes (134,753) 7,993 (126,760)Income (loss) after tax from discontinued operations 7,701 40,005 47,706Profit (loss) for the year 143,048 (1,142) - - 141,906Profit (loss) for the year attributable to the parent company 140,023 (1,028) 138,995Profit (loss) for the year attributable to non-controlling interests 3,025 (114) 2,911Basic earnings per share 0.11 0.11 Diluted earnings per share 0.11 0.10",
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"s8_notes__6__91": {
"value": "44. Fees for Audit and Non-Audit Services pursuant to Article 149 duodecies of Consob Regulation no. 11971(Amounts in thousand euros)Nexi S.p.A. Nexi's Group EntitiesPwC SpA Rete PwC PwC SpA Rete PwC (**)Audit 299 559 4,259()*Other certifications 90 233 Other services: - - - 18 due diligence - agreed verification procedures 17 other services 1 Total 389 - 559 4,510(*) Include attestation services assigned to PwC network companies in accordance with specific regulatory requirements, ISA 800/805 and ISAE 3000 attestation services, the limited audit services of the Non-Financial Consolidated Statement, services for signing tax returns.(**) 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.Note that the contractual audit fees include the adjustment for inflation, voluntary assignments made by some Group companies for which an audit of the financial statements is not mandatory under local civil law (Euro 0.2 million) and additional fees contracted in 2023 for work performed on the previous year\u2019s financial statements (Euro 1.1 million).",
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