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"s8_notes__7__6": {
"value": "1. Material accounting policiesKinepolis Group NV (the \u2018Company\u2019) is a company established in Belgium. The consolidated financial statements of Kinepolis Group for the year ending 31 December 2023 include the Company and its subsidiaries (together referred to as the \u2018Group\u2019). These consolidated financial statements were approved for publication by the Board of Directors on 19 March 2024.STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as published by the International Accounting Standards Board (IASB) and adopted by the European Union until 31 December 2023.BASIS OF PREPARATIONThe consolidated financial statements are presented in Euro, rounded to the nearest thousand. In certain cases, rounding up or down can lead to a non-material deviation of the total amount. The consolidated financial statements were drawn up on a historical cost basis, apart from the following assets and liabilities, which are recorded at fair value: derivative financial instruments, contingent considerations and financial assets measured at fair value through other comprehensive income. In accordance with IFRS 5, assets classified as held for sale are measured at the lower of their carrying amount and fair value, less costs to sell.The accounting policies have been applied consistently across the Group. They are consistent with those applied in the previous financial period.The amendments to standards applicable as of 1 January 2023 gave no cause to change the Group\u2019s accounting policies and have no material impact on the consolidated financial statements.The preparation of the financial statements under IFRS requires management to make judgements, estimates and assumptions that influence the application of the policies and the reported amounts of assets and liabilities, income, and expenses.The estimates and related assumptions are based on past experience and on various other factors that are considered reasonable in the given circumstances. The outcomes of these form the basis for the judgement as to the carrying amount of assets and liabilities when this is not evident from other sources.Actual results can differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of estimates are recognised in the period in which the estimates are revised if the revision affects only this period, or in the revision period and future periods if the revision affects both the reporting period and future periods.Judgements, estimates and assumptions are made, among other things, when:\u2022 Determining the useful life of intangible assets and property, plant and equipment (see the related accounting policies);\u2022 Assessing the necessity of and estimating impairment losses on intangible assets, goodwill, property, plant and equipment, right-of-use assets and investment property;\u2022 Recording and calculating provisions;\u2022 Assessing the degree to which losses carried forward will be used in the future;\u2022 Determining the term of the leases under IFRS 16;\u2022 Determining the fair value of share-based compensation based on an option pricing model.The estimates and assumptions with a significant probability of causing a material adjustment to the value of the assets and liabilities during the next financial period are stated below.IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions regarding, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.PROVISIONSThe estimates and judgements that most impact the amount of the provisions are the estimated costs and the expected likelihood and timing of the cash outflows. They are based on the most recent available information at balance sheet date. We refer to note 23 for the relevant assumptions.RECOVERABILITY OF DEFERRED TAX ASSETSDeferred tax assets for unused tax losses will only be recognised if future taxable profits will be available to be able to recover these losses (based on budgets and estimates). The budgets and estimates are further expanded to future expected taxable profits in order to analyse the recoverability of the losses and credits. The actual tax result may differ from the assumption made when the deferred tax was recorded. For more information we refer to note 13.LEASES (IFRS 16): DETERMINING THE TERM OF A LEASEA contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time in exchange for a consideration. When determining the term of a lease, the Group took into account any possible extension options and whether or not to exercise an early termination option. This is assessed for each contract separately. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made. For more information we refer to note 27.Other assumptions and estimates will be discussed in the respective notes where they are used.BASIS OF CONSOLIDATIONBUSINESS COMBINATIONSA business combination is defined as a transaction or other event in which the Group obtains control of one or more businesses. The Group shall determine whether a transaction or other event is a business combination by applying the definition, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. A business generally consists of inputs, processes applied to those inputs and the ability to contribute to the creation of outputs. To determine whether an acquired set of activities and assets is a business or not, the Group may use a concentration test. This is a simplified assessment that will result in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If the Group does not apply the concentration test, or the test is failed, then the assessment focuses on the existence of substantive processes.Business combinations are accounted for using the acquisition method on the date when control is transferred to the Group (see Basis of Consolidation \u2013 Subsidiaries). The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see Intangible assets \u2013 Goodwill). Any gain on an advantageous purchase is immediately recognised in profit or loss. Transaction costs are expensed as incurred.The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay a contingent consideration meets the definition of a financial instrument classified as equity, no subsequent remeasurement occurs and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the income statement. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree\u2019s employees (acquiree\u2019s awards), and if they relate to services provided in the past, then all or a portion of the amount of the acquirer\u2019s replacement awards is included in measuring the consideration transferred in the business combination. The determination is based on the market value of the replacement awards compared with the market value of the acquiree\u2019s awards and the extent to which the replacement awards relate to services provided before the business combination.SUBSIDIARIESSubsidiaries are those entities over which the Company exercises control. Control means that the Company is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect these returns through its power over the entity.The financial statements of subsidiaries are recognised in the consolidated financial statements from the date that control commences, until the date that control ceases.Losses realised by subsidiaries with non-controlling interests are proportionally allocated to the non-controlling interests in these subsidiaries, even if this means that the non-controlling interests display a negative balance.If the Group no longer has control over a subsidiary, all assets and liabilities of the subsidiary, any non-controlling interests and other equity components with regard to the subsidiary are derecognised. As a result of the loss of control, certain components are recorded in the income statement. Any remaining interest in the former subsidiary will be recognised at fair value on the date of the loss of control, after which it will be recognised as an associated company or as a financial asset measured at fair value, depending on the level of control retained.ACQUISITION OF NON-CONTROLLING INTERESTSThe acquisition of non-controlling interests in a subsidiary does not lead to the recognition of goodwill, as this is considered a transaction between shareholders and is recognised directly in equity. The non-controlling interests are adjusted based on the proportional part in the equity of the subsidiary.TRANSACTIONS ELIMINATED ON CONSOLIDATION Intercompany balances and transactions, along with any unrealised gains and losses on transactions within the Group or gains or losses from such transactions, are eliminated in the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated proportionally to the Group\u2019s interest in the investee.Unrealised losses are eliminated in the same way as unrealised gains, but only where there is no indication of impairment.FOREIGN CURRENCYTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are translated to the relevant functional currency of the Group entities at the exchange rate on the transaction date. Monetary assets and liabilities expressed on the balance sheet date in foreign currencies are translated to the functional currency at the exchange rate on the balance sheet date. Non-monetary assets and liabilities expressed in foreign currency are translated at the exchange rate on the transaction date. Non-monetary assets and liabilities in foreign currencies measured at fair value are translated to the functional currency at the exchange rates on the date on which the fair value was determined. Exchange\ue61frate differences that arise in the translation are immediately recognised in the income statement, except\ue61ffor: \u2022 Exchange rate differences arising from the translation of the net investment in foreign operations, and from loans and other currency instruments intended as hedges of such investments, included in other comprehensive income;\u2022 Qualifying cash flow hedges to the extent that the hedges are effective.Advance payments in foreign currencies are translated at the exchange rate on the transaction date specified in IFRIC 22. The transaction date, as a basis for determining the exchange rate, is set on the initial date on which the non-monetary assets and liabilities are recognised. If multiple advance payments are applicable, a transaction date is determined for each advance payment. FINANCIAL STATEMENTS IN FOREIGN CURRENCIESAssets and liabilities relating to foreign operations, including goodwill and fair value adjustments on acquisition, are translated to Euro at the exchange rate on the balance sheet date. Income and expenses of foreign entities are translated to Euro at exchange rates approaching the exchange rates prevailing on the transaction dates.The exchange differences arising from the translation are recognised directly in equity, under translation reserve.If the settlement of monetary receivables from, or payables to foreign entities is neither planned nor likely in the foreseeable future, exchange rate gains and losses on these monetary items are deemed to be part of the net investment in these foreign entities, and are recognised in other comprehensive income, under the translation differences. Translation differences that arise from the revaluation of non-current loans from foreign subsidiaries with a different functional currency are also included in other comprehensive income in equity, as they form part of a net investment hedge of the participating interests in the same subsidiaries. The potential repayments of these loans are not considered to be a realisation of the net investment. Consequently, no reclassification to the income statement takes place.FINANCIAL INSTRUMENTSIssued loans, receivables and deposits, issued debt instruments and loans received are initially recognised by the Group on the date they originated. All other financial assets and liabilities are initially recognised on the transaction date. The transaction date is the date on which the contractual terms of the instrument become binding for the Group.IFRS 9 has three classifications for financial assets: measured at amortised cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. This classification is based on the \u2018business model\u2019 in which the financial assets are managed, and on the contractual cash flows that result from these financial assets. The business model used to manage the financial assets determines whether the cash flow results from:\u2022 A contractual cash flow;\u2022 A sale of financial assets; or\u2022 A combination of both.This contractual cash flow may relate to payments of the principal amount (capital) and interest on the outstanding amount. NON-DERIVATIVE FINANCIAL INSTRUMENTSNon-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.Non-derivative financial instruments are initially recognised at fair value plus (or minus for loans and borrowings), for instruments not measured at fair value with changes in value recognised through profit or loss, any directly attributable transaction costs. After the initial recognition, non-derivative financial instruments are measured as described below.Financial assets measured at amortised costFinancial assets are measured at amortised cost when the business model aims to hold the financial assets to obtain the contractual cash flows. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount and on specific dates.After the initial recognition, these financial assets are measured at amortised cost using the effective interest method, less impairment losses, if any.Significant financial assets measured at amortised cost are individually tested for impairment. The other financial assets measured at amortised cost are classified in groups with comparable credit risk characteristics and are assessed collectively. When assessing whether there is a collective impairment, the Group uses historical trends regarding the likelihood that payment obligations will not be fulfilled, the time period within which collection occurs, and the level of the losses incurred. The outcomes are adjusted if management judges that the current economic and credit circumstances are such that it is likely that the actual losses will be higher or lower than the historical trends imply.An impairment loss is determined as the difference between the carrying amount and the present value of the expected future cash flows, discounted at the original effective interest rate of the asset. Current receivables are not discounted. Impairment losses are recognised in the income statement. If an event leads to a reduction of the impairment, this reduction is reversed through profit or loss.Financial assets measured at amortised cost include cash and cash equivalents, which are cash and deposits with a residual maturity of less than three months and where the risk of changes in fair value is negligible. Bank overdrafts, which are an integral part of the Group\u2019s cash management, are viewed as part of cash and cash equivalents in the presentation of the statement of cash flow.Financial assets measured at fair value through other comprehensive income Financial assets are measured at fair value, with the recognition of changes in value through other comprehensive income when the business model aims to both hold the financial assets to obtain the contractual cash flows and to sell the financial assets. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount. In addition, the Group can make the irrevocable choice to measure equity instruments that are measured at fair value through profit or loss at fair value through other comprehensive income. This choice is irrevocable and is only allowed to eliminate or limit an inconsistency in the measurement on initial recognition.These financial assets measured at fair value through other comprehensive income are measured at fair value after initial recognition. Gains and losses resulting from the change in fair value of a participating interest that is classified as a financial asset measured at fair value through other comprehensive income are recognised directly via equity. When the participating interest is sold, disposed, or otherwise disposed of, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss. When repayments are made on the financial assets, or when the carrying amount of the participating interest is written off due to an impairment, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss, but to retained earnings. Impairment losses on financial assets recognised at fair value through other comprehensive income are only recognised for debt instruments. In accordance with IFRS 9, there are no impairment losses for equity instruments. The impairment losses on debt instruments are recognised by transferring the accumulated loss in the fair value reserve in equity to profit or loss. The amount of the cumulative loss transferred from equity to profit or loss is equal to the difference between the acquisition price, less any repayment of the principal amount, and the actual fair value, less any impairment loss that has already been recognised in profit or loss.If in a subsequent period the fair value of a financial asset measured at fair value through other comprehensive income increases, the recovered amount is recognised in other comprehensive income. Financial assets measured at fair value through other comprehensive income include investments in equity securities, i.e., participating interests in companies over which the Group has no control or significant influence.Financial assets measured at fair value through profit or lossFinancial assets are measured at fair value through profit or loss if the conditions of the above categories are not met, or if the Group irrevocably chooses debt instruments that are measured at fair value through other comprehensive income to be measured at fair value through profit or loss account. This choice is irrevocable and is only allowed in order to eliminate or limit an inconsistency in the valuation on initial recognition.After initial recognition, these financial assets are measured at fair value with fair value changes through profit or loss. Financial liabilitiesFinancial liabilities can be classified as financial liabilities at amortised cost or as financial liabilities at fair value with the recognition of changes in value through profit or loss. After initial recognition, the first category is measured at amortised cost using the effective interest method, including any interest expense, while the second is measured at fair value with fair value changes through profit or loss.Expected credit lossesImpairment losses on financial assets are determined as\ue61ffollows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination based on expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial assetsThe Group derecognises a financial asset when (i) the contractual rights to the cash flows arising from the financial asset expire, (ii) it transfers the rights to the cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or (iii) in a transaction in which the Group neither transfers nor retains the risks and benefits, but no longer retains control of the financial asset.When the Group enters into a transaction in which it transfers financial assets that are included in the balance sheet but retains substantially all risks and benefits of the transferred assets, the transferred assets remain recognised in the balance sheet.Financial liabilitiesThe Group derecognises a financial liability when the contractual obligations are terminated or expired. The Group also derecognises a financial liability if the conditions are changed and the cash flows of the changed financial liability are significantly different, in which case a new financial liability is recognised at fair value based on the changed conditions.When a financial liability is derecognised, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the income statement.OFFSETTINGThe financial assets and financial liabilities are offset and the net amount is recognised in the consolidated balance sheet if, and only if, the Group has a legally enforceable right to offset the amounts and it intends to settle the financial instruments on a net basis or to realise the financial asset and settle the financial liability simultaneously.SHARE CAPITALOrdinary shares are classified as equity. Additional costs that are directly attributable to the issuance of ordinary shares and share options are deducted from equity, after deducting any tax effects.Treasury shares: when share capital, classified as equity, is reacquired by the Company, the amount paid, including the directly attributable costs, is viewed as a change in equity. Purchased treasury shares are recognised as a deduction of equity. The profit or loss pursuant to the sale or cancellation of treasury shares is directly recognised in equity.Dividends are recognised as amounts payable in the period in which they are granted.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments to manage the exchange rate and interest risks deriving from operational, financial and investment activities. Under its treasury management policy, the Group does not use derivative financial instruments for trading purposes. Derivative financial instruments that do not meet the requirements of hedge accounting are, however, accounted for in the same way as derivatives held for trading purposes.Derivative financial instruments are initially measured at fair value. Attributable transaction costs are expensed in the income statement as incurred. Subsequent to initial recognition, these instruments are measured at fair value. The accounting treatment of the resulting profits or losses depends on the nature of the derivative financial instrument.The fair value of derivative financial instruments is the estimated amount that the Group will obtain or pay in an orderly transaction on the balance sheet date at the end of the contract in question, with reference to present interest and exchange rates and the creditworthiness of the counterparty.HEDGINGCash flow hedgesWhenever derivative financial instruments serve to hedge the variability in cash flows of a liability or a highly probable future transaction, the effective portion of the changes in fair value of these derivatives is recorded directly in equity. When the future transaction results in the recording of an asset or liability, the cumulative profits or losses are removed from equity and transferred to the carrying amount of the asset or liability. In the other case, the cumulative profits or losses are removed from equity and transferred to the income statement at the same time as the hedged transaction. The non-effective portion of profits and losses is recognised immediately in the income statement. Profits or losses deriving from changes in the time value of derivatives are not taken into consideration in determining the effectiveness of the hedging transaction and are recognised immediately in the income statement.At the initial recognition of a derivative financial instrument as a hedging instrument, the Group formally documents the relationship between hedging instrument(s) and hedged item(s), including its risk management goals and strategy when entering the hedging transaction, the risk to be hedged and the methods used to assess the effectiveness of the hedge relationship. When entering the hedge relationship and subsequently, the Group assesses whether, during the period for which the hedge is designated, the hedging instruments are expected to be \u2018highly effective\u2019 in offsetting the changes in fair value or cash flows allocated to the hedged position(s) and whether the actual results of each hedge are within the range of 80% to 125%. A cash flow hedge of an expected transaction requires that it is highly likely that the transaction will occur and that this transaction results in exposure to the variability of cash flows such that this can ultimately impact the reported profit or loss.Whenever a hedging instrument or hedge relationship is ended, but the hedged transaction has still not taken place, the cumulative gains or losses remain in equity and will be recognised in accordance with the above policies once the transaction takes place.When the hedged transaction is no longer likely, the cumulative gains or losses included in equity are immediately recorded in the income statement.Fair value hedgesHedge accounting is not applied to derivative instruments that are used for fair value hedging of foreign currency denominated monetary assets and liabilities. Changes in the fair value of such derivatives are recognised in the income statement as part of the foreign exchange gains and losses.PROPERTY, PLANT AND EQUIPMENTOWNED ASSETSItems of property, plant and equipment are measured at cost less accumulated depreciations and impairments (see below). The cost of self-constructed assets includes the cost price of the materials, direct employee benefit expenses, any costs of dismantling and removal of the asset and the costs of restoring the location where the asset is located. Where parts of an item of property, plant and equipment have different useful lives, these are accounted for as separate property, plant and equipment items. The fair value of the land and buildings from acquisition is established based on a valuation report or a concrete offer.Gains and losses on the sale of property, plant and equipment are determined by comparing the sales proceeds with the carrying amount of the assets and are recognised within \u2018Other operating income and expenses\u2019 in the income statement.SUBSEQUENT EXPENDITUREThe cost price of replacing part of property, plant and equipment is included in the carrying amount of the asset whenever it is probable that the future economic benefits relating to the assets will flow to the Group and the cost price of the assets can be measured reliably. The replaced part of property, plant and equipment will therefore be derecognised, and the result of the remaining carrying amount will be included in the income statement. The costs of the daily maintenance of property, plant and equipment are recognised in the income statement as and when incurred.DEPRECIATIONSDepreciations are charged to the income statement using the straight-line method over the expected useful life of the asset, and of the separately recorded major components of an asset. It begins when the asset is ready for its intended use. The residual value, useful lives and depreciation methods are reviewed annually. Land is not depreciated. The fair value adjustments for buildings from acquisition are depreciated over the estimated expected remaining useful life.The estimated useful lives are as follows:\u2022 Buildings: 30 years\u2022 Photovoltaic panels: 20 years\u2022 Building fixtures: 5 \u2013 15 years\u2022 Computers: 3 years\u2022 Machinery and equipment: 5 \u2013 10 years\u2022 Furniture and vehicles: 3 \u2013 10 years.LEASESThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. A contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time, in exchange for a consideration. Leases are recognised as right-of-use assets and the corresponding lease liabilities at the date on which the leased asset is available for use by the Group. The lease term considered in the calculation of the lease liabilities is determined on the basis of the underlying lease contracts, taking into account any extensions that can be estimated with reasonable certainty and whether or not to exercise an early termination option. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of the Group include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.The Group submits all its lease contracts to an extensive analysis to determine whether the contracts meet the lease definition. The Group has thereby decided to make use of the following exemptions:\u2022 Leases with a lease term of 12 months or less;\u2022 Leases for which the underlying asset has a limited value.The payments for the exempt leases are recognised as an expense in the income statement.RIGHT-OF-USE ASSETSRight-of-use assets are measured at the cost that includes:\u2022 Initial recognition of the lease liabilities;\u2022 Advance lease payments;\u2022 Initial direct costs;\u2022 Estimated costs for dismantling and repairs;\u2022 Deferred investment contributions. The right-of-use assets are depreciated on a straight-line basis, from the commencement date of the agreement, over the lease term, taking into account extensions that can be estimated with reasonable certainty. If the ownership of the leased asset is transferred to the Group at the end of the lease term or if the costs of the right-of-use assets reflect that the Group will exercise a purchase option, the right-of-use assets are depreciated over the useful life of the underlying asset. The useful life is determined in the same way as for other property, plant and equipment. In addition, the right-of-use assets are reduced by impairments where applicable and are adjusted for certain remeasurements to the lease liabilities. LEASE LIABILITIESLease liabilities are initially measured at the present value of future lease payments. Only the lease component of the payment is recognised. The lease payments are discounted at the rate implicit in the lease, or, if this is not available, at the average interest rate of the Group. As the Group makes use of a general financing policy, this is the average interest rate of the Group for external financing taking into account the credit standing of the Group, the parent company, rather than each individual subsidiary. Kinepolis Financial Services NV acts as an in-house bank for the entire Group. As a result, the interest rate is the interest rate that the Group would have to pay to obtain an asset with similar value to the right-of-use asset, taken into account in a similar economic environment, term and security. The discount rate is updated on a yearly basis and will be applied to new leases or for changes to lease agreements which are to be measured at a revised discount rate.Lease payments recognised in the valuation of the lease liabilities include:\u2022 Fixed lease payments;\u2022 Minimum variable lease payments based on an index or rate;\u2022 Amounts that are expected to be payable under a residual value guarantee;\u2022 The exercise price of a purchase option that the Group will exercise with reasonable certainty, lease payments in an optional extension period that the Group believes will be exercised with reasonable certainty, and penalties for early termination of a lease, unless the Group is reasonably certain that it will not end early. Lease liabilities are remeasured whenever there is a change in future lease payments as a result of a change in an index or a rate, if there is a change in the estimate of the amount that the Group will owe under a residual value guarantee, if the Group assesses whether or not it will exercise an option to purchase, extend or terminate, or if there is a change in expected future lease payments. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the right-of-use asset no longer has a carrying amount, this is recognised in the income statement when the lease liability decreases.All lease payments that expire within 12 months are recognised as current liabilities. All lease payments that expire after 12 months are recognised as non-current liabilities. Lease payments are split into the repayment of the lease liability and the financial interest cost. In the consolidated statement of cash flow, both can be found under \u2018Cash flow from financing activities\u2019. Interests are recognised as an expense in the income statement.LEASES AS LESSOR The Group leases out its investment properties and owned land and buildings. The Group has classified these leases as operating leases.For the leases in which the Group acts as a lessor, each of the leases must be classified as an operating or finance lease. A lease is classified as a finance lease if substantially all of the risks and rewards associated with ownership of an underlying asset are transferred. If this is not the case, the lease is recognised as an operational lease. The Group also leases out parts of leased buildings, which, under the application of IFRS 16, are recognised under Right-of-use assets (the so-called subleases). When the right-of-use of these assets is not fully transferred to the sublessee (which is the case, amongst others, when the rental period of the sublease is significantly shorter than the one of the head lease), these subleases are classified as operating sublease agreements and the rental income is recognised in the income statement on a straight-line basis over the lease term. The Group assessed the classification of the subleases with reference to the right-of-use assets rather than the underlying assets and concluded that all subleases are classified as operating leases. Income from leases, both fixed and variable, is recognised as lease income. The variable rent is recognised when it is highly probably that the lease income will be received. If an agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. We refer to the related accounting policies.INVESTMENT PROPERTYInvestment property is property that is held in order to earn lease income or for capital appreciation or both but is not intended for sale in the context of usual business operations, for use in the production, for delivery of goods or for administrative purposes.Investment property is measured at cost, less accumulated depreciations and impairments. The accounting policies for property, plant and equipment apply.Lease income from investment property is accounted for as described below in the accounting policy for revenue.IAS 40 requires real estate to be transferred to or from investment property whenever there is an actual change in use. A change in management intention alone does not support a transfer.INTANGIBLE ASSETS AND GOODWILLGOODWILLGoodwill arising from an acquisition is determined as the positive difference between the fair value of the consideration transferred plus the carrying amount of any non-controlling interest in the acquired entity, on the one hand, and the fair value of the acquired identifiable assets and liabilities, on the other. If this difference is negative, it is immediately recognised in the income statement.Goodwill is measured at cost less impairment losses. Goodwill is not amortised. Instead, it is subject to an annual impairment test.INTANGIBLE ASSETSIntangible assets acquired by the Group are measured at cost less accumulated amortisations and impairment losses (see below). Costs of internally generated goodwill and brands are recognised in the income statement as incurred. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or whenever there is a valid reason to do so. The indefinite life is reassessed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made prospectively.INTERNALLY GENERATED INTANGIBLE ASSETSDevelopment activities entail a plan or design to produce new or fundamentally improved products and processes. Internally developed intangible assets are capitalised whenever the development costs can be reliably determined, the product or process is technically and commercially feasible, the future economic benefits are probable, and the Group intends and has sufficient resources to complete the development and to actively use or sell it. The cost of internally generated intangible assets includes all costs directly attributable to the asset, primarily direct employee benefit expenses.Other development costs and expenditures for research activities are expensed to the income statement as and when incurred.SUBSEQUENT EXPENDITURESubsequent expenditure in respect of intangible assets is capitalised only when it increases the future economic benefits specific to the related asset. All other expenditure is expensed as incurred.AMORTISATIONSAmortisations are charged to the income statement by the straight-line method over the expected useful life of the intangible assets. Intangible assets are amortised from the date on which they are ready for their intended use. Their estimated useful life is 3 to 15 years. The residual value, useful lives and amortisation methods are reviewed annually.INVENTORIESInventories are measured at the lower of cost or net realisable value. The net realisable value is equal to the estimated sales price less the estimated costs of completion and selling expenses.The cost of inventories includes the costs incurred in acquiring the inventories and bringing them to their present location and condition. Inventories are measured according to the latest purchase price.IMPAIRMENT LOSSESThe carrying amounts of the non-financial assets of the Group, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indication of impairment, the recoverable amount of the asset is estimated. In case of goodwill and intangible assets with an indefinite useful life or which are not yet ready for their intended use, the recoverable amount is estimated at the same date each year. An impairment loss is recorded whenever the carrying amount of an asset, or the cash-generating unit to which the asset belongs, is higher than the recoverable amount.The recoverable amount is the higher of the value in use or the fair value less costs to sell. When determining the value in use, the discounted value of the estimated future cash flows is calculated using a proposed weighted average cost of capital, that reflects both the current market rate and the specific risks regarding the asset or the cash-generating unit. Where an asset does not generate significant cash flows by itself, the recoverable amount is determined based on the cash-generating unit to which the asset belongs. Goodwill acquired in a business combination is allocated to groups of cash generating units that are expected to benefit from the synergies of the combination.Impairment losses are recorded in the income statement. Impairment losses recorded with respect to cash-generating units are first deducted from the carrying amount of any goodwill assigned to cash-generating units (or groups of units), and then deducted proportionally from the carrying amount of the other assets of the unit (or group of units), excluding financial assets. An impairment is reversed when the reversal can be objectively linked to an event occurring after the impairment was recorded. A previously recorded impairment is reversed when a change has occurred in the estimates used to determine the recoverable value, but not in a higher amount than the net carrying amount that would have been determined if no impairment had been recorded in previous years. Goodwill impairments are not reversed.ASSETS CLASSIFIED AS HELD FOR SALENon-current assets (or groups of assets and liabilities being disposed of) for which the carrying amount is expected to be recovered mainly via a sales transaction and not through the continuing use thereof are classified as \u2018held for sale\u2019. Directly prior to this classification, the assets (or the components of a group of assets being disposed of) are remeasured in accordance with the financial accounting policies of the Group. Hereafter, the assets (or a group of assets to be disposed of) are measured on the basis of their carrying amount or, if lower, fair value less cost to sell. Non-current assets are no longer depreciated as soon as they are classified as held for sale. Any impairment loss on a group of assets being disposed of is allocated in the first place against goodwill and then, proportionally, against the remaining assets and liabilities, except that no impairments are allocated against inventories, financial assets, deferred tax assets and employee benefit assets, which will continue to be measured in accordance with the Group\u2019s accounting policies. Impairment losses on initial classification and gains and losses on subsequent measurement are recognised in the income statement.EMPLOYEE BENEFITSSHORT-TERM EMPLOYEE BENEFITSShort-term employment benefit obligations include wages, salaries and social security contributions, holiday pay, continued payment of wage in the event of illness, bonuses and benefits in kind. These are expensed when the services in question are provided. Some of the Group\u2019s employees are eligible for a bonus, based on personal performance and financial objectives. The amount of the bonus that is recognised in the income statement is based on an estimation at the balance sheet date.POST EMPLOYMENT BENEFITS Post employment benefits include the pension plans. The Group provides post employment remuneration for some of its employees in the form of \u2018defined contribution plans\u2019.OTHER LONG-TERM EMPLOYEE BENEFITSThe Group has an obligation in France to pay a retirement premium to employees upon their retirement. This compensation is also accounted for as a defined benefit plan.DEFINED CONTRIBUTION PLANSA defined contribution plan is a post employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined pension plans are recognised as an employee benefit expense in the income statement in the periods during which related services are rendered by employees.In Belgium, employers are obliged to guarantee a minimum return on defined contribution plans throughout the employee\u2019s career (Art. 24 of the Law of 28 April 2003 \u2013 WAP). To the extent that the legally guaranteed return is adequately covered by the insurance company, the Group has no further payment obligation towards the insurance company or the employee beyond the pension contributions, recognised through profit and loss in the year in which they are owed. As a consequence of this guaranteed minimum return, all Belgian plans with defined contributions under IFRS are qualified as defined benefit plans.The liability recognised on the balance sheet for these defined benefit plans is the current value of the future benefit obligations that employees have accrued in the fiscal year and previous years, minus the fair value of the fund investments. The liability is calculated periodically by an independent actuary using the \u2018projected unit credit method\u2019. The fair value of the fund investments is determined as the mathematical reserves that are accrued within the insured plans.Revaluations of the net liability arising from defined pension plans, which consist of actuarial profit and loss, the return on the fund investments (excluding interest) and the effect of the asset ceiling (if present, excluding interest), are recognised directly in other comprehensive income.The Group determines the net liability (the net asset) ensuing from defined contribution plans for the fiscal year using the discount rate employed to value the net liability (the net asset) at the beginning of the fiscal year, with due consideration for any changes to the net liability (the net asset) during the fiscal year as a consequence of contributions and pay-outs. Net interest charges and other charges with regard to defined contribution plans are recognised in profit and loss.If the pension entitlements arising from a plan are changed or a plan is restricted, the resulting change in entitlements regarding past service or the profit or loss on that restriction is recognised directly in profit or loss. The Group justifies profit or loss on the settlement of a defined contribution plan at the time of that settlement.SHARE-BASED PAYMENTS AND RELATED BENEFITSThe stock option plan enables Group employees to acquire shares of the Company. The option exercise price is equal to the average of the closing price of the underlying shares over thirty days prior to the date of offer. No compensation costs or liabilities are recognised.Share transactions with employees are charged to the income statement over the vesting period, based on the fair value on the date of offering, with a corresponding increase in equity. The fair value is determined using an option valuation model. The amount expensed is determined on the basis of the number of awards for which the service conditions are expected to be fulfilled.To hedge its liabilities within the framework of the allocation of stock options to its directors and executives, the Group buys back its treasury shares at the specific times those options are allocated. This can occur by means of several buybacks. These shares will be charged to equity on transaction date for the sum paid, including the related costs. When the options are exercised, treasury shares are derecognised by applying the FIFO-principle. The difference between the option exercise price and the average price of the shares in question is recognised directly in equity.TERMINATION BENEFITS Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits or, if earlier, when the Group recognises the restructuring expenses. If benefits are payable more than twelve months after the reporting date, they are then discounted to their present value.PROVISIONSA provision is recorded in the statement of financial position whenever the Group has an existing (legal or constructive) obligation as a result of a past event and where it is probable that the settlement of this obligation will result in an outflow of resources containing economic benefits. Where the effect is material, provisions are measured by discounting the expected future cash flows at a pre-tax discount rate that reflects both the current market assessment of the time value of money and, where applicable, the risks inherent to the obligation.SITE RESTORATIONIn accordance with the contractual obligations of the Group, a provision for site restoration is set up whenever the Group is obliged to restore land to its original condition.REVENUESALES OF GOODS AND SERVICESThe Group applies the 5-step model to include revenue in the income statement. When selling goods or services, the Group will recognise the proceeds of the amount to which the Group expects to be entitled in exchange for those goods or services. In order to apply this principle, the Group must go through the following steps:1. Identification of the contract with a customer;2. Identification of the performance obligations in the contract;3. Determination of the transaction price;4. Allocation of the transaction price to the performance obligations in the contract; and5. Recognition of revenue when the Company fulfils a performance obligation.More specifically, the Group will apply the following principles and recognition rules when selling goods and delivering services:\u2022 Box Office is the result of the sale of cinema tickets (and 3D glasses). Box Office sales are recognised as revenue on the date of the showing of the film they relate to;\u2022 In-theatre Sales (ITS) include all revenue from the sale of beverage, snacks and merchandising in the complexes. In-theatre sales are recognised as revenue at the checkout;\u2022 Revenue from the advance sale of tickets or other prepaid gift vouchers are recognised in current liabilities and are recognised as revenue when the ticket holder uses the ticket.\u2022 Gift vouchers that have not been exercised (\u2018breakage fees\u2019) are recognised as revenue, taking into account the expected non-redemption, and no later than the expiry date of the gift vouchers;\u2022 Revenue from exchange deals is recognised as revenue at the moment the service has been delivered;\u2022 Events (business-to-business) are recognised as revenue when the event takes place. If the event takes place over a longer period of time, the revenue is recognised in the income statement on a straight-line basis over the duration of the event;\u2022 Turnover resulting from screen advertising is recognised as revenue spread over the period (number of film days per month) in which the advertisement is shown;\u2022 Turnover from promotions (business-to-customer) is recognised as revenue when the promotion takes place;\u2022 The theatrical revenue from film distribution is recognised over the term of the film based on the number of visitors. The revenue from \u2018after theatrical rights\u2019 are recognised in the first period on the basis of usage, and in the following period on the basis of a fixed price that is recognised as one-off revenue when the rights are transferred. Whereas the Group does not act as an agent for revenue from \u2018theatrical and after theatrical rights\u2019, this revenue is not offset by the related costs.Supplier discounts (PET intervention, volume discounts, collaboration costs and media or marketing support) are deducted from the cost of sales or from marketing costs. LEASE INCOMELease income, both fixed and variable lease income, is recognised in the income statement on a straight-line basis over the lease period. This with the exception of Covid-19 related rent concessions, on amounts already invoiced in the past, which are recognised directly in the income statement. Lease incentives granted are regarded as an integral part of lease income.GOVERNMENT GRANTSGovernment grants are initially recognised at fair value whenever a reasonable certainty exists that they will be received and that the Group will comply with the conditions associated with them. FINANCIAL INCOMEFinancial income consists of interest received on investments, dividends, foreign exchange gains, the unwinding of receivables with regard to government grants and the profits on hedging instruments that are recognised in the income statement.Interest income is recognised in the income statement based on the effective interest method. Dividend income is included in the income statement on the date that the dividend is declared.Foreign exchange gains and losses are offset per currency.EXPENSESEXPENSES RELATED TO LEASES For leases that meet the requirements of IFRS 16, a depreciation expense linked to the right-of-use asset and an interest expense linked to the lease liability are recognised. These are recognised as expenses in the income statement.Leases that are exempted under IFRS 16 are recognised in the income statement using a straight-line method.FINANCIAL EXPENSESThe financial expenses comprise interest to be paid on loans, interest costs on lease liabilities, foreign exchange losses, the unwinding of discounts on non-current provisions and losses on hedging instruments that are recognised in the income statement.Interest charges are recognised based on the effective interest method.Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.Foreign exchange gains and losses are compensated per currency.INCOME TAX EXPENSESIncome tax expenses consist of current and deferred taxes. Income taxes are recorded in the income statement except where they relate to a business combination or elements recorded directly in equity. In this case, the income taxes are recognised directly in equity or goodwill.Current taxes consist of the expected tax payable on the taxable profit of the year, calculated using tax rates enacted or substantively enacted at the balance sheet date, as well as tax adjustments in respect of prior years. The amount of current income taxes is determined on the basis of the best estimate of the tax gain or expense, with due consideration for any uncertainty with regard to income tax. Additional income taxes resulting from issuing dividends are recognised simultaneously with the liability to pay the dividend in question.Deferred taxes are recorded based on the balance sheet method, for all temporary differences between the taxable base and the carrying amount for financial reporting purposes, for both assets and liabilities. No deferred taxes are recognised for the following temporary differences: \u2022 Initial recognition of assets and liabilities in a transaction that is not a business combination and that does not affect accounting or taxable profits;\u2022 Differences with regard to investments in subsidiaries to the extent that an offsetting entry is unlikely in the near future;\u2022 Taxable temporary differences that arise at the initial recognition of goodwill. The amount of the deferred taxes is based on expectations with regard to the realisation of the carrying value of the assets and liabilities, whereby the tax rates enacted or substantively enacted at the balance sheet date are used. A deferred tax asset is only recorded in the consolidated statement of financial position when it is probable that adequate future taxable profits are available against which the tax benefit can be utilised. Deferred tax assets are reduced whenever it is no longer probable that the related tax benefit will be realised.The deferred and current tax receivables and liabilities are offset per tax jurisdiction if the Group has a legal enforceable right to offset the amounts and it intends to settle the liability on a net basis, or to realise the receivable and the liability simultaneously.SEGMENT REPORTINGAn operating segment is a clearly distinguishable component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses in relation to transactions with any of the Group\u2019s other components. The Group is organised geographically. The different countries constitute operating segments, in accordance with the internal reporting to the CEO and CFO of the Group.NEW AND / OR AMENDMENTS TO STANDARDS AND INTERPRETATIONS NOT YET APPLIED BY THE GROUPA number of new standards, amendments to standards and interpretations are not yet effective for fiscal years ending per 31 December 2023 and have not been applied in the preparation of these consolidated financial statements.The amendments are not expected to have a significant impact on the Group\u2019s consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements:\u2022 Classification of liabilities as current and non-current (issued January 23, 2020);\u2022 Classification of liabilities as current and non-current \u2013 deferral of effective date (issued July 15, 2020); and\u2022 Non-current liabilities with covenants (issued October 31, 2022).Amendments to IAS 1 Presentation of Financial statements: classification of liabilities as current or con-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments:\u2022 Specify that an entity\u2019s right to defer settlement must exist at the end of the reporting period;\u2022 Clarify that classification is unaffected by management\u2019s intentions or expectations about whether the entity will exercise its right to defer settlement;\u2022 Clarify how lending conditions affect classification; and\u2022 Clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.On 15 July 2020, the IASB issued Classification of liabilities as current or non-current \u2013 deferral of effective date (amendment to IAS 1) deferring the effective date of the aforementioned amendments by one year.Amendments to IAS 1 Presentation of Financial Statements: non-current liabilities with covenants, issued 31 October 2022, specifies that covenants (i.e., conditions specified in a loan arrangement) to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the consolidated financial statements. All the amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. The amendments have not yet been endorsed by the EU.Amendments to IFRS 16 Leases: Lease Liability in a Sale-and-Leaseback, issued on 22 September 2022, introduce a new accounting model which will impact how a seller-lessee accounts for variable lease payments in a sale-and-leaseback transaction.Under this new accounting model for variable payments, a seller-lessee will:\u2022 Include estimated variable lease payments when it initially measures a lease liability arising from a sale-and-leaseback transaction; and\u2022 After initial recognition, apply the general requirements for subsequent accounting of the lease liability such that it recognizes no gain or loss relating to the right of use it retains.These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The amendments apply retrospectively for annual periods beginning on or after 1 January 2024 with early application permitted. These amendments have not yet been endorsed by the EU.Amendments to IAS 7 Cash Flow Statement and IFRS 7 Financial Instruments: disclosures: financing arrangements with suppliers, issued May 25, 2023, introduce additional disclosures for entities entering into financing arrangements with suppliers. The amendments are effective for fiscal years beginning on or after 1 January 2024, with early application permitted. However, in the year of initial application, an exemption is provided for certain disclosures. These amendments have not yet been adopted by the EU.Amendments to IAS 21 The effects of changes in foreign exchange rates: lack of exchangeability, issued August 15, 2023, clarify when a currency is exchangeable into another currency (or not). When a currency is not convertible, the entity estimates a constant exchange rate. This estimate aims to reflect the rate that would have been applicable on the date of the transaction in a regular exchange transaction between market participants given prevailing economic conditions. The adjustments contain no specific requirements for estimating a spot rate. As a result of the adjustments, entities will need to provide new disclosures to assess the impact of using an estimated exchange rate on the financial statements. The adjustments are effective for fiscal years beginning on or after January 2025, with early adoption pitted. These adjustments have not yet been adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__5": {
"value": "1. Material accounting policiesKinepolis Group NV (the \u2018Company\u2019) is a company established in Belgium. The consolidated financial statements of Kinepolis Group for the year ending 31 December 2023 include the Company and its subsidiaries (together referred to as the \u2018Group\u2019). These consolidated financial statements were approved for publication by the Board of Directors on 19 March 2024.STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as published by the International Accounting Standards Board (IASB) and adopted by the European Union until 31 December 2023.BASIS OF PREPARATIONThe consolidated financial statements are presented in Euro, rounded to the nearest thousand. In certain cases, rounding up or down can lead to a non-material deviation of the total amount. The consolidated financial statements were drawn up on a historical cost basis, apart from the following assets and liabilities, which are recorded at fair value: derivative financial instruments, contingent considerations and financial assets measured at fair value through other comprehensive income. In accordance with IFRS 5, assets classified as held for sale are measured at the lower of their carrying amount and fair value, less costs to sell.The accounting policies have been applied consistently across the Group. They are consistent with those applied in the previous financial period.The amendments to standards applicable as of 1 January 2023 gave no cause to change the Group\u2019s accounting policies and have no material impact on the consolidated financial statements.The preparation of the financial statements under IFRS requires management to make judgements, estimates and assumptions that influence the application of the policies and the reported amounts of assets and liabilities, income, and expenses.The estimates and related assumptions are based on past experience and on various other factors that are considered reasonable in the given circumstances. The outcomes of these form the basis for the judgement as to the carrying amount of assets and liabilities when this is not evident from other sources.Actual results can differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of estimates are recognised in the period in which the estimates are revised if the revision affects only this period, or in the revision period and future periods if the revision affects both the reporting period and future periods.Judgements, estimates and assumptions are made, among other things, when:\u2022 Determining the useful life of intangible assets and property, plant and equipment (see the related accounting policies);\u2022 Assessing the necessity of and estimating impairment losses on intangible assets, goodwill, property, plant and equipment, right-of-use assets and investment property;\u2022 Recording and calculating provisions;\u2022 Assessing the degree to which losses carried forward will be used in the future;\u2022 Determining the term of the leases under IFRS 16;\u2022 Determining the fair value of share-based compensation based on an option pricing model.The estimates and assumptions with a significant probability of causing a material adjustment to the value of the assets and liabilities during the next financial period are stated below.IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions regarding, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.PROVISIONSThe estimates and judgements that most impact the amount of the provisions are the estimated costs and the expected likelihood and timing of the cash outflows. They are based on the most recent available information at balance sheet date. We refer to note 23 for the relevant assumptions.RECOVERABILITY OF DEFERRED TAX ASSETSDeferred tax assets for unused tax losses will only be recognised if future taxable profits will be available to be able to recover these losses (based on budgets and estimates). The budgets and estimates are further expanded to future expected taxable profits in order to analyse the recoverability of the losses and credits. The actual tax result may differ from the assumption made when the deferred tax was recorded. For more information we refer to note 13.LEASES (IFRS 16): DETERMINING THE TERM OF A LEASEA contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time in exchange for a consideration. When determining the term of a lease, the Group took into account any possible extension options and whether or not to exercise an early termination option. This is assessed for each contract separately. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made. For more information we refer to note 27.Other assumptions and estimates will be discussed in the respective notes where they are used.BASIS OF CONSOLIDATIONBUSINESS COMBINATIONSA business combination is defined as a transaction or other event in which the Group obtains control of one or more businesses. The Group shall determine whether a transaction or other event is a business combination by applying the definition, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. A business generally consists of inputs, processes applied to those inputs and the ability to contribute to the creation of outputs. To determine whether an acquired set of activities and assets is a business or not, the Group may use a concentration test. This is a simplified assessment that will result in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If the Group does not apply the concentration test, or the test is failed, then the assessment focuses on the existence of substantive processes.Business combinations are accounted for using the acquisition method on the date when control is transferred to the Group (see Basis of Consolidation \u2013 Subsidiaries). The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see Intangible assets \u2013 Goodwill). Any gain on an advantageous purchase is immediately recognised in profit or loss. Transaction costs are expensed as incurred.The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay a contingent consideration meets the definition of a financial instrument classified as equity, no subsequent remeasurement occurs and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the income statement. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree\u2019s employees (acquiree\u2019s awards), and if they relate to services provided in the past, then all or a portion of the amount of the acquirer\u2019s replacement awards is included in measuring the consideration transferred in the business combination. The determination is based on the market value of the replacement awards compared with the market value of the acquiree\u2019s awards and the extent to which the replacement awards relate to services provided before the business combination.SUBSIDIARIESSubsidiaries are those entities over which the Company exercises control. Control means that the Company is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect these returns through its power over the entity.The financial statements of subsidiaries are recognised in the consolidated financial statements from the date that control commences, until the date that control ceases.Losses realised by subsidiaries with non-controlling interests are proportionally allocated to the non-controlling interests in these subsidiaries, even if this means that the non-controlling interests display a negative balance.If the Group no longer has control over a subsidiary, all assets and liabilities of the subsidiary, any non-controlling interests and other equity components with regard to the subsidiary are derecognised. As a result of the loss of control, certain components are recorded in the income statement. Any remaining interest in the former subsidiary will be recognised at fair value on the date of the loss of control, after which it will be recognised as an associated company or as a financial asset measured at fair value, depending on the level of control retained.ACQUISITION OF NON-CONTROLLING INTERESTSThe acquisition of non-controlling interests in a subsidiary does not lead to the recognition of goodwill, as this is considered a transaction between shareholders and is recognised directly in equity. The non-controlling interests are adjusted based on the proportional part in the equity of the subsidiary.TRANSACTIONS ELIMINATED ON CONSOLIDATION Intercompany balances and transactions, along with any unrealised gains and losses on transactions within the Group or gains or losses from such transactions, are eliminated in the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated proportionally to the Group\u2019s interest in the investee.Unrealised losses are eliminated in the same way as unrealised gains, but only where there is no indication of impairment.FOREIGN CURRENCYTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are translated to the relevant functional currency of the Group entities at the exchange rate on the transaction date. Monetary assets and liabilities expressed on the balance sheet date in foreign currencies are translated to the functional currency at the exchange rate on the balance sheet date. Non-monetary assets and liabilities expressed in foreign currency are translated at the exchange rate on the transaction date. Non-monetary assets and liabilities in foreign currencies measured at fair value are translated to the functional currency at the exchange rates on the date on which the fair value was determined. Exchange\ue61frate differences that arise in the translation are immediately recognised in the income statement, except\ue61ffor: \u2022 Exchange rate differences arising from the translation of the net investment in foreign operations, and from loans and other currency instruments intended as hedges of such investments, included in other comprehensive income;\u2022 Qualifying cash flow hedges to the extent that the hedges are effective.Advance payments in foreign currencies are translated at the exchange rate on the transaction date specified in IFRIC 22. The transaction date, as a basis for determining the exchange rate, is set on the initial date on which the non-monetary assets and liabilities are recognised. If multiple advance payments are applicable, a transaction date is determined for each advance payment. FINANCIAL STATEMENTS IN FOREIGN CURRENCIESAssets and liabilities relating to foreign operations, including goodwill and fair value adjustments on acquisition, are translated to Euro at the exchange rate on the balance sheet date. Income and expenses of foreign entities are translated to Euro at exchange rates approaching the exchange rates prevailing on the transaction dates.The exchange differences arising from the translation are recognised directly in equity, under translation reserve.If the settlement of monetary receivables from, or payables to foreign entities is neither planned nor likely in the foreseeable future, exchange rate gains and losses on these monetary items are deemed to be part of the net investment in these foreign entities, and are recognised in other comprehensive income, under the translation differences. Translation differences that arise from the revaluation of non-current loans from foreign subsidiaries with a different functional currency are also included in other comprehensive income in equity, as they form part of a net investment hedge of the participating interests in the same subsidiaries. The potential repayments of these loans are not considered to be a realisation of the net investment. Consequently, no reclassification to the income statement takes place.FINANCIAL INSTRUMENTSIssued loans, receivables and deposits, issued debt instruments and loans received are initially recognised by the Group on the date they originated. All other financial assets and liabilities are initially recognised on the transaction date. The transaction date is the date on which the contractual terms of the instrument become binding for the Group.IFRS 9 has three classifications for financial assets: measured at amortised cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. This classification is based on the \u2018business model\u2019 in which the financial assets are managed, and on the contractual cash flows that result from these financial assets. The business model used to manage the financial assets determines whether the cash flow results from:\u2022 A contractual cash flow;\u2022 A sale of financial assets; or\u2022 A combination of both.This contractual cash flow may relate to payments of the principal amount (capital) and interest on the outstanding amount. NON-DERIVATIVE FINANCIAL INSTRUMENTSNon-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.Non-derivative financial instruments are initially recognised at fair value plus (or minus for loans and borrowings), for instruments not measured at fair value with changes in value recognised through profit or loss, any directly attributable transaction costs. After the initial recognition, non-derivative financial instruments are measured as described below.Financial assets measured at amortised costFinancial assets are measured at amortised cost when the business model aims to hold the financial assets to obtain the contractual cash flows. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount and on specific dates.After the initial recognition, these financial assets are measured at amortised cost using the effective interest method, less impairment losses, if any.Significant financial assets measured at amortised cost are individually tested for impairment. The other financial assets measured at amortised cost are classified in groups with comparable credit risk characteristics and are assessed collectively. When assessing whether there is a collective impairment, the Group uses historical trends regarding the likelihood that payment obligations will not be fulfilled, the time period within which collection occurs, and the level of the losses incurred. The outcomes are adjusted if management judges that the current economic and credit circumstances are such that it is likely that the actual losses will be higher or lower than the historical trends imply.An impairment loss is determined as the difference between the carrying amount and the present value of the expected future cash flows, discounted at the original effective interest rate of the asset. Current receivables are not discounted. Impairment losses are recognised in the income statement. If an event leads to a reduction of the impairment, this reduction is reversed through profit or loss.Financial assets measured at amortised cost include cash and cash equivalents, which are cash and deposits with a residual maturity of less than three months and where the risk of changes in fair value is negligible. Bank overdrafts, which are an integral part of the Group\u2019s cash management, are viewed as part of cash and cash equivalents in the presentation of the statement of cash flow.Financial assets measured at fair value through other comprehensive income Financial assets are measured at fair value, with the recognition of changes in value through other comprehensive income when the business model aims to both hold the financial assets to obtain the contractual cash flows and to sell the financial assets. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount. In addition, the Group can make the irrevocable choice to measure equity instruments that are measured at fair value through profit or loss at fair value through other comprehensive income. This choice is irrevocable and is only allowed to eliminate or limit an inconsistency in the measurement on initial recognition.These financial assets measured at fair value through other comprehensive income are measured at fair value after initial recognition. Gains and losses resulting from the change in fair value of a participating interest that is classified as a financial asset measured at fair value through other comprehensive income are recognised directly via equity. When the participating interest is sold, disposed, or otherwise disposed of, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss. When repayments are made on the financial assets, or when the carrying amount of the participating interest is written off due to an impairment, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss, but to retained earnings. Impairment losses on financial assets recognised at fair value through other comprehensive income are only recognised for debt instruments. In accordance with IFRS 9, there are no impairment losses for equity instruments. The impairment losses on debt instruments are recognised by transferring the accumulated loss in the fair value reserve in equity to profit or loss. The amount of the cumulative loss transferred from equity to profit or loss is equal to the difference between the acquisition price, less any repayment of the principal amount, and the actual fair value, less any impairment loss that has already been recognised in profit or loss.If in a subsequent period the fair value of a financial asset measured at fair value through other comprehensive income increases, the recovered amount is recognised in other comprehensive income. Financial assets measured at fair value through other comprehensive income include investments in equity securities, i.e., participating interests in companies over which the Group has no control or significant influence.Financial assets measured at fair value through profit or lossFinancial assets are measured at fair value through profit or loss if the conditions of the above categories are not met, or if the Group irrevocably chooses debt instruments that are measured at fair value through other comprehensive income to be measured at fair value through profit or loss account. This choice is irrevocable and is only allowed in order to eliminate or limit an inconsistency in the valuation on initial recognition.After initial recognition, these financial assets are measured at fair value with fair value changes through profit or loss. Financial liabilitiesFinancial liabilities can be classified as financial liabilities at amortised cost or as financial liabilities at fair value with the recognition of changes in value through profit or loss. After initial recognition, the first category is measured at amortised cost using the effective interest method, including any interest expense, while the second is measured at fair value with fair value changes through profit or loss.Expected credit lossesImpairment losses on financial assets are determined as\ue61ffollows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination based on expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial assetsThe Group derecognises a financial asset when (i) the contractual rights to the cash flows arising from the financial asset expire, (ii) it transfers the rights to the cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or (iii) in a transaction in which the Group neither transfers nor retains the risks and benefits, but no longer retains control of the financial asset.When the Group enters into a transaction in which it transfers financial assets that are included in the balance sheet but retains substantially all risks and benefits of the transferred assets, the transferred assets remain recognised in the balance sheet.Financial liabilitiesThe Group derecognises a financial liability when the contractual obligations are terminated or expired. The Group also derecognises a financial liability if the conditions are changed and the cash flows of the changed financial liability are significantly different, in which case a new financial liability is recognised at fair value based on the changed conditions.When a financial liability is derecognised, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the income statement.OFFSETTINGThe financial assets and financial liabilities are offset and the net amount is recognised in the consolidated balance sheet if, and only if, the Group has a legally enforceable right to offset the amounts and it intends to settle the financial instruments on a net basis or to realise the financial asset and settle the financial liability simultaneously.SHARE CAPITALOrdinary shares are classified as equity. Additional costs that are directly attributable to the issuance of ordinary shares and share options are deducted from equity, after deducting any tax effects.Treasury shares: when share capital, classified as equity, is reacquired by the Company, the amount paid, including the directly attributable costs, is viewed as a change in equity. Purchased treasury shares are recognised as a deduction of equity. The profit or loss pursuant to the sale or cancellation of treasury shares is directly recognised in equity.Dividends are recognised as amounts payable in the period in which they are granted.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments to manage the exchange rate and interest risks deriving from operational, financial and investment activities. Under its treasury management policy, the Group does not use derivative financial instruments for trading purposes. Derivative financial instruments that do not meet the requirements of hedge accounting are, however, accounted for in the same way as derivatives held for trading purposes.Derivative financial instruments are initially measured at fair value. Attributable transaction costs are expensed in the income statement as incurred. Subsequent to initial recognition, these instruments are measured at fair value. The accounting treatment of the resulting profits or losses depends on the nature of the derivative financial instrument.The fair value of derivative financial instruments is the estimated amount that the Group will obtain or pay in an orderly transaction on the balance sheet date at the end of the contract in question, with reference to present interest and exchange rates and the creditworthiness of the counterparty.HEDGINGCash flow hedgesWhenever derivative financial instruments serve to hedge the variability in cash flows of a liability or a highly probable future transaction, the effective portion of the changes in fair value of these derivatives is recorded directly in equity. When the future transaction results in the recording of an asset or liability, the cumulative profits or losses are removed from equity and transferred to the carrying amount of the asset or liability. In the other case, the cumulative profits or losses are removed from equity and transferred to the income statement at the same time as the hedged transaction. The non-effective portion of profits and losses is recognised immediately in the income statement. Profits or losses deriving from changes in the time value of derivatives are not taken into consideration in determining the effectiveness of the hedging transaction and are recognised immediately in the income statement.At the initial recognition of a derivative financial instrument as a hedging instrument, the Group formally documents the relationship between hedging instrument(s) and hedged item(s), including its risk management goals and strategy when entering the hedging transaction, the risk to be hedged and the methods used to assess the effectiveness of the hedge relationship. When entering the hedge relationship and subsequently, the Group assesses whether, during the period for which the hedge is designated, the hedging instruments are expected to be \u2018highly effective\u2019 in offsetting the changes in fair value or cash flows allocated to the hedged position(s) and whether the actual results of each hedge are within the range of 80% to 125%. A cash flow hedge of an expected transaction requires that it is highly likely that the transaction will occur and that this transaction results in exposure to the variability of cash flows such that this can ultimately impact the reported profit or loss.Whenever a hedging instrument or hedge relationship is ended, but the hedged transaction has still not taken place, the cumulative gains or losses remain in equity and will be recognised in accordance with the above policies once the transaction takes place.When the hedged transaction is no longer likely, the cumulative gains or losses included in equity are immediately recorded in the income statement.Fair value hedgesHedge accounting is not applied to derivative instruments that are used for fair value hedging of foreign currency denominated monetary assets and liabilities. Changes in the fair value of such derivatives are recognised in the income statement as part of the foreign exchange gains and losses.PROPERTY, PLANT AND EQUIPMENTOWNED ASSETSItems of property, plant and equipment are measured at cost less accumulated depreciations and impairments (see below). The cost of self-constructed assets includes the cost price of the materials, direct employee benefit expenses, any costs of dismantling and removal of the asset and the costs of restoring the location where the asset is located. Where parts of an item of property, plant and equipment have different useful lives, these are accounted for as separate property, plant and equipment items. The fair value of the land and buildings from acquisition is established based on a valuation report or a concrete offer.Gains and losses on the sale of property, plant and equipment are determined by comparing the sales proceeds with the carrying amount of the assets and are recognised within \u2018Other operating income and expenses\u2019 in the income statement.SUBSEQUENT EXPENDITUREThe cost price of replacing part of property, plant and equipment is included in the carrying amount of the asset whenever it is probable that the future economic benefits relating to the assets will flow to the Group and the cost price of the assets can be measured reliably. The replaced part of property, plant and equipment will therefore be derecognised, and the result of the remaining carrying amount will be included in the income statement. The costs of the daily maintenance of property, plant and equipment are recognised in the income statement as and when incurred.DEPRECIATIONSDepreciations are charged to the income statement using the straight-line method over the expected useful life of the asset, and of the separately recorded major components of an asset. It begins when the asset is ready for its intended use. The residual value, useful lives and depreciation methods are reviewed annually. Land is not depreciated. The fair value adjustments for buildings from acquisition are depreciated over the estimated expected remaining useful life.The estimated useful lives are as follows:\u2022 Buildings: 30 years\u2022 Photovoltaic panels: 20 years\u2022 Building fixtures: 5 \u2013 15 years\u2022 Computers: 3 years\u2022 Machinery and equipment: 5 \u2013 10 years\u2022 Furniture and vehicles: 3 \u2013 10 years.LEASESThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. A contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time, in exchange for a consideration. Leases are recognised as right-of-use assets and the corresponding lease liabilities at the date on which the leased asset is available for use by the Group. The lease term considered in the calculation of the lease liabilities is determined on the basis of the underlying lease contracts, taking into account any extensions that can be estimated with reasonable certainty and whether or not to exercise an early termination option. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of the Group include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.The Group submits all its lease contracts to an extensive analysis to determine whether the contracts meet the lease definition. The Group has thereby decided to make use of the following exemptions:\u2022 Leases with a lease term of 12 months or less;\u2022 Leases for which the underlying asset has a limited value.The payments for the exempt leases are recognised as an expense in the income statement.RIGHT-OF-USE ASSETSRight-of-use assets are measured at the cost that includes:\u2022 Initial recognition of the lease liabilities;\u2022 Advance lease payments;\u2022 Initial direct costs;\u2022 Estimated costs for dismantling and repairs;\u2022 Deferred investment contributions. The right-of-use assets are depreciated on a straight-line basis, from the commencement date of the agreement, over the lease term, taking into account extensions that can be estimated with reasonable certainty. If the ownership of the leased asset is transferred to the Group at the end of the lease term or if the costs of the right-of-use assets reflect that the Group will exercise a purchase option, the right-of-use assets are depreciated over the useful life of the underlying asset. The useful life is determined in the same way as for other property, plant and equipment. In addition, the right-of-use assets are reduced by impairments where applicable and are adjusted for certain remeasurements to the lease liabilities. LEASE LIABILITIESLease liabilities are initially measured at the present value of future lease payments. Only the lease component of the payment is recognised. The lease payments are discounted at the rate implicit in the lease, or, if this is not available, at the average interest rate of the Group. As the Group makes use of a general financing policy, this is the average interest rate of the Group for external financing taking into account the credit standing of the Group, the parent company, rather than each individual subsidiary. Kinepolis Financial Services NV acts as an in-house bank for the entire Group. As a result, the interest rate is the interest rate that the Group would have to pay to obtain an asset with similar value to the right-of-use asset, taken into account in a similar economic environment, term and security. The discount rate is updated on a yearly basis and will be applied to new leases or for changes to lease agreements which are to be measured at a revised discount rate.Lease payments recognised in the valuation of the lease liabilities include:\u2022 Fixed lease payments;\u2022 Minimum variable lease payments based on an index or rate;\u2022 Amounts that are expected to be payable under a residual value guarantee;\u2022 The exercise price of a purchase option that the Group will exercise with reasonable certainty, lease payments in an optional extension period that the Group believes will be exercised with reasonable certainty, and penalties for early termination of a lease, unless the Group is reasonably certain that it will not end early. Lease liabilities are remeasured whenever there is a change in future lease payments as a result of a change in an index or a rate, if there is a change in the estimate of the amount that the Group will owe under a residual value guarantee, if the Group assesses whether or not it will exercise an option to purchase, extend or terminate, or if there is a change in expected future lease payments. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the right-of-use asset no longer has a carrying amount, this is recognised in the income statement when the lease liability decreases.All lease payments that expire within 12 months are recognised as current liabilities. All lease payments that expire after 12 months are recognised as non-current liabilities. Lease payments are split into the repayment of the lease liability and the financial interest cost. In the consolidated statement of cash flow, both can be found under \u2018Cash flow from financing activities\u2019. Interests are recognised as an expense in the income statement.LEASES AS LESSOR The Group leases out its investment properties and owned land and buildings. The Group has classified these leases as operating leases.For the leases in which the Group acts as a lessor, each of the leases must be classified as an operating or finance lease. A lease is classified as a finance lease if substantially all of the risks and rewards associated with ownership of an underlying asset are transferred. If this is not the case, the lease is recognised as an operational lease. The Group also leases out parts of leased buildings, which, under the application of IFRS 16, are recognised under Right-of-use assets (the so-called subleases). When the right-of-use of these assets is not fully transferred to the sublessee (which is the case, amongst others, when the rental period of the sublease is significantly shorter than the one of the head lease), these subleases are classified as operating sublease agreements and the rental income is recognised in the income statement on a straight-line basis over the lease term. The Group assessed the classification of the subleases with reference to the right-of-use assets rather than the underlying assets and concluded that all subleases are classified as operating leases. Income from leases, both fixed and variable, is recognised as lease income. The variable rent is recognised when it is highly probably that the lease income will be received. If an agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. We refer to the related accounting policies.INVESTMENT PROPERTYInvestment property is property that is held in order to earn lease income or for capital appreciation or both but is not intended for sale in the context of usual business operations, for use in the production, for delivery of goods or for administrative purposes.Investment property is measured at cost, less accumulated depreciations and impairments. The accounting policies for property, plant and equipment apply.Lease income from investment property is accounted for as described below in the accounting policy for revenue.IAS 40 requires real estate to be transferred to or from investment property whenever there is an actual change in use. A change in management intention alone does not support a transfer.INTANGIBLE ASSETS AND GOODWILLGOODWILLGoodwill arising from an acquisition is determined as the positive difference between the fair value of the consideration transferred plus the carrying amount of any non-controlling interest in the acquired entity, on the one hand, and the fair value of the acquired identifiable assets and liabilities, on the other. If this difference is negative, it is immediately recognised in the income statement.Goodwill is measured at cost less impairment losses. Goodwill is not amortised. Instead, it is subject to an annual impairment test.INTANGIBLE ASSETSIntangible assets acquired by the Group are measured at cost less accumulated amortisations and impairment losses (see below). Costs of internally generated goodwill and brands are recognised in the income statement as incurred. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or whenever there is a valid reason to do so. The indefinite life is reassessed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made prospectively.INTERNALLY GENERATED INTANGIBLE ASSETSDevelopment activities entail a plan or design to produce new or fundamentally improved products and processes. Internally developed intangible assets are capitalised whenever the development costs can be reliably determined, the product or process is technically and commercially feasible, the future economic benefits are probable, and the Group intends and has sufficient resources to complete the development and to actively use or sell it. The cost of internally generated intangible assets includes all costs directly attributable to the asset, primarily direct employee benefit expenses.Other development costs and expenditures for research activities are expensed to the income statement as and when incurred.SUBSEQUENT EXPENDITURESubsequent expenditure in respect of intangible assets is capitalised only when it increases the future economic benefits specific to the related asset. All other expenditure is expensed as incurred.AMORTISATIONSAmortisations are charged to the income statement by the straight-line method over the expected useful life of the intangible assets. Intangible assets are amortised from the date on which they are ready for their intended use. Their estimated useful life is 3 to 15 years. The residual value, useful lives and amortisation methods are reviewed annually.INVENTORIESInventories are measured at the lower of cost or net realisable value. The net realisable value is equal to the estimated sales price less the estimated costs of completion and selling expenses.The cost of inventories includes the costs incurred in acquiring the inventories and bringing them to their present location and condition. Inventories are measured according to the latest purchase price.IMPAIRMENT LOSSESThe carrying amounts of the non-financial assets of the Group, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indication of impairment, the recoverable amount of the asset is estimated. In case of goodwill and intangible assets with an indefinite useful life or which are not yet ready for their intended use, the recoverable amount is estimated at the same date each year. An impairment loss is recorded whenever the carrying amount of an asset, or the cash-generating unit to which the asset belongs, is higher than the recoverable amount.The recoverable amount is the higher of the value in use or the fair value less costs to sell. When determining the value in use, the discounted value of the estimated future cash flows is calculated using a proposed weighted average cost of capital, that reflects both the current market rate and the specific risks regarding the asset or the cash-generating unit. Where an asset does not generate significant cash flows by itself, the recoverable amount is determined based on the cash-generating unit to which the asset belongs. Goodwill acquired in a business combination is allocated to groups of cash generating units that are expected to benefit from the synergies of the combination.Impairment losses are recorded in the income statement. Impairment losses recorded with respect to cash-generating units are first deducted from the carrying amount of any goodwill assigned to cash-generating units (or groups of units), and then deducted proportionally from the carrying amount of the other assets of the unit (or group of units), excluding financial assets. An impairment is reversed when the reversal can be objectively linked to an event occurring after the impairment was recorded. A previously recorded impairment is reversed when a change has occurred in the estimates used to determine the recoverable value, but not in a higher amount than the net carrying amount that would have been determined if no impairment had been recorded in previous years. Goodwill impairments are not reversed.ASSETS CLASSIFIED AS HELD FOR SALENon-current assets (or groups of assets and liabilities being disposed of) for which the carrying amount is expected to be recovered mainly via a sales transaction and not through the continuing use thereof are classified as \u2018held for sale\u2019. Directly prior to this classification, the assets (or the components of a group of assets being disposed of) are remeasured in accordance with the financial accounting policies of the Group. Hereafter, the assets (or a group of assets to be disposed of) are measured on the basis of their carrying amount or, if lower, fair value less cost to sell. Non-current assets are no longer depreciated as soon as they are classified as held for sale. Any impairment loss on a group of assets being disposed of is allocated in the first place against goodwill and then, proportionally, against the remaining assets and liabilities, except that no impairments are allocated against inventories, financial assets, deferred tax assets and employee benefit assets, which will continue to be measured in accordance with the Group\u2019s accounting policies. Impairment losses on initial classification and gains and losses on subsequent measurement are recognised in the income statement.EMPLOYEE BENEFITSSHORT-TERM EMPLOYEE BENEFITSShort-term employment benefit obligations include wages, salaries and social security contributions, holiday pay, continued payment of wage in the event of illness, bonuses and benefits in kind. These are expensed when the services in question are provided. Some of the Group\u2019s employees are eligible for a bonus, based on personal performance and financial objectives. The amount of the bonus that is recognised in the income statement is based on an estimation at the balance sheet date.POST EMPLOYMENT BENEFITS Post employment benefits include the pension plans. The Group provides post employment remuneration for some of its employees in the form of \u2018defined contribution plans\u2019.OTHER LONG-TERM EMPLOYEE BENEFITSThe Group has an obligation in France to pay a retirement premium to employees upon their retirement. This compensation is also accounted for as a defined benefit plan.DEFINED CONTRIBUTION PLANSA defined contribution plan is a post employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined pension plans are recognised as an employee benefit expense in the income statement in the periods during which related services are rendered by employees.In Belgium, employers are obliged to guarantee a minimum return on defined contribution plans throughout the employee\u2019s career (Art. 24 of the Law of 28 April 2003 \u2013 WAP). To the extent that the legally guaranteed return is adequately covered by the insurance company, the Group has no further payment obligation towards the insurance company or the employee beyond the pension contributions, recognised through profit and loss in the year in which they are owed. As a consequence of this guaranteed minimum return, all Belgian plans with defined contributions under IFRS are qualified as defined benefit plans.The liability recognised on the balance sheet for these defined benefit plans is the current value of the future benefit obligations that employees have accrued in the fiscal year and previous years, minus the fair value of the fund investments. The liability is calculated periodically by an independent actuary using the \u2018projected unit credit method\u2019. The fair value of the fund investments is determined as the mathematical reserves that are accrued within the insured plans.Revaluations of the net liability arising from defined pension plans, which consist of actuarial profit and loss, the return on the fund investments (excluding interest) and the effect of the asset ceiling (if present, excluding interest), are recognised directly in other comprehensive income.The Group determines the net liability (the net asset) ensuing from defined contribution plans for the fiscal year using the discount rate employed to value the net liability (the net asset) at the beginning of the fiscal year, with due consideration for any changes to the net liability (the net asset) during the fiscal year as a consequence of contributions and pay-outs. Net interest charges and other charges with regard to defined contribution plans are recognised in profit and loss.If the pension entitlements arising from a plan are changed or a plan is restricted, the resulting change in entitlements regarding past service or the profit or loss on that restriction is recognised directly in profit or loss. The Group justifies profit or loss on the settlement of a defined contribution plan at the time of that settlement.SHARE-BASED PAYMENTS AND RELATED BENEFITSThe stock option plan enables Group employees to acquire shares of the Company. The option exercise price is equal to the average of the closing price of the underlying shares over thirty days prior to the date of offer. No compensation costs or liabilities are recognised.Share transactions with employees are charged to the income statement over the vesting period, based on the fair value on the date of offering, with a corresponding increase in equity. The fair value is determined using an option valuation model. The amount expensed is determined on the basis of the number of awards for which the service conditions are expected to be fulfilled.To hedge its liabilities within the framework of the allocation of stock options to its directors and executives, the Group buys back its treasury shares at the specific times those options are allocated. This can occur by means of several buybacks. These shares will be charged to equity on transaction date for the sum paid, including the related costs. When the options are exercised, treasury shares are derecognised by applying the FIFO-principle. The difference between the option exercise price and the average price of the shares in question is recognised directly in equity.TERMINATION BENEFITS Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits or, if earlier, when the Group recognises the restructuring expenses. If benefits are payable more than twelve months after the reporting date, they are then discounted to their present value.PROVISIONSA provision is recorded in the statement of financial position whenever the Group has an existing (legal or constructive) obligation as a result of a past event and where it is probable that the settlement of this obligation will result in an outflow of resources containing economic benefits. Where the effect is material, provisions are measured by discounting the expected future cash flows at a pre-tax discount rate that reflects both the current market assessment of the time value of money and, where applicable, the risks inherent to the obligation.SITE RESTORATIONIn accordance with the contractual obligations of the Group, a provision for site restoration is set up whenever the Group is obliged to restore land to its original condition.REVENUESALES OF GOODS AND SERVICESThe Group applies the 5-step model to include revenue in the income statement. When selling goods or services, the Group will recognise the proceeds of the amount to which the Group expects to be entitled in exchange for those goods or services. In order to apply this principle, the Group must go through the following steps:1. Identification of the contract with a customer;2. Identification of the performance obligations in the contract;3. Determination of the transaction price;4. Allocation of the transaction price to the performance obligations in the contract; and5. Recognition of revenue when the Company fulfils a performance obligation.More specifically, the Group will apply the following principles and recognition rules when selling goods and delivering services:\u2022 Box Office is the result of the sale of cinema tickets (and 3D glasses). Box Office sales are recognised as revenue on the date of the showing of the film they relate to;\u2022 In-theatre Sales (ITS) include all revenue from the sale of beverage, snacks and merchandising in the complexes. In-theatre sales are recognised as revenue at the checkout;\u2022 Revenue from the advance sale of tickets or other prepaid gift vouchers are recognised in current liabilities and are recognised as revenue when the ticket holder uses the ticket.\u2022 Gift vouchers that have not been exercised (\u2018breakage fees\u2019) are recognised as revenue, taking into account the expected non-redemption, and no later than the expiry date of the gift vouchers;\u2022 Revenue from exchange deals is recognised as revenue at the moment the service has been delivered;\u2022 Events (business-to-business) are recognised as revenue when the event takes place. If the event takes place over a longer period of time, the revenue is recognised in the income statement on a straight-line basis over the duration of the event;\u2022 Turnover resulting from screen advertising is recognised as revenue spread over the period (number of film days per month) in which the advertisement is shown;\u2022 Turnover from promotions (business-to-customer) is recognised as revenue when the promotion takes place;\u2022 The theatrical revenue from film distribution is recognised over the term of the film based on the number of visitors. The revenue from \u2018after theatrical rights\u2019 are recognised in the first period on the basis of usage, and in the following period on the basis of a fixed price that is recognised as one-off revenue when the rights are transferred. Whereas the Group does not act as an agent for revenue from \u2018theatrical and after theatrical rights\u2019, this revenue is not offset by the related costs.Supplier discounts (PET intervention, volume discounts, collaboration costs and media or marketing support) are deducted from the cost of sales or from marketing costs. LEASE INCOMELease income, both fixed and variable lease income, is recognised in the income statement on a straight-line basis over the lease period. This with the exception of Covid-19 related rent concessions, on amounts already invoiced in the past, which are recognised directly in the income statement. Lease incentives granted are regarded as an integral part of lease income.GOVERNMENT GRANTSGovernment grants are initially recognised at fair value whenever a reasonable certainty exists that they will be received and that the Group will comply with the conditions associated with them. FINANCIAL INCOMEFinancial income consists of interest received on investments, dividends, foreign exchange gains, the unwinding of receivables with regard to government grants and the profits on hedging instruments that are recognised in the income statement.Interest income is recognised in the income statement based on the effective interest method. Dividend income is included in the income statement on the date that the dividend is declared.Foreign exchange gains and losses are offset per currency.EXPENSESEXPENSES RELATED TO LEASES For leases that meet the requirements of IFRS 16, a depreciation expense linked to the right-of-use asset and an interest expense linked to the lease liability are recognised. These are recognised as expenses in the income statement.Leases that are exempted under IFRS 16 are recognised in the income statement using a straight-line method.FINANCIAL EXPENSESThe financial expenses comprise interest to be paid on loans, interest costs on lease liabilities, foreign exchange losses, the unwinding of discounts on non-current provisions and losses on hedging instruments that are recognised in the income statement.Interest charges are recognised based on the effective interest method.Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.Foreign exchange gains and losses are compensated per currency.INCOME TAX EXPENSESIncome tax expenses consist of current and deferred taxes. Income taxes are recorded in the income statement except where they relate to a business combination or elements recorded directly in equity. In this case, the income taxes are recognised directly in equity or goodwill.Current taxes consist of the expected tax payable on the taxable profit of the year, calculated using tax rates enacted or substantively enacted at the balance sheet date, as well as tax adjustments in respect of prior years. The amount of current income taxes is determined on the basis of the best estimate of the tax gain or expense, with due consideration for any uncertainty with regard to income tax. Additional income taxes resulting from issuing dividends are recognised simultaneously with the liability to pay the dividend in question.Deferred taxes are recorded based on the balance sheet method, for all temporary differences between the taxable base and the carrying amount for financial reporting purposes, for both assets and liabilities. No deferred taxes are recognised for the following temporary differences: \u2022 Initial recognition of assets and liabilities in a transaction that is not a business combination and that does not affect accounting or taxable profits;\u2022 Differences with regard to investments in subsidiaries to the extent that an offsetting entry is unlikely in the near future;\u2022 Taxable temporary differences that arise at the initial recognition of goodwill. The amount of the deferred taxes is based on expectations with regard to the realisation of the carrying value of the assets and liabilities, whereby the tax rates enacted or substantively enacted at the balance sheet date are used. A deferred tax asset is only recorded in the consolidated statement of financial position when it is probable that adequate future taxable profits are available against which the tax benefit can be utilised. Deferred tax assets are reduced whenever it is no longer probable that the related tax benefit will be realised.The deferred and current tax receivables and liabilities are offset per tax jurisdiction if the Group has a legal enforceable right to offset the amounts and it intends to settle the liability on a net basis, or to realise the receivable and the liability simultaneously.SEGMENT REPORTINGAn operating segment is a clearly distinguishable component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses in relation to transactions with any of the Group\u2019s other components. The Group is organised geographically. The different countries constitute operating segments, in accordance with the internal reporting to the CEO and CFO of the Group.NEW AND / OR AMENDMENTS TO STANDARDS AND INTERPRETATIONS NOT YET APPLIED BY THE GROUPA number of new standards, amendments to standards and interpretations are not yet effective for fiscal years ending per 31 December 2023 and have not been applied in the preparation of these consolidated financial statements.The amendments are not expected to have a significant impact on the Group\u2019s consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements:\u2022 Classification of liabilities as current and non-current (issued January 23, 2020);\u2022 Classification of liabilities as current and non-current \u2013 deferral of effective date (issued July 15, 2020); and\u2022 Non-current liabilities with covenants (issued October 31, 2022).Amendments to IAS 1 Presentation of Financial statements: classification of liabilities as current or con-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments:\u2022 Specify that an entity\u2019s right to defer settlement must exist at the end of the reporting period;\u2022 Clarify that classification is unaffected by management\u2019s intentions or expectations about whether the entity will exercise its right to defer settlement;\u2022 Clarify how lending conditions affect classification; and\u2022 Clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.On 15 July 2020, the IASB issued Classification of liabilities as current or non-current \u2013 deferral of effective date (amendment to IAS 1) deferring the effective date of the aforementioned amendments by one year.Amendments to IAS 1 Presentation of Financial Statements: non-current liabilities with covenants, issued 31 October 2022, specifies that covenants (i.e., conditions specified in a loan arrangement) to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the consolidated financial statements. All the amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. The amendments have not yet been endorsed by the EU.Amendments to IFRS 16 Leases: Lease Liability in a Sale-and-Leaseback, issued on 22 September 2022, introduce a new accounting model which will impact how a seller-lessee accounts for variable lease payments in a sale-and-leaseback transaction.Under this new accounting model for variable payments, a seller-lessee will:\u2022 Include estimated variable lease payments when it initially measures a lease liability arising from a sale-and-leaseback transaction; and\u2022 After initial recognition, apply the general requirements for subsequent accounting of the lease liability such that it recognizes no gain or loss relating to the right of use it retains.These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The amendments apply retrospectively for annual periods beginning on or after 1 January 2024 with early application permitted. These amendments have not yet been endorsed by the EU.Amendments to IAS 7 Cash Flow Statement and IFRS 7 Financial Instruments: disclosures: financing arrangements with suppliers, issued May 25, 2023, introduce additional disclosures for entities entering into financing arrangements with suppliers. The amendments are effective for fiscal years beginning on or after 1 January 2024, with early application permitted. However, in the year of initial application, an exemption is provided for certain disclosures. These amendments have not yet been adopted by the EU.Amendments to IAS 21 The effects of changes in foreign exchange rates: lack of exchangeability, issued August 15, 2023, clarify when a currency is exchangeable into another currency (or not). When a currency is not convertible, the entity estimates a constant exchange rate. This estimate aims to reflect the rate that would have been applicable on the date of the transaction in a regular exchange transaction between market participants given prevailing economic conditions. The adjustments contain no specific requirements for estimating a spot rate. As a result of the adjustments, entities will need to provide new disclosures to assess the impact of using an estimated exchange rate on the financial statements. The adjustments are effective for fiscal years beginning on or after January 2025, with early adoption pitted. These adjustments have not yet been adopted by the EU.2. Segment reportingSegment information is given for the Group\u2019s geographic segments. The geographic segments reflect the countries in which the Group operates. The prices for intersegment transactions are determined on a business-like, objective basis. The segment information was drawn up in accordance with IFRS.Segment results, assets and liabilities of a particular segment include those items that can be attributed, either directly or reasonably, to that segment.Financial income and expenses and income tax expenses and their related assets and liabilities (excluding Lease liabilities) are not monitored by segment by the Group\u2019s CEO and CFO.The capital expenditures of a segment are all costs incurred during the reporting period to acquire assets that are expected to remain in use in the segment for longer than one reporting period.GEOGRAPHIC SEGMENTSThe Group\u2019s activities are managed and monitored on a country basis. The main geographic markets are Belgium, France, Canada, Spain, the Netherlands, United States and Luxembourg. The Polish and Swiss activities are combined in the \u2018Other\u2019 geographical segment, in accordance with the internal reporting to the CEO and CFO of the Group.In presenting information on the basis of geographic segments, revenue from the segment is based on the geographic location of the customers. The basis used for the assets of the segments is the geographic location of the assets.INCOME STATEMENTIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Segment revenue 192 972 88 450 144 519 56 158 67 145 62 205 19 237 4 731 635 419Intersegment revenue -29 828 -115 -29 944Revenue 163 144 88 335 144 519 56 158 67 145 62 205 19 237 4 731 605 475Cost of sales -102 554 -61 682 -118 827 -43 949 -51 894 -51 526 -12 118 -2 557 -445 105Gross result 60 590 26 653 25 693 12 210 15 251 10 680 7 120 2 174 160 370Marketing and selling expenses -11 613 -2 645 -7 425 -2 056 -1 769 -1 376 -1 130 -104 -28 119Administrative expenses -17 481 -1 247 -6 482 -948 -1 296 -2 095 -218 -414 -30 179Other operating income 166 2 223 349 699 61 1 729 244 14 5 485Other operating expenses -442 -390 -676 -1 -19 -7 -24 -1 558Segment result 31 220 24 594 11 458 9 904 12 228 8 931 5 992 1 671 105 999Financial income 2 772 2 772Financial expenses -32 999 -32 999Result before tax 75 771Income tax expenses -19 697 -19 697RESULT FOR THE PERIOD 56 075BALANCE SHEET \u2013 ASSETSIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Intangible assets 5 206 907 2 800 317 75 1 630 22 10 957Goodwill 6 586 15 870 33 960 22 015 34 057 49 924 5 844 6 502 174 757Property, plant and equipment 53 992 83 748 68 659 45 483 119 018 72 231 11 238 8 072 462 441Right-of-use assets 8 682 32 653 175 178 38 099 17 003 42 705 4 168 318 487Investment property 6 721 8 706 15 426Deferred tax assets 16 139 16 139Non-current tax assets 1 653 1 653Other receivables 1 4 222 199 1 051 5 5 478Other financial assets 27 27Non-current assets 74 466 137 399 280 796 113 686 170 153 166 490 21 276 23 280 17 819 1 005 365Inventories 2 751 782 1 560 634 1 158 332 187 65 7 469Trade and other receivables 16 934 7 745 6 828 2 448 2 879 3 002 1 271 228 41 334Current tax assets 10 279 10 279Derivative financial 278 278instrumentsAssets held for sale 921 921Cash and cash equivalents 101 381 101 381Current assets 19 685 8 527 9 308 3 081 4 037 3 334 1 458 293 111 938 161 662SEGMENT ASSETS 94 150 145 926 290 105 116 767 174 190 169 824 22 734 23 573 129 757 1 167 027BALANCE SHEET \u2013 EQUITY AND LIABILITIESIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Share capital and share 20 106 20 106premiumConsolidated reserves 171 518 171 518Translation reserve 2 209 2 209Equity attributable to the 193 834 193 834owners of the Company 11 11Non-controlling interests 193 844 193 844Loans and borrowings 383 695 383 695Lease liabilities 6 640 31 210 185 752 36 648 15 650 43 342 3 954 323 196Provisions for employee 77 842 919benefitsProvisions 1 555 176 189 1 920Deferred tax liabilities 9 952 9 952Other payables 70 5 662 583 63 6 378Non-current liabilities 8 342 37 890 185 941 37 231 15 713 43 342 3 954 393 646 726 059Bank overdrafts 113 113Loans and borrowings 96 000 96 000Lease liabilities 2 190 3 112 17 036 3 846 4 120 3 585 502 34 391Trade and other payables 42 868 20 545 23 291 7 690 9 417 7 133 2 966 726 114 637Provisions 67 31 98Current tax liabilities 1 884 1 884Current liabilities 45 125 23 657 40 327 11 536 13 568 10 719 3 468 726 97 997 247 123SEGMENT EQUITY AND 53 467 61 547 226 269 48 767 29 281 54 060 7 422 726 685 488 1 167 027LIABILITIESCAPITAL EXPENDITUREIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)CAPITAL EXPENDITURE 7 875 5 813 8 077 4 141 1 746 6 107 2 113 152 36 024NON-CASH ELEMENTSIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Depreciations, amortisations, 11 220 11 370 26 887 7 999 11 132 10 659 1 747 -148 80 865impairments and provisionsOthers 2 227 2 227TOTAL 13 447 11 370 26 887 7 999 13 132 10 659 1 747 -148 83 092INCOME STATEMENTIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Segment revenue 153 868 67 915 122 777 41 378 57 859 49 305 14 961 3 493 511 556Intersegment revenue -11 588 -59 -11 647Revenue 142 280 67 856 122 777 41 378 57 859 49 305 14 961 3 493 499 908Cost of sales -91 180 -48 777 -109 808 -35 351 -44 524 -43 015 -9 816 -3 003 -385 473Gross result 51 100 19 079 12 969 6 027 13 335 6 290 5 145 491 114 436Marketing and selling expenses -9 873 -2 516 -5 814 -1 956 -1 553 -760 -915 -98 -23 486Administrative expenses -15 618 -1 899 -6 013 -1 006 -1 257 -1 723 -235 -359 -28 109Other operating income 69 922 2 539 1 025 957 59 53 5 624Other operating expenses -13 -22 -65 -10 -362 -14 -485Segment result 25 665 15 565 3 615 4 080 11 121 3 866 4 034 33 67 980Financial income 851 851Financial expenses -31 138 -31 138Result before tax 37 694Income tax expenses -10 159 -10 159RESULT FOR THE PERIOD 27 535BALANCE SHEET \u2013 ASSETSIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Intangible assets 5 302 911 2 839 264 124 1 941 28 11 408Goodwill 6 586 13 708 34 396 22 015 34 057 51 762 5 844 6 502 174 870Property, plant and equipment 55 503 85 556 75 496 46 179 125 763 76 048 10 395 7 571 482 512Right-of-use assets 6 276 24 979 191 308 39 653 19 470 47 389 4 387 333 462Investment property 691 6 721 8 466 15 878Deferred tax assets 21 142 21 142Non-current tax assets 1 653 1 653Derivative financial 349 349instrumentsOther receivables 2 3 616 231 1 037 11 4 896Other financial assets 27 27Non-current assets 73 669 128 770 304 962 115 867 179 414 177 140 20 664 22 540 23 171 1 046 197Inventories 3 333 607 1 502 577 943 555 131 39 7 688Trade and other receivables 17 863 8 577 5 204 2 420 3 636 1 776 1 478 94 41 050Current tax assets 6 810 6 810Cash and cash equivalents 67 751 67 751Current assets 21 197 9 185 6 706 2 998 4 579 2 331 1 609 133 74 561 123 299SEGMENT ASSETS 94 866 137 955 311 667 118 865 183 993 179 471 22 273 22 673 97 733 1 169 496BALANCE SHEET \u2013 EQUITY AND LIABILITIESIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Share capital and share 20 106 20 106premiumConsolidated reserves 130 009 130 009Translation reserve 7 603 7 603Equity attributable to the 157 719 157 719owners of the Company -91 -91Non-controlling interests 157 628 157 628Loans and borrowings 463 193 463 193Lease liabilities 4 121 23 938 199 514 37 512 18 825 47 352 4 112 335 375Provisions for employee 28 763 791benefitsProvisions 1 679 223 192 2 093Deferred tax liabilities 11 133 11 133Other payables 111 4 402 3 465 63 5 044Non-current liabilities 5 938 29 327 199 709 37 977 18 888 47 352 4 112 474 326 817 629Loans and borrowings 28 378 28 378Lease liabilities 2 087 2 339 18 387 3 671 4 299 3 698 515 34 996Trade and other payables 52 856 21 801 23 163 9 012 10 573 6 434 3 224 669 127 732Provisions 47 126 173Current tax liabilities 2 960 2 960Current liabilities 54 990 24 141 41 551 12 682 14 998 10 132 3 738 669 31 338 194 239SEGMENT EQUITY AND 60 928 53 467 241 260 50 660 33 886 57 483 7 851 669 663 291 1 169 496LIABILITIESCAPITAL EXPENDITUREIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)CAPITAL EXPENDITURE 5 629 7 436 5 736 2 876 1 679 3 737 603 60 27 756NON-CASH ELEMENTSIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Depreciations, amortisations, 11 552 10 101 29 493 7 700 10 662 10 397 1 686 680 82 269impairments and provisionsOthers -145 -145TOTAL 11 407 10 101 29 493 7 700 10 662 10 397 1 686 680 82 1243. RevenueThe table below shows the breakdown of revenue by activity, product or service offered by the Group:IN \u2019000 \u20ac20222023Box Office 260 884 318 612In-theatre Sales 155 202 192 795Business-to-Business 60 210 63 494Brightfish 7 388 12 395Film distribution 4 764 4 800Technical department 48 68TOTAL IFRS 15 488 496 592 164Real estate 11 412 13 311TOTAL 499 908 605 475Total revenue amounted to \u20ac 605.5 million in 2023, an increase with 21.1% compared to 2022. Visitor related revenue (ticket sales, drinks and snacks) increased by 22.9%, thanks to the growth in visitor numbers and increased sales per visitor. Kinepolis also recorded an increase in revenue in all other business lines.Revenue from ticket sales (Box Office, BO) increased by 22.1%, to \u20ac 318.6 million. BO revenue per visitor increased by 1.3%. This increase was seen in nearly all countries, thanks in part to the success of premium cinema experiences and inflation-compensating price increases. Revenue from the sale of drinks and snacks (In-theatre Sales, ITS) increased by 24.2% to \u20ac 192.8 million. ITS revenue per visitor rose by 3.5% (excluding home delivery revenue), thanks to higher consumption per visitor and inflation compensating price increases in almost all countries.B2B revenue increased by 5.5%, both in terms of revenue from events and screen advertising revenue. Real estate income increased by 16.6% thanks to an increase in variable rental income, mainly parking income, the impact of annual indexations as well as income from owned concessions.The turnover of Brightfish, the Belgian screen advertising agency, increased by 67.8%, mainly due to the growth of screen advertising and local events such as \u2018Alors on Chante\u2019, \u2018Kom op tegen Kanker\u2019 and Cinevox.Kinepolis Film Distribution (KFD) remained stable at \u20ac\ue61f4.8\ue61fmillion, supported by succesful local releases such as \u2018Het\ue61fSmelt\u2019 and \u2018WIL\u2019 in 2023 and thanks to the long cinema run of successful films released at the end of 2022 (\u2018Zillion\u2019, \u2018De\ue61fAcht Bergen\u2019).Revenue from Box Office and In-theatre Sales (which together represented 84.4% of total revenue) are directly linked to the evolution of the visitors. These in turn depend on the number of films produced, their success with the customer and external factors, such as competitive activities, weather conditions and exceptional events. Consequently, the number of visitors, and therefore the turnover, can be very volatile. For more information regarding the risks involved, we refer to \u2018Description of the main business risks\u2019 in the \u2018Corporate Governance Statement\u2019 section.B2B consists of three products: sales of vouchers, sales of cinema advertising and sales of film and non-film related events. Film related events make up the bulk of B2B and are closely related to the line-up and the number of films produced and their potential success. The sale of vouchers and cinema advertising strongly depend on the macro- economic climate and business confidence.The Brightfish results are highly dependent on the macro-economic climate, the advertising spending mainly in the FMCG industry and the share of cinema and marketing campaigns of the major advertisers. Depending on the pricing in other media such as online and TV, this can fluctuate widely.The results for film distribution depend on the number and success of the Flemish productions of which Kinepolis Film Distribution (KFD) owns the rights, combined with the international releases of which Kinepolis Film Distribution owns the rights for the Belgian and Luxembourg territory, together with Dutch Filmworks (DFW).4. Other operating income and expensesOTHER OPERATING INCOMEIN \u2019000 \u20ac20222023Government grants 725 2 311Government grants and support measures due to the Covid-19 pandemic 1 148 1 588Rent concessions due to the Covid-19 pandemic 2 810 94Capital gains on disposal of property, plant and equipment and investment property 379 49Other grants \u2013 not Covid-19 related 427 828Others 135 616TOTAL 5 624 5 485GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities on the balance sheet, and are taken into the result over the useful life of the related assets, at \u20ac\ue61f2.2 million in 2023 (2021: \u20ac 0.7 million). We refer to note 24.In Spain, Kinepolis received capital grants from the government in 2023 (\u20ac 0.1 million) to finance investment projects for innovation, digitalisation and audio visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). The grants are recorded on the balance sheet as liabilities, and are recognised in the result over the useful life of the related assets. We refer to note 24.GOVERNMENT GRANTS AND SUPPORT MEASURES AS A\ue61fRESULT OF THE COVID-19 PANDEMICAs a result of the outbreak of the Covid-19 pandemic, governments, in the various countries where Kinepolis operates, and the CNC in France have decided to provide support measures. The Group obtained in 2023 non-directly attributable or general grants for \u20ac 1.6 million in the United States, linked to employee retention during the Covid-19 period. Throughout 2022 the Group obtained \u20ac 1.1 million (Spain: \u20ac 0.8 million, Canada: \u20ac 0.4 million, France: \u20ac 0.2 million and Belgium: \u20ac -0.2 million).RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICIn addition, the Group obtained \u20ac 0.1 million rent concessions in 2023 (2022: \u20ac 2.8 million) as a direct result of the Covid-19 pandemic. This relates to the lease of land and buildings in Canada (2022: \u20ac 1.9 million). The rent concessions obtained are only included in \u2018Other operating income\u2019 if the conditions of Covid-19-related rent concessions (amendments to IFRS 16) are met. In\ue61f2023, the allocation of these lease concessions is extinguished in line with the positive development of the\ue61fCovid-19 pandemic.OTHER SUBSIDIES \u2013 NOT COVID-19 RELATEDFurthermore, in 2023, the Group also obtained \u20ac 0.8 million (Spain: \u20ac 0.6 million and Luxembourg \u20ac\ue61f0.2 million) in other subsidies. Through 2022, the Group obtained \u20ac\ue61f0.4\ue61fmillion (The Netherlands: \u20ac 0.3 million and Belgium\ue61f\u20ac\ue61f0.1 million).CAPITAL GAINS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTYIn May 2022, Kinepolis sold an unused part of land at the complex in Adrian (US). In addition, in December 2022, the \u2018old\u2019 Canadian complex Fort McMurray (a newbuild complex opened in 2018), classified as Investment property, was sold. A capital gain of \u20ac 0.3 million was realised for the sale of both. In 2023, the capital gain was linked to several smaller realisations of tangible assets.OTHER OPERATING EXPENSESIN \u2019000 \u20ac20222023Losses on disposal of property, plant and equipment -21 -437Losses on disposal of trade receivables -40 -365Others -424 -756TOTAL -485 -1 558The change in other operating expenses in 2023 compared to 2022 is mainly caused by the closure of the cinemas Landmark Kitchener with 12 theaters, Landmark Brooks with 1 theater and Cineast Enschede with 3 theaters, and the resulting write-downs, decommissioning costs and capital losses on realisations.5. Employee benefit expenses and other social benefitsIN \u2019000 \u20ac20222023Wages and salaries -65 098 -72 165Mandatory social security contributions -11 723 -13 383Employer contributions to employee insurances -1 081 -1 039Share-based payments 145 -2 227Other employee benefit expenses -2 532 -2 820TOTAL -80 288 -91 635Total full-time equivalents at the balance sheet date 1 982 1 976The number of FTE\u2019s decreased slightly with 0.3% in 2023 compared to 2022 (1,976 against 1,982 in 2022), mainly in Canada and Spain. In the other countries, the number of FTE\u2019s is slightly increasing.The increase of personnel costs is mostly due to salary increases, and also to an increase of share based payments and a higher provision for KPI bonusses.In 2022, the Group received \u20ac 2.3 million in wage subsidies. Grants obtained as compensation for directly attributable costs, such as employee benefit expenses, are taken directly in the income statement, deducted from the related costs. In\ue61f2023, a wage subsidy was obtained in the United States related to employee retention in prior years. The\ue61fgrant\ue61fwas\ue61fnot recorded as a deduction from personnel expenses, but as \u2018other operating income\u2019 (see Note 4) since this grant does not relate to directly attributable personnel expenses of the current fiscal year. The share-based payments are related to the options granted in two option plans, the 2016 plan to expire in 2024, and a new option plan in 2023. The expenses are mainly linked to this new option plan. We refer to note 20 for more information.For more information regarding employee benefits we refer to note 22.6. Additional information on operating expenses by natureThe table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.7. Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772The increase in financial income is mainly linked to an increase in interest income on bank deposits. In 2023, as in 2022, the foreign exchange gains mainly relate to the fluctuations of the Canadian Dollar against the Euro. In 2023 those foreign exchange gains relate to realised gains.FINANCIAL EXPENSESIN \u2019000 \u20ac20222023Interest expenses -15 258 -16 412Interest expenses on lease liabilities -10 369 -9 566Foreign exchange losses -304 -516Impairments on tax shelter investments -188Others -5 208 -6 318TOTAL -31 138 -32 998The increase in interest expenses is explained by higher interest rates in 2023 compared to 2022, as well as a higher withdrawal of Commercial Paper, partially offset by lower interest expenses due to lower use of the revolving credit and loan repayments through 2022. The higher interest expenses were compensated by higher interest income, due to the increase of the obtained interest rates on bank depositos (compared to 2022, where the obtained interest was 0%).The interest expenses attributed to lease liabilities amounted to \u20ac 9.6 million (2022: \u20ac 10.4 million). For more information we refer to note 27.The exchange rate losses mainly relate to the fluctuations of the Canadian Dollar against the Euro for the non-realised exchange losses (2022; fluctuations of the American Dollar against the Euro).The costs related to refinancing are included in the result via the effective interest method and are part of the other financial expenses. For more information we refer to notes 21 and 26. The impact on the income statement per refinancing round can be found in the table below: RECOGNISED IN INCOME RECOGNISED IN INCOME OUTSTANDING POSITION PER IN \u2019000 \u20acTOTAL COSTSTATEMENT IN 2022STATEMENT IN 202331 DECEMBER 2023 Refinancing 2012 1 096 -14 -14 13Refinancing 2015 1 663 -141 -65 75Refinancing 2016 45 -3 -3 2Refinancing 2017 450 -50 -50 146Refinancing 2019 1 708 -259 -259 585Refinancing 2021 449 -110 -110 0TOTAL 5 411 -577 -501 906The remaining other financial expenses in 2023 and 2022 mainly relate to bank charges. The bank charges are partly volume-related, with the result that this increase is partly explained by the increase in the number of visitors.8. Income tax expensesIN \u2019000 \u20ac20222023Current tax expenses -8 441 -15 694Deferred tax expenses -1 718 -4 003TOTAL -10 159 -19 697Total income taxes have almost doubled in 2023 compared to 2022, mainly due to the doubling of the result before income taxes. The effective tax rate was 25.99% in 2023 (2022: 26.95%). The change in effective tax rate is due to several offsetting effects. The main effects are the tax losses for which no deferred tax asset was recognised (\u20ac 0.3 million against \u20ac 0.1 million in 2022), a timing difference in the taxation of revenue and deductibility of charges that will be taxed in a later period (\u20ac 0.3 million in Poland and France), the decrease of disallowed expenses (\u20ac\ue61f0.1 million lower than in 2022 or a decrease from 2.0% to 0.9% of the result before taxes); partially nullified by the increase of non-deductible charges for the new option plan (\u20ac +0.6 million in 2023).EFFECTIVE TAX RATE RECONCILIATIONIN \u2019000 \u20ac20222023Result before tax 37.69 4 75.771Belgian tax rate 25.00% 25.00%Income taxes using the local tax rate -9 424 -18 943Effect of tax rates in foreign jurisdictions -19 50Disallowed expenses -781 -542Tax-exempt income 25 310Losses for which no deferred tax asset is recognised -2 11Use of unrecognised losses and tax losses for which no deferred tax asset was recognised 74 269Non deductible expenses for option plans 36 -557Under / (over) provision in prior periods -141 -311Change in law and tax rate in the Netherlands 37 0Change in average tax rate in Canada 32 0Other adjustments 3 16TOTAL INCOME TAX EXPENSES -10 159 -19 697Effective tax rate 26.95% 25.99%9. Intangible assetsPATENTS INTERNALLY GENERATED IN \u2019000 \u20acOTHERSTOTALAND LICENSESINTANGIBLE ASSETSAcquisition value 22 083 6 457 5 007 33 547Amortisations and impairment losses -16 969 -1 421 -4 028 -22 418NET CARRYING AMOUNT AT 31/12/2021 5 114 5 036 979 11 129Acquisitions 2 067 314 2 381Amortisations -1 680 -134 -389 -2 203Effect of exchange rate fluctuations 22 79 101Acquisition value 24 189 6 550 5 320 36 059Amortisations and impairment losses -18 665 -1 568 -4 417 -24 650NET CARRYING AMOUNT AT 31/12/2022 5 524 4 982 903 11 408Acquisitions 2 115 4 192 2 311Sales and disposals -303 -39 -342Acquisition through business combinations 13 13Amortisations -1 833 -126 -376 -2 335Effect of exchange rate fluctuations -17 -85 -102Acquisition value 26 352 6 432 3 959 36 742Amortisations and impairment losses -20 851 -1 656 -3 279 -25 786NET CARRYING AMOUNT AT 31/12/2023 5 501 4 776 680 10 957The patents and licenses mainly comprise software purchased from third parties. The internally generated intangible assets mainly concern the changes to the Group\u2019s ticketing system software, partially due to the various loyalty programs, and the back-office software.The \u2018Other\u2019 category includes the trade name \u2018Landmark Cinemas\u2019, which amounts to \u20ac 2.8 million (2022: \u20ac 2.8 million). The trade name has an indefinite useful life. The trade name was retained with the acquisition of Landmark Cinemas in 2017, as this is the second largest cinema group in Canada. Further organic growth on the Canadian market and the marketing of the existing cinemas is carried out under the name \u2018Landmark Cinemas\u2019. In addition, this category also contains the trade name \u2018MJR Theatres\u2019 for \u20ac 1.2 million (2022: \u20ac 1.4 million) with a definite useful life.The acquisitions amount to \u20ac 2.3 million in 2023 (2022: \u20ac\ue61f2.4 million) and mainly concern investments in various software used by the Group, such as developments of various loyalty programs and the corresponding modifications to the ticketing system software, as well as investments in IT infrastructure. These consist of the internal hours worked for \u20ac 0.2 million and purchases from third parties for \u20ac 2.1 million.10. Non-financial assets and business combinationsIMPAIRMENT TESTAt the end of 2023, as every year, a review was conducted to ensure that there were no indications that non-financial assets might be impaired. In doing so, management monitors impairment tests, as always, at the country level. This is also the level at which the organization is monitored for internal management purposes. These tests considered, as\ue61fevery year, the economic situation, geopolitical changes, inflation and cost increases, the expected evolution of visitor figures, EBITDA, free cash flow and the\ue61fcomponents that determine the Group\u2019s assumed weighted average cost of\ue61fcapital, in particular the risk-free\ue61finterest rate, the market risk premium and the cost of\ue61fdebt.An annual impairment test must always be performed for cash-generating units to which goodwill is allocated, and for intangible assets with an indefinite useful life, regardless of whether there are indications of impairment. With respect to the carrying amount of intangible assets with indefinite useful life allocated to the cash-generating unit \u2018Canada\u2019, we refer to note 9.Each year, the data from the budget for the next year is taken as the basis for the next 20 years for all cash-generating units. The latest estimates for 2023 were taken as the basis for the impairment test, and the budget has the following characteristics:\u2022 The visitor numbers, which are the most important driver, are based on a lower number of visitors (-5% visitors compared to the 2023 budget). In principle, this exercise is carried out annually, with the aim of making the Company look for measures to increase profitability, and thereby lower the break-even point. The Company does not assume that visitor numbers will decrease by 5% but, by working with this visitor evolution, the operational entities of the Group are forced to think about how they can increase the contribution per visitor and the total, in order to compensate for the difference in visitors. For 2024, the United States Is expected to see a further growth in visitors of 16% compared to 2023 \u2013 which amounts to 85% of the visitors In 2019 \u2013 before growing further by 17% In 2025 and thus reaching the visitor level of 2019. This assumption regarding visitor numbers is assumed because MJR Digital Cinemas in the United States was not acquired until late 2019 and the integration into the Group was delayed due to the Covid-19 pandemic. As a result, the rollout of the Kinepolis way of working on the acquired assets and the positive financial impact resulting from this will only be able to take place in full during the coming years.\u2022 EBITDA grows by 1% annually, this is applied for all countries and for each cash-generating unit. This is only intended to compensate for inflation while keeping the EBITDA margin constant. The 1% is a conservative approach as it is less than long-term inflation expectations and historical trends;\u2022 The assumptions regarding replacement investments are based on historical ratios, adjusted for changes in the life and replacement cycle of the underlying equipment and are differentiated depending on whether they refer to buildings that are owned or leased. The amounts are determined based on the group guidelines, which must be followed by all countries. In the markets where Kinepolis operates, we are facing inflation which is expected to decrease again in the following years. However, due to the specific business model of cinema operation, which, with regard to Box Office revenue, is based on a \u2018shared revenue model\u2019, we can state that only a limited part of our income statement is impacted by inflation. The \u2018shared revenue model\u2019 means that for each ticket sold, a certain percentage is ceded to the film distributor in accordance with specific agreements. Approximately only 45% to 50% of our cost structure is subject to inflation. In addition, the Group\u2019s unique real estate position provides additional protection compared to other players in our sector who often operate from leased buildings where inflation has a significant impact on the rental cost.In Europe and the United States, Kinepolis owns the majority of the complexes and receives approximately 70% to 75% of its visitors in owned complexes, so that we are not affected by any impact of inflation on rental costs in our income statement. For the limited number of leased complexes, the Group is subject to inflation in terms of rental cost. Our approach is to follow the market and take inflation compensation measures towards the customer. This takes place across all product lines, increasing our operating margin in percentage terms.In Canada, almost all complexes are leased by the Group. However, the leases contain long-term rent increases that were fixed at the initial conclusion of these contracts, but whose predefined increases are well below the level of current inflation. We believe that, despite inflation, the predetermined margins and EBITDA will be\ue61fpreserved.As a result of the impairment tests that were performed, no impairment was identified. Only for the Netherlands a limited headroom was identified with a positive test result of \u20ac 10.0 million, compared to \u20ac 63.8 million in 2022. This is mainly caused by a slower recovery of visitors in the Dutch market in 2023, which meant that the visitor figures for 2024 were estimated very conservatively, as they are based on the low number of visitors for 2023 -5%. For the United States, the test result is positive amounting to USD 41.7 million. We note that the results achieved for 2023 are above our estimates, both in terms of the number of visitors achieved and the EBITDA per visitor.As always, management monitors the impairment tests at country level. This is also the level at which the organisation is monitored for internal management purposes.The cash flows of the Group are generated per country:\u2022 The programming of films and negotiations with distributors takes place at country level;\u2022 The management structures are organised at country\ue61flevel;\u2022 The tickets are sold through the websites, which are\ue61forganised at country level;\u2022 The pricing of tickets, drinks and snacks is set at country\ue61flevel;\u2022 The film rental is negotiated at country level;\u2022 Marketing contributions by distributors are negotiated on a country-by-country basis;\u2022 Screen advertising is managed at country level;\u2022 Vouchers are sold via the business-to-business sales teams per country. Customers use their vouchers through the central back office systems at country level;\u2022 The business-to-business events are organised at complex and country level.The value in use was taken into consideration when carrying out the impairment tests. The value in use was determined for all cash-generating units by discounting the future cash flows calculated over the period from 2024 to 2043, based on the 2024 budget. However, due to the impact of IFRS 16, which applies as of 2019, the definition of future cash flows has been changed, and the starting point for determining future cash flows has been EBITDA which, due to the impact of the implementation of IFRS 16, no longer includes lease payments for leased complexes, among other things. This increases the value in use of the tested assets. To compensate for this, the lease liability arising from these payments under IFRS 16 was deducted from the value in use in the impairment calculations. The future cash flows are calculated over a period of 20 years, as the Group owns a large part of its real estate and is therefore assured of long-term exploitation. The calculation of the lease liability must be based on the remaining lease term, including any extensions. In the case of the calculation of the lease liability starting from a term different to the assumed 20 years, the calculation of the lease liability was adjusted to 20 years.The impact of IFRS 16 was also taken into account in determining the carrying amount of the non-financial fixed assets or the carrying amount of the cash-generating units, with the right-of-use assets and the lease liabilities being part of the carrying amount. A terminal value after 20 years is not taken into account, in exchange for this, the net book value of the country is not included in the test.The projections are performed in the functional currency of the relevant country and discounted at the proposed weighted average cost of capital of the countries. The implementation of IFRS 16 required a more diversified approach to the proposed weighted average cost of capital at country level as, from 2019, the debt will also include the lease liabilities of the country, and future cash flows will be discounted at the weighted average cost of capital, while right-of-use assets are calculated based on a discount rate. In order to align this, the country-specific debt / equity ratio was taken into account when calculating the weighted average cost of capital at country level, with the debt capital also including the lease liability of the country. The calculation of impairment tests also took into account the impact of changes in the underlying components of the proposed weighted average cost of capital. By updating the underlying parameters, we see an increase in the weighted average cost of capital in almost all countries. This is caused, on the one hand, by an increase in the risk-free interest rate in all countries and, on the other hand, by a higher proposed cost of debt.The proposed weighted average cost of capital is 9.38% for Belgium, 8.95% for France, 7.49% for Canada, 8.64% for Spain, 8.25% for the Netherlands, 9.40% for the United States, 8.71% for Luxembourg, 7.22% for Switzerland and 8.14% for Poland (2022: 8.36% for Belgium, 7.94% for France, 5.80% for Canada, 7.61% for Spain, 7.81% for the Netherlands, 7.51% for the United States, 8.02% for Luxembourg, 8.31% for Switzerland and 7.07% for Poland) and was determined on the basis of the following theoretical parameters:20222023RISK-FREE MARKETCOST OF RISK-FREE MARKETCOST OF PROPOSED DEBT CAPITAL / PROPOSED DEBT CAPITAL / INTEREST RISKBETA(1)OWN INTEREST RISKBETA(1)OWN COST OF DEBT EQUITYCOST OF DEBT EQUITYRATEPREMIUMEQUITYRATEPREMIUMEQUITYBelgium 2.94% 6.44% 1.24 4.03% 10.95% 32.68% 3.60% 6.62% 1.17 4.75% 11.32% 25.03%France 2.88% 6.44% 1.24 4.03% 10.89% 37.49% 3.56% 6.62% 1.17 4.70% 11.27% 29.97%Canada 3.89% 6.44% 1.24 4.03% 11.90% 68.70% 4.17% 6.62% 1.17 5.83% 11.89% 58.41%Spain 3.45% 6.44% 1.24 4.03% 11.46% 45.64% 4.03% 6.62% 1.17 5.18% 11.75% 39.46%The Netherlands 2.61% 6.44% 1.24 4.03% 10.62% 36.79% 2.80% 6.30% 1.26 4.90% 10.74% 35.00%United States3.57% 6.44% 1.24 5.19% 11.58% 52.65% 4.95% 6.62% 1.17 7.25% 12.67% 44.91%Luxembourg 2.94% 6.44% 1.24 4.03% 10.95% 36.97% 3.16% 6.62% 1.17 4.31% 10.88% 28.33%Switzerland 2.52% 6.44% 1.24 4.03% 10.53% 31.49% 1.16% 6.62% 1.17 2.30% 8.87% 24.07%Poland 7.95% 6.44% 1.24 4.03% 15.96% 70.00% 5.97% 6.62% 1.17 7.11% 13.69% 70.00%(1) Before tax.The debt-to-equity ratio is differentiated by country due to the impact of lease liabilities under IFRS 16 at country level. For Poland, a higher ratio of debt to equity was taken into account compared to the other countries because Kinepolis\u2019 activities in Poland are considered real estate operations. Equity is based on the enterprise value of the Company, and not on the consolidated equity. The parameters for the weighted average cost of the capital are tested annually on the basis of the assumptions used by the analysts who follow the Group\u2019s share, while also taking into account the specific circumstances of each country. As a more conservative approach for 2022, for risk-free rate, the country-specific risk-free rate was assumed to be higher than the analysts\u2019 average in each case, with the result that the calculated cost of equity for 2022 gives a more differentiated result at the country level compared to the calculated cost of equity for 2021. For market risk premium, beta and predetermined cost of debt, the average used by analysts was assumed. Except for the United States where an additional margin was added in the calculation of the assumed cost of debt. This extra margin was added because of the higher risk-free interest rate.The weighted average cost of capital before tax is 9.67% for Belgium, 9.30% for France, 8.35% for Canada, 9.16% for Spain, 8.69% for the Netherlands, 10.24% for the United States, 9.02% for Luxembourg, 7.29% for Switzerland and 9.09% for Poland (2022: 8.69% for Belgium, 8.32% for France, 6.50% for Canada, 8.07% for Spain, 8.20% for the Netherlands, 8.22% for the United States, 8.39% for Luxembourg, 8.48% for Switzerland and 7.61% for Poland). These percentages before taxes do not deviate substantially from the iterative calculation.Management believes that the assumptions used in the impairment tests provide the best estimates of future developments, and believes that no reasonably possible change in any of the key assumptions would lead to a carrying amount of the cash-generating units that would materially exceed their recoverable amount, with the exception of the United States where there is a limited headroom between both.As every year, a sensitivity analysis was performed with regard to the weighted average cost of capital and attendance at limited margin. We conclude from this that with an increase in the weighted average cost of capital by 100 base points in all countries, no impairment occurs in any country except in the Netherlands, up to a possible impairment of \u20ac 0.3 million. If the weighted average cost of capital increases by 200 base points in all countries, there is no additional impairment in any other country. The test result for the Netherlands would then be negative by \u20ac 9.6 million. GOODWILLIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 169 498 174 870Acquisitions through business combinations 2 391 2 162Effect of exchange rate fluctuations 2 980 -2 275BALANCE AT END OF CURRENT PERIOD 174 870The acquisitions through business combinations are discussed elsewhere in this note (see Business combinations). 174 757GOODWILL PER CASH-GENERATING UNITIN \u2019000 \u20ac20222023Belgium 6 586 6 586France 13 708 15 870Canada 34 396 33 960Spain 22 015 22 015The Netherlands 34 057 34 057United States 51 762 49 923Luxembourg 5 844 5 844Poland 6 502 6 502BALANCE AT END OF CURRENT PERIOD 174 870 174 757BUSINESS COMBINATIONSACQUISITIONS 2023\u2018Belfort\u2019 acquisitionOn March 29, 2023, Kinepolis Group acquired the French company \u2018Path\u00e9 Belfort\u2019 from the Path\u00e9 Group. The cinema complex is leased and has 14 screens with a total of 2 562 seats and is located in eastern France, between Strasbourg and Lyon.The transaction has an enterprise value of \u20ac\ue61f5.4 million. The inclusion of the Belfort cinema in the Group\u2019s consolidation scope as of March 29, 2023, the date on which control was acquired, resulted in goodwill of \u20ac\ue61f2.1 million.At December 31, 2023, the Belfort cinema contributed \u20ac\ue61f2.3 million in revenue, \u20ac\ue61f0.6 million in EBITDA and \u20ac\ue61f0.02 million of earnings to the Group\u2019s consolidated result. If\ue61fthe transfer of control had taken place on January 1, 2023, the acquisition would have contributed \u20ac\ue61f3.0 million in revenue, \u20ac\ue61f0.8 million in EBIT and \u20ac\ue61f0.03 million in result.\u2018Amn\u00e9ville\u2019 acquisition (acquisition in 2022 \u2013 final calculation of goodwill in 2023)At the end of 2022, Kinepolis Group acquired the Gaumont cinema in Amn\u00e9ville. Kinepolis took over both the operational management as well as the cinema property.The transaction had an enterprise value of \u20ac\ue61f7.9 million. At\ue61fthe end of 2022, the goodwill related to the inclusion of the Amn\u00e9ville cinema in the scope of consolidation was determined at \u20ac 2.4 million. A further non-material adjustment linked to the creation of a provision for pensions was made in 2023. Final goodwill remained \u20ac\ue61f2.4 million.Both Belfort and Amn\u00e9ville acquisitions fit perfectly into the\ue61fKinepolis Group\u2019s expansion strategy. The goodwill stems from strengthening Kinepolis\u2019 position in the east andnortheast of France, synergy benefits and being able to offer the Kinepolis film experience to even more visitors. Transaction costs for both acquisitions (Belfort and Amn\u00e9ville) amounted to \u20ac\ue61f0.8 million.NET IDENTIFIABLE ASSETS AND LIABILITIESIN \u2019000 \u20acAMNEVILLE BELFORTProperty, plant and equipment5 441 1 755Intangible assets13Right-of-use assets4 047Deferred tax assets19 424Inventory26 13Trade and other receivables1 835Provision for pensions-77 -110Lease liabilities4 047Bank overdrafts-1Trade and other payables-602TOTAL5 409 3 327The fair value of the assets and liabilities acquired for Amn\u00e9ville was provisionally determined at \u20ac 5.5 million in 2022 and was adjusted to \u20ac 5.4 million in 2023. The assets and liabilities were finally determined at the end of 2023 to calculate the goodwill resulting from this acquisition.GOODWILL CALCULATION AND RECONCILIATION WITH THE CONSOLIDATED STATEMENT OF CASH FLOWIN \u2019000 \u20acAMNEVILLE BELFORTNet identifiable assets and liabilities5 409 3 327Goodwill2 449 2 104ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH, IN THE STATEMENT OF CASH FLOW7 858 5 431ACQUISITIONS 2022As of 14 December 2022 Kinepolis Group is taking over a French cinema from the Path\u00e9 network in the east of France: the Gaumont cinema in Amn\u00e9ville. Kinepolis acquires the operational management as well as the cinema property. The complex has 12 screens with a total of 2 462 seats and is located near Luxembourg and 20 minutes away from the Kinepolis complexes of Thionville and Saint-Julien-l\u00e8s-Metz. The cinema has a 4DX screen and is located in a recreation area with many restaurants. In 2019 (pre-Covid), the cinema welcomed more than 410 000 visitors.The transaction has an enterprise value of \u20ac 7.9 million. The inclusion of the cinema Amn\u00e9ville in the consolidation scope of the Group as of 14 December 2022, the date on which the effective control was acquired, resulted in preliminary determined goodwill of \u20ac 2.4 million (see also above).11. Property, plant and equipmentLAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440ACQUISITIONS Acquisitions in 2023 include investments in Canada (\u20ac\ue61f8.1\ue61fmillion), the United States (\u20ac 6.1 million), France (\u20ac\ue61f5.8\ue61fmillion), Belgium (\u20ac 5.6 million), Spain (\u20ac 4.1 million), Luxembourg (\u20ac 2.1 million) and the Netherlands (\u20ac\ue61f1.7\ue61fmillion).The investments are related to the furnishing and finishing of the new cinema Belfort (FR), investments in the recently bought cinema in Amn\u00e9ville (FR) and the finished renovation of Landmark cinema Waterloo (CA). Investments were also made in internal expansion particularly in the opening of new IMAX-screens, the further roll out of premium cinema experiences, energy-saving investments, new laser projectors and ICT developments. In addition, acquisitions also include maintenance investments.ACQUISITIONS THROUGH BUSINESS COMBINATIONSThe acquisition of the operations and real estate of the cinema in Belfort (FR) increased \u2018Property, plant and equipment\u2019 by \u20ac 1.8 million. For more information on business combinations, we refer to note 10.IMPAIRMENT LOSSESIt was decided throughout 2023 to permanently close the cinemas Landmark Kitchener with 12 screens, Landmark Brooks with 1 screen and Cineast Enschede with 3 screens. Property, plant and equipment related to these complexes were impaired to fair value if lower than the\ue61fremaining carrying amount. An impairment loss amounting to \u20ac\ue61f1.2\ue61fmillion was recorded.TRANSFER TO OTHER CATEGORIES Regarding the complex owned in Brooks (CA), the assets included in \u2018Land and buildings\u2019 were transferred from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for\ue61fan amount of \u20ac 0.2 million. For more information we\ue61frefer to note 17.12. Investment propertyLAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427As of 18 January 2007, the land, building, machinery and equipment in Pozna\u0144 (PL) are no longer used for own operations, but leased to Cinema City, owned by the cinema group Cineworld, and to a number of smaller third parties. As\ue61frequired by IAS 40 (Investment property), the assets in question have been transferred to this category. The total carrying amount of the investment property in Poland is \u20ac\ue61f8.7\ue61fmillion (2022: \u20ac 8.5 million).The plot in Valencia (ES) (\u20ac 6.7 million) has been part of the investment property since 2015, as it is reserve capacity that is not necessary for the execution of the business and can be\ue61fredeveloped.TRANSFER FROM/TO OTHER CATEGORIESThe assets included in land and buildings of the complex in Winnipeg Towne (CA) were transferred in 2022 from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for\ue61fan amount of \u20ac 0.7 million. In 2023, this building was transferred to \u2018Assets held for sale\u2019 as the company plans to sell the building within 12 months for an amount at least equal to the net carrying amount.RENTAL INCOMERental income from investment properties amounts to \u20ac\ue61f1.4\ue61fmillion (2022: \u20ac 1.1 million). Direct operating expenses (including repairs and maintenance) arising from investment properties amount to \u20ac 0.6 million (2022: \u20ac 0.5 million).FAIR VALUEThe fair value of the investment property is measured periodically by independent experts. The external experts possess the required recognised professional qualifications and experience in appraising real estate at the locations and in the categories concerned.The fair value of investment properties was \u20ac47.2 million (2022: \u20ac48.2 million). The decrease is linked to the fair value of the complex in Winnepeg Towne, which was transferred to \u2018Assets held for sale\u2019.The fair value of the investment property is recognised as a level 3 fair value based on the unobservable inputs that were used for the measurement. The market approach is used for the measurement of the fair value of the land and buildings. The independent experts base the price per square meter on their knowledge of the market and information on market transactions relating to comparable assets. The size, characteristics, location and layout of the land and buildings and the destination of the area in which they are situated have also been considered. When determining the fair value of the buildings, their accessibility and the visibility from the street are also taken into account. The fair value of the other assets that are part of investment property is measured on the basis of the cost approach, in which the current replacement value of the assets is adjusted to account for physical, functional and economic obsolescence.13. Deferred taxesIN \u2019000 \u20ac20222023Deferred tax assets 21 142 16 139Deferred tax liabilities 11 133 9 952The decrease in net deferred tax assets and liabilities is mainly related to a decrease in deferred taxes on tax losses carried forward and a decrease in the temporary difference on goodwill due to tax-accepted amortisations, partially offset by the movement in deferred taxes on intangible assets, property, plant and equipment and IFRS\ue61f16.TAX LOSSES CARRIED FORWARD AND UNUSED TAX CREDITSFor tax losses carried forward and unused tax credits amounting to \u20ac 9.6 million (2022: \u20ac 11.4 million) no deferred tax asset was recognised in the balance sheet as, based on our budgets and estimates, it seems unlikely that sufficient taxable profits will be available in the foreseeable future to be able to benefit from the tax benefit.For tax losses carried forward and unused tax credits amounting to \u20ac 98.5 million (2022: \u20ac 123.2 million) a deferred tax asset was recognised in the balance sheet. In\ue61fBelgium and Canada, there is a decrease due to the offsetting of the current year\u2019s tax profits with tax losses carried forward. In France (\u20ac +1.7 million) and the United States (\u20ac +1.3 million), there is an increase. In the United States, tax losses increased with of \u20ac 3.8 million, tempered by the effect of exchange rate fluctuations of \u20ac -2.1 million.The Group bases itself on the assumptions used for the annual impairment test. We refer to note 10 for the relevant assumptions. These assumptions and estimates of the impairment test are further extended to future expected taxable profits in order to further analyse the recoverability of the losses. After an extensive analysis, it is considered probable for these losses that sufficient taxable profit will be available in the future.The tax losses carried forward are indefinite in Belgium, France, the Netherlands, Luxembourg and the United States. In Canada, tax losses carried forward can be carried forward for 20 years.The tax losses carried forward and unused tax credits can be allocated as follows: IN \u2019000 \u20ac20222023LOSSES FOR WHICH LOSSES FOR WHICH LOSSES FOR WHICH LOSSES FOR WHICH TOTAL A DEFERRED TAX NO DEFERRED TAX TOTAL A DEFERRED TAX NO DEFERRED TAX ASSET\ue61fIS RECOGNISED ASSET\ue61fIS RECOGNISED ASSET\ue61fIS RECOGNISED ASSET\ue61fIS RECOGNISED Belgium 33 453 25 066 8 387 14 450 7 137 7 313France 1 847 1 847 3 182 3 182Canada 37 957 37 957 27 597 27 597The Netherlands 672 672 586 586United States 57 615 57 615 59 347 59 347Luxembourg 2 702 2 702 1 751 627 1 124Poland 319 319 1 124 1 124TOTAL 134 566 123 157 11 408 108 037 98 476 9 561DEFERRED TAX ASSETS AND LIABILITIESThe deferred tax assets and liabilities recognised in the statement of financial position can be attributed as follows: IN \u2019000 \u20ac20222023ASSETS LIABILITIES DIFFERENCE ASSETS LIABILITIES DIFFERENCEIntangible assets and property, plant and equipment 1 108 -33 276 -32 169 1 618 -30 451 -28 833Goodwill 456 456 -716 -716Right-of-use assets -82 408 -82 408 -78 712 -78 712Receivable CNC grants 134 134 117 117Trade and other receivables 18 18 6 -2 4Provisions -140 -140 -142 -142Deferred CNC grants 556 -216 340 443 -177 267Provisions for employee benefits 191 191 223 223Derivative financial instruments through equity -87 -87 0 -70 -70Lease liabilities 92 037 92 037 88 704 88 704Trade and other payables 316 316 383 -169 214Tax losses carried forward and unused tax credits 31 321 31 321 25 132 25 132TOTAL 126 138 -116 128 10 010 115 910 -109 723 6 188Tax offsetting -104 995 104 995 -99 771 99 771NET DEFERRED TAX ASSETS AND LIABILITIES 21 142 -11 133 10 010 16 139 -9 952 6 188CHANGES IN DEFERRED TAX BALANCES DURING THE YEAREFFECT OFRECOGNISED EFFECT OFRECOGNISED IN \u2019000 \u20acRECOGNISED RECOGNISED EXCHANGE IN OTHER EXCHANGE IN OTHER 2021IN INCOME 2022IN INCOME OTHER2023RATE COMPREHENSIVE RATE COMPREHENSIVE STATEMENTSTATEMENTFLUCTUATIONSINCOMEFLUCTUATIONSINCOMEIntangible assets and property, plant and -34 454 2\ue61f836 -551 -32 169 2 889 447 -28 833equipmentGoodwill 1.557 -1 214 112 456 -1 138 -34 -716Right-of-use assets -87 345 5 788 -851 -82 408 2 554 1\ue61f142 -78 712Receivable CNC grants 172 -39 134 -17 117Trade and other receivables 5 12 18 -14 4Provisions -137 -3 -140 -2 -142Deferred CNC grants 415 -75 340 -73 267Provisions for employee 373 20 -202 191 32 223benefitsDerivative financial 7 -94 -87 -19 17 19 -70instruments through equityLease liabilities 96 375 -5 182 844 92 037 -2 045 -1\ue61f288 88 704Trade and other payables 48 268 316 -104 2 214Tax losses carried forward 34 636 -4 131 816 31 321 -6 064 -642 517 25 132and unused tax credits TOTAL 11 654 -1 718 370 -296 10 010 -4 002 -373 17 537 6 188The effect of exchange rate fluctuations in 2023 mainly related to deferred taxes in the United States and Canada (\u20ac -0.4 million \u2013 2022: \u20ac 0.4 million). In 2023 there were also other changes that were not included in results or were linked to exchange rate movements (\u20ac 0.5 million - 2022: \u20ac 0.0 million). These were mainly linked to deferred tax balances recognized upon the acquisition of Belfort.14. InventoriesIN \u2019000 \u20ac202220233D glasses 455 642Goods purchased for resale in cinemas 4 729 4 862Components inventory, technical department 2 215 1 588Others 289 377TOTAL 7 688 7 469The cost of sales of inventories recognised in the income statement was \u20ac 47.8 million (2022: \u20ac 37.3 million).15. Trade and other receivablesOTHER NON-CURRENT RECEIVABLESIN \u2019000 \u20ac20222023Cash guarantees 1 243 1 290CNC grants 3 533 4 058Other receivables 120 130TOTAL 4 896 5 478The non-current grants mainly relate to the sector related grants that can be obtained in France from the CNC, based on the number of visitors. During 2023, new CNC subsidies were awarded for a total amount of \u20ac 3.5 million, of which \u20ac 0.5 million is a long-term receivable.TRADE AND OTHER CURRENT RECEIVABLESIN \u2019000 \u20ac20222023Trade receivables 28 928 29 385Tax receivables, other than income taxes 2 458 2 040Deferred charges and accrued income 5 615 4 895Tax shelter receivables 88 94Tax shelter investments 304 116Grants receivable related to the Covid-19 pandemic 1 400 1 560CNC grants 1 707 2 384Other receivables 549 860TOTAL 41 050 41 334Trade receivables remained at a stable level compared to 2022 (+\u20ac\ue61f0.5 million).Tax receivables, other than income taxes, have decreased by \u20ac 0.4 million, mainly due to a decrease in recoverable VAT and other local taxes.Deferred charges and accrued income decreased with \u20ac\ue61f0.7 million, mainly due to a decrease in rent receivable compared to 2022. The tax shelter receivables concern the loans made to third parties to finance and support film production in Belgium. The tax shelter investments concern the film rights the Group acquires as part of tax shelter transactions.Grants receivable related to the Covid-19 pandemic amouned to \u20ac 1.6 million (2022: \u20ac 1.4 million). The amount outstanding per 31 December 2023 relates to a subsidy for employee retention during the Covid-19 pandemic in the United States.The increase in the current portion of the French sector-related grants (CNC) is explained by the payment of new subsidies for an amount of \u20ac 2.4 million and newly awarded subsidies for \u20ac 3.5 million, of which \u20ac 3.0 million was receivable on the short term. The other receivables include capital grants in Spain for \u20ac 0.6 million (2022: \u20ac 0.4 million). AGEING OF THE TRADE AND OTHER NON-CURRENT AND CURRENT RECEIVABLESIN \u2019000 \u20ac20222023GROSS CARRYING NET CARRYING GROSS CARRYING NET CARRYING IMPAIRMENTIMPAIRMENTAMOUNTAMOUNTAMOUNTAMOUNTNot yet due on reporting date 39 084 -9 39 075 32 590 -7 32 583Less than 30 days past due 3 722 -41 3 681 8 015 -17 7 998Between 31 and 120 days past due 1 713 -570 1 143 3 518 -175 3 343Between 120 days and 1 year past due 1 472 -840 633 1 791 -211 1 580Over 1 year past due 3 098 -1 685 1 414 2 237 -929 1 308TOTAL 49 089 -3 143 45 946 48 151 -1 339 46 812MOVEMENT OF IMPAIRMENTS ON TRADE RECEIVABLESIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD -2 903 -3 143Recognised impairments -2 210 -392Used impairments 26 423Reversed impairments 1 935 1 817Effect of exchange rate fluctuations 10 -44BALANCE AT END OF CURRENT PERIOD -3 143 -1 339In 2023, impairments on trade receivables decreased by \u20ac\ue61f1.8\ue61fmillion. The decrease is mainly explained by the reversal of provision for an amount of \u20ac 1.8 million, mostly in Canada, where a doubtful debtor has paid part of his debts and by a final loss of receivables for an amount of \u20ac 0.4 million, offset by an additional impairment of \u20ac 0.4 million set up out of caution for some slow-paying customers.During 2022 the impairments on the trade receivables increased by \u20ac 0.2 million. The increase is mainly explained by an additional impairment, in line with the financial policy of the Group, partially offset by the further reversal of\ue61fimpairments on trade receivables regarding leased concessions due to the Covid-19 pandemic.For the impact of the final settlement of the outstanding trade receivables, we refer to note 4. The value for losses is determined in accordance with IFRS 9. We refer to note 26 for more information.There is no ageing problem for the financial assets other than trade receivables.16. Cash and cash equivalentsIN \u2019000 \u20ac20222023Cash at bank and in hand 67 751 101 381TOTAL 67 751 101 381Bank overdrafts used for the statement of cash flow -113CASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOW 67 751 101 267There are no significant unavailable cash and cash equivalents.17. Assets classified as held for saleIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 0 0 Transfer from / to assets held for sale 921BALANCE AT END OF CURRENT PERIOD 0 921As per 31 December 2023, the assets held for sale amounted to \u20ac 0.9 million.During 2023, Kinepolis decided to close the cinema complex Landmark Brooks (CA). For this owned complex, the assets were transferred from \u2018Property, plant and equipment\u2019 to \u2018Assets held for sale\u2019 for the remaining net carrying amount of \u20ac 0.2 million.In 2022, it was decided to close the Winnipeg Towne complex (CA). The assets for land and buildings were transferred from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for the net carrying amount of \u20ac 0.7 million. In April 2023, the building was transferred to \u2018Assets held for sale\u2019. The\ue61fbuilding was put up for sale.The Group expects both buildings to be sold within the next\ue61fyear.18. EquityThe various components of equity, as well as the changes between 31 December 2023 and 31 December 2022, are set out in the consolidated statement of changes in equity.SHARE CAPITALThe share capital of the Company at 31 December 2023 was\ue61f\u20ac 19.0 million (2022: \u20ac 19.0 million), represented by 27\ue61f365\ue61f197 ordinary shares without nominal value (2022: 27\ue61f365 197 shares). All shares are paid up in full. The share premium at\ue61f31 December 2023 was \u20ac 1.2 million (2022: \u20ac\ue61f1.2\ue61fmillion). The ordinary shares are entitled to a dividend, and the holders of these shares are entitled to cast one vote at the shareholder meetings of the Company.TREASURY SHARES RESERVEAt the Extraordinary General Meeting on May 10, 2023, authorisation was granted to the Board of Directors to repurchase treasury shares, under certain conditions.On 12 June 2023, Kinepolis announced the commencement of a share buyback program, starting on 13 June 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 200 000 own shares on or off Euronext Brussels between 13 June 2023 and 16 August 2023. The buyback program was ended on 16 August 2023. During the\ue61fbuyback program, 117 699 shares were bought for a total\ue61famount of \u20ac 5 233 532.60. On 22 September 2023 Kinepolis announced the commencement of a share buyback program, starting on 25\ue61fSeptember 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 151 000 own shares on or off Euronext Brussels between 25 September 2023 and 24 March 2024. On February 14, the repurchase program was ended early, considering the repurchase of the maximum number of shares was reached. During the buyback program, 151 000 shares were bought for a total amount of\ue61f\u20ac\ue61f6\ue61f697\ue61f595.35.In 2023, a total of 219 699 treasury shares were bought back pursuant to the above buyback programs for \u20ac 9.9 million (2022: 0 shares \u2013 \u20ac 0.0 million). In 2023, 27 654 treasury shares were sold pursuant to the exercise of options for \u20ac\ue61f1.2\ue61fmillion (2022: 25 156 shares \u2013 \u20ac 1.0 million). Further-more, no shares were cancelled in 2023 (2022: 0\ue61fshares \u2013 \u20ac\ue61f0.0\ue61fmillion). The total number of treasury shares at 31\ue61fDecember is 588 121 (2022: 396 076). The majority of these shares will be used for the option\ue61fplans.HEDGING RESERVEThe hedging reserve contains the effective portion of the cumulative net change in the fair value of the cash flow hedges for which the hedged future transaction has not yet occurred.TRANSLATION RESERVEThe translation reserve includes, on the one hand, all exchange rate differences resulting from the translation of the annual accounts of foreign entities in foreign currencies and, on the other hand, exchange rate differences of the translation of intra-group non-current borrowings in foreign currencies. The movement in 2023 is mainly due to the exchange rate fluctuation of the American Dollar and the Canadian Dollar against the Euro.In addition, some non-current borrowings with Switzerland, Poland, Canada and the United States are considered as a net investment hedge for the participating interest in the same subsidiaries. Consequently, the translation differences on these borrowings were included in equity under the other comprehensive income. For more information we refer to note 26.SHARE-BASED PAYMENTS RESERVEOn 31 December 2023 a total of 657 409 options were allocated (2022: 306 313). These shares entitle their holders to one share per option. For more information we refer to note 20. The options will expire 8 years after the date of approval of the Plan by the Board of Directors. DIVIDENDS TO THE SHAREHOLDERSOn 13 February 2024, a gross dividend of \u20ac 55 cents per share entitled to dividend was proposed for the 2023 financial year. Based on the number of shares entitled to dividend at the date of publication of this annual report, this means a gross dividend of \u20ac 14.7 million. This dividend has not yet been approved by the Company\u2019s General Meeting of Shareholders and is therefore not yet recognised in the consolidated financial statements. For the financial year 2022, a dividend of \u20ac 26 cents was paid per share entitled to dividend. Total amount of dividend was \u20ac 7.0 million.NON-CONTROLLING INTERESTSThe participation of Kinepolis Group in Landmark Cinemas Holding LTD and Landmark Cinemas Canada LP increased in 2023 from 99.3% to 100.0% due to the acquisition of the remaining non-controlling interests.19. Result per shareBASIC RESULT PER SHAREThe calculation of the result per share is based on the result of \u20ac 56.1 million, attributable to the ordinary shareholders (2022: \u20ac 27.5 million), and on a weighted average of the number of ordinary shares, outstanding during the financial year, of 26 907 356 (2022: 26 965 643).DILUTED RESULT PER SHAREThe calculation of the diluted result per share is based on the result of \u20ac 56.1 million attributable to the ordinary shareholders (2022: \u20ac 27.5 million), and on a weighted average of the number of diluted ordinary shares, outstandingduring the financial year, of 27 564 765 (2022: 27\ue61f268 287).IN \u2019000 (unless indicated otherwise)20222023RESULT ATTRIBUTABLE TO OWNERS OF THE COMPANY 27 547 56 064Weighted average number of ordinary shares 26 966 26 907Effect of options 303 657Weighted average number of diluted shares 27 268 27 565BASIC RESULT PER SHARE (IN \u20ac) 1.02 2.08DILUTED RESULT PER SHARE (IN \u20ac) 1.01 2.0320. Share-based paymentsSHARE OPTION PLAN 2016The General Meeting approved a share option plan on 11\ue61fMay 2016. 543 304 options can be allocated under this share option plan. It was decided to set the exercise price at the average closing price of the Kinepolis Group share over 30 days preceding the offer. The options will expire 8\ue61fyears after the date of the approval of the Plan by the General Meeting on 10 May 2024. This share option plan was offered to the Chairman of the\ue61fBoard of Directors, Executive Management and eligible management staff of the Company or its subsidiaries on 29 December 2016.Throughout 2023, no options were granted (2022: 0), 27 654 options were exercised (2022: 25 156) and 25 000 options were forfeited (2022: 30 000).YEARGRANTED EXERCISED FORFEITED TOTAL2017 396 500 396 5002018 23 500 -3 000 20 5002019 21 000 21 0002020 -11 495 -6 737 -18 2322021 -58 299 -58 2992022 -25 156 -30 000 -55 1562023 -27 654 -25 000 -52 654TOTAL 441 000 -122 604 -64 737 253 659The fair value of these share-based payments was estimated when these options were allocated. The Black-Scholes model is used for this. The expected volatility is based on the historic volatility calculated on the basis of five years. For more information we refer to note 5. (1)AMOUNTS IN \u20ac (unless indicated otherwise)12/201612/2017 04/2019 10/2019Fair value of allocated options 7.30 / 9.71 12.91 8.87 9.98Share price at grant date 44.19 / 48.29 57.3 0 51.30 57.80Exercise price 41.55 48.25 49.75 53.40Expected volatility 23.43% / 23.53% 25.45% 26.41% 24.81%Original expected term (in years) 8 7 6 5Expected dividend growth 7.8 6% 7. 86% 8.30% 8.30%Risk-free interest rate -0.14% 0.01% -0.179% -0.443%(1) Due to the evolution of the share price during the period of acceptance, two fair values were calculated for the allocated options, based on above listed parameters.The options are exercisable for the first time during the first exercise period that falls in the fourth calendar year after the year in which the options were offered to the participants. The options only become unconditional once the other party has been employed for a certain period.The options can be permanently acquired in tranches. For the options granted in 2017, the first tranche of 16.66% is acquired at the time of their granting. The other tranches of 16.66% per year during the five years after their grant date. For the options granted in 2018, the first tranche of 20.00% is acquired at the time of their granting. The other tranches of 20.00% per year during the four years after their grant date. Concerning the options granted in 2019, the tranches are different between the grants in April and October. The first tranche of 16.66% / 25.00% is acquired at the time of their granting. The other tranches of 16.66% / 25.00% per year during five / three years after their grant date.SHARE OPTION PLAN 2023On 17 May 2023, the Board of Directors approved the share option plan 2023. Under this new plan, 550 000 options can be allocated. The exercise price is determined by the Nomination and Remuneration Committee. For the 2023 allocations, the exercise price was set equal to the average closing price of Kinepolis Group shares during 30 days prior to the offer. The\ue61foptions will expire 8 years after the date of the approval of the Plan by the Board of Directors.This share option plan was offered to the Chairman of the Board of Directors, Executive Management and eligible management staff of the Company or its subsidiaries on 16 June 2023.Throughout 2023, 403 750 options were granted (June: 383 750, October: 15 000, December: 5 000). No options were exercised nor forfeited in 2023.YEARGRANTED EXCERCISED FORFEITED TOTAL2023 403 750 403 750TOTAL 403 750 0 0 403 750The fair value of these share-based payments was estimated when these options were allocated. The Black-Scholes model is used for this. The expected volatility is based on the historic volatility calculated on the basis of two years. The fair value of the options is expensed according to the period in which the options can be exercised. The fair value of the options totals \u20ac\ue61f5.5\ue61fmillion. Of this, an amount of \u20ac2.2 million was expensed as at 31 December 2023. For more information we refer to note 5.AMOUNTS IN \u20ac (unless indicated otherwise)06/2023 10/2023 12/2023Fair value of allocated options 13.62 14.68 12.61Share price at grant date 43.80 46.70 45.35Exercise price 43.76 43.76 45.32Expected volatility 34.80% 33.10% 32.20%Original expected term (in years) 8 8 8Expected dividend yield 0.56% 0.56% 0.57%Risk-free interest rate 2.72% 2.72% 2.98%The options are exercisable for the first time during the first exercise period that falls in the fourth calendar year after the year in which the options were offered to the participants. The options only become unconditional once the other party has been employed for a certain period.The options can be exercised in tranches. For the options granted in 2023, the first tranche of 66.64% can be exercised from 1 January 2027, a second tranche of 16.66% from\ue61f1 January 2028 and the last tranche of 16.70% from 1\ue61fJanuary\ue61f2029.OUTSTANDING OPTIONS AMOUNTS IN \u20ac (unless indicated otherwise)20222023NUMBER OF AVERAGE NUMBER OF AVERAGE OPTIONS FAIR VALUEOPTIONS FAIR VALUEOUTSTANDING OPTIONS AT END OF PREVIOUS PERIOD 361 469 306 313Options allocated during the year 403 750Options exercised during the year -25 156 -27 654Options forfeited during the year -30 000 -25 000OUTSTANDING OPTIONS AT END OF CURRENT PERIOD 306 313 9.51 657 409 11.9921. Loans and borrowingsThis note provides information on the Group\u2019s interest-bearing loans and borrowings. For further information on the contractual terms of these loans and borrowings and the Group\u2019s exposure to interest and foreign currency risks, we refer to note 26.NON-CURRENT LOANS AND BORROWINGSIN \u2019000 \u20ac20222023Private placement of bonds 384 600 384 600Loans and borrowings with credit institutions 80 000 0Transaction costs refinancing -1 407 -905TOTAL 463 193 383 695CURRENT LOANS AND BORROWINGSIN \u2019000 \u20ac20222023Bank Overdrafts 113Public bond 15 787Loans and borrowings with credit institutions 80 000Other loans 12 500 16 000TOTAL 28 378 96 113Kinepolis Group issued a \u20ac 75.0 million bond in March 2012, with maturity in March 2019. In June 2015, the bond was partially extended until June 2023. In March 2019, \u20ac 59.1 million was repaid. The remaining amount of the loan, \u20ac\ue61f15.8 million, was repaid in June 2023.In January 2015, the Group concluded a private placement of\ue61fbonds with institutional investors for \u20ac 96.0 million. \u20ac\ue61f61.4\ue61fmillion was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years, both with a fixed interest rate. In January 2022, \u20ac 61.4 million was repaid.In December 2017, the Group concluded a private placement of bonds with institutional investors for \u20ac 125.0 million. \u20ac\ue61f60.0 million was placed with a term of 8 years and \u20ac 65.0 million with a term of 10 years, both at a fixed interest rate.In July 2019, the Group concluded a private placement of\ue61fbonds with institutional investors for an amount of \u20ac\ue61f225.0\ue61fmillion. The full amount was placed with a term of\ue61f7.5\ue61fyears at a fixed interest rate.A credit agreement for a roll-over credit was concluded in 2012. This credit agreement was revised and extended in December 2019. In December 2021, the maturity date of the\ue61froll-over credit was extended from December 2024 to\ue61fDecember 2026, by exercising the two available extension options. As of 31 December 2023, there is no outstanding draw on the roll-over credit (2022: \u20ac 0.0 million). This\ue61fcredit\ue61ffacility was extended in December 2015, following the Utopolis acquisition, with a 7-year term loan with annual repayments. In 2017, the credit facility was extended once again with a 5-year term loan with annual repayments. In December 2022 the outstanding position of\ue61f\u20ac\ue61f10.2 million was repaid. As of 31 December 2023, there\ue61fwas no outstanding balance, as there was in 2022. For\ue61fmore\ue61finformation we refer to note 26.In 2021, due to the long-term impact of the Covid-19 pandemic on the cinema sector, Kinepolis contracted an additional loan of \u20ac 80.0 million with its house bankers for a\ue61fterm of 3 years, with a variable interest rate and supported by a government guarantee. Given the volatility of the market throughout 2022, Kinepolis decided to hedge the variable interest rate to a fixed interest rate. In 2023, the loan was transferred from long-term to short-term loan. The loan was repaid in January 2024. For more information, we refer to note 26.At the end of 2023, the outstanding \u2018Commercial Paper\u2019 debt\ue61famounted to \u20ac 16.0 million (2022: \u20ac 12.5 million). This amount is part of \u2018Other loans\u2019.The transaction costs are recognised in the result over the term of the financing. The amount not taken into the result is deducted from the interest-bearing loans. At the end of 2023, this amounts to \u20ac 0.9 million (2022: \u20ac 1.4 million). For\ue61fmore information we refer to note 7.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f70322. Employee benefitsThe amounts on the balance sheet are determined as follows:IN \u2019000 \u20ac20222023Defined benefit plans 28 49Other employee benefits 763 870TOTAL 791 919DEFINED BENEFIT PLANSThe pension plans held by the Group in Belgium are included under \u2018defined benefit plans\u2019.The Group has two pension plans in Belgium that are deemed to be pension plans with defined contributions by\ue61flaw. As Belgian law applies to all second pillar pension plans (so-called \u2018Vandenbroucke Law\u2019), all Belgian plans with defined contributions are qualified under IFRS as a defined benefit plan. The \u2018Vandenbroucke Law\u2019 states that, in the context of the defined contribution plans, the employer must guarantee a minimum return of a percentage that is adjusted based on market returns, with\ue61fa minimum of 1.75% and a maximum of 3.75%, which reduces the risk for the employer.These minimum return requirements for the defined contribution plans in Belgium expose the employer to a financial risk (because there is a legal obligation to pay future contributions if the fund has insufficient assets to pay all the employee benefits related to the work performed by the employees in the current and past periods). Consequently, these plans must be classified and recognised in the accounts as a defined benefit plan as under IAS 19.The amounts for the pension plans held in Belgium are determined as follows as at 31 December 2023:IN \u2019000 \u20ac20222023Liability from defined benefit plans 6 325 6 716Fair value of fund investments -6 297 -6 667Net liability (asset) from defined benefit plans 28 49Assets concern qualifying insurance policies and are not part of the Group\u2019s own financial instruments. The minimum return guarantee is currently 1.75%.ACTUARIAL ASSUMPTIONS The main actuarial assumptions are:IN %20222023Weighted average discount rate 3.70% 3.20%Expected inflation 2.30% 2.30%Expected general pay rise 3.30% 3.30%Life expectancy is based on the Belgian mortality table MR / FR, adjusted by -5 years.TOTAL COMPREHENSIVE INCOME For these pension plans, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementPension costs allocated to the year of service -246 -233Interest expenses -5 7-251 -226Included in other comprehensive incomeChange to estimate of defined benefit rights 786 -76786 -76TOTAL COMPREHENSIVE INCOME 535 -302The expected pension costs from defined benefit plans for 2024 amount to \u20ac 0.3 million, and primarily relate to allocated pension costs.SENSITIVITY ANALYSIS 31 DECEMBER 2023IN \u2019000 \u20acINCREASE DECREASEDiscount rate (1% movement) 66 -237Future pay fluctuation (1% movement) -24 20Normal retirement age (1 year movement) 9 -9Life expectancy (1% movement) 0.1 -0.1Its defined benefit plans expose the Group to several risks, the most important of which are explained below:\u2022 Changes to discount rate: a reduction in the discount rate leads to an increase in the liabilities; \u2022 Salary risk: the gross liabilities of most schemes are calculated on the basis of the future payments to the participants. As a consequence, a higher-than-expected salary rise will lead to higher liabilities;\u2022 Increase of retirement age: an increase of the retirement age leads to an increase in the liabilities;\u2022 Longevity risk: pension plans provide participants benefits as long as they live, so an increase in life expectancy will result in an increase in plan liabilities. OTHER EMPLOYEE BENEFITSThe Group has an obligation in France to pay a departure benefit to employees following their retirement. This compensation is also accounted for as a defined benefit plan. ACTUARIAL ASSUMPTIONS The main actuarial assumptions are:IN %20222023Discount rate 3.70% 3.41%Expected salary inflation 1.50% 2.00%TOTAL COMPREHENSIVE INCOME For this obligation, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementCosts allocated to the year of service -50 -56Past service pension cost 69Interest expenses -6 -26-57 -13Included in other comprehensive incomeChange in experience adjustments, financial and demographic assumptions 20 -12020 -120TOTAL COMPREHENSIVE INCOME 36 -133The expected costs for this obligation for 2024 amount to \u20ac 0.1 million.23. ProvisionsThe provisions mainly relate to site restoration and a few\ue61fdisputes.SITE RESTORATIONThe lease of the Brussels (BE) cinema complex on the land owned by the City of Brussels has a definite term. The Company has a contractual obligation to restore the site to\ue61fits original state.At 31 December 2023, the provision for the demolition of the building and the restoration of the site to its original state was \u20ac 1.5 million (2022: \u20ac 1.4 million).DISPUTESAt 31 December 2023, the provision for disputes was \u20ac\ue61f0.5\ue61fmillion (2022: \u20ac 0.8 million). These relate to disputes regarding employee matters and disputes from third parties for the purpose of obtaining compensations. When these provisions will be used or reversed depends on the outcome of the related legal disputes and is therefore uncertain. The estimates and judgements that primarily impact the amount of the provisions are the estimated costs, the expected likelihood and the timing of the cash outflows. They are based on the most recent available information at the balance sheet date.IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 2 299 2 266Additions of provisions 415 159Unwinding of provisions 38 38Use of provisions -358 -254Reversal of provisions -133 -188Effect of exchange rate fluctuations 5 -3BALANCE AT END OF CURRENT PERIOD 2 266 2 018Balance at end of current period (non-current) 2 093 1 920Balance at end of current period (current) 173 98TOTAL 2 266 2 01824. Trade and other payablesOTHER NON-CURRENT PAYABLESIN \u2019000 \u20ac20222023Deferred grants 4 293 5 664Other payables 751 714TOTAL 5 044 6 378 The other non-current payables primarily comprise the grants that can be claimed from the CNC in France based on the number of visitors. In Spain, Kinepolis received capital grants from the government in 2023 to finance investment projects for innovation, digitalisation, and audio-visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). Both grants, for\ue61fan\ue61famount of \u20ac 5.7 million (2022: \u20ac\ue61f4.3 million), are recognised as \u2018Other operating income\u2019 in\ue61fline with the depreciation rate of the assets for which these grants were obtained. We refer to note 4 for more information. The category \u2018Other payables\u2019 mainly includes guarantees received for \u20ac\ue61f0.7 million (2022: \u20ac 0.8 million).TRADE AND OTHER CURRENT PAYABLESIN \u2019000 \u20ac20222023Trade payables 73 408 60 520Gift vouchers 24 701 28 385Payables related to remuneration and social security 14 642 12 414Accrued charges and deferred income 6 960 5 329Tax payables, other than income taxes 7 630 7 693Other payables 391 296TOTAL 127 732 114 637Trade payables increased with \u20ac 12.9 million or 18.3% which is mainly related to lower activity in Q4 2023 compared to 2022 (less events, smaller films and timing of payments).Payables related to remuneration and social security decreased by \u20ac 2.2 million, mostly due to the timing of payments of bonuses. The other social payables remain approximately at the same level as 2022.On 31 December 2023, the accrued interest expenses with respect to the public and private bonds issued and loans and borrowings with credit institutions amounted to \u20ac\ue61f2.2 million (2022: \u20ac 2.6 million). The decrease is explained by a slightly lower debt ratio in 2023. For more information we refer to notes 21 and 26.The deferred income amounted to \u20ac 3.1 million on 31 December 2023 (2022: \u20ac 4.2 million), mainly due to a decrease in advance sales of cinema tickets. The tax payables, other than income taxes remained at the same level of \u20ac 7.7 million. The withholding taxes payable decreased with \u20ac 1.1 million, whereas the property taxes payable increased with \u20ac 0.8 million and the city taxes with \u20ac 0.5 million.The current contractual obligation with regard to gift vouchers amounted to \u20ac 28.4 million at 31 December 2023 (2022: \u20ac 24.7 million). The evolution of the balance of the current obligation regarding the gift vouchers depends on the evolution of the number of visitors and the period in which they can be used. The gift vouchers have an average duration to maturity of less than 12 months in Europe. In the United States, gift vouchers have a duration of five years, and in Canada, gift vouchers have an unlimited duration. CURRENT CONTRACTUAL OBLIGATION WITH REGARD TO THE GIFT VOUCHERS IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 27 855 24 701Newly issued gift vouchers 47 881 61 383Gift vouchers exercised or expired -51 164 -57 391Effect of exchange rate fluctuations 129 -245BALANCE AT END OF CURRENT PERIOD 24 701 28 38525. Tax assets and liabilitiesNON-CURRENT TAX ASSETSIN \u2019000 \u20ac20222023Non-current tax assets 1 653 1 653In 2020, the Group was informed that it was going to receive a tax audit on the tax unit in Spain regarding corporate income taxes for the years 2015 and 2016. Throughout 2022, the authorities completed their audit work and the Group was informed that the Spanish authorities noticed disputes. As a result, Kinepolis had to pay an additional amount of \u20ac\ue61f1.7 million to the tax authorities in 2022. The Group has filed objections to these disputes. Based on the conclusions of the Group\u2019s tax advisors, there are technical and factual arguments that justify that it is more than likely that the dispute will be annulled by the authorities. As a result, the amount paid is recognised as a\ue61f\u2018Non-current tax asset\u2019 on the balance sheet. As of December 31, 2023, there is no evolution in the ongoing proceedings.CURRENT TAX ASSETS AND LIABILITIESIN \u2019000 \u20ac20222023Current tax assets 6 810 10 279Current tax liablities 2 960 1 884Current tax assets amount to \u20ac 10.3 million (2022: \u20ac\ue61f6.8 million). At the end of 2023 there are current tax assets in Belgium (\u20ac 8.5 million) and Luxembourg (\u20ac\ue61f1.5\ue61fmillion), due to prepayments which are higher than\ue61fthe taxes due. Current tax liabilities decreased from \u20ac 3.0 million to \u20ac\ue61f1.9\ue61fmillion in 2023. Current tax liabilities mainly consist of\ue61ftaxes payable in France (\u20ac 0.9 million) and the Netherlands (\u20ac 1.0 million), due to lower prepayments compared to the taxes due.26. Risk management and financial instrumentsRISK MANAGEMENTFINANCIAL RISK MANAGEMENTThe Group\u2019s principal financial instruments are bank loans, private and public bonds, lease liabilities and cash.The Group has various other financial instruments, such as trade and other receivables and payables, which arise directly from its operations.The Group also enters into derivative transactions, primarily interest rate forward contracts, interest rate swaps and forward exchange contracts. The purpose is to manage the interest rate and foreign currency risks arising from the Group\u2019s activities and its sources of financing.The main risks arising from the Group\u2019s financial instruments are the interest rate risk, the liquidity risk, the foreign currency risk and the credit risk. It is Group\u2019s policy to negotiate the terms of the derivative financial instruments to match the terms of the hedged item, so as to maximise hedge effectiveness.It is Group\u2019s policy not to allow the use of derivative financial instruments for speculative purposes.The Board of Directors investigates and approves policies for managing each of these risks. These policies are summarised in this document. The accounting treatment of the derivative financial instruments is included in the accounting policies.INTEREST RATE RISKThe Group\u2019s exposure to market risk arising from changes in interest rates primarily relates to the Group\u2019s current and non-current loans and borrowings.Group policy is to manage interest rate expenses with a mixture of fixed and variable interest rate liabilities. To manage this mix in a cost-efficient manner, the Group can enter into certain transactions:\u2022 Interest rate swaps and interest rate forward contracts in which the Group agrees to exchange, at specified intervals, the difference between the fixed and variable interest amounts, calculated by reference to a pre-agreed principal amount;\u2022 Interest rate derivatives with fixed ceilings, hence limiting the impact of interest rate fluctuations.The Group pursues a conservative financial policy and, since 2008, only uses derivative financial instruments to hedge the interest rate risk. At the balance sheet date, the Group had only interest rate swap agreements outstanding, on which the Group receives a variable interest rate equal to EURIBOR and pays a fixed interest rate. These swaps are used to cover the variability in the cash flows of the underlying loans. These interest rate swaps are classified as cash flow hedges in accordance with IFRS 9 hedge accounting. Consequently, the portion of the profit or loss on the interest rate swap, which can be considered to be an effective hedge, is recognised directly in equity. The total of the changes in the fair value of the interest rate swaps recognised in equity gives rise to a \u20ac -0.1 million decrease in equity before deferred taxes on 31 December 2023 (2022: \u20ac 0.4 million).On 31 December 2023, considering the effect of interest rate swaps, 96.67% of the Group\u2019s loans and borrowings had been contracted at a fixed interest rate (2022: 97.46%).INTEREST RATE RISK SENSITIVITY ANALYSISThe interest-bearing loans and borrowings at the balance sheet date were \u20ac 480.6 million (2022: \u20ac 493.0 million). \u20ac\ue61f96.0 million or 20.0% of the interest-bearing loans and borrowings have a variable interest rate, without taking into account the effect of the interest rate swaps (2022: \u20ac\ue61f92.5 million or 18.8%).Total interest expenses, excluding interest expenses attributed to the lease liabilities, charged to the income statement in 2023, amount to \u20ac 16.4 million (2022: \u20ac\ue61f15.3 million).Given the volatility of the market through 2022, Kinepolis has decided to hedge the variable interest rate to a fixed interest rate for the loan of \u20ac 80.0 million until the expiry date of the loan.FOREIGN CURRENCY RISKThe Group has a foreign currency risk on positions that derive from purchases or sales and from outstanding loans and borrowings with group companies in currencies other than the functional currency (Euro) (transactional risk). Group policy is focused to limit the cash impact of exchange rate fluctuations on the result as much as possible. Derivative instruments can be used at any time to hedge this risk.34.1% (2022: 34.4%) of the sales of the group companies are denominated in currencies other than the functional currency, in particular the sales of Landmark Cinemas (Canada) in Canadian Dollar and the sales of MJR Theatres (United States) in US Dollar. Given the fact that the cash flows from these countries are reinvested in the countries concerned, there are no forward contracts to hedge the foreign currency risk of the operational cash flows from these countries. The purchases of the subsidiaries of the Group mainly concern the purchases of materials by the Group in US and Canadian Dollar. On 31 December 2023, the Group has no outstanding forward exchange contracts (2022: $ 0.0 million) with the intention of hedging this risk.Loans between Kinepolis Financial Services NV or Kinepolis Group NV and other group companies are expressed in the currency of the latter. Exchange rate results regarding the non-current loans in Canadian Dollar, US Dollar, Swiss Franc and Polish Z\u0142oty from Kinepolis Financial Services NV to Kinepolis Canada LTD, Kinepolis Schweiz AG and Kinepolis Pozna\u0144 Sp.z o.o, as well as from Kinepolis Group NV to Kinepolis US INC are recognised in other comprehensive income, as these loans are considered to be part of the Group\u2019s net investment in these foreign entities.The following exchange rate results were recorded directly in equity, before taxes:IN \u2019000 \u20ac20222023Canadian Dollar -392 -1 329US Dollar 5 771 -3 268Polish Z\u0142oty -66 262Swiss Franc 426 558TOTAL 5 738 -3 777The Group is also exposed to a foreign currency risk due to the inclusion in the consolidation of foreign companies that do not have the Euro as their functional currency (Canada, United States, Switzerland and Poland). This translation risk is not hedged. Only the US and Canadian Dollar have a material effect.The tables below state the possible exchange rate changes for the Canadian Dollar, US Dollar, Polish Z\u0142oty and Swiss Franc against the Euro, estimated based on theoretical and actual volatility. The actual volatility has been determined based on the evolution of the rate over the past 5 years.SENSITIVITY ANALYSIS FOR FOREIGN CURRENCY RISK1 EURO CLOSING RATEAVERAGETHEORETICAL POSSIBLE CLOSING RATEPOSSIBLE AVER AGECORRESPONDS TO:31/12/2023RATE 2023VOLATILITY31/12/2023RATE 2023Canadian Dollar 1.4642 1.4595 10% 1.32 - 1.61 1.31 - 1.61US Dollar 1.1050 1.0813 10% 0.99 - 1.22 0.97 - 1.19Polish Z\u0142oty 4.3395 4.5420 10% 3.91 - 4.77 4.09 - 5.00Swiss Franc 0.9260 0.9718 10% 0.83 - 1.02 0.87 - 1.07If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2023 would have been \u20ac 0.6 million lower or \u20ac 0.5 million higher, and equity would be \u20ac 15.1 million higher or \u20ac 12.4 million lower at the end of 2023. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.1 EURO CLOSING RATEAVERAGEACTUALPOSSIBLE CLOSING RATEPOSSIBLE AVER AGECORRESPONDS TO:31/12/2023RATE 2023VOLATILITY31/12/2023RATE 2023Canadian Dollar 1.4642 1.4595 5.68% 1.38 - 1.55 1.38 - 1.54US Dollar 1.1050 1.0813 7.22% 1.03 - 1.18 1.00 - 1.16Polish Z\u0142oty 4.3395 4.5420 5.47% 4.10 - 4.58 4.29 - 4.79Swiss Franc 0.9260 0.9718 5.14% 0.88 - 0.97 0.92 - 1.02If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2023 would have been \u20ac 0.4 million lower or \u20ac 0.3 million higher, and equity would be \u20ac 9.5 million higher or \u20ac 8.3 million lower at the end of 2023. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.CREDIT RISKThe credit risk with respect to trade receivables is the risk of financial loss to which the Group is exposed if a customer fails to meet the contractual obligations. Credit losses are recognised on the basis of a model based on \u2018expected credit losses\u2019 in line with IFRS 9 \u2013 Financial Instruments. The application of this model requires judgement by the Group, taking into account the impact of changes in economic factors on expected credit losses.In accordance with IFRS 9, the loss allowances will be determined on the following basis:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument. The determination on the basis of expected credit losses over the full life cycle always applies to trade receivables and contractual assets without a significant financing component.In order to assess the materiality of the provision for impairment losses, Kinepolis conducted an analysis over a five-year period (2019-2023). The Group recognised an average of less than 0.01% (2018-2022: 0.08%) of total revenue, which is considered to be immaterial. The majority of the activities of the Group are cash-based transactions. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the receivable balance is monitored on an ongoing basis. Based on the above analysis, the Group decided that the impact of the model based on expected credit losses over the full life cycle of Kinepolis Group is immaterial.With regard to credit risk from the other financial assets of the Group, including cash and cash equivalents, financial assets measured at fair value through other comprehensive income and certain derivative financial instruments, the Group\u2019s exposure to credit risk consists of the counterparty default risk, with a maximum exposure equal to the carrying amount of these instruments.There are no significant concentrations of credit risk within the Group. The Group has no customers that account for more than 10% of revenue.LIQUIDITY RISKThe Group\u2019s goal is to ensure that there is sufficient financing for the long term. The financing need is determined based on the strategic long-term plan. Various credit forms are used to guarantee the continuity and flexibility of the financing, including bonds, credit lines and bank loans. The Group\u2019s liquidity is managed through the in-house bank, Kinepolis Financial Services NV.CAPITAL MANAGEMENTThe Board of Directors\u2019 policy is aimed at maintaining a strong capital position in order to retain the confidence of investors, creditors and markets and to safeguard the future development of the business activities. The Board of Directors monitors the return on equity, which is defined by the Group as the operating result divided by equity, excluding non-controlling interests. The Board of Directors also monitors the level of the dividend payable to the shareholders if circumstances permit.The Board of Directors seeks a balance between the higher return that is potentially available with a higher level of debt on the one hand, and the benefits and security of a solid equity position on the other. In seeking this balance, the Board of Directors\u2019 objective is to achieve the pre-defined level of ratios of net financial debt to EBITDAL and net financial debt to equity.The Board of Directors believed that the ratios of net financial debt to equity and net financial debt to EBITDA were at risk of becoming too low as from mid 2010, and therefore proposed to the General Meeting to reduce the share capital and to buy back and destroy treasury shares with the aim of improving the ratios, and thereby create shareholder value. After approval by the Extraordinary General Meeting of 20 May 2011, the capital was therefore reduced by \u20ac 30.0 million and shares were bought back between 2011 and 2015, for the hedging of options on the one hand, and for cancellation on the other, which has taken place in the meantime. The expansion strategy of Kinepolis Group was started in 2014 and, due to the success of this expansion program, the capital optimisation program was stopped in 2015. To hedge against a new option plan in 2023, two new share repurchase programs were initiated: a first between June 13, 2023, and August 16, 2023 in which 117,699 shares were repurchased, and a second between September 25 and March 24, 2024, which closed early on February 14, 2024 after reaching the anticipated maximum of 115\ue61f000 shares. The Group continues to strive for a combination of a higher-than-average market return with a lower-than-average risk through the combination of its strategic pillars with an expansion strategy based on improvement potential, and a cautious financial policy regarding the debt ratio, taking the real estate position of the Group into account.Kinepolis Group bought 219 699 shares for a total amount of \u20ac 9 903 408.19 in 2023. The total number of treasury shares on 31 December 2023 amounts to 588\ue61f121 (2022: 396 076). The majority of these shares are intended to cover the Group\u2019s current stock option plan. In 2023, 27 654 treasury shares were sold (2022:\ue61f25 156).FINANCIAL INSTRUMENTSDEBT PORTFOLIOOn 15 February 2012, within the framework of the refinancing of its existing syndicated credit and the financing of the further general development of the Group, Kinepolis Group NV signed a \u20ac 90.0 million credit agreement with ING Belgium, KBC Bank and BNP Paribas Fortis until 31 March 2017 (roll-over credit). At the end of June 2015, this existing credit facility was renewed with the bank consortium for the full term until the end of June 2020. In May 2016, the term of the existing credit agreement for \u20ac 90.0 million was extended by one year, to June 2021. In December 2019, the existing credit agreement for the roll-over credit was revised and extended. Belfius was added to the existing bank consortium, and the roll-over credit was expanded from \u20ac 90.0 million to \u20ac 120.0 million. Of this, \u20ac 30.0 million can be drawn in a currency other than Euro. In December 2021, the maturity date of the roll-over credit was extended from December 2024 to December 2026, by exercising the two foreseen extension options. On 31 December 2023, there is no outstanding draw on this credit facility (2022: \u20ac 0.0 million). At the end of 2023, the outstanding \u2018Commercial Paper\u2019 debt was \u20ac 16.0 million (2022: \u20ac 12.5 million). This outstanding balance reduces the availability of the roll-over credit by the same amount.On 6 March 2012, the Group issued an unsubordinated bond in Belgium for \u20ac 75.0 million. The bonds mature in 7\ue61fyears and have a fixed annual gross interest of 4.75%. On 12 May 2015, Kinepolis Group NV announced the launch of an unconditional public exchange offer on all outstanding \u20ac 75.0 million fixed interest bonds with a gross interest of 4.75% and a maturity date on 6 March 2019. Holders of the existing bonds had the opportunity to exchange their existing bonds for new bonds to be issued by Kinepolis Group NV with a nominal value of \u20ac\ue61f1 000, a gross nominal interest of 4.0% per year and a term of 8 years, with maturity date on 9 June 2023 (the \u2018New Bonds\u2019). Bonds with a total value of \u20ac 15.9 million were exchanged. \u20ac 59.1 million was repaid on March 6, 2019, and the balance of \u20ac 15.9 million was repaid in June 2023.In January 2015, the Group also concluded a private placement of bonds with institutional investors for \u20ac 96.0 million: \u20ac 61.4 million was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement complies with the Group\u2019s financial strategy and serves to support expansion by increasing the diversification of the sources of financing and by refinancing the existing credits. In January 2022, \u20ac 61.4 million was repaid from available financial funds.In December 2017, the Group concluded a private placement of bonds with institutional investors for an amount of \u20ac 125.0 million: \u20ac 60.0 million was placed with a term of 8 years, and \u20ac 65.0 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement was primarily used to finance the acquisition of Landmark Cinemas in Canada.In July 2019, the Group concluded a private placement of bonds with institutional investors for \u20ac 225.0 million, with a term of 7.5 years. A fixed annual gross interest is paid on the bond. The private placement was mainly used to finance the various acquisitions in 2019, investments in the renovation of existing complexes and the construction of new complexes.In 2021, Kinepolis took an additional loan of \u20ac 80.0 million with Its main bankers for a term of 3 years, with a variable Interest rate and support via a government guarantee. Given the volatility of the market throughout 2022, Kinepolis decided to hedge the variable Interest rate to a fixed interest rate. The loan was repaid In January 2024, \u20ac 34 million from own cash, \u20ac 16 million from commercial paper and \u20ac30 million from a drawdown of the rollover credit.No securities were provided. Only several conditions apply with regard to the sale or the guarantee of certain of the Group\u2019s assets to a third party. Kinepolis is required to comply with conditions relating to, among others, the maximum debt ratio (covenants) on its bank debt. This relates to the roll-over credit of \u20ac 120.0 million (no outstanding draw per 31 December 2023). The credit taken out at the beginning of January 2021 for an amount of \u20ac 80.0 million is also covered by these covenants. No covenants apply to the majority of the other debts. There is only an increase in interest on the private placement of 2019 if a specific debt ratio is exceeded.The calculation of the covenants as well as the maximum or minimum values were adjusted during the revision of the credit agreement in 2019. The financial covenants consist of a maximum leverage ratio of 3.75, which temporarily increases to 4.25 in the case of a material acquisition, and a minimum interest coverage ratio of 4.5. In addition, there are a number of potentially restrictive commitments that restrict or prohibit certain trading transactions.The definitions of the covenants have been adapted to the standard IFRS 16: Leases. As such, for the determination of the leverage ratio, among other things, the net financial debt is corrected for the lease liabilities on the one hand, and the EBITDA is corrected for the impact of IFRS 16 on the other.As of December 31, 2023, the Group was in compliance with its covenants:\u2022 Net Financial Debt/adjusted EBITDA: 2.35 (maximum 3.75)\u2022 Interest Coverage (adjusted EBITDA/net interest cost): 10.29 (minimum 4.5)The additional credit of \u20ac 80.0 million, which was reimbursed in January 2024, in line with existing bank credit, provided for a number of conditions limiting asset disposals, acquisitions and dividend payments, above a financial debt ratio of 3.75.Interest payable on term loans is calculated based on the EURIBOR applicable for the selected borrowing period plus the negotiated margin. The average interest rate on the debt portfolio on 31 December 2023 was 2.66% (2022: 2.81%). Since the vast majority of loans are at a fixed interest rate, no sensitivity analysis was performed for the remaining variable portion.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWS The following table gives an overview of the contractual maturities for the non-discounted financial liabilities at 31 December, including the estimated interest payments:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALPrivate placement of bonds 11 723 415 754 427 477 10 598 405 156 415 754Public bond 16 513 16 513Trade payables 73 408 73 408 60 520 60 520Loans and borrowings with credit institutions3 423 80 700 84 123 80 783 80 783Other loans 12 519 12 519 16 000 16 000Bank overdrafts 113 113Non-derivative financial liabilities 117 587 496 454 614 041 168 014 405 156 573 170Interest rate swaps -349 -349 -278 -278Derivative financial instruments -349 -349 -278 -278TOTAL 117 587 496 105 613 692 167 736 405 156 572 892In respect of interest-bearing financial liabilities with a variable interest rate, the following table gives an overview of the expected maturities: IN \u2019000 \u20ac20222023TOTAL < 1 YEAR TOTAL < 1 YEARLoans and borrowings with credit institutions 80 000 80 000 80 000Other loans 12 500 12 500 16 000 16 000Bank overdraftsTOTAL 92 500 12 500 96 000 96 000HEDGING ACTIVITIES The Group uses derivative financial instruments to hedge the interest rate risk and the foreign currency risk. All derivative financial instruments are measured at fair value. The following table gives the remaining term of the outstanding derivative financial instruments at balance sheet date. The\ue61famounts given in this table are the nominal values. IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALInterest rate swaps 80 000 80 000 80 000 80 000TOTAL 80 000 80 000 80 000 80 000FAIR VALUEThe fair value is the amount at which an asset can be traded or a liability settled in an orderly transaction between well-informed, willing parties, following the arm\u2019s length principle.The following table discloses the actual fair value and the carrying amount of the main interest-bearing financial loans and borrowings (measured at amortised cost). IN \u2019000 \u20ac20222023CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VA LUEPrivate placement of bonds \u2013 fixed interest rate 384 600 346 322 384 600 355 955Public bond \u2013 fixed interest rate 15 878 15 613Interest-bearing loans \u2013 variable interest rate 92 500 92 500 96 000 96 000Bank overdrafts 113 113Transaction costs refinancing -1 407 -1 407 -905 -905TOTAL 491 571 453 028 479 808 451 955 The following table gives the nominal or contractual amounts and the actual fair value of all outstanding derivative financial instruments (cash flow hedging instruments). The nominal or contractual amounts reflect the volume of the derivative financial instruments outstanding at the balance sheet date. As such, they represent the Group\u2019s risk on these transactions.IN \u2019000 \u20ac20222023NOMINAL VALUE FAIR VALUE NOMINAL VALUE FAIR VALUEInterest rate swap 80 000 349 80 000 278TOTAL 80 000 349 80 000 278The fair value of financial products related to the interest rates is determined by discounting the expected future cash flows, taking into account the current market interest rates and the interest rate curve for the remaining life of the instrument. There\ue61fwere no outstanding forward exchange contracts at 31 December 2023.The fair value of the derivative instruments is included in the balance sheet of the Group as follows (value before tax):IN \u2019000 \u20ac20222023ASSETS LIABILITIES NET VALUE ASSETS LIABILITIES NET VALUENon-current 349 349 278 278TOTAL 349 349 278 278The change in the fair value of the derivative financial instruments on the balance sheet is as follows:IN \u2019000 \u20acCARRYING AMOUNTINCLUDED IN THE FOLLOWING LINE ITEM CHANGES IN THE FAIR VALUE OF NOMINALIN THE STATEMENT THE HEDGING INSTRUMENT INCLUDED VALUEOF FINANCIAL POSITIONIN OTHER COMPREHENSIVE INCOMEASSETS LIABILITIESInterest rate swap 80 000 278 Derivative financial instruments -70FAIR VALUE \u2013 HIERARCHYThe following table provides an overview of financial instruments recognised at fair value by the valuation method. The\ue61fdifferent levels are defined as follows:\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: input that does not refer to any quoted market price included in level 1, and that is observable for the asset or the\ue61fliability, either directly (i.e., as price) or indirectly (i.e., derived from price).\u2022 Level 3: input for the asset that is, or the liability that is not based on observable market data (unobservable input).IN \u2019000 \u20ac20222023LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3Cash flow hedging \u2013 CurrencyInterest rate swaps 349 278TOTAL 349 278LEVEL 3 FAIR VALUES Per 31 December 2023 there were no contingent considerations (2022: \u20ac 0.0 million).27. LeasesLEASES AS LESSEEThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. If the contracts are classified as leases, they are recognised on the date on which the leased asset is available for use by\ue61fthe Group. On the one hand a right-of-use asset is recognised, which is depreciated on a straight-line basis over the lease term. On the other hand, a lease liability is recognised, that consists of future lease payments that are discounted at the Group\u2019s average interest rate for external financing.The discount rate applied throughout 2023 is 4.03% (2022: 2.62%). The discount rate is updated on a yearly basis and will be applied to new leases or for changes to existing lease agreements which are to be measured at a revised discount rate.When determining the term of a lease, extension options which will be executed with reasonable certainty at the start of the contract, are included in the lease liabilities. For\ue61fthe key category, land and buildings (cinema complexes), the\ue61fGroup applies as a general principle a term between 15\ue61fand 20 years. This term reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of theGroup include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.RIGHT-OF-USE ASSETS LAND AND IN-THEATR E PROJECTION IN \u2019000 \u20acCARSTOTALBUILDINGSSALESEQUIPMENTAcquisition value 424 744 5 062 1 070 3 954 434 830Depreciations and impairment losses -76 118 -3 212 -788 -1 392 -81 510NET CARRYING AMOUNT AT 31/12/2021 348 626 1 850 282 2 562 353 320New leases 551 551Expired leases and disposals -4 -4Adjustments 3 820 307 810 4 936Depreciations and impairment losses -26 554 -1 279 -296 -578 -28 707Effect of exchange rate fluctuations 3 383 -27 11 3 367Acquisition value 431 068 5 535 1 835 3 929 442 367Depreciations and impairment losses -101 793 -4 107 -1 067 -1 938 -108 905NET CARRYING AMOUNT AT 31/12/2022 329 275 1 428 768 1 991 333 462New leases 5 799 3 533 9 332New leasess through business combinations 4 047 4 047Transfer to/from other categories 103 103Expired leases and disposals 116 -1 -35 80Adjustments 3 557 234 3 791Depreciations and impairment losses -25 965 -1 372 -249 -568 -28 154Effect of exchange rate fluctuations -4 153 -10 -13 -4 176Acquisition value 435 108 6 333 1 550 3 950 446 941Depreciations and impairment losses -122 432 -2 511 -1 040 -2 473 -128 456NET CARRYING AMOUNT AT 31/12/2023 312 676 3 822 510 1 477 318 485LEASE LIABILITIESIN \u2019000 \u20acTOTALNET CARRYING AMOUNT AT 31/12/2021 390 567New leases 551Interest 10 369Repayment -36 389Forgiveness of lessee\u2019s lease payments -2 810Adjustments 4 649Effect of exchange rate fluctuations 3 434NET CARRYING AMOUNT AT 31/12/2022 370 371New leases 9 332New leases through business combinations 4 047Interest 9 566Repayment -34 949Forgiveness of lessee\u2019s lease payments -146Adjustments 4 056Effect of exchange rate fluctuations -4 690NET CARRYING AMOUNT AT 31/12/2023 357 587At 31 December 2023, the Group had a lease liability of \u20ac\ue61f357.6 million (2022: \u20ac 370.4 million) and a right-of-use asset of \u20ac 318.5 million (2022: \u20ac 333.5 million). During 2023 the lease liabilities decreased with \u20ac 12.8 million and the right-of-use assets with \u20ac 15.0 million.The RealD 3D equipment used by the Group is included under the right-of-use assets (\u20ac 1.5 million). As these assets are fully prepaid, there is no outstanding lease liability for these assets.NEW LEASESThe new leases mainly consist of new leases concluded for\ue61fthe building (\u20ac 5.8 million), especially for the new exploitation in B\u00e9ziers and for cars (\u20ac 3.5 million). There also was a new leasing contract through the business combination Belfort (\u20ac\ue61f4.0 million). This resulted in the same additional lease liability and increase in right-of-use assets.(EARLY) TERMINATED LEASESThe group has terminated various car lease agreements early throughout 2023.ADJUSTMENTSDuring 2023 several leases were adjusted, mainly due to changes to the contractual term or other adjustments such as indexations or new negotiations for future lease payments. All this led to an adjustment of the lease liabilities of \u20ac 4.1 million and an adjustment of the right-of-use assets of \u20ac 3.8 million.IMPAIRMENT LOSSESIn 2023 there were no impairment losses for leasing contracts. Throughout 2022 it was decided that the cinema in West Kelowna Encore (CA) will be permanently closed. As\ue61fa result of this decision, the right-of-use-assets were impaired for \u20ac 0.1 million, as well as the property, plant and equipment in this complex. We refer to note 11 for more information. RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICAs a result of the Covid-19 pandemic, the Group had obtained rent concessions from the lessor for part of the lease agreements, mainly related to land and buildings. In 2023, the Group received a last part of that rent concession in Canada: \u20ac 0.1 million (2022: \u20ac2.8 million).IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWSThe following table gives an overview of the contractual maturities of the non-discounted lease liabilities at 31 December:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALNON-DISCOUNTED LEASE LIABILITIES 35 407 124 216 287 729 447 351 34 813 128 490 266 750 430 054NOT RECOGNIZED UNDER IFRS 16Exemption from recognitionThe Group has decided to make use of the option of exemption of recognition under IFRS 16 for short-term leases and leases in which the underlying asset has a low value. The operational lease cost related to the exempt short-term leases amounts to \u20ac 0.0 million in 2023 (2022: \u20ac\ue61f0.1 million) and are considered as immaterial.Variable lease liabilitiesIn addition, variable lease liabilities are also not recognised under IFRS 16. The total operational lease cost of this amounts to \u20ac 2.5 million in 2022 (2022: \u20ac 0.4 million). This has led to the same outgoing cash flow that is classified in the consolidated statement of cash flow under \u2018Cash flow from operating activities\u2019.The main parameters of variable lease liabilities are the realised revenue and the number of visitors. The Group has performed a sensitivity analysis with possible changes in the variable lease liabilities, estimated based on a theoretical volatility of both revenue and number of visitors to be able to estimate the future impact. If the revenue and the number of visitors would increase by 10%, the total operational lease cost of the variable lease liability would increase to \u20ac 2.9 million. If the revenue and the number of visitors would decrease by 10%, the total operational lease cost of the variable lease liability would be \u20ac 2.1 million. Lease commitments already entered intoThe Group had entered into a lease commitment as of December 2023 for an office in Toronto, the lease term of which is 5 years starting from December 2024 and with the total future undiscounted lease liability being \u20ac\ue61f0.2\ue61fmillion.Extension optionsIf the Group were to exercise all possible renewal options that it has available in the contracts as of December 31, 2023, there would be an additional outgoing cash flow of\ue61fnon-discounted lease liabilities of \u20ac 291.6 million over\ue61fthe entire term of the related contracts. As of 31\ue61fDecember 2023, the Group believed that these additional potential renewal options will not yet be exercised with reasonable certainty, so they are not included in the ending balance of the lease liabilities and the non-discounted lease liability. If the Group were to recognise only the contractually required renewal options, the future cash outflow of non-discounted lease\ue61fliabilities would decrease from \u20ac 421.8 million to\ue61f\u20ac\ue61f258.9 million.LEASES AS LESSORThe Group has leased out parts of its property under operational leases. The non-discounted lease payments under non-cancellable operational leases are recoverable as follows:IN \u2019000 \u20ac20222023Less than one year 6 705 8 200Between one and two years 4 190 4 699Between two and three years 2 965 2 698Between three and four years 1 430 1 578Between four and five years 1 022 974More than five years 2 449 2 211TOTAL 18 760 20 360Minimum lease payments in the income statement with regard to operational leases 8 198 9 109Variable lease payments in the income statement with regard to operational leases 621 782The Group leases out part of its complexes to third parties for the exploitation of shops or caf\u00e9s. These concessions have a term of 1 to 20 years (renewable) unless they are agreed for an undefined term.In addition, the car parks of several complexes are leased out for a term of 1 to 15 years (renewable) or for an undefined terin Belgium, for a period of 9 years or for an undefined term in Luxembourg or for an undefined term in Poland and France. A\ue61ffixed rent is charged for part of these car parks. The revenuefrom the other car parks is variable, based on the number of parking tickets sold, corrected for overhead expenses.28. Capital commitmentsAt 31 December 2023, the Group had material capital commitments for \u20ac 9.1 million. This mainly concerns commitments related to the renovation of the newly acquired cinema complex in B\u00e9ziers (\u20ac 2.2 million), renovation of technical installations and parking in other complexes in France (\u20ac 1.3 million), new projectors for \u20ac 0.3 million, renovation in a complex in Orleans (CA) for \u20ac 0.2 million and commitments regarding the completion of the cinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac 0.2 million. The Group also has committed to renovate the complex in Windsor (CA), that was acquired in 2024, for an amount of \u20ac 4.7 million.At 31 December 2022, the Group had material capital commitments for \u20ac 0.7 million. This mainly concerned commitments related to new servers for \u20ac 0.3 million and\ue61fcommitments regarding the completion of the\ue61fcinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac\ue61f0.1\ue61fmillion.29. ContingenciesAt the end of 2023 the Group had unrecognised contractual obligations for \u20ac 10.5 million (2022: \u20ac 1.5 million). These mainly concerned conditional contractual obligations for potential investments in real estate and minimum guarantee commitments of Kinepolis Film Distribution NV towards Dutch Filmworks BV and local producers for films that have not yet been released, but for which contractual obligations already exist.30. Related partiesThe transactions between the Group and its subsidiaries were eliminated in the consolidation, and are accordingly not included in this note. The transactions with other related parties are explained below.REMUNERATION OF THE DIRECTORS AND EXECUTIVE OFFICERSIN \u2019000 \u20ac20222023DirectorsRemuneration 909 920Executive officers (CEO)Short-term employee benefits 1\ue61f581 1\ue61f581TOTAL 2\ue61f490 2501In 2023, new options were granted to the Group\u2019s CEO (Incentive Plan). He did participate in this for 112 500 options. The fair value of these options is \u20ac1.5 million. The cost for 2023 is \u20ac0.6 million. There were no new options granted for the 2017 option plan (Participation in 2017 by the CEO of the Group, the Chairman and Vice-Chairman of the Board of Directors: 180 000). We refer to the remuneration report in the Corporate Governance Statement and note 20 for more information.TRANSACTIONS WITH OTHER RELATED PARTIESKinohold BIS SA provides certain administrative services to\ue61fthe Group, for which it charged \u20ac 0.1 million in 2023 (2022:\ue61f\u20ac\ue61f0.1 million).31. Subsequent eventsLandmark Cinemas Canada, a subsidiary of Kinepolis Group, will open a cinema at the Mikhail Centre in Windsor, Ontario, in the fall of 2024. Kinepolis will renovate the existing cinema building in the months leading up to the opening.The loan of \u20ac 80.0 million taken out in 2021 was repaid in January 2024: \u20ac 34 million with own cash, \u20ac 16 million via commercial paper and \u20ac 30 million through a drawdown of the roll-over credit.Furthermore, no significant events have occurred after year-end as of the date of publication.32. Mandates and remuneration of the statutory auditorThe statutory auditor for the Company is KPMG Bedrijfsrevisoren, represented by Mr. F. Poesen. The mandates and remunerations for the entire Group can be summarised as follows:IN \u2019000 \u20ac20222023Remuneration of the statutory auditor 420 436Other audit-related servicesOther assignments outside the audit assignments 11 8Remuneration for exceptional services or special assignments performed within 11 0the Company and its subsidiaries by the statutory auditorRemuneration for persons associated with the statutory auditor for the performance 472 483of a mandate as statutory auditorTax advisory services 19 51 (1)Other assignments outside the audit assignments 1691Remuneration for exceptional services and special assignments performed within the Company 35 0and its subsidiaries by persons associated with the statutory auditorTOTAL 937 1 069(1) Including a reversal of provision of K\u20ac 38 for work not yet completed related to the NOW audit.33. Group entitiesLIST OF THE FULLY CONSOLIDATED COMPANIESVAT OR COMPANY COUNTRYNAME MUNICIPALITY% 2022% 2023REGISTRATION NUMBERBelgium Brightfish NV Brussels BE 0450 523 725 100 100Kinepolis Braine SA Braine-L\u2019Alleud BE 0462 688 911 100 100Kinepolis Film Distribution (KFD) NV Brussels BE 0445 372 530 100 100Kinepolis Financial Services NV Brussels BE 0886 547 831 100 100Kinepolis Group NV Brussels BE 0415 928 179 100 100Kinepolis Immo Hasselt NV Hasselt BE 0455 729 358 100 100Kinepolis Immo Multi NV Brussels BE 0877 736 370 100 100Kinepolis Li\u00e8ge NV Hasselt BE 0459 469 796 100 100Kinepolis Mega NV Brussels BE 0430 277 746 100 100Kinepolis Multi NV Kortrijk BE 0434 861 589 100 100Canada Kinepolis Canada LTD Calgary CA 2020 757 353 100 100Landmark Cinemas Holding LTD Calgary CA 2020 757 536 99.30 100Landmark Cinemas Canada LP Calgary CA 2017 564 317 99.30 100Landmark Cinemas Canada GP Calgary CA 2017 564 317 100 100France Eden Panorama SA Lomme FR 02340483221 100 100Forvm Kinepolis SA N\u00eemes FR 86421038548 100 100Kinepolis Bourgoin SA Bourgoin-Jallieu FR 65779487297 100 100Kinepolis France SAS Lomme FR 20399716083 100 100Kinepolis Film Distribution France SAS Lomme FR 43789848280 100 100Kinepolis Immo St. Julien-l\u00e8s-Metz SAS Metz FR 51398364463 100 100Kinepolis Immo Thionville SA Thionville FR 10419162672 100 100Kinepolis Le Ch\u00e2teau du Cin\u00e9ma SAS Lomme FR 60387674484 100 100Kinepolis Mulhouse SA Mulhouse FR 18404141384 100 100Kinepolis Nancy SAS Nancy FR 00428192819 100 100Kinepolis Prospection SAS Lomme FR 45428192058 100 100Kinepolis St. Julien-l\u00e8s-Metz SAS Metz FR 43398364331 100 100Kinepolis Thionville SAS Thionville FR 09419251459 100 100Utopolis Longwy SAS Longwy FR 21432763563 100 100Kinepolis Belfort SAS Belfort FR 70432250223 0 100Luxembourg Utopolis Belval SA Luxembourg LU 220 75 333 100 100Majestiek International SA Luxembourg LU 19942206638 100 100Utopia SA Luxembourg LU 160 90 380 100 100VAT OR COMPANY COUNTRYNAME MUNICIPALITY% 2022% 2023REGISTRATION NUMBERKinepolis Immo BV Utrecht NL 003182794B01 100 100The NetherlandsKinepolis Rotterdam BV Utrecht NL 808810261B01 100 100Kinepolis Bioscopen Holding BV Utrecht NL 822624382B01 100 100Kinepolis Enschede BV Utrecht NL 808883574B01 100 100Kinepolis Groningen BV Utrecht NL 816165774B01 100 100Kinepolis Huizen BV Utrecht NL 820697230B01 100 100Kinepolis Exploitatie BV Utrecht NL 819683036B01 100 100Kinepolis UBOS BV Utrecht NL 856681866B01 100 100Kinepolis Immo Schagen BV Utrecht NL 815246353B01 100 100Kinepolis Cinemagnus Schagen BV Utrecht NL 815293446B01 100 100Kinepolis Immo Hoofddorp BV Utrecht NL 821608563B01 100 100Kinepolis Cinemeerse Hoofddorp BV Utrecht NL 821608666B01 100 100City Monumenten Utrecht BV Utrecht NL 002611375B01 100 100NH Haarlem BV Utrecht NL 855813593B01 100 100Cineschalkstad BV Utrecht NL 855814275B01 100 100Utopia Nederland BV Almere NL 804687237B03 100 100Utrechtse Film Onderneming \u2018Ufio\u2019 BV Utrecht NL 003182812B01 100 100Kinepolis Immo Spijkenisse BV Utrecht NL 810523358B01 100 100Kinepolis Spijkenisse BV Utrecht NL 800351575B01 100 100Poland Kinepolis Pozna\u0144 Sp.z o.o.Pozna\u0144NIP 5252129575 100 100Spain Kine Invest SA Pozuelo de Alarcon ESA 824 896 59 100 100Kinepolis Espa\u00f1a SA Pozuelo de Alarcon ESA 814 870 27 100 100Kinepolis Granada SA Pozuelo de Alarcon ESA 828 149 55 100 100Kinepolis Jerez SA Pozuelo de Alarcon ESA 828 149 22 100 100Kinepolis Madrid SA Pozuelo de Alarcon ESA 828 149 06 100 100Kinepolis Paterna SA Pozuelo de Alarcon ESA 828 149 14 100 100Cines Llobregat SL Madrid NIF B651 443 70 100 100Cines El Punt SA Madrid NIF A621 222 21 100 100United StatesKinepolis US INC Michigan EIN 61-1936179 100 100MJR Group LLC Michigan EIN 38-3367945 100 100MJR Sterling Heights LLC Michigan EIN 46-3910496 100 100Switzerland Kinepolis Schweiz AG Schaffhausen CH 2903013216-5 100 100CHANGES IN THE CONSOLIDATION SCOPE There were 2 acquisitions in France during 2023. Kinepolis Belfort was acquired and is reported as a separate entity. The activities of B\u00e9ziers are incorporated into an existing company.Kinepolis Group NVEeuwfeestlaan 20B-1020 Brussels, Belgium",
"dimensions": {
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"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__8": {
"value": "Kinepolis Group NV (the \u2018Company\u2019) is a company established in Belgium. The consolidated financial statements of Kinepolis Group for the year ending 31 December 2023 include the Company and its subsidiaries (together referred to as the \u2018Group\u2019). These consolidated financial statements were approved for publication by the Board of Directors on 19 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__7": {
"value": "Kinepolis Group NV (the \u2018Company\u2019) is a company established in Belgium. The consolidated financial statements of Kinepolis Group for the year ending 31 December 2023 include the Company and its subsidiaries (together referred to as the \u2018Group\u2019). These consolidated financial statements were approved for publication by the Board of Directors on 19 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__9": {
"value": "STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as published by the International Accounting Standards Board (IASB) and adopted by the European Union until 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__11": {
"value": "BASIS OF PREPARATIONThe consolidated financial statements are presented in Euro",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__10": {
"value": "BASIS OF PREPARATIONThe consolidated financial statements are presented in Euro, rounded to the nearest thousand. In certain cases, rounding up or down can lead to a non-material deviation of the total amount. The consolidated financial statements were drawn up on a historical cost basis, apart from the following assets and liabilities, which are recorded at fair value: derivative financial instruments, contingent considerations and financial assets measured at fair value through other comprehensive income. In accordance with IFRS 5, assets classified as held for sale are measured at the lower of their carrying amount and fair value, less costs to sell.The accounting policies have been applied consistently across the Group. They are consistent with those applied in the previous financial period.The amendments to standards applicable as of 1 January 2023 gave no cause to change the Group\u2019s accounting policies and have no material impact on the consolidated financial statements.The preparation of the financial statements under IFRS requires management to make judgements, estimates and assumptions that influence the application of the policies and the reported amounts of assets and liabilities, income, and expenses.The estimates and related assumptions are based on past experience and on various other factors that are considered reasonable in the given circumstances. The outcomes of these form the basis for the judgement as to the carrying amount of assets and liabilities when this is not evident from other sources.Actual results can differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of estimates are recognised in the period in which the estimates are revised if the revision affects only this period, or in the revision period and future periods if the revision affects both the reporting period and future periods.Judgements, estimates and assumptions are made, among other things, when:\u2022 Determining the useful life of intangible assets and property, plant and equipment (see the related accounting policies);\u2022 Assessing the necessity of and estimating impairment losses on intangible assets, goodwill, property, plant and equipment, right-of-use assets and investment property;\u2022 Recording and calculating provisions;\u2022 Assessing the degree to which losses carried forward will be used in the future;\u2022 Determining the term of the leases under IFRS 16;\u2022 Determining the fair value of share-based compensation based on an option pricing model.The estimates and assumptions with a significant probability of causing a material adjustment to the value of the assets and liabilities during the next financial period are stated below.IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions regarding, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.PROVISIONSThe estimates and judgements that most impact the amount of the provisions are the estimated costs and the expected likelihood and timing of the cash outflows. They are based on the most recent available information at balance sheet date. We refer to note 23 for the relevant assumptions.RECOVERABILITY OF DEFERRED TAX ASSETSDeferred tax assets for unused tax losses will only be recognised if future taxable profits will be available to be able to recover these losses (based on budgets and estimates). The budgets and estimates are further expanded to future expected taxable profits in order to analyse the recoverability of the losses and credits. The actual tax result may differ from the assumption made when the deferred tax was recorded. For more information we refer to note 13.LEASES (IFRS 16): DETERMINING THE TERM OF A LEASEA contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time in exchange for a consideration. When determining the term of a lease, the Group took into account any possible extension options and whether or not to exercise an early termination option. This is assessed for each contract separately. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made. For more information we refer to note 27.Other assumptions and estimates will be discussed in the respective notes where they are used.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__12-1": {
"value": "rounding up or down can lead to a non-material deviation of the total amount. The consolidated financial statements were drawn up on a historical cost basis, apart from the following assets and liabilities, which are recorded at fair value: derivative financial instruments, contingent considerations and financial assets measured at fair value through other comprehensive income. In accordance with IFRS 5, assets classified as held for sale are measured at the lower of their carrying amount and fair value, less costs to sell.TRANSACTIONS ELIMINATED ON CONSOLIDATION Intercompany balances and transactions, along with any unrealised gains and losses on transactions within the Group or gains or losses from such transactions, are eliminated in the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated proportionally to the Group\u2019s interest in the investee.Unrealised losses are eliminated in the same way as unrealised gains, but only where there is no indication of impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__14": {
"value": "The accounting policies have been applied consistently across the Group. They are consistent with those applied in the previous financial period.The amendments to standards applicable as of 1 January 2023 gave no cause to change the Group\u2019s accounting policies and have no material impact on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__16": {
"value": "The preparation of the financial statements under IFRS requires management to make judgements, estimates and assumptions that influence the application of the policies and the reported amounts of assets and liabilities, income, and expenses.The estimates and related assumptions are based on past experience and on various other factors that are considered reasonable in the given circumstances. The outcomes of these form the basis for the judgement as to the carrying amount of assets and liabilities when this is not evident from other sources.Actual results can differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of estimates are recognised in the period in which the estimates are revised if the revision affects only this period, or in the revision period and future periods if the revision affects both the reporting period and future periods.Judgements, estimates and assumptions are made, among other things, when:\u2022 Determining the useful life of intangible assets and property, plant and equipment (see the related accounting policies);\u2022 Assessing the necessity of and estimating impairment losses on intangible assets, goodwill, property, plant and equipment, right-of-use assets and investment property;\u2022 Recording and calculating provisions;\u2022 Assessing the degree to which losses carried forward will be used in the future;\u2022 Determining the term of the leases under IFRS 16;\u2022 Determining the fair value of share-based compensation based on an option pricing model.The estimates and assumptions with a significant probability of causing a material adjustment to the value of the assets and liabilities during the next financial period are stated below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__15": {
"value": "The preparation of the financial statements under IFRS requires management to make judgements, estimates and assumptions that influence the application of the policies and the reported amounts of assets and liabilities, income, and expenses.The estimates and related assumptions are based on past experience and on various other factors that are considered reasonable in the given circumstances. The outcomes of these form the basis for the judgement as to the carrying amount of assets and liabilities when this is not evident from other sources.Actual results can differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of estimates are recognised in the period in which the estimates are revised if the revision affects only this period, or in the revision period and future periods if the revision affects both the reporting period and future periods.Judgements, estimates and assumptions are made, among other things, when:\u2022 Determining the useful life of intangible assets and property, plant and equipment (see the related accounting policies);\u2022 Assessing the necessity of and estimating impairment losses on intangible assets, goodwill, property, plant and equipment, right-of-use assets and investment property;\u2022 Recording and calculating provisions;\u2022 Assessing the degree to which losses carried forward will be used in the future;\u2022 Determining the term of the leases under IFRS 16;\u2022 Determining the fair value of share-based compensation based on an option pricing model.The estimates and assumptions with a significant probability of causing a material adjustment to the value of the assets and liabilities during the next financial period are stated below.IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions regarding, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.PROVISIONSThe estimates and judgements that most impact the amount of the provisions are the estimated costs and the expected likelihood and timing of the cash outflows. They are based on the most recent available information at balance sheet date. We refer to note 23 for the relevant assumptions.RECOVERABILITY OF DEFERRED TAX ASSETSDeferred tax assets for unused tax losses will only be recognised if future taxable profits will be available to be able to recover these losses (based on budgets and estimates). The budgets and estimates are further expanded to future expected taxable profits in order to analyse the recoverability of the losses and credits. The actual tax result may differ from the assumption made when the deferred tax was recorded. For more information we refer to note 13.LEASES (IFRS 16): DETERMINING THE TERM OF A LEASEA contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time in exchange for a consideration. When determining the term of a lease, the Group took into account any possible extension options and whether or not to exercise an early termination option. This is assessed for each contract separately. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made. For more information we refer to note 27.Other assumptions and estimates will be discussed in the respective notes where they are used.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__20-1": {
"value": "IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions regarding, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.IMPAIRMENT LOSSESThe carrying amounts of the non-financial assets of the Group, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indication of impairment, the recoverable amount of the asset is estimated. In case of goodwill and intangible assets with an indefinite useful life or which are not yet ready for their intended use, the recoverable amount is estimated at the same date each year. An impairment loss is recorded whenever the carrying amount of an asset, or the cash-generating unit to which the asset belongs, is higher than the recoverable amount.The recoverable amount is the higher of the value in use or the fair value less costs to sell. When determining the value in use, the discounted value of the estimated future cash flows is calculated using a proposed weighted average cost of capital, that reflects both the current market rate and the specific risks regarding the asset or the cash-generating unit. Where an asset does not generate significant cash flows by itself, the recoverable amount is determined based on the cash-generating unit to which the asset belongs. Goodwill acquired in a business combination is allocated to groups of cash generating units that are expected to benefit from the synergies of the combination.Impairment losses are recorded in the income statement. Impairment losses recorded with respect to cash-generating units are first deducted from the carrying amount of any goodwill assigned to cash-generating units (or groups of units), and then deducted proportionally from the carrying amount of the other assets of the unit (or group of units), excluding financial assets. An impairment is reversed when the reversal can be objectively linked to an event occurring after the impairment was recorded. A previously recorded impairment is reversed when a change has occurred in the estimates used to determine the recoverable value, but not in a higher amount than the net carrying amount that would have been determined if no impairment had been recorded in previous years. Goodwill impairments are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__17-1": {
"value": "IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions regarding, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.Expected credit lossesImpairment losses on financial assets are determined as\ue61ffollows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination based on expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.IMPAIRMENT LOSSESThe carrying amounts of the non-financial assets of the Group, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indication of impairment, the recoverable amount of the asset is estimated. In case of goodwill and intangible assets with an indefinite useful life or which are not yet ready for their intended use, the recoverable amount is estimated at the same date each year. An impairment loss is recorded whenever the carrying amount of an asset, or the cash-generating unit to which the asset belongs, is higher than the recoverable amount.The recoverable amount is the higher of the value in use or the fair value less costs to sell. When determining the value in use, the discounted value of the estimated future cash flows is calculated using a proposed weighted average cost of capital, that reflects both the current market rate and the specific risks regarding the asset or the cash-generating unit. Where an asset does not generate significant cash flows by itself, the recoverable amount is determined based on the cash-generating unit to which the asset belongs. Goodwill acquired in a business combination is allocated to groups of cash generating units that are expected to benefit from the synergies of the combination.Impairment losses are recorded in the income statement. Impairment losses recorded with respect to cash-generating units are first deducted from the carrying amount of any goodwill assigned to cash-generating units (or groups of units), and then deducted proportionally from the carrying amount of the other assets of the unit (or group of units), excluding financial assets. An impairment is reversed when the reversal can be objectively linked to an event occurring after the impairment was recorded. A previously recorded impairment is reversed when a change has occurred in the estimates used to determine the recoverable value, but not in a higher amount than the net carrying amount that would have been determined if no impairment had been recorded in previous years. Goodwill impairments are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__22-1": {
"value": "PROVISIONSThe estimates and judgements that most impact the amount of the provisions are the estimated costs and the expected likelihood and timing of the cash outflows. They are based on the most recent available information at balance sheet date. We refer to note 23 for the relevant assumptions.PROVISIONSA provision is recorded in the statement of financial position whenever the Group has an existing (legal or constructive) obligation as a result of a past event and where it is probable that the settlement of this obligation will result in an outflow of resources containing economic benefits. Where the effect is material, provisions are measured by discounting the expected future cash flows at a pre-tax discount rate that reflects both the current market assessment of the time value of money and, where applicable, the risks inherent to the obligation.SITE RESTORATIONIn accordance with the contractual obligations of the Group, a provision for site restoration is set up whenever the Group is obliged to restore land to its original condition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__24-1": {
"value": "RECOVERABILITY OF DEFERRED TAX ASSETSDeferred tax assets for unused tax losses will only be recognised if future taxable profits will be available to be able to recover these losses (based on budgets and estimates). The budgets and estimates are further expanded to future expected taxable profits in order to analyse the recoverability of the losses and credits. The actual tax result may differ from the assumption made when the deferred tax was recorded. For more information we refer to note 13.Deferred taxes are recorded based on the balance sheet method, for all temporary differences between the taxable base and the carrying amount for financial reporting purposes, for both assets and liabilities. No deferred taxes are recognised for the following temporary differences: \u2022 Initial recognition of assets and liabilities in a transaction that is not a business combination and that does not affect accounting or taxable profits;\u2022 Differences with regard to investments in subsidiaries to the extent that an offsetting entry is unlikely in the near future;\u2022 Taxable temporary differences that arise at the initial recognition of goodwill. The amount of the deferred taxes is based on expectations with regard to the realisation of the carrying value of the assets and liabilities, whereby the tax rates enacted or substantively enacted at the balance sheet date are used. A deferred tax asset is only recorded in the consolidated statement of financial position when it is probable that adequate future taxable profits are available against which the tax benefit can be utilised. Deferred tax assets are reduced whenever it is no longer probable that the related tax benefit will be realised.The deferred and current tax receivables and liabilities are offset per tax jurisdiction if the Group has a legal enforceable right to offset the amounts and it intends to settle the liability on a net basis, or to realise the receivable and the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__26-1": {
"value": "LEASES (IFRS 16): DETERMINING THE TERM OF A LEASEA contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time in exchange for a consideration. When determining the term of a lease, the Group took into account any possible extension options and whether or not to exercise an early termination option. This is assessed for each contract separately. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made. For more information we refer to note 27.Other assumptions and estimates will be discussed in the respective notes where they are used.LEASESThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. A contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time, in exchange for a consideration. Leases are recognised as right-of-use assets and the corresponding lease liabilities at the date on which the leased asset is available for use by the Group. The lease term considered in the calculation of the lease liabilities is determined on the basis of the underlying lease contracts, taking into account any extensions that can be estimated with reasonable certainty and whether or not to exercise an early termination option. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of the Group include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.The Group submits all its lease contracts to an extensive analysis to determine whether the contracts meet the lease definition. The Group has thereby decided to make use of the following exemptions:\u2022 Leases with a lease term of 12 months or less;\u2022 Leases for which the underlying asset has a limited value.The payments for the exempt leases are recognised as an expense in the income statement.RIGHT-OF-USE ASSETSRight-of-use assets are measured at the cost that includes:\u2022 Initial recognition of the lease liabilities;\u2022 Advance lease payments;\u2022 Initial direct costs;\u2022 Estimated costs for dismantling and repairs;\u2022 Deferred investment contributions. The right-of-use assets are depreciated on a straight-line basis, from the commencement date of the agreement, over the lease term, taking into account extensions that can be estimated with reasonable certainty. If the ownership of the leased asset is transferred to the Group at the end of the lease term or if the costs of the right-of-use assets reflect that the Group will exercise a purchase option, the right-of-use assets are depreciated over the useful life of the underlying asset. The useful life is determined in the same way as for other property, plant and equipment. In addition, the right-of-use assets are reduced by impairments where applicable and are adjusted for certain remeasurements to the lease liabilities. LEASE LIABILITIESLease liabilities are initially measured at the present value of future lease payments. Only the lease component of the payment is recognised. The lease payments are discounted at the rate implicit in the lease, or, if this is not available, at the average interest rate of the Group. As the Group makes use of a general financing policy, this is the average interest rate of the Group for external financing taking into account the credit standing of the Group, the parent company, rather than each individual subsidiary. Kinepolis Financial Services NV acts as an in-house bank for the entire Group. As a result, the interest rate is the interest rate that the Group would have to pay to obtain an asset with similar value to the right-of-use asset, taken into account in a similar economic environment, term and security. The discount rate is updated on a yearly basis and will be applied to new leases or for changes to lease agreements which are to be measured at a revised discount rate.Lease payments recognised in the valuation of the lease liabilities include:\u2022 Fixed lease payments;\u2022 Minimum variable lease payments based on an index or rate;\u2022 Amounts that are expected to be payable under a residual value guarantee;\u2022 The exercise price of a purchase option that the Group will exercise with reasonable certainty, lease payments in an optional extension period that the Group believes will be exercised with reasonable certainty, and penalties for early termination of a lease, unless the Group is reasonably certain that it will not end early. Lease liabilities are remeasured whenever there is a change in future lease payments as a result of a change in an index or a rate, if there is a change in the estimate of the amount that the Group will owe under a residual value guarantee, if the Group assesses whether or not it will exercise an option to purchase, extend or terminate, or if there is a change in expected future lease payments. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the right-of-use asset no longer has a carrying amount, this is recognised in the income statement when the lease liability decreases.All lease payments that expire within 12 months are recognised as current liabilities. All lease payments that expire after 12 months are recognised as non-current liabilities. Lease payments are split into the repayment of the lease liability and the financial interest cost. In the consolidated statement of cash flow, both can be found under \u2018Cash flow from financing activities\u2019. Interests are recognised as an expense in the income statement.LEASES AS LESSOR The Group leases out its investment properties and owned land and buildings. The Group has classified these leases as operating leases.For the leases in which the Group acts as a lessor, each of the leases must be classified as an operating or finance lease. A lease is classified as a finance lease if substantially all of the risks and rewards associated with ownership of an underlying asset are transferred. If this is not the case, the lease is recognised as an operational lease. The Group also leases out parts of leased buildings, which, under the application of IFRS 16, are recognised under Right-of-use assets (the so-called subleases). When the right-of-use of these assets is not fully transferred to the sublessee (which is the case, amongst others, when the rental period of the sublease is significantly shorter than the one of the head lease), these subleases are classified as operating sublease agreements and the rental income is recognised in the income statement on a straight-line basis over the lease term. The Group assessed the classification of the subleases with reference to the right-of-use assets rather than the underlying assets and concluded that all subleases are classified as operating leases. Income from leases, both fixed and variable, is recognised as lease income. The variable rent is recognised when it is highly probably that the lease income will be received. If an agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. We refer to the related accounting policies.LEASE INCOMELease income, both fixed and variable lease income, is recognised in the income statement on a straight-line basis over the lease period. This with the exception of Covid-19 related rent concessions, on amounts already invoiced in the past, which are recognised directly in the income statement. Lease incentives granted are regarded as an integral part of lease income.EXPENSESEXPENSES RELATED TO LEASES For leases that meet the requirements of IFRS 16, a depreciation expense linked to the right-of-use asset and an interest expense linked to the lease liability are recognised. These are recognised as expenses in the income statement.Leases that are exempted under IFRS 16 are recognised in the income statement using a straight-line method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__31": {
"value": "BASIS OF CONSOLIDATIONBUSINESS COMBINATIONSA business combination is defined as a transaction or other event in which the Group obtains control of one or more businesses. The Group shall determine whether a transaction or other event is a business combination by applying the definition, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. A business generally consists of inputs, processes applied to those inputs and the ability to contribute to the creation of outputs. To determine whether an acquired set of activities and assets is a business or not, the Group may use a concentration test. This is a simplified assessment that will result in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If the Group does not apply the concentration test, or the test is failed, then the assessment focuses on the existence of substantive processes.Business combinations are accounted for using the acquisition method on the date when control is transferred to the Group (see Basis of Consolidation \u2013 Subsidiaries). The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see Intangible assets \u2013 Goodwill). Any gain on an advantageous purchase is immediately recognised in profit or loss. Transaction costs are expensed as incurred.The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay a contingent consideration meets the definition of a financial instrument classified as equity, no subsequent remeasurement occurs and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the income statement. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree\u2019s employees (acquiree\u2019s awards), and if they relate to services provided in the past, then all or a portion of the amount of the acquirer\u2019s replacement awards is included in measuring the consideration transferred in the business combination. The determination is based on the market value of the replacement awards compared with the market value of the acquiree\u2019s awards and the extent to which the replacement awards relate to services provided before the business combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__30": {
"value": "BASIS OF CONSOLIDATIONBUSINESS COMBINATIONSA business combination is defined as a transaction or other event in which the Group obtains control of one or more businesses. The Group shall determine whether a transaction or other event is a business combination by applying the definition, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. A business generally consists of inputs, processes applied to those inputs and the ability to contribute to the creation of outputs. To determine whether an acquired set of activities and assets is a business or not, the Group may use a concentration test. This is a simplified assessment that will result in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If the Group does not apply the concentration test, or the test is failed, then the assessment focuses on the existence of substantive processes.Business combinations are accounted for using the acquisition method on the date when control is transferred to the Group (see Basis of Consolidation \u2013 Subsidiaries). The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see Intangible assets \u2013 Goodwill). Any gain on an advantageous purchase is immediately recognised in profit or loss. Transaction costs are expensed as incurred.The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay a contingent consideration meets the definition of a financial instrument classified as equity, no subsequent remeasurement occurs and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the income statement. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree\u2019s employees (acquiree\u2019s awards), and if they relate to services provided in the past, then all or a portion of the amount of the acquirer\u2019s replacement awards is included in measuring the consideration transferred in the business combination. The determination is based on the market value of the replacement awards compared with the market value of the acquiree\u2019s awards and the extent to which the replacement awards relate to services provided before the business combination.SUBSIDIARIESSubsidiaries are those entities over which the Company exercises control. Control means that the Company is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect these returns through its power over the entity.The financial statements of subsidiaries are recognised in the consolidated financial statements from the date that control commences, until the date that control ceases.Losses realised by subsidiaries with non-controlling interests are proportionally allocated to the non-controlling interests in these subsidiaries, even if this means that the non-controlling interests display a negative balance.If the Group no longer has control over a subsidiary, all assets and liabilities of the subsidiary, any non-controlling interests and other equity components with regard to the subsidiary are derecognised. As a result of the loss of control, certain components are recorded in the income statement. Any remaining interest in the former subsidiary will be recognised at fair value on the date of the loss of control, after which it will be recognised as an associated company or as a financial asset measured at fair value, depending on the level of control retained.ACQUISITION OF NON-CONTROLLING INTERESTSThe acquisition of non-controlling interests in a subsidiary does not lead to the recognition of goodwill, as this is considered a transaction between shareholders and is recognised directly in equity. The non-controlling interests are adjusted based on the proportional part in the equity of the subsidiary.TRANSACTIONS ELIMINATED ON CONSOLIDATION Intercompany balances and transactions, along with any unrealised gains and losses on transactions within the Group or gains or losses from such transactions, are eliminated in the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated proportionally to the Group\u2019s interest in the investee.Unrealised losses are eliminated in the same way as unrealised gains, but only where there is no indication of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__32": {
"value": "SUBSIDIARIESSubsidiaries are those entities over which the Company exercises control. Control means that the Company is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect these returns through its power over the entity.The financial statements of subsidiaries are recognised in the consolidated financial statements from the date that control commences, until the date that control ceases.Losses realised by subsidiaries with non-controlling interests are proportionally allocated to the non-controlling interests in these subsidiaries, even if this means that the non-controlling interests display a negative balance.If the Group no longer has control over a subsidiary, all assets and liabilities of the subsidiary, any non-controlling interests and other equity components with regard to the subsidiary are derecognised. As a result of the loss of control, certain components are recorded in the income statement. Any remaining interest in the former subsidiary will be recognised at fair value on the date of the loss of control, after which it will be recognised as an associated company or as a financial asset measured at fair value, depending on the level of control retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__33": {
"value": "ACQUISITION OF NON-CONTROLLING INTERESTSThe acquisition of non-controlling interests in a subsidiary does not lead to the recognition of goodwill, as this is considered a transaction between shareholders and is recognised directly in equity. The non-controlling interests are adjusted based on the proportional part in the equity of the subsidiary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__34": {
"value": "FOREIGN CURRENCYTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are translated to the relevant functional currency of the Group entities at the exchange rate on the transaction date. Monetary assets and liabilities expressed on the balance sheet date in foreign currencies are translated to the functional currency at the exchange rate on the balance sheet date. Non-monetary assets and liabilities expressed in foreign currency are translated at the exchange rate on the transaction date. Non-monetary assets and liabilities in foreign currencies measured at fair value are translated to the functional currency at the exchange rates on the date on which the fair value was determined. Exchange\ue61frate differences that arise in the translation are immediately recognised in the income statement, except\ue61ffor: \u2022 Exchange rate differences arising from the translation of the net investment in foreign operations, and from loans and other currency instruments intended as hedges of such investments, included in other comprehensive income;\u2022 Qualifying cash flow hedges to the extent that the hedges are effective.Advance payments in foreign currencies are translated at the exchange rate on the transaction date specified in IFRIC 22. The transaction date, as a basis for determining the exchange rate, is set on the initial date on which the non-monetary assets and liabilities are recognised. If multiple advance payments are applicable, a transaction date is determined for each advance payment. FINANCIAL STATEMENTS IN FOREIGN CURRENCIESAssets and liabilities relating to foreign operations, including goodwill and fair value adjustments on acquisition, are translated to Euro at the exchange rate on the balance sheet date. Income and expenses of foreign entities are translated to Euro at exchange rates approaching the exchange rates prevailing on the transaction dates.The exchange differences arising from the translation are recognised directly in equity, under translation reserve.If the settlement of monetary receivables from, or payables to foreign entities is neither planned nor likely in the foreseeable future, exchange rate gains and losses on these monetary items are deemed to be part of the net investment in these foreign entities, and are recognised in other comprehensive income, under the translation differences. Translation differences that arise from the revaluation of non-current loans from foreign subsidiaries with a different functional currency are also included in other comprehensive income in equity, as they form part of a net investment hedge of the participating interests in the same subsidiaries. The potential repayments of these loans are not considered to be a realisation of the net investment. Consequently, no reclassification to the income statement takes place.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__35": {
"value": "FINANCIAL INSTRUMENTSIssued loans, receivables and deposits, issued debt instruments and loans received are initially recognised by the Group on the date they originated. All other financial assets and liabilities are initially recognised on the transaction date. The transaction date is the date on which the contractual terms of the instrument become binding for the Group.IFRS 9 has three classifications for financial assets: measured at amortised cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. This classification is based on the \u2018business model\u2019 in which the financial assets are managed, and on the contractual cash flows that result from these financial assets. The business model used to manage the financial assets determines whether the cash flow results from:\u2022 A contractual cash flow;\u2022 A sale of financial assets; or\u2022 A combination of both.This contractual cash flow may relate to payments of the principal amount (capital) and interest on the outstanding amount. NON-DERIVATIVE FINANCIAL INSTRUMENTSNon-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.Non-derivative financial instruments are initially recognised at fair value plus (or minus for loans and borrowings), for instruments not measured at fair value with changes in value recognised through profit or loss, any directly attributable transaction costs. After the initial recognition, non-derivative financial instruments are measured as described below.Financial assets measured at amortised costFinancial assets are measured at amortised cost when the business model aims to hold the financial assets to obtain the contractual cash flows. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount and on specific dates.After the initial recognition, these financial assets are measured at amortised cost using the effective interest method, less impairment losses, if any.Significant financial assets measured at amortised cost are individually tested for impairment. The other financial assets measured at amortised cost are classified in groups with comparable credit risk characteristics and are assessed collectively. When assessing whether there is a collective impairment, the Group uses historical trends regarding the likelihood that payment obligations will not be fulfilled, the time period within which collection occurs, and the level of the losses incurred. The outcomes are adjusted if management judges that the current economic and credit circumstances are such that it is likely that the actual losses will be higher or lower than the historical trends imply.An impairment loss is determined as the difference between the carrying amount and the present value of the expected future cash flows, discounted at the original effective interest rate of the asset. Current receivables are not discounted. Impairment losses are recognised in the income statement. If an event leads to a reduction of the impairment, this reduction is reversed through profit or loss.Financial assets measured at amortised cost include cash and cash equivalents, which are cash and deposits with a residual maturity of less than three months and where the risk of changes in fair value is negligible. Bank overdrafts, which are an integral part of the Group\u2019s cash management, are viewed as part of cash and cash equivalents in the presentation of the statement of cash flow.Financial assets measured at fair value through other comprehensive income Financial assets are measured at fair value, with the recognition of changes in value through other comprehensive income when the business model aims to both hold the financial assets to obtain the contractual cash flows and to sell the financial assets. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount. In addition, the Group can make the irrevocable choice to measure equity instruments that are measured at fair value through profit or loss at fair value through other comprehensive income. This choice is irrevocable and is only allowed to eliminate or limit an inconsistency in the measurement on initial recognition.These financial assets measured at fair value through other comprehensive income are measured at fair value after initial recognition. Gains and losses resulting from the change in fair value of a participating interest that is classified as a financial asset measured at fair value through other comprehensive income are recognised directly via equity. When the participating interest is sold, disposed, or otherwise disposed of, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss. When repayments are made on the financial assets, or when the carrying amount of the participating interest is written off due to an impairment, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss, but to retained earnings. Impairment losses on financial assets recognised at fair value through other comprehensive income are only recognised for debt instruments. In accordance with IFRS 9, there are no impairment losses for equity instruments. The impairment losses on debt instruments are recognised by transferring the accumulated loss in the fair value reserve in equity to profit or loss. The amount of the cumulative loss transferred from equity to profit or loss is equal to the difference between the acquisition price, less any repayment of the principal amount, and the actual fair value, less any impairment loss that has already been recognised in profit or loss.If in a subsequent period the fair value of a financial asset measured at fair value through other comprehensive income increases, the recovered amount is recognised in other comprehensive income. Financial assets measured at fair value through other comprehensive income include investments in equity securities, i.e., participating interests in companies over which the Group has no control or significant influence.Financial assets measured at fair value through profit or lossFinancial assets are measured at fair value through profit or loss if the conditions of the above categories are not met, or if the Group irrevocably chooses debt instruments that are measured at fair value through other comprehensive income to be measured at fair value through profit or loss account. This choice is irrevocable and is only allowed in order to eliminate or limit an inconsistency in the valuation on initial recognition.After initial recognition, these financial assets are measured at fair value with fair value changes through profit or loss. Financial liabilitiesFinancial liabilities can be classified as financial liabilities at amortised cost or as financial liabilities at fair value with the recognition of changes in value through profit or loss. After initial recognition, the first category is measured at amortised cost using the effective interest method, including any interest expense, while the second is measured at fair value with fair value changes through profit or loss.Expected credit lossesImpairment losses on financial assets are determined as\ue61ffollows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination based on expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial assetsThe Group derecognises a financial asset when (i) the contractual rights to the cash flows arising from the financial asset expire, (ii) it transfers the rights to the cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or (iii) in a transaction in which the Group neither transfers nor retains the risks and benefits, but no longer retains control of the financial asset.When the Group enters into a transaction in which it transfers financial assets that are included in the balance sheet but retains substantially all risks and benefits of the transferred assets, the transferred assets remain recognised in the balance sheet.Financial liabilitiesThe Group derecognises a financial liability when the contractual obligations are terminated or expired. The Group also derecognises a financial liability if the conditions are changed and the cash flows of the changed financial liability are significantly different, in which case a new financial liability is recognised at fair value based on the changed conditions.When a financial liability is derecognised, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the income statement.OFFSETTINGThe financial assets and financial liabilities are offset and the net amount is recognised in the consolidated balance sheet if, and only if, the Group has a legally enforceable right to offset the amounts and it intends to settle the financial instruments on a net basis or to realise the financial asset and settle the financial liability simultaneously.SHARE CAPITALOrdinary shares are classified as equity. Additional costs that are directly attributable to the issuance of ordinary shares and share options are deducted from equity, after deducting any tax effects.Treasury shares: when share capital, classified as equity, is reacquired by the Company, the amount paid, including the directly attributable costs, is viewed as a change in equity. Purchased treasury shares are recognised as a deduction of equity. The profit or loss pursuant to the sale or cancellation of treasury shares is directly recognised in equity.Dividends are recognised as amounts payable in the period in which they are granted.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments to manage the exchange rate and interest risks deriving from operational, financial and investment activities. Under its treasury management policy, the Group does not use derivative financial instruments for trading purposes. Derivative financial instruments that do not meet the requirements of hedge accounting are, however, accounted for in the same way as derivatives held for trading purposes.Derivative financial instruments are initially measured at fair value. Attributable transaction costs are expensed in the income statement as incurred. Subsequent to initial recognition, these instruments are measured at fair value. The accounting treatment of the resulting profits or losses depends on the nature of the derivative financial instrument.The fair value of derivative financial instruments is the estimated amount that the Group will obtain or pay in an orderly transaction on the balance sheet date at the end of the contract in question, with reference to present interest and exchange rates and the creditworthiness of the counterparty.HEDGINGCash flow hedgesWhenever derivative financial instruments serve to hedge the variability in cash flows of a liability or a highly probable future transaction, the effective portion of the changes in fair value of these derivatives is recorded directly in equity. When the future transaction results in the recording of an asset or liability, the cumulative profits or losses are removed from equity and transferred to the carrying amount of the asset or liability. In the other case, the cumulative profits or losses are removed from equity and transferred to the income statement at the same time as the hedged transaction. The non-effective portion of profits and losses is recognised immediately in the income statement. Profits or losses deriving from changes in the time value of derivatives are not taken into consideration in determining the effectiveness of the hedging transaction and are recognised immediately in the income statement.At the initial recognition of a derivative financial instrument as a hedging instrument, the Group formally documents the relationship between hedging instrument(s) and hedged item(s), including its risk management goals and strategy when entering the hedging transaction, the risk to be hedged and the methods used to assess the effectiveness of the hedge relationship. When entering the hedge relationship and subsequently, the Group assesses whether, during the period for which the hedge is designated, the hedging instruments are expected to be \u2018highly effective\u2019 in offsetting the changes in fair value or cash flows allocated to the hedged position(s) and whether the actual results of each hedge are within the range of 80% to 125%. A cash flow hedge of an expected transaction requires that it is highly likely that the transaction will occur and that this transaction results in exposure to the variability of cash flows such that this can ultimately impact the reported profit or loss.Whenever a hedging instrument or hedge relationship is ended, but the hedged transaction has still not taken place, the cumulative gains or losses remain in equity and will be recognised in accordance with the above policies once the transaction takes place.When the hedged transaction is no longer likely, the cumulative gains or losses included in equity are immediately recorded in the income statement.Fair value hedgesHedge accounting is not applied to derivative instruments that are used for fair value hedging of foreign currency denominated monetary assets and liabilities. Changes in the fair value of such derivatives are recognised in the income statement as part of the foreign exchange gains and losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__36-1": {
"value": "Financial assets measured at amortised costFinancial assets are measured at amortised cost when the business model aims to hold the financial assets to obtain the contractual cash flows. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount and on specific dates.After the initial recognition, these financial assets are measured at amortised cost using the effective interest method, less impairment losses, if any.Significant financial assets measured at amortised cost are individually tested for impairment. The other financial assets measured at amortised cost are classified in groups with comparable credit risk characteristics and are assessed collectively. When assessing whether there is a collective impairment, the Group uses historical trends regarding the likelihood that payment obligations will not be fulfilled, the time period within which collection occurs, and the level of the losses incurred. The outcomes are adjusted if management judges that the current economic and credit circumstances are such that it is likely that the actual losses will be higher or lower than the historical trends imply.An impairment loss is determined as the difference between the carrying amount and the present value of the expected future cash flows, discounted at the original effective interest rate of the asset. Current receivables are not discounted. Impairment losses are recognised in the income statement.Expected credit lossesImpairment losses on financial assets are determined as\ue61ffollows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination based on expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__38": {
"value": "Financial assets measured at fair value through other comprehensive income Financial assets are measured at fair value, with the recognition of changes in value through other comprehensive income when the business model aims to both hold the financial assets to obtain the contractual cash flows and to sell the financial assets. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount. In addition, the Group can make the irrevocable choice to measure equity instruments that are measured at fair value through profit or loss at fair value through other comprehensive income. This choice is irrevocable and is only allowed to eliminate or limit an inconsistency in the measurement on initial recognition.These financial assets measured at fair value through other comprehensive income are measured at fair value after initial recognition. Gains and losses resulting from the change in fair value of a participating interest that is classified as a financial asset measured at fair value through other comprehensive income are recognised directly via equity. When the participating interest is sold, disposed, or otherwise disposed of, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__39": {
"value": "Financial liabilitiesFinancial liabilities can be classified as financial liabilities at amortised cost or as financial liabilities at fair value with the recognition of changes in value through profit or loss. After initial recognition, the first category is measured at amortised cost using the effective interest method, including any interest expense, while the second is measured at fair value with fair value changes through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__40": {
"value": "Expected credit lossesImpairment losses on financial assets are determined as\ue61ffollows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination based on expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__41": {
"value": "DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial assetsThe Group derecognises a financial asset when (i) the contractual rights to the cash flows arising from the financial asset expire, (ii) it transfers the rights to the cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or (iii) in a transaction in which the Group neither transfers nor retains the risks and benefits, but no longer retains control of the financial asset.When the Group enters into a transaction in which it transfers financial assets that are included in the balance sheet but retains substantially all risks and benefits of the transferred assets, the transferred assets remain recognised in the balance sheet.Financial liabilitiesThe Group derecognises a financial liability when the contractual obligations are terminated or expired. The Group also derecognises a financial liability if the conditions are changed and the cash flows of the changed financial liability are significantly different, in which case a new financial liability is recognised at fair value based on the changed conditions.When a financial liability is derecognised, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__42": {
"value": "OFFSETTINGThe financial assets and financial liabilities are offset and the net amount is recognised in the consolidated balance sheet if, and only if, the Group has a legally enforceable right to offset the amounts and it intends to settle the financial instruments on a net basis or to realise the financial asset and settle the financial liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__43": {
"value": "SHARE CAPITALOrdinary shares are classified as equity. Additional costs that are directly attributable to the issuance of ordinary shares and share options are deducted from equity, after deducting any tax effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__44": {
"value": "Treasury shares: when share capital, classified as equity, is reacquired by the Company, the amount paid, including the directly attributable costs, is viewed as a change in equity. Purchased treasury shares are recognised as a deduction of equity. The profit or loss pursuant to the sale or cancellation of treasury shares is directly recognised in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__45": {
"value": "Dividends are recognised as amounts payable in the period in which they are granted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__47": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments to manage the exchange rate and interest risks deriving from operational, financial and investment activities. Under its treasury management policy, the Group does not use derivative financial instruments for trading purposes. Derivative financial instruments that do not meet the requirements of hedge accounting are, however, accounted for in the same way as derivatives held for trading purposes.Derivative financial instruments are initially measured at fair value. Attributable transaction costs are expensed in the income statement as incurred. Subsequent to initial recognition, these instruments are measured at fair value. The accounting treatment of the resulting profits or losses depends on the nature of the derivative financial instrument.The fair value of derivative financial instruments is the estimated amount that the Group will obtain or pay in an orderly transaction on the balance sheet date at the end of the contract in question, with reference to present interest and exchange rates and the creditworthiness of the counterparty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__46": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments to manage the exchange rate and interest risks deriving from operational, financial and investment activities. Under its treasury management policy, the Group does not use derivative financial instruments for trading purposes. Derivative financial instruments that do not meet the requirements of hedge accounting are, however, accounted for in the same way as derivatives held for trading purposes.Derivative financial instruments are initially measured at fair value. Attributable transaction costs are expensed in the income statement as incurred. Subsequent to initial recognition, these instruments are measured at fair value. The accounting treatment of the resulting profits or losses depends on the nature of the derivative financial instrument.The fair value of derivative financial instruments is the estimated amount that the Group will obtain or pay in an orderly transaction on the balance sheet date at the end of the contract in question, with reference to present interest and exchange rates and the creditworthiness of the counterparty.HEDGINGCash flow hedgesWhenever derivative financial instruments serve to hedge the variability in cash flows of a liability or a highly probable future transaction, the effective portion of the changes in fair value of these derivatives is recorded directly in equity. When the future transaction results in the recording of an asset or liability, the cumulative profits or losses are removed from equity and transferred to the carrying amount of the asset or liability. In the other case, the cumulative profits or losses are removed from equity and transferred to the income statement at the same time as the hedged transaction. The non-effective portion of profits and losses is recognised immediately in the income statement. Profits or losses deriving from changes in the time value of derivatives are not taken into consideration in determining the effectiveness of the hedging transaction and are recognised immediately in the income statement.At the initial recognition of a derivative financial instrument as a hedging instrument, the Group formally documents the relationship between hedging instrument(s) and hedged item(s), including its risk management goals and strategy when entering the hedging transaction, the risk to be hedged and the methods used to assess the effectiveness of the hedge relationship. When entering the hedge relationship and subsequently, the Group assesses whether, during the period for which the hedge is designated, the hedging instruments are expected to be \u2018highly effective\u2019 in offsetting the changes in fair value or cash flows allocated to the hedged position(s) and whether the actual results of each hedge are within the range of 80% to 125%. A cash flow hedge of an expected transaction requires that it is highly likely that the transaction will occur and that this transaction results in exposure to the variability of cash flows such that this can ultimately impact the reported profit or loss.Whenever a hedging instrument or hedge relationship is ended, but the hedged transaction has still not taken place, the cumulative gains or losses remain in equity and will be recognised in accordance with the above policies once the transaction takes place.When the hedged transaction is no longer likely, the cumulative gains or losses included in equity are immediately recorded in the income statement.Fair value hedgesHedge accounting is not applied to derivative instruments that are used for fair value hedging of foreign currency denominated monetary assets and liabilities. Changes in the fair value of such derivatives are recognised in the income statement as part of the foreign exchange gains and losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__48": {
"value": "HEDGINGCash flow hedgesWhenever derivative financial instruments serve to hedge the variability in cash flows of a liability or a highly probable future transaction, the effective portion of the changes in fair value of these derivatives is recorded directly in equity. When the future transaction results in the recording of an asset or liability, the cumulative profits or losses are removed from equity and transferred to the carrying amount of the asset or liability. In the other case, the cumulative profits or losses are removed from equity and transferred to the income statement at the same time as the hedged transaction. The non-effective portion of profits and losses is recognised immediately in the income statement. Profits or losses deriving from changes in the time value of derivatives are not taken into consideration in determining the effectiveness of the hedging transaction and are recognised immediately in the income statement.At the initial recognition of a derivative financial instrument as a hedging instrument, the Group formally documents the relationship between hedging instrument(s) and hedged item(s), including its risk management goals and strategy when entering the hedging transaction, the risk to be hedged and the methods used to assess the effectiveness of the hedge relationship. When entering the hedge relationship and subsequently, the Group assesses whether, during the period for which the hedge is designated, the hedging instruments are expected to be \u2018highly effective\u2019 in offsetting the changes in fair value or cash flows allocated to the hedged position(s) and whether the actual results of each hedge are within the range of 80% to 125%. A cash flow hedge of an expected transaction requires that it is highly likely that the transaction will occur and that this transaction results in exposure to the variability of cash flows such that this can ultimately impact the reported profit or loss.Whenever a hedging instrument or hedge relationship is ended, but the hedged transaction has still not taken place, the cumulative gains or losses remain in equity and will be recognised in accordance with the above policies once the transaction takes place.When the hedged transaction is no longer likely, the cumulative gains or losses included in equity are immediately recorded in the income statement.Fair value hedgesHedge accounting is not applied to derivative instruments that are used for fair value hedging of foreign currency denominated monetary assets and liabilities. Changes in the fair value of such derivatives are recognised in the income statement as part of the foreign exchange gains and losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__49": {
"value": "PROPERTY, PLANT AND EQUIPMENTOWNED ASSETSItems of property, plant and equipment are measured at cost less accumulated depreciations and impairments (see below). The cost of self-constructed assets includes the cost price of the materials, direct employee benefit expenses, any costs of dismantling and removal of the asset and the costs of restoring the location where the asset is located. Where parts of an item of property, plant and equipment have different useful lives, these are accounted for as separate property, plant and equipment items. The fair value of the land and buildings from acquisition is established based on a valuation report or a concrete offer.Gains and losses on the sale of property, plant and equipment are determined by comparing the sales proceeds with the carrying amount of the assets and are recognised within \u2018Other operating income and expenses\u2019 in the income statement.SUBSEQUENT EXPENDITUREThe cost price of replacing part of property, plant and equipment is included in the carrying amount of the asset whenever it is probable that the future economic benefits relating to the assets will flow to the Group and the cost price of the assets can be measured reliably. The replaced part of property, plant and equipment will therefore be derecognised, and the result of the remaining carrying amount will be included in the income statement. The costs of the daily maintenance of property, plant and equipment are recognised in the income statement as and when incurred.DEPRECIATIONSDepreciations are charged to the income statement using the straight-line method over the expected useful life of the asset, and of the separately recorded major components of an asset. It begins when the asset is ready for its intended use. The residual value, useful lives and depreciation methods are reviewed annually. Land is not depreciated. The fair value adjustments for buildings from acquisition are depreciated over the estimated expected remaining useful life.The estimated useful lives are as follows:\u2022 Buildings: 30 years\u2022 Photovoltaic panels: 20 years\u2022 Building fixtures: 5 \u2013 15 years\u2022 Computers: 3 years\u2022 Machinery and equipment: 5 \u2013 10 years\u2022 Furniture and vehicles: 3 \u2013 10 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__50": {
"value": "DEPRECIATIONSDepreciations are charged to the income statement using the straight-line method over the expected useful life of the asset, and of the separately recorded major components of an asset. It begins when the asset is ready for its intended use. The residual value, useful lives and depreciation methods are reviewed annually. Land is not depreciated. The fair value adjustments for buildings from acquisition are depreciated over the estimated expected remaining useful life.The estimated useful lives are as follows:\u2022 Buildings: 30 years\u2022 Photovoltaic panels: 20 years\u2022 Building fixtures: 5 \u2013 15 years\u2022 Computers: 3 years\u2022 Machinery and equipment: 5 \u2013 10 years\u2022 Furniture and vehicles: 3 \u2013 10 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__51": {
"value": "INVESTMENT PROPERTYInvestment property is property that is held in order to earn lease income or for capital appreciation or both but is not intended for sale in the context of usual business operations, for use in the production, for delivery of goods or for administrative purposes.Investment property is measured at cost, less accumulated depreciations and impairments. The accounting policies for property, plant and equipment apply.Lease income from investment property is accounted for as described below in the accounting policy for revenue.IAS 40 requires real estate to be transferred to or from investment property whenever there is an actual change in use. A change in management intention alone does not support a transfer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__53": {
"value": "INTANGIBLE ASSETS AND GOODWILLGOODWILLGoodwill arising from an acquisition is determined as the positive difference between the fair value of the consideration transferred plus the carrying amount of any non-controlling interest in the acquired entity, on the one hand, and the fair value of the acquired identifiable assets and liabilities, on the other. If this difference is negative, it is immediately recognised in the income statement.Goodwill is measured at cost less impairment losses. Goodwill is not amortised. Instead, it is subject to an annual impairment test.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__52": {
"value": "INTANGIBLE ASSETS AND GOODWILLGOODWILLGoodwill arising from an acquisition is determined as the positive difference between the fair value of the consideration transferred plus the carrying amount of any non-controlling interest in the acquired entity, on the one hand, and the fair value of the acquired identifiable assets and liabilities, on the other. If this difference is negative, it is immediately recognised in the income statement.Goodwill is measured at cost less impairment losses. Goodwill is not amortised. Instead, it is subject to an annual impairment test.INTANGIBLE ASSETSIntangible assets acquired by the Group are measured at cost less accumulated amortisations and impairment losses (see below). Costs of internally generated goodwill and brands are recognised in the income statement as incurred. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or whenever there is a valid reason to do so. The indefinite life is reassessed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made prospectively.INTERNALLY GENERATED INTANGIBLE ASSETSDevelopment activities entail a plan or design to produce new or fundamentally improved products and processes. Internally developed intangible assets are capitalised whenever the development costs can be reliably determined, the product or process is technically and commercially feasible, the future economic benefits are probable, and the Group intends and has sufficient resources to complete the development and to actively use or sell it. The cost of internally generated intangible assets includes all costs directly attributable to the asset, primarily direct employee benefit expenses.Other development costs and expenditures for research activities are expensed to the income statement as and when incurred.SUBSEQUENT EXPENDITURESubsequent expenditure in respect of intangible assets is capitalised only when it increases the future economic benefits specific to the related asset. All other expenditure is expensed as incurred.AMORTISATIONSAmortisations are charged to the income statement by the straight-line method over the expected useful life of the intangible assets. Intangible assets are amortised from the date on which they are ready for their intended use. Their estimated useful life is 3 to 15 years. The residual value, useful lives and amortisation methods are reviewed annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__54": {
"value": "INTANGIBLE ASSETSIntangible assets acquired by the Group are measured at cost less accumulated amortisations and impairment losses (see below). Costs of internally generated goodwill and brands are recognised in the income statement as incurred. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or whenever there is a valid reason to do so. The indefinite life is reassessed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made prospectively.INTERNALLY GENERATED INTANGIBLE ASSETSDevelopment activities entail a plan or design to produce new or fundamentally improved products and processes. Internally developed intangible assets are capitalised whenever the development costs can be reliably determined, the product or process is technically and commercially feasible, the future economic benefits are probable, and the Group intends and has sufficient resources to complete the development and to actively use or sell it. The cost of internally generated intangible assets includes all costs directly attributable to the asset, primarily direct employee benefit expenses.Other development costs and expenditures for research activities are expensed to the income statement as and when incurred.SUBSEQUENT EXPENDITURESubsequent expenditure in respect of intangible assets is capitalised only when it increases the future economic benefits specific to the related asset. All other expenditure is expensed as incurred.AMORTISATIONSAmortisations are charged to the income statement by the straight-line method over the expected useful life of the intangible assets. Intangible assets are amortised from the date on which they are ready for their intended use. Their estimated useful life is 3 to 15 years. The residual value, useful lives and amortisation methods are reviewed annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__55": {
"value": "INVENTORIESInventories are measured at the lower of cost or net realisable value. The net realisable value is equal to the estimated sales price less the estimated costs of completion and selling expenses.The cost of inventories includes the costs incurred in acquiring the inventories and bringing them to their present location and condition. Inventories are measured according to the latest purchase price.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__57": {
"value": "ASSETS CLASSIFIED AS HELD FOR SALENon-current assets (or groups of assets and liabilities being disposed of) for which the carrying amount is expected to be recovered mainly via a sales transaction and not through the continuing use thereof are classified as \u2018held for sale\u2019. Directly prior to this classification, the assets (or the components of a group of assets being disposed of) are remeasured in accordance with the financial accounting policies of the Group. Hereafter, the assets (or a group of assets to be disposed of) are measured on the basis of their carrying amount or, if lower, fair value less cost to sell. Non-current assets are no longer depreciated as soon as they are classified as held for sale. Any impairment loss on a group of assets being disposed of is allocated in the first place against goodwill and then, proportionally, against the remaining assets and liabilities, except that no impairments are allocated against inventories, financial assets, deferred tax assets and employee benefit assets, which will continue to be measured in accordance with the Group\u2019s accounting policies. Impairment losses on initial classification and gains and losses on subsequent measurement are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__56": {
"value": "ASSETS CLASSIFIED AS HELD FOR SALENon-current assets (or groups of assets and liabilities being disposed of) for which the carrying amount is expected to be recovered mainly via a sales transaction and not through the continuing use thereof are classified as \u2018held for sale\u2019. Directly prior to this classification, the assets (or the components of a group of assets being disposed of) are remeasured in accordance with the financial accounting policies of the Group. Hereafter, the assets (or a group of assets to be disposed of) are measured on the basis of their carrying amount or, if lower, fair value less cost to sell. Non-current assets are no longer depreciated as soon as they are classified as held for sale. Any impairment loss on a group of assets being disposed of is allocated in the first place against goodwill and then, proportionally, against the remaining assets and liabilities, except that no impairments are allocated against inventories, financial assets, deferred tax assets and employee benefit assets, which will continue to be measured in accordance with the Group\u2019s accounting policies. Impairment losses on initial classification and gains and losses on subsequent measurement are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__58": {
"value": "EMPLOYEE BENEFITSSHORT-TERM EMPLOYEE BENEFITSShort-term employment benefit obligations include wages, salaries and social security contributions, holiday pay, continued payment of wage in the event of illness, bonuses and benefits in kind. These are expensed when the services in question are provided. Some of the Group\u2019s employees are eligible for a bonus, based on personal performance and financial objectives. The amount of the bonus that is recognised in the income statement is based on an estimation at the balance sheet date.POST EMPLOYMENT BENEFITS Post employment benefits include the pension plans. The Group provides post employment remuneration for some of its employees in the form of \u2018defined contribution plans\u2019.OTHER LONG-TERM EMPLOYEE BENEFITSThe Group has an obligation in France to pay a retirement premium to employees upon their retirement. This compensation is also accounted for as a defined benefit plan.DEFINED CONTRIBUTION PLANSA defined contribution plan is a post employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined pension plans are recognised as an employee benefit expense in the income statement in the periods during which related services are rendered by employees.In Belgium, employers are obliged to guarantee a minimum return on defined contribution plans throughout the employee\u2019s career (Art. 24 of the Law of 28 April 2003 \u2013 WAP). To the extent that the legally guaranteed return is adequately covered by the insurance company, the Group has no further payment obligation towards the insurance company or the employee beyond the pension contributions, recognised through profit and loss in the year in which they are owed. As a consequence of this guaranteed minimum return, all Belgian plans with defined contributions under IFRS are qualified as defined benefit plans.The liability recognised on the balance sheet for these defined benefit plans is the current value of the future benefit obligations that employees have accrued in the fiscal year and previous years, minus the fair value of the fund investments. The liability is calculated periodically by an independent actuary using the \u2018projected unit credit method\u2019. The fair value of the fund investments is determined as the mathematical reserves that are accrued within the insured plans.Revaluations of the net liability arising from defined pension plans, which consist of actuarial profit and loss, the return on the fund investments (excluding interest) and the effect of the asset ceiling (if present, excluding interest), are recognised directly in other comprehensive income.The Group determines the net liability (the net asset) ensuing from defined contribution plans for the fiscal year using the discount rate employed to value the net liability (the net asset) at the beginning of the fiscal year, with due consideration for any changes to the net liability (the net asset) during the fiscal year as a consequence of contributions and pay-outs. Net interest charges and other charges with regard to defined contribution plans are recognised in profit and loss.If the pension entitlements arising from a plan are changed or a plan is restricted, the resulting change in entitlements regarding past service or the profit or loss on that restriction is recognised directly in profit or loss. The Group justifies profit or loss on the settlement of a defined contribution plan at the time of that settlement.SHARE-BASED PAYMENTS AND RELATED BENEFITSThe stock option plan enables Group employees to acquire shares of the Company. The option exercise price is equal to the average of the closing price of the underlying shares over thirty days prior to the date of offer. No compensation costs or liabilities are recognised.Share transactions with employees are charged to the income statement over the vesting period, based on the fair value on the date of offering, with a corresponding increase in equity. The fair value is determined using an option valuation model. The amount expensed is determined on the basis of the number of awards for which the service conditions are expected to be fulfilled.To hedge its liabilities within the framework of the allocation of stock options to its directors and executives, the Group buys back its treasury shares at the specific times those options are allocated. This can occur by means of several buybacks. These shares will be charged to equity on transaction date for the sum paid, including the related costs. When the options are exercised, treasury shares are derecognised by applying the FIFO-principle. The difference between the option exercise price and the average price of the shares in question is recognised directly in equity.TERMINATION BENEFITS Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits or, if earlier, when the Group recognises the restructuring expenses. If benefits are payable more than twelve months after the reporting date, they are then discounted to their present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__59": {
"value": "SHARE-BASED PAYMENTS AND RELATED BENEFITSThe stock option plan enables Group employees to acquire shares of the Company. The option exercise price is equal to the average of the closing price of the underlying shares over thirty days prior to the date of offer. No compensation costs or liabilities are recognised.Share transactions with employees are charged to the income statement over the vesting period, based on the fair value on the date of offering, with a corresponding increase in equity. The fair value is determined using an option valuation model. The amount expensed is determined on the basis of the number of awards for which the service conditions are expected to be fulfilled.To hedge its liabilities within the framework of the allocation of stock options to its directors and executives, the Group buys back its treasury shares at the specific times those options are allocated. This can occur by means of several buybacks. These shares will be charged to equity on transaction date for the sum paid, including the related costs. When the options are exercised, treasury shares are derecognised by applying the FIFO-principle. The difference between the option exercise price and the average price of the shares in question is recognised directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__60": {
"value": "TERMINATION BENEFITS Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits or, if earlier, when the Group recognises the restructuring expenses. If benefits are payable more than twelve months after the reporting date, they are then discounted to their present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__61": {
"value": "SITE RESTORATIONIn accordance with the contractual obligations of the Group, a provision for site restoration is set up whenever the Group is obliged to restore land to its original condition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__62": {
"value": "REVENUESALES OF GOODS AND SERVICESThe Group applies the 5-step model to include revenue in the income statement. When selling goods or services, the Group will recognise the proceeds of the amount to which the Group expects to be entitled in exchange for those goods or services. In order to apply this principle, the Group must go through the following steps:1. Identification of the contract with a customer;2. Identification of the performance obligations in the contract;3. Determination of the transaction price;4. Allocation of the transaction price to the performance obligations in the contract; and5. Recognition of revenue when the Company fulfils a performance obligation.More specifically, the Group will apply the following principles and recognition rules when selling goods and delivering services:\u2022 Box Office is the result of the sale of cinema tickets (and 3D glasses). Box Office sales are recognised as revenue on the date of the showing of the film they relate to;\u2022 In-theatre Sales (ITS) include all revenue from the sale of beverage, snacks and merchandising in the complexes. In-theatre sales are recognised as revenue at the checkout;\u2022 Revenue from the advance sale of tickets or other prepaid gift vouchers are recognised in current liabilities and are recognised as revenue when the ticket holder uses the ticket.\u2022 Gift vouchers that have not been exercised (\u2018breakage fees\u2019) are recognised as revenue, taking into account the expected non-redemption, and no later than the expiry date of the gift vouchers;\u2022 Revenue from exchange deals is recognised as revenue at the moment the service has been delivered;\u2022 Events (business-to-business) are recognised as revenue when the event takes place. If the event takes place over a longer period of time, the revenue is recognised in the income statement on a straight-line basis over the duration of the event;\u2022 Turnover resulting from screen advertising is recognised as revenue spread over the period (number of film days per month) in which the advertisement is shown;\u2022 Turnover from promotions (business-to-customer) is recognised as revenue when the promotion takes place;\u2022 The theatrical revenue from film distribution is recognised over the term of the film based on the number of visitors. The revenue from \u2018after theatrical rights\u2019 are recognised in the first period on the basis of usage, and in the following period on the basis of a fixed price that is recognised as one-off revenue when the rights are transferred. Whereas the Group does not act as an agent for revenue from \u2018theatrical and after theatrical rights\u2019, this revenue is not offset by the related costs.Supplier discounts (PET intervention, volume discounts, collaboration costs and media or marketing support) are deducted from the cost of sales or from marketing costs. LEASE INCOMELease income, both fixed and variable lease income, is recognised in the income statement on a straight-line basis over the lease period. This with the exception of Covid-19 related rent concessions, on amounts already invoiced in the past, which are recognised directly in the income statement. Lease incentives granted are regarded as an integral part of lease income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__63": {
"value": "GOVERNMENT GRANTSGovernment grants are initially recognised at fair value whenever a reasonable certainty exists that they will be received and that the Group will comply with the conditions associated with them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__64-1": {
"value": "FINANCIAL INCOMEFinancial income consists of interest received on investments, dividends, foreign exchange gains, the unwinding of receivables with regard to government grants and the profits on hedging instruments that are recognised in the income statement.Interest income is recognised in the income statement based on the effective interest method. Dividend income is included in the income statement on the date that the dividend is declared.Foreign exchange gains and losses are offset per currency.FINANCIAL EXPENSESThe financial expenses comprise interest to be paid on loans, interest costs on lease liabilities, foreign exchange losses, the unwinding of discounts on non-current provisions and losses on hedging instruments that are recognised in the income statement.Interest charges are recognised based on the effective interest method.Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.Foreign exchange gains and losses are compensated per currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__66": {
"value": "EXPENSESEXPENSES RELATED TO LEASES For leases that meet the requirements of IFRS 16, a depreciation expense linked to the right-of-use asset and an interest expense linked to the lease liability are recognised. These are recognised as expenses in the income statement.Leases that are exempted under IFRS 16 are recognised in the income statement using a straight-line method.FINANCIAL EXPENSESThe financial expenses comprise interest to be paid on loans, interest costs on lease liabilities, foreign exchange losses, the unwinding of discounts on non-current provisions and losses on hedging instruments that are recognised in the income statement.Interest charges are recognised based on the effective interest method.Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.Foreign exchange gains and losses are compensated per currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__67": {
"value": "FINANCIAL EXPENSESThe financial expenses comprise interest to be paid on loans, interest costs on lease liabilities, foreign exchange losses, the unwinding of discounts on non-current provisions and losses on hedging instruments that are recognised in the income statement.Interest charges are recognised based on the effective interest method.Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.Foreign exchange gains and losses are compensated per currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__68": {
"value": "Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__69": {
"value": "INCOME TAX EXPENSESIncome tax expenses consist of current and deferred taxes. Income taxes are recorded in the income statement except where they relate to a business combination or elements recorded directly in equity. In this case, the income taxes are recognised directly in equity or goodwill.Current taxes consist of the expected tax payable on the taxable profit of the year, calculated using tax rates enacted or substantively enacted at the balance sheet date, as well as tax adjustments in respect of prior years. The amount of current income taxes is determined on the basis of the best estimate of the tax gain or expense, with due consideration for any uncertainty with regard to income tax. Additional income taxes resulting from issuing dividends are recognised simultaneously with the liability to pay the dividend in question.Deferred taxes are recorded based on the balance sheet method, for all temporary differences between the taxable base and the carrying amount for financial reporting purposes, for both assets and liabilities. No deferred taxes are recognised for the following temporary differences: \u2022 Initial recognition of assets and liabilities in a transaction that is not a business combination and that does not affect accounting or taxable profits;\u2022 Differences with regard to investments in subsidiaries to the extent that an offsetting entry is unlikely in the near future;\u2022 Taxable temporary differences that arise at the initial recognition of goodwill. The amount of the deferred taxes is based on expectations with regard to the realisation of the carrying value of the assets and liabilities, whereby the tax rates enacted or substantively enacted at the balance sheet date are used. A deferred tax asset is only recorded in the consolidated statement of financial position when it is probable that adequate future taxable profits are available against which the tax benefit can be utilised. Deferred tax assets are reduced whenever it is no longer probable that the related tax benefit will be realised.The deferred and current tax receivables and liabilities are offset per tax jurisdiction if the Group has a legal enforceable right to offset the amounts and it intends to settle the liability on a net basis, or to realise the receivable and the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__70": {
"value": "SEGMENT REPORTINGAn operating segment is a clearly distinguishable component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses in relation to transactions with any of the Group\u2019s other components. The Group is organised geographically. The different countries constitute operating segments, in accordance with the internal reporting to the CEO and CFO of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__71": {
"value": "NEW AND / OR AMENDMENTS TO STANDARDS AND INTERPRETATIONS NOT YET APPLIED BY THE GROUPA number of new standards, amendments to standards and interpretations are not yet effective for fiscal years ending per 31 December 2023 and have not been applied in the preparation of these consolidated financial statements.The amendments are not expected to have a significant impact on the Group\u2019s consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements:\u2022 Classification of liabilities as current and non-current (issued January 23, 2020);\u2022 Classification of liabilities as current and non-current \u2013 deferral of effective date (issued July 15, 2020); and\u2022 Non-current liabilities with covenants (issued October 31, 2022).Amendments to IAS 1 Presentation of Financial statements: classification of liabilities as current or con-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments:\u2022 Specify that an entity\u2019s right to defer settlement must exist at the end of the reporting period;\u2022 Clarify that classification is unaffected by management\u2019s intentions or expectations about whether the entity will exercise its right to defer settlement;\u2022 Clarify how lending conditions affect classification; and\u2022 Clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.On 15 July 2020, the IASB issued Classification of liabilities as current or non-current \u2013 deferral of effective date (amendment to IAS 1) deferring the effective date of the aforementioned amendments by one year.Amendments to IAS 1 Presentation of Financial Statements: non-current liabilities with covenants, issued 31 October 2022, specifies that covenants (i.e., conditions specified in a loan arrangement) to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the consolidated financial statements. All the amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. The amendments have not yet been endorsed by the EU.Amendments to IFRS 16 Leases: Lease Liability in a Sale-and-Leaseback, issued on 22 September 2022, introduce a new accounting model which will impact how a seller-lessee accounts for variable lease payments in a sale-and-leaseback transaction.Under this new accounting model for variable payments, a seller-lessee will:\u2022 Include estimated variable lease payments when it initially measures a lease liability arising from a sale-and-leaseback transaction; and\u2022 After initial recognition, apply the general requirements for subsequent accounting of the lease liability such that it recognizes no gain or loss relating to the right of use it retains.These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The amendments apply retrospectively for annual periods beginning on or after 1 January 2024 with early application permitted. These amendments have not yet been endorsed by the EU.Amendments to IAS 7 Cash Flow Statement and IFRS 7 Financial Instruments: disclosures: financing arrangements with suppliers, issued May 25, 2023, introduce additional disclosures for entities entering into financing arrangements with suppliers. The amendments are effective for fiscal years beginning on or after 1 January 2024, with early application permitted. However, in the year of initial application, an exemption is provided for certain disclosures. These amendments have not yet been adopted by the EU.Amendments to IAS 21 The effects of changes in foreign exchange rates: lack of exchangeability, issued August 15, 2023, clarify when a currency is exchangeable into another currency (or not). When a currency is not convertible, the entity estimates a constant exchange rate. This estimate aims to reflect the rate that would have been applicable on the date of the transaction in a regular exchange transaction between market participants given prevailing economic conditions. The adjustments contain no specific requirements for estimating a spot rate. As a result of the adjustments, entities will need to provide new disclosures to assess the impact of using an estimated exchange rate on the financial statements. The adjustments are effective for fiscal years beginning on or after January 2025, with early adoption pitted. These adjustments have not yet been adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__72": {
"value": "2. Segment reportingSegment information is given for the Group\u2019s geographic segments. The geographic segments reflect the countries in which the Group operates. The prices for intersegment transactions are determined on a business-like, objective basis. The segment information was drawn up in accordance with IFRS.Segment results, assets and liabilities of a particular segment include those items that can be attributed, either directly or reasonably, to that segment.Financial income and expenses and income tax expenses and their related assets and liabilities (excluding Lease liabilities) are not monitored by segment by the Group\u2019s CEO and CFO.The capital expenditures of a segment are all costs incurred during the reporting period to acquire assets that are expected to remain in use in the segment for longer than one reporting period.GEOGRAPHIC SEGMENTSThe Group\u2019s activities are managed and monitored on a country basis. The main geographic markets are Belgium, France, Canada, Spain, the Netherlands, United States and Luxembourg. The Polish and Swiss activities are combined in the \u2018Other\u2019 geographical segment, in accordance with the internal reporting to the CEO and CFO of the Group.In presenting information on the basis of geographic segments, revenue from the segment is based on the geographic location of the customers. The basis used for the assets of the segments is the geographic location of the assets.INCOME STATEMENTIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Segment revenue 192 972 88 450 144 519 56 158 67 145 62 205 19 237 4 731 635 419Intersegment revenue -29 828 -115 -29 944Revenue 163 144 88 335 144 519 56 158 67 145 62 205 19 237 4 731 605 475Cost of sales -102 554 -61 682 -118 827 -43 949 -51 894 -51 526 -12 118 -2 557 -445 105Gross result 60 590 26 653 25 693 12 210 15 251 10 680 7 120 2 174 160 370Marketing and selling expenses -11 613 -2 645 -7 425 -2 056 -1 769 -1 376 -1 130 -104 -28 119Administrative expenses -17 481 -1 247 -6 482 -948 -1 296 -2 095 -218 -414 -30 179Other operating income 166 2 223 349 699 61 1 729 244 14 5 485Other operating expenses -442 -390 -676 -1 -19 -7 -24 -1 558Segment result 31 220 24 594 11 458 9 904 12 228 8 931 5 992 1 671 105 999Financial income 2 772 2 772Financial expenses -32 999 -32 999Result before tax 75 771Income tax expenses -19 697 -19 697RESULT FOR THE PERIOD 56 075BALANCE SHEET \u2013 ASSETSIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Intangible assets 5 206 907 2 800 317 75 1 630 22 10 957Goodwill 6 586 15 870 33 960 22 015 34 057 49 924 5 844 6 502 174 757Property, plant and equipment 53 992 83 748 68 659 45 483 119 018 72 231 11 238 8 072 462 441Right-of-use assets 8 682 32 653 175 178 38 099 17 003 42 705 4 168 318 487Investment property 6 721 8 706 15 426Deferred tax assets 16 139 16 139Non-current tax assets 1 653 1 653Other receivables 1 4 222 199 1 051 5 5 478Other financial assets 27 27Non-current assets 74 466 137 399 280 796 113 686 170 153 166 490 21 276 23 280 17 819 1 005 365Inventories 2 751 782 1 560 634 1 158 332 187 65 7 469Trade and other receivables 16 934 7 745 6 828 2 448 2 879 3 002 1 271 228 41 334Current tax assets 10 279 10 279Derivative financial 278 278instrumentsAssets held for sale 921 921Cash and cash equivalents 101 381 101 381Current assets 19 685 8 527 9 308 3 081 4 037 3 334 1 458 293 111 938 161 662SEGMENT ASSETS 94 150 145 926 290 105 116 767 174 190 169 824 22 734 23 573 129 757 1 167 027BALANCE SHEET \u2013 EQUITY AND LIABILITIESIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Share capital and share 20 106 20 106premiumConsolidated reserves 171 518 171 518Translation reserve 2 209 2 209Equity attributable to the 193 834 193 834owners of the Company 11 11Non-controlling interests 193 844 193 844Loans and borrowings 383 695 383 695Lease liabilities 6 640 31 210 185 752 36 648 15 650 43 342 3 954 323 196Provisions for employee 77 842 919benefitsProvisions 1 555 176 189 1 920Deferred tax liabilities 9 952 9 952Other payables 70 5 662 583 63 6 378Non-current liabilities 8 342 37 890 185 941 37 231 15 713 43 342 3 954 393 646 726 059Bank overdrafts 113 113Loans and borrowings 96 000 96 000Lease liabilities 2 190 3 112 17 036 3 846 4 120 3 585 502 34 391Trade and other payables 42 868 20 545 23 291 7 690 9 417 7 133 2 966 726 114 637Provisions 67 31 98Current tax liabilities 1 884 1 884Current liabilities 45 125 23 657 40 327 11 536 13 568 10 719 3 468 726 97 997 247 123SEGMENT EQUITY AND 53 467 61 547 226 269 48 767 29 281 54 060 7 422 726 685 488 1 167 027LIABILITIESCAPITAL EXPENDITUREIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)CAPITAL EXPENDITURE 7 875 5 813 8 077 4 141 1 746 6 107 2 113 152 36 024NON-CASH ELEMENTSIN \u2019000 \u20ac2023OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Depreciations, amortisations, 11 220 11 370 26 887 7 999 11 132 10 659 1 747 -148 80 865impairments and provisionsOthers 2 227 2 227TOTAL 13 447 11 370 26 887 7 999 13 132 10 659 1 747 -148 83 092INCOME STATEMENTIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Segment revenue 153 868 67 915 122 777 41 378 57 859 49 305 14 961 3 493 511 556Intersegment revenue -11 588 -59 -11 647Revenue 142 280 67 856 122 777 41 378 57 859 49 305 14 961 3 493 499 908Cost of sales -91 180 -48 777 -109 808 -35 351 -44 524 -43 015 -9 816 -3 003 -385 473Gross result 51 100 19 079 12 969 6 027 13 335 6 290 5 145 491 114 436Marketing and selling expenses -9 873 -2 516 -5 814 -1 956 -1 553 -760 -915 -98 -23 486Administrative expenses -15 618 -1 899 -6 013 -1 006 -1 257 -1 723 -235 -359 -28 109Other operating income 69 922 2 539 1 025 957 59 53 5 624Other operating expenses -13 -22 -65 -10 -362 -14 -485Segment result 25 665 15 565 3 615 4 080 11 121 3 866 4 034 33 67 980Financial income 851 851Financial expenses -31 138 -31 138Result before tax 37 694Income tax expenses -10 159 -10 159RESULT FOR THE PERIOD 27 535BALANCE SHEET \u2013 ASSETSIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Intangible assets 5 302 911 2 839 264 124 1 941 28 11 408Goodwill 6 586 13 708 34 396 22 015 34 057 51 762 5 844 6 502 174 870Property, plant and equipment 55 503 85 556 75 496 46 179 125 763 76 048 10 395 7 571 482 512Right-of-use assets 6 276 24 979 191 308 39 653 19 470 47 389 4 387 333 462Investment property 691 6 721 8 466 15 878Deferred tax assets 21 142 21 142Non-current tax assets 1 653 1 653Derivative financial 349 349instrumentsOther receivables 2 3 616 231 1 037 11 4 896Other financial assets 27 27Non-current assets 73 669 128 770 304 962 115 867 179 414 177 140 20 664 22 540 23 171 1 046 197Inventories 3 333 607 1 502 577 943 555 131 39 7 688Trade and other receivables 17 863 8 577 5 204 2 420 3 636 1 776 1 478 94 41 050Current tax assets 6 810 6 810Cash and cash equivalents 67 751 67 751Current assets 21 197 9 185 6 706 2 998 4 579 2 331 1 609 133 74 561 123 299SEGMENT ASSETS 94 866 137 955 311 667 118 865 183 993 179 471 22 273 22 673 97 733 1 169 496BALANCE SHEET \u2013 EQUITY AND LIABILITIESIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Share capital and share 20 106 20 106premiumConsolidated reserves 130 009 130 009Translation reserve 7 603 7 603Equity attributable to the 157 719 157 719owners of the Company -91 -91Non-controlling interests 157 628 157 628Loans and borrowings 463 193 463 193Lease liabilities 4 121 23 938 199 514 37 512 18 825 47 352 4 112 335 375Provisions for employee 28 763 791benefitsProvisions 1 679 223 192 2 093Deferred tax liabilities 11 133 11 133Other payables 111 4 402 3 465 63 5 044Non-current liabilities 5 938 29 327 199 709 37 977 18 888 47 352 4 112 474 326 817 629Loans and borrowings 28 378 28 378Lease liabilities 2 087 2 339 18 387 3 671 4 299 3 698 515 34 996Trade and other payables 52 856 21 801 23 163 9 012 10 573 6 434 3 224 669 127 732Provisions 47 126 173Current tax liabilities 2 960 2 960Current liabilities 54 990 24 141 41 551 12 682 14 998 10 132 3 738 669 31 338 194 239SEGMENT EQUITY AND 60 928 53 467 241 260 50 660 33 886 57 483 7 851 669 663 291 1 169 496LIABILITIESCAPITAL EXPENDITUREIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)CAPITAL EXPENDITURE 5 629 7 436 5 736 2 876 1 679 3 737 603 60 27 756NON-CASH ELEMENTSIN \u2019000 \u20ac2022OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Depreciations, amortisations, 11 552 10 101 29 493 7 700 10 662 10 397 1 686 680 82 269impairments and provisionsOthers -145 -145TOTAL 11 407 10 101 29 493 7 700 10 662 10 397 1 686 680 82 124",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__73-1": {
"value": "3. RevenueThe table below shows the breakdown of revenue by activity, product or service offered by the Group:IN \u2019000 \u20ac20222023Box Office 260 884 318 612In-theatre Sales 155 202 192 795Business-to-Business 60 210 63 494Brightfish 7 388 12 395Film distribution 4 764 4 800Technical department 48 68TOTAL IFRS 15 488 496 592 164Real estate 11 412 13 311TOTAL 499 908 605 475Total revenue amounted to \u20ac 605.5 million in 2023, an increase with 21.1% compared to 2022. Visitor related revenue (ticket sales, drinks and snacks) increased by 22.9%, thanks to the growth in visitor numbers and increased sales per visitor. Kinepolis also recorded an increase in revenue in all other business lines.Revenue from ticket sales (Box Office, BO) increased by 22.1%, to \u20ac 318.6 million. BO revenue per visitor increased by 1.3%. This increase was seen in nearly all countries, thanks in part to the success of premium cinema experiences and inflation-compensating price increases. Revenue from the sale of drinks and snacks (In-theatre Sales, ITS) increased by 24.2% to \u20ac 192.8 million. ITS revenue per visitor rose by 3.5% (excluding home delivery revenue), thanks to higher consumption per visitor and inflation compensating price increases in almost all countries.B2B revenue increased by 5.5%, both in terms of revenue from events and screen advertising revenue. Real estate income increased by 16.6% thanks to an increase in variable rental income, mainly parking income, the impact of annual indexations as well as income from owned concessions.The turnover of Brightfish, the Belgian screen advertising agency, increased by 67.8%, mainly due to the growth of screen advertising and local events such as \u2018Alors on Chante\u2019, \u2018Kom op tegen Kanker\u2019 and Cinevox.Kinepolis Film Distribution (KFD) remained stable at \u20ac\ue61f4.8\ue61fmillion, supported by succesful local releases such as \u2018Het\ue61fSmelt\u2019 and \u2018WIL\u2019 in 2023 and thanks to the long cinema run of successful films released at the end of 2022 (\u2018Zillion\u2019, \u2018De\ue61fAcht Bergen\u2019).Revenue from Box Office and In-theatre Sales (which together represented 84.4% of total revenue) are directly linked to the evolution of the visitors. These in turn depend on the number of films produced, their success with the customer and external factors, such as competitive activities, weather conditions and exceptional events. Consequently, the number of visitors, and therefore the turnover, can be very volatile. For more information regarding the risks involved, we refer to \u2018Description of the main business risks\u2019 in the \u2018Corporate Governance Statement\u2019 section.B2B consists of three products: sales of vouchers, sales of cinema advertising and sales of film and non-film related events. Film related events make up the bulk of B2B and are closely related to the line-up and the number of films produced and their potential success. The sale of vouchers and cinema advertising strongly depend on the macro- economic climate and business confidence.The Brightfish results are highly dependent on the macro-economic climate, the advertising spending mainly in the FMCG industry and the share of cinema and marketing campaigns of the major advertisers. Depending on the pricing in other media such as online and TV, this can fluctuate widely.The results for film distribution depend on the number and success of the Flemish productions of which Kinepolis Film Distribution (KFD) owns the rights, combined with the international releases of which Kinepolis Film Distribution owns the rights for the Belgian and Luxembourg territory, together with Dutch Filmworks (DFW).At December 31, 2023, the Belfort cinema contributed \u20ac\ue61f2.3 million in revenue, \u20ac\ue61f0.6 million in EBITDA and \u20ac\ue61f0.02 million of earnings to the Group\u2019s consolidated result. If\ue61fthe transfer of control had taken place on January 1, 2023, the acquisition would have contributed \u20ac\ue61f3.0 million in revenue, \u20ac\ue61f0.8 million in EBIT and \u20ac\ue61f0.03 million in result.\u2018Amn\u00e9ville\u2019 acquisition (acquisition in 2022 \u2013 final calculation of goodwill in 2023)At the end of 2022, Kinepolis Group acquired the Gaumont cinema in Amn\u00e9ville. Kinepolis took over both the operational management as well as the cinema property.The transaction had an enterprise value of \u20ac\ue61f7.9 million. At\ue61fthe end of 2022, the goodwill related to the inclusion of the Amn\u00e9ville cinema in the scope of consolidation was determined at \u20ac 2.4 million. A further non-material adjustment linked to the creation of a provision for pensions was made in 2023. Final goodwill remained \u20ac\ue61f2.4 million.Both Belfort and Amn\u00e9ville acquisitions fit perfectly into the\ue61fKinepolis Group\u2019s expansion strategy. The goodwill stems from strengthening Kinepolis\u2019 position in the east andnortheast of France, synergy benefits and being able to offer the Kinepolis film experience to even more visitors. Transaction costs for both acquisitions (Belfort and Amn\u00e9ville) amounted to \u20ac\ue61f0.8 million.RENTAL INCOMERental income from investment properties amounts to \u20ac\ue61f1.4\ue61fmillion (2022: \u20ac 1.1 million). Direct operating expenses (including repairs and maintenance) arising from investment properties amount to \u20ac 0.6 million (2022: \u20ac 0.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__89-1": {
"value": "OTHER OPERATING INCOMEIN \u2019000 \u20ac20222023Government grants 725 2 311Government grants and support measures due to the Covid-19 pandemic 1 148 1 588Rent concessions due to the Covid-19 pandemic 2 810 94Capital gains on disposal of property, plant and equipment and investment property 379 49Other grants \u2013 not Covid-19 related 427 828Others 135 616TOTAL 5 624 5 485GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities on the balance sheet, and are taken into the result over the useful life of the related assets, at \u20ac\ue61f2.2 million in 2023 (2021: \u20ac 0.7 million). We refer to note 24.In Spain, Kinepolis received capital grants from the government in 2023 (\u20ac 0.1 million) to finance investment projects for innovation, digitalisation and audio visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). The grants are recorded on the balance sheet as liabilities, and are recognised in the result over the useful life of the related assets. We refer to note 24.CAPITAL GAINS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTYIn May 2022, Kinepolis sold an unused part of land at the complex in Adrian (US). In addition, in December 2022, the \u2018old\u2019 Canadian complex Fort McMurray (a newbuild complex opened in 2018), classified as Investment property, was sold. A capital gain of \u20ac 0.3 million was realised for the sale of both. In 2023, the capital gain was linked to several smaller realisations of tangible assets.NET IDENTIFIABLE ASSETS AND LIABILITIESIN \u2019000 \u20acAMNEVILLE BELFORTProperty, plant and equipment5 441 1 755Intangible assets13Right-of-use assets4 047Deferred tax assets19 424Inventory26 13Trade and other receivables1 835Provision for pensions-77 -110Lease liabilities4 047Bank overdrafts-1Trade and other payables-602TOTAL5 409 3 327The fair value of the assets and liabilities acquired for Amn\u00e9ville was provisionally determined at \u20ac 5.5 million in 2022 and was adjusted to \u20ac 5.4 million in 2023. The assets and liabilities were finally determined at the end of 2023 to calculate the goodwill resulting from this acquisition.GOODWILL CALCULATION AND RECONCILIATION WITH THE CONSOLIDATED STATEMENT OF CASH FLOWIN \u2019000 \u20acAMNEVILLE BELFORTNet identifiable assets and liabilities5 409 3 327Goodwill2 449 2 104ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH, IN THE STATEMENT OF CASH FLOW7 858 5 43111. Property, plant and equipmentLAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440ACQUISITIONS Acquisitions in 2023 include investments in Canada (\u20ac\ue61f8.1\ue61fmillion), the United States (\u20ac 6.1 million), France (\u20ac\ue61f5.8\ue61fmillion), Belgium (\u20ac 5.6 million), Spain (\u20ac 4.1 million), Luxembourg (\u20ac 2.1 million) and the Netherlands (\u20ac\ue61f1.7\ue61fmillion).The investments are related to the furnishing and finishing of the new cinema Belfort (FR), investments in the recently bought cinema in Amn\u00e9ville (FR) and the finished renovation of Landmark cinema Waterloo (CA). Investments were also made in internal expansion particularly in the opening of new IMAX-screens, the further roll out of premium cinema experiences, energy-saving investments, new laser projectors and ICT developments. In addition, acquisitions also include maintenance investments.ACQUISITIONS THROUGH BUSINESS COMBINATIONSThe acquisition of the operations and real estate of the cinema in Belfort (FR) increased \u2018Property, plant and equipment\u2019 by \u20ac 1.8 million. For more information on business combinations, we refer to note 10.IMPAIRMENT LOSSESIt was decided throughout 2023 to permanently close the cinemas Landmark Kitchener with 12 screens, Landmark Brooks with 1 screen and Cineast Enschede with 3 screens. Property, plant and equipment related to these complexes were impaired to fair value if lower than the\ue61fremaining carrying amount. An impairment loss amounting to \u20ac\ue61f1.2\ue61fmillion was recorded.TRANSFER TO OTHER CATEGORIES Regarding the complex owned in Brooks (CA), the assets included in \u2018Land and buildings\u2019 were transferred from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for\ue61fan amount of \u20ac 0.2 million. For more information we\ue61frefer to note 17.LAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427TRANSFER FROM/TO OTHER CATEGORIESThe assets included in land and buildings of the complex in Winnipeg Towne (CA) were transferred in 2022 from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for\ue61fan amount of \u20ac 0.7 million. In 2023, this building was transferred to \u2018Assets held for sale\u2019 as the company plans to sell the building within 12 months for an amount at least equal to the net carrying amount.IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 0 0 Transfer from / to assets held for sale 921BALANCE AT END OF CURRENT PERIOD 0 921IMPAIRMENT LOSSESIn 2023 there were no impairment losses for leasing contracts. Throughout 2022 it was decided that the cinema in West Kelowna Encore (CA) will be permanently closed. As\ue61fa result of this decision, the right-of-use-assets were impaired for \u20ac 0.1 million, as well as the property, plant and equipment in this complex. We refer to note 11 for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__83-1": {
"value": "OTHER OPERATING INCOMEIN \u2019000 \u20ac20222023Government grants 725 2 311Government grants and support measures due to the Covid-19 pandemic 1 148 1 588Rent concessions due to the Covid-19 pandemic 2 810 94Capital gains on disposal of property, plant and equipment and investment property 379 49Other grants \u2013 not Covid-19 related 427 828Others 135 616TOTAL 5 624 5 485RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICIn addition, the Group obtained \u20ac 0.1 million rent concessions in 2023 (2022: \u20ac 2.8 million) as a direct result of the Covid-19 pandemic. This relates to the lease of land and buildings in Canada (2022: \u20ac 1.9 million). The rent concessions obtained are only included in \u2018Other operating income\u2019 if the conditions of Covid-19-related rent concessions (amendments to IFRS 16) are met. In\ue61f2023, the allocation of these lease concessions is extinguished in line with the positive development of the\ue61fCovid-19 pandemic.The interest expenses attributed to lease liabilities amounted to \u20ac 9.6 million (2022: \u20ac 10.4 million). For more information we refer to note 27.RENTAL INCOMERental income from investment properties amounts to \u20ac\ue61f1.4\ue61fmillion (2022: \u20ac 1.1 million). Direct operating expenses (including repairs and maintenance) arising from investment properties amount to \u20ac 0.6 million (2022: \u20ac 0.5 million).RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f70327. LeasesLEASES AS LESSEEThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. If the contracts are classified as leases, they are recognised on the date on which the leased asset is available for use by\ue61fthe Group. On the one hand a right-of-use asset is recognised, which is depreciated on a straight-line basis over the lease term. On the other hand, a lease liability is recognised, that consists of future lease payments that are discounted at the Group\u2019s average interest rate for external financing.The discount rate applied throughout 2023 is 4.03% (2022: 2.62%). The discount rate is updated on a yearly basis and will be applied to new leases or for changes to existing lease agreements which are to be measured at a revised discount rate.When determining the term of a lease, extension options which will be executed with reasonable certainty at the start of the contract, are included in the lease liabilities. For\ue61fthe key category, land and buildings (cinema complexes), the\ue61fGroup applies as a general principle a term between 15\ue61fand 20 years. This term reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of theGroup include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.RIGHT-OF-USE ASSETS LAND AND IN-THEATR E PROJECTION IN \u2019000 \u20acCARSTOTALBUILDINGSSALESEQUIPMENTAcquisition value 424 744 5 062 1 070 3 954 434 830Depreciations and impairment losses -76 118 -3 212 -788 -1 392 -81 510NET CARRYING AMOUNT AT 31/12/2021 348 626 1 850 282 2 562 353 320New leases 551 551Expired leases and disposals -4 -4Adjustments 3 820 307 810 4 936Depreciations and impairment losses -26 554 -1 279 -296 -578 -28 707Effect of exchange rate fluctuations 3 383 -27 11 3 367Acquisition value 431 068 5 535 1 835 3 929 442 367Depreciations and impairment losses -101 793 -4 107 -1 067 -1 938 -108 905NET CARRYING AMOUNT AT 31/12/2022 329 275 1 428 768 1 991 333 462New leases 5 799 3 533 9 332New leasess through business combinations 4 047 4 047Transfer to/from other categories 103 103Expired leases and disposals 116 -1 -35 80Adjustments 3 557 234 3 791Depreciations and impairment losses -25 965 -1 372 -249 -568 -28 154Effect of exchange rate fluctuations -4 153 -10 -13 -4 176Acquisition value 435 108 6 333 1 550 3 950 446 941Depreciations and impairment losses -122 432 -2 511 -1 040 -2 473 -128 456NET CARRYING AMOUNT AT 31/12/2023 312 676 3 822 510 1 477 318 485LEASE LIABILITIESIN \u2019000 \u20acTOTALNET CARRYING AMOUNT AT 31/12/2021 390 567New leases 551Interest 10 369Repayment -36 389Forgiveness of lessee\u2019s lease payments -2 810Adjustments 4 649Effect of exchange rate fluctuations 3 434NET CARRYING AMOUNT AT 31/12/2022 370 371New leases 9 332New leases through business combinations 4 047Interest 9 566Repayment -34 949Forgiveness of lessee\u2019s lease payments -146Adjustments 4 056Effect of exchange rate fluctuations -4 690NET CARRYING AMOUNT AT 31/12/2023 357 587At 31 December 2023, the Group had a lease liability of \u20ac\ue61f357.6 million (2022: \u20ac 370.4 million) and a right-of-use asset of \u20ac 318.5 million (2022: \u20ac 333.5 million). During 2023 the lease liabilities decreased with \u20ac 12.8 million and the right-of-use assets with \u20ac 15.0 million.The RealD 3D equipment used by the Group is included under the right-of-use assets (\u20ac 1.5 million). As these assets are fully prepaid, there is no outstanding lease liability for these assets.NEW LEASESThe new leases mainly consist of new leases concluded for\ue61fthe building (\u20ac 5.8 million), especially for the new exploitation in B\u00e9ziers and for cars (\u20ac 3.5 million). There also was a new leasing contract through the business combination Belfort (\u20ac\ue61f4.0 million). This resulted in the same additional lease liability and increase in right-of-use assets.(EARLY) TERMINATED LEASESThe group has terminated various car lease agreements early throughout 2023.ADJUSTMENTSDuring 2023 several leases were adjusted, mainly due to changes to the contractual term or other adjustments such as indexations or new negotiations for future lease payments. All this led to an adjustment of the lease liabilities of \u20ac 4.1 million and an adjustment of the right-of-use assets of \u20ac 3.8 million.IMPAIRMENT LOSSESIn 2023 there were no impairment losses for leasing contracts. Throughout 2022 it was decided that the cinema in West Kelowna Encore (CA) will be permanently closed. As\ue61fa result of this decision, the right-of-use-assets were impaired for \u20ac 0.1 million, as well as the property, plant and equipment in this complex. We refer to note 11 for more information. RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICAs a result of the Covid-19 pandemic, the Group had obtained rent concessions from the lessor for part of the lease agreements, mainly related to land and buildings. In 2023, the Group received a last part of that rent concession in Canada: \u20ac 0.1 million (2022: \u20ac2.8 million).IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWSThe following table gives an overview of the contractual maturities of the non-discounted lease liabilities at 31 December:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALNON-DISCOUNTED LEASE LIABILITIES 35 407 124 216 287 729 447 351 34 813 128 490 266 750 430 054NOT RECOGNIZED UNDER IFRS 16Exemption from recognitionThe Group has decided to make use of the option of exemption of recognition under IFRS 16 for short-term leases and leases in which the underlying asset has a low value. The operational lease cost related to the exempt short-term leases amounts to \u20ac 0.0 million in 2023 (2022: \u20ac\ue61f0.1 million) and are considered as immaterial.Variable lease liabilitiesIn addition, variable lease liabilities are also not recognised under IFRS 16. The total operational lease cost of this amounts to \u20ac 2.5 million in 2022 (2022: \u20ac 0.4 million). This has led to the same outgoing cash flow that is classified in the consolidated statement of cash flow under \u2018Cash flow from operating activities\u2019.The main parameters of variable lease liabilities are the realised revenue and the number of visitors. The Group has performed a sensitivity analysis with possible changes in the variable lease liabilities, estimated based on a theoretical volatility of both revenue and number of visitors to be able to estimate the future impact. If the revenue and the number of visitors would increase by 10%, the total operational lease cost of the variable lease liability would increase to \u20ac 2.9 million. If the revenue and the number of visitors would decrease by 10%, the total operational lease cost of the variable lease liability would be \u20ac 2.1 million. Lease commitments already entered intoThe Group had entered into a lease commitment as of December 2023 for an office in Toronto, the lease term of which is 5 years starting from December 2024 and with the total future undiscounted lease liability being \u20ac\ue61f0.2\ue61fmillion.Extension optionsIf the Group were to exercise all possible renewal options that it has available in the contracts as of December 31, 2023, there would be an additional outgoing cash flow of\ue61fnon-discounted lease liabilities of \u20ac 291.6 million over\ue61fthe entire term of the related contracts. As of 31\ue61fDecember 2023, the Group believed that these additional potential renewal options will not yet be exercised with reasonable certainty, so they are not included in the ending balance of the lease liabilities and the non-discounted lease liability. If the Group were to recognise only the contractually required renewal options, the future cash outflow of non-discounted lease\ue61fliabilities would decrease from \u20ac 421.8 million to\ue61f\u20ac\ue61f258.9 million.LEASES AS LESSORThe Group has leased out parts of its property under operational leases. The non-discounted lease payments under non-cancellable operational leases are recoverable as follows:IN \u2019000 \u20ac20222023Less than one year 6 705 8 200Between one and two years 4 190 4 699Between two and three years 2 965 2 698Between three and four years 1 430 1 578Between four and five years 1 022 974More than five years 2 449 2 211TOTAL 18 760 20 360Minimum lease payments in the income statement with regard to operational leases 8 198 9 109Variable lease payments in the income statement with regard to operational leases 621 782The Group leases out part of its complexes to third parties for the exploitation of shops or caf\u00e9s. These concessions have a term of 1 to 20 years (renewable) unless they are agreed for an undefined term.In addition, the car parks of several complexes are leased out for a term of 1 to 15 years (renewable) or for an undefined terin Belgium, for a period of 9 years or for an undefined term in Luxembourg or for an undefined term in Poland and France. A\ue61ffixed rent is charged for part of these car parks. The revenuefrom the other car parks is variable, based on the number of parking tickets sold, corrected for overhead expenses.",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__78-1": {
"value": "OTHER OPERATING INCOMEIN \u2019000 \u20ac20222023Government grants 725 2 311Government grants and support measures due to the Covid-19 pandemic 1 148 1 588Rent concessions due to the Covid-19 pandemic 2 810 94Capital gains on disposal of property, plant and equipment and investment property 379 49Other grants \u2013 not Covid-19 related 427 828Others 135 616TOTAL 5 624 5 485GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities on the balance sheet, and are taken into the result over the useful life of the related assets, at \u20ac\ue61f2.2 million in 2023 (2021: \u20ac 0.7 million). We refer to note 24.In Spain, Kinepolis received capital grants from the government in 2023 (\u20ac 0.1 million) to finance investment projects for innovation, digitalisation and audio visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). The grants are recorded on the balance sheet as liabilities, and are recognised in the result over the useful life of the related assets. We refer to note 24.GOVERNMENT GRANTS AND SUPPORT MEASURES AS A\ue61fRESULT OF THE COVID-19 PANDEMICAs a result of the outbreak of the Covid-19 pandemic, governments, in the various countries where Kinepolis operates, and the CNC in France have decided to provide support measures. The Group obtained in 2023 non-directly attributable or general grants for \u20ac 1.6 million in the United States, linked to employee retention during the Covid-19 period. Throughout 2022 the Group obtained \u20ac 1.1 million (Spain: \u20ac 0.8 million, Canada: \u20ac 0.4 million, France: \u20ac 0.2 million and Belgium: \u20ac -0.2 million).IN \u2019000 \u20ac20222023Wages and salaries -65 098 -72 165Mandatory social security contributions -11 723 -13 383Employer contributions to employee insurances -1 081 -1 039Share-based payments 145 -2 227Other employee benefit expenses -2 532 -2 820TOTAL -80 288 -91 635Total full-time equivalents at the balance sheet date 1 982 1 976The number of FTE\u2019s decreased slightly with 0.3% in 2023 compared to 2022 (1,976 against 1,982 in 2022), mainly in Canada and Spain. In the other countries, the number of FTE\u2019s is slightly increasing.Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772IN \u2019000 \u20ac20222023Trade receivables 28 928 29 385Tax receivables, other than income taxes 2 458 2 040Deferred charges and accrued income 5 615 4 895Tax shelter receivables 88 94Tax shelter investments 304 116Grants receivable related to the Covid-19 pandemic 1 400 1 560CNC grants 1 707 2 384Other receivables 549 860TOTAL 41 050 41 334Trade receivables remained at a stable level compared to 2022 (+\u20ac\ue61f0.5 million).Tax receivables, other than income taxes, have decreased by \u20ac 0.4 million, mainly due to a decrease in recoverable VAT and other local taxes.Deferred charges and accrued income decreased with \u20ac\ue61f0.7 million, mainly due to a decrease in rent receivable compared to 2022. The tax shelter receivables concern the loans made to third parties to finance and support film production in Belgium. The tax shelter investments concern the film rights the Group acquires as part of tax shelter transactions.Grants receivable related to the Covid-19 pandemic amouned to \u20ac 1.6 million (2022: \u20ac 1.4 million). The amount outstanding per 31 December 2023 relates to a subsidy for employee retention during the Covid-19 pandemic in the United States.The increase in the current portion of the French sector-related grants (CNC) is explained by the payment of new subsidies for an amount of \u20ac 2.4 million and newly awarded subsidies for \u20ac 3.5 million, of which \u20ac 3.0 million was receivable on the short term. The other receivables include capital grants in Spain for \u20ac 0.6 million (2022: \u20ac 0.4 million).OTHER NON-CURRENT PAYABLESIN \u2019000 \u20ac20222023Deferred grants 4 293 5 664Other payables 751 714TOTAL 5 044 6 378 The other non-current payables primarily comprise the grants that can be claimed from the CNC in France based on the number of visitors. In Spain, Kinepolis received capital grants from the government in 2023 to finance investment projects for innovation, digitalisation, and audio-visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). Both grants, for\ue61fan\ue61famount of \u20ac 5.7 million (2022: \u20ac\ue61f4.3 million), are recognised as \u2018Other operating income\u2019 in\ue61fline with the depreciation rate of the assets for which these grants were obtained. We refer to note 4 for more information. The category \u2018Other payables\u2019 mainly includes guarantees received for \u20ac\ue61f0.7 million (2022: \u20ac 0.8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__76-1": {
"value": "OTHER OPERATING INCOMEIN \u2019000 \u20ac20222023Government grants 725 2 311Government grants and support measures due to the Covid-19 pandemic 1 148 1 588Rent concessions due to the Covid-19 pandemic 2 810 94Capital gains on disposal of property, plant and equipment and investment property 379 49Other grants \u2013 not Covid-19 related 427 828Others 135 616TOTAL 5 624 5 485GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities on the balance sheet, and are taken into the result over the useful life of the related assets, at \u20ac\ue61f2.2 million in 2023 (2021: \u20ac 0.7 million). We refer to note 24.In Spain, Kinepolis received capital grants from the government in 2023 (\u20ac 0.1 million) to finance investment projects for innovation, digitalisation and audio visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). The grants are recorded on the balance sheet as liabilities, and are recognised in the result over the useful life of the related assets. We refer to note 24.GOVERNMENT GRANTS AND SUPPORT MEASURES AS A\ue61fRESULT OF THE COVID-19 PANDEMICAs a result of the outbreak of the Covid-19 pandemic, governments, in the various countries where Kinepolis operates, and the CNC in France have decided to provide support measures. The Group obtained in 2023 non-directly attributable or general grants for \u20ac 1.6 million in the United States, linked to employee retention during the Covid-19 period. Throughout 2022 the Group obtained \u20ac 1.1 million (Spain: \u20ac 0.8 million, Canada: \u20ac 0.4 million, France: \u20ac 0.2 million and Belgium: \u20ac -0.2 million).RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICIn addition, the Group obtained \u20ac 0.1 million rent concessions in 2023 (2022: \u20ac 2.8 million) as a direct result of the Covid-19 pandemic. This relates to the lease of land and buildings in Canada (2022: \u20ac 1.9 million). The rent concessions obtained are only included in \u2018Other operating income\u2019 if the conditions of Covid-19-related rent concessions (amendments to IFRS 16) are met. In\ue61f2023, the allocation of these lease concessions is extinguished in line with the positive development of the\ue61fCovid-19 pandemic.OTHER SUBSIDIES \u2013 NOT COVID-19 RELATEDFurthermore, in 2023, the Group also obtained \u20ac 0.8 million (Spain: \u20ac 0.6 million and Luxembourg \u20ac\ue61f0.2 million) in other subsidies. Through 2022, the Group obtained \u20ac\ue61f0.4\ue61fmillion (The Netherlands: \u20ac 0.3 million and Belgium\ue61f\u20ac\ue61f0.1 million).CAPITAL GAINS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTYIn May 2022, Kinepolis sold an unused part of land at the complex in Adrian (US). In addition, in December 2022, the \u2018old\u2019 Canadian complex Fort McMurray (a newbuild complex opened in 2018), classified as Investment property, was sold. A capital gain of \u20ac 0.3 million was realised for the sale of both. In 2023, the capital gain was linked to several smaller realisations of tangible assets.12. Investment propertyLAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__102-1": {
"value": "4. Other operating income and expensesOTHER OPERATING INCOMEIN \u2019000 \u20ac20222023Government grants 725 2 311Government grants and support measures due to the Covid-19 pandemic 1 148 1 588Rent concessions due to the Covid-19 pandemic 2 810 94Capital gains on disposal of property, plant and equipment and investment property 379 49Other grants \u2013 not Covid-19 related 427 828Others 135 616TOTAL 5 624 5 485GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities on the balance sheet, and are taken into the result over the useful life of the related assets, at \u20ac\ue61f2.2 million in 2023 (2021: \u20ac 0.7 million). We refer to note 24.In Spain, Kinepolis received capital grants from the government in 2023 (\u20ac 0.1 million) to finance investment projects for innovation, digitalisation and audio visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). The grants are recorded on the balance sheet as liabilities, and are recognised in the result over the useful life of the related assets. We refer to note 24.GOVERNMENT GRANTS AND SUPPORT MEASURES AS A\ue61fRESULT OF THE COVID-19 PANDEMICAs a result of the outbreak of the Covid-19 pandemic, governments, in the various countries where Kinepolis operates, and the CNC in France have decided to provide support measures. The Group obtained in 2023 non-directly attributable or general grants for \u20ac 1.6 million in the United States, linked to employee retention during the Covid-19 period. Throughout 2022 the Group obtained \u20ac 1.1 million (Spain: \u20ac 0.8 million, Canada: \u20ac 0.4 million, France: \u20ac 0.2 million and Belgium: \u20ac -0.2 million).RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICIn addition, the Group obtained \u20ac 0.1 million rent concessions in 2023 (2022: \u20ac 2.8 million) as a direct result of the Covid-19 pandemic. This relates to the lease of land and buildings in Canada (2022: \u20ac 1.9 million). The rent concessions obtained are only included in \u2018Other operating income\u2019 if the conditions of Covid-19-related rent concessions (amendments to IFRS 16) are met. In\ue61f2023, the allocation of these lease concessions is extinguished in line with the positive development of the\ue61fCovid-19 pandemic.OTHER SUBSIDIES \u2013 NOT COVID-19 RELATEDFurthermore, in 2023, the Group also obtained \u20ac 0.8 million (Spain: \u20ac 0.6 million and Luxembourg \u20ac\ue61f0.2 million) in other subsidies. Through 2022, the Group obtained \u20ac\ue61f0.4\ue61fmillion (The Netherlands: \u20ac 0.3 million and Belgium\ue61f\u20ac\ue61f0.1 million).CAPITAL GAINS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTYIn May 2022, Kinepolis sold an unused part of land at the complex in Adrian (US). In addition, in December 2022, the \u2018old\u2019 Canadian complex Fort McMurray (a newbuild complex opened in 2018), classified as Investment property, was sold. A capital gain of \u20ac 0.3 million was realised for the sale of both. In 2023, the capital gain was linked to several smaller realisations of tangible assets.OTHER OPERATING EXPENSESIN \u2019000 \u20ac20222023Losses on disposal of property, plant and equipment -21 -437Losses on disposal of trade receivables -40 -365Others -424 -756TOTAL -485 -1 558The change in other operating expenses in 2023 compared to 2022 is mainly caused by the closure of the cinemas Landmark Kitchener with 12 theaters, Landmark Brooks with 1 theater and Cineast Enschede with 3 theaters, and the resulting write-downs, decommissioning costs and capital losses on realisations.RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICAs a result of the Covid-19 pandemic, the Group had obtained rent concessions from the lessor for part of the lease agreements, mainly related to land and buildings. In 2023, the Group received a last part of that rent concession in Canada: \u20ac 0.1 million (2022: \u20ac2.8 million).IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWSThe following table gives an overview of the contractual maturities of the non-discounted lease liabilities at 31 December:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALNON-DISCOUNTED LEASE LIABILITIES 35 407 124 216 287 729 447 351 34 813 128 490 266 750 430 054NOT RECOGNIZED UNDER IFRS 16Exemption from recognitionThe Group has decided to make use of the option of exemption of recognition under IFRS 16 for short-term leases and leases in which the underlying asset has a low value. The operational lease cost related to the exempt short-term leases amounts to \u20ac 0.0 million in 2023 (2022: \u20ac\ue61f0.1 million) and are considered as immaterial.Variable lease liabilitiesIn addition, variable lease liabilities are also not recognised under IFRS 16. The total operational lease cost of this amounts to \u20ac 2.5 million in 2022 (2022: \u20ac 0.4 million). This has led to the same outgoing cash flow that is classified in the consolidated statement of cash flow under \u2018Cash flow from operating activities\u2019.The main parameters of variable lease liabilities are the realised revenue and the number of visitors. The Group has performed a sensitivity analysis with possible changes in the variable lease liabilities, estimated based on a theoretical volatility of both revenue and number of visitors to be able to estimate the future impact. If the revenue and the number of visitors would increase by 10%, the total operational lease cost of the variable lease liability would increase to \u20ac 2.9 million. If the revenue and the number of visitors would decrease by 10%, the total operational lease cost of the variable lease liability would be \u20ac 2.1 million. Lease commitments already entered intoThe Group had entered into a lease commitment as of December 2023 for an office in Toronto, the lease term of which is 5 years starting from December 2024 and with the total future undiscounted lease liability being \u20ac\ue61f0.2\ue61fmillion.Extension optionsIf the Group were to exercise all possible renewal options that it has available in the contracts as of December 31, 2023, there would be an additional outgoing cash flow of\ue61fnon-discounted lease liabilities of \u20ac 291.6 million over\ue61fthe entire term of the related contracts. As of 31\ue61fDecember 2023, the Group believed that these additional potential renewal options will not yet be exercised with reasonable certainty, so they are not included in the ending balance of the lease liabilities and the non-discounted lease liability. If the Group were to recognise only the contractually required renewal options, the future cash outflow of non-discounted lease\ue61fliabilities would decrease from \u20ac 421.8 million to\ue61f\u20ac\ue61f258.9 million.LEASES AS LESSORThe Group has leased out parts of its property under operational leases. The non-discounted lease payments under non-cancellable operational leases are recoverable as follows:IN \u2019000 \u20ac20222023Less than one year 6 705 8 200Between one and two years 4 190 4 699Between two and three years 2 965 2 698Between three and four years 1 430 1 578Between four and five years 1 022 974More than five years 2 449 2 211TOTAL 18 760 20 360Minimum lease payments in the income statement with regard to operational leases 8 198 9 109Variable lease payments in the income statement with regard to operational leases 621 782The Group leases out part of its complexes to third parties for the exploitation of shops or caf\u00e9s. These concessions have a term of 1 to 20 years (renewable) unless they are agreed for an undefined term.In addition, the car parks of several complexes are leased out for a term of 1 to 15 years (renewable) or for an undefined terin Belgium, for a period of 9 years or for an undefined term in Luxembourg or for an undefined term in Poland and France. A\ue61ffixed rent is charged for part of these car parks. The revenuefrom the other car parks is variable, based on the number of parking tickets sold, corrected for overhead expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__98-1": {
"value": "CAPITAL GAINS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTYIn May 2022, Kinepolis sold an unused part of land at the complex in Adrian (US). In addition, in December 2022, the \u2018old\u2019 Canadian complex Fort McMurray (a newbuild complex opened in 2018), classified as Investment property, was sold. A capital gain of \u20ac 0.3 million was realised for the sale of both. In 2023, the capital gain was linked to several smaller realisations of tangible assets.LAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440TRANSFER TO OTHER CATEGORIES Regarding the complex owned in Brooks (CA), the assets included in \u2018Land and buildings\u2019 were transferred from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for\ue61fan amount of \u20ac 0.2 million. For more information we\ue61frefer to note 17.12. Investment propertyLAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427As of 18 January 2007, the land, building, machinery and equipment in Pozna\u0144 (PL) are no longer used for own operations, but leased to Cinema City, owned by the cinema group Cineworld, and to a number of smaller third parties. As\ue61frequired by IAS 40 (Investment property), the assets in question have been transferred to this category. The total carrying amount of the investment property in Poland is \u20ac\ue61f8.7\ue61fmillion (2022: \u20ac 8.5 million).The plot in Valencia (ES) (\u20ac 6.7 million) has been part of the investment property since 2015, as it is reserve capacity that is not necessary for the execution of the business and can be\ue61fredeveloped.TRANSFER FROM/TO OTHER CATEGORIESThe assets included in land and buildings of the complex in Winnipeg Towne (CA) were transferred in 2022 from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for\ue61fan amount of \u20ac 0.7 million. In 2023, this building was transferred to \u2018Assets held for sale\u2019 as the company plans to sell the building within 12 months for an amount at least equal to the net carrying amount.RENTAL INCOMERental income from investment properties amounts to \u20ac\ue61f1.4\ue61fmillion (2022: \u20ac 1.1 million). Direct operating expenses (including repairs and maintenance) arising from investment properties amount to \u20ac 0.6 million (2022: \u20ac 0.5 million).FAIR VALUEThe fair value of the investment property is measured periodically by independent experts. The external experts possess the required recognised professional qualifications and experience in appraising real estate at the locations and in the categories concerned.The fair value of investment properties was \u20ac47.2 million (2022: \u20ac48.2 million). The decrease is linked to the fair value of the complex in Winnepeg Towne, which was transferred to \u2018Assets held for sale\u2019.The fair value of the investment property is recognised as a level 3 fair value based on the unobservable inputs that were used for the measurement. The market approach is used for the measurement of the fair value of the land and buildings. The independent experts base the price per square meter on their knowledge of the market and information on market transactions relating to comparable assets. The size, characteristics, location and layout of the land and buildings and the destination of the area in which they are situated have also been considered. When determining the fair value of the buildings, their accessibility and the visibility from the street are also taken into account. The fair value of the other assets that are part of investment property is measured on the basis of the cost approach, in which the current replacement value of the assets is adjusted to account for physical, functional and economic obsolescence.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__105-1": {
"value": "OTHER OPERATING EXPENSESIN \u2019000 \u20ac20222023Losses on disposal of property, plant and equipment -21 -437Losses on disposal of trade receivables -40 -365Others -424 -756TOTAL -485 -1 558The change in other operating expenses in 2023 compared to 2022 is mainly caused by the closure of the cinemas Landmark Kitchener with 12 theaters, Landmark Brooks with 1 theater and Cineast Enschede with 3 theaters, and the resulting write-downs, decommissioning costs and capital losses on realisations.Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 77215. Trade and other receivablesOTHER NON-CURRENT RECEIVABLESIN \u2019000 \u20ac20222023Cash guarantees 1 243 1 290CNC grants 3 533 4 058Other receivables 120 130TOTAL 4 896 5 478The non-current grants mainly relate to the sector related grants that can be obtained in France from the CNC, based on the number of visitors. During 2023, new CNC subsidies were awarded for a total amount of \u20ac 3.5 million, of which \u20ac 0.5 million is a long-term receivable.TRADE AND OTHER CURRENT RECEIVABLESIN \u2019000 \u20ac20222023Trade receivables 28 928 29 385Tax receivables, other than income taxes 2 458 2 040Deferred charges and accrued income 5 615 4 895Tax shelter receivables 88 94Tax shelter investments 304 116Grants receivable related to the Covid-19 pandemic 1 400 1 560CNC grants 1 707 2 384Other receivables 549 860TOTAL 41 050 41 334Trade receivables remained at a stable level compared to 2022 (+\u20ac\ue61f0.5 million).Tax receivables, other than income taxes, have decreased by \u20ac 0.4 million, mainly due to a decrease in recoverable VAT and other local taxes.Deferred charges and accrued income decreased with \u20ac\ue61f0.7 million, mainly due to a decrease in rent receivable compared to 2022. The tax shelter receivables concern the loans made to third parties to finance and support film production in Belgium. The tax shelter investments concern the film rights the Group acquires as part of tax shelter transactions.Grants receivable related to the Covid-19 pandemic amouned to \u20ac 1.6 million (2022: \u20ac 1.4 million). The amount outstanding per 31 December 2023 relates to a subsidy for employee retention during the Covid-19 pandemic in the United States.The increase in the current portion of the French sector-related grants (CNC) is explained by the payment of new subsidies for an amount of \u20ac 2.4 million and newly awarded subsidies for \u20ac 3.5 million, of which \u20ac 3.0 million was receivable on the short term. The other receivables include capital grants in Spain for \u20ac 0.6 million (2022: \u20ac 0.4 million). AGEING OF THE TRADE AND OTHER NON-CURRENT AND CURRENT RECEIVABLESIN \u2019000 \u20ac20222023GROSS CARRYING NET CARRYING GROSS CARRYING NET CARRYING IMPAIRMENTIMPAIRMENTAMOUNTAMOUNTAMOUNTAMOUNTNot yet due on reporting date 39 084 -9 39 075 32 590 -7 32 583Less than 30 days past due 3 722 -41 3 681 8 015 -17 7 998Between 31 and 120 days past due 1 713 -570 1 143 3 518 -175 3 343Between 120 days and 1 year past due 1 472 -840 633 1 791 -211 1 580Over 1 year past due 3 098 -1 685 1 414 2 237 -929 1 308TOTAL 49 089 -3 143 45 946 48 151 -1 339 46 812MOVEMENT OF IMPAIRMENTS ON TRADE RECEIVABLESIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD -2 903 -3 143Recognised impairments -2 210 -392Used impairments 26 423Reversed impairments 1 935 1 817Effect of exchange rate fluctuations 10 -44BALANCE AT END OF CURRENT PERIOD -3 143 -1 339In 2023, impairments on trade receivables decreased by \u20ac\ue61f1.8\ue61fmillion. The decrease is mainly explained by the reversal of provision for an amount of \u20ac 1.8 million, mostly in Canada, where a doubtful debtor has paid part of his debts and by a final loss of receivables for an amount of \u20ac 0.4 million, offset by an additional impairment of \u20ac 0.4 million set up out of caution for some slow-paying customers.During 2022 the impairments on the trade receivables increased by \u20ac 0.2 million. The increase is mainly explained by an additional impairment, in line with the financial policy of the Group, partially offset by the further reversal of\ue61fimpairments on trade receivables regarding leased concessions due to the Covid-19 pandemic.For the impact of the final settlement of the outstanding trade receivables, we refer to note 4. The value for losses is determined in accordance with IFRS 9. We refer to note 26 for more information.There is no ageing problem for the financial assets other than trade receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__104": {
"value": "OTHER OPERATING EXPENSESIN \u2019000 \u20ac20222023Losses on disposal of property, plant and equipment -21 -437Losses on disposal of trade receivables -40 -365Others -424 -756TOTAL -485 -1 558The change in other operating expenses in 2023 compared to 2022 is mainly caused by the closure of the cinemas Landmark Kitchener with 12 theaters, Landmark Brooks with 1 theater and Cineast Enschede with 3 theaters, and the resulting write-downs, decommissioning costs and capital losses on realisations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__111-1": {
"value": "IN \u2019000 \u20ac20222023Wages and salaries -65 098 -72 165Mandatory social security contributions -11 723 -13 383Employer contributions to employee insurances -1 081 -1 039Share-based payments 145 -2 227Other employee benefit expenses -2 532 -2 820TOTAL -80 288 -91 635Total full-time equivalents at the balance sheet date 1 982 1 976The\ue61fgrant\ue61fwas\ue61fnot recorded as a deduction from personnel expenses, but as \u2018other operating income\u2019 (see Note 4) since this grant does not relate to directly attributable personnel expenses of the current fiscal year.SHARE-BASED PAYMENTS RESERVEOn 31 December 2023 a total of 657 409 options were allocated (2022: 306 313). These shares entitle their holders to one share per option. For more information we refer to note 20. The options will expire 8 years after the date of approval of the Plan by the Board of Directors.20. Share-based paymentsSHARE OPTION PLAN 2016The General Meeting approved a share option plan on 11\ue61fMay 2016. 543 304 options can be allocated under this share option plan. It was decided to set the exercise price at the average closing price of the Kinepolis Group share over 30 days preceding the offer. The options will expire 8\ue61fyears after the date of the approval of the Plan by the General Meeting on 10 May 2024. This share option plan was offered to the Chairman of the\ue61fBoard of Directors, Executive Management and eligible management staff of the Company or its subsidiaries on 29 December 2016.Throughout 2023, no options were granted (2022: 0), 27 654 options were exercised (2022: 25 156) and 25 000 options were forfeited (2022: 30 000).YEARGRANTED EXERCISED FORFEITED TOTAL2017 396 500 396 5002018 23 500 -3 000 20 5002019 21 000 21 0002020 -11 495 -6 737 -18 2322021 -58 299 -58 2992022 -25 156 -30 000 -55 1562023 -27 654 -25 000 -52 654TOTAL 441 000 -122 604 -64 737 253 659The fair value of these share-based payments was estimated when these options were allocated. The Black-Scholes model is used for this. The expected volatility is based on the historic volatility calculated on the basis of five years. For more information we refer to note 5. (1)AMOUNTS IN \u20ac (unless indicated otherwise)12/201612/2017 04/2019 10/2019Fair value of allocated options 7.30 / 9.71 12.91 8.87 9.98Share price at grant date 44.19 / 48.29 57.3 0 51.30 57.80Exercise price 41.55 48.25 49.75 53.40Expected volatility 23.43% / 23.53% 25.45% 26.41% 24.81%Original expected term (in years) 8 7 6 5Expected dividend growth 7.8 6% 7. 86% 8.30% 8.30%Risk-free interest rate -0.14% 0.01% -0.179% -0.443%(1) Due to the evolution of the share price during the period of acceptance, two fair values were calculated for the allocated options, based on above listed parameters.The options are exercisable for the first time during the first exercise period that falls in the fourth calendar year after the year in which the options were offered to the participants. The options only become unconditional once the other party has been employed for a certain period.The options can be permanently acquired in tranches. For the options granted in 2017, the first tranche of 16.66% is acquired at the time of their granting. The other tranches of 16.66% per year during the five years after their grant date. For the options granted in 2018, the first tranche of 20.00% is acquired at the time of their granting. The other tranches of 20.00% per year during the four years after their grant date. Concerning the options granted in 2019, the tranches are different between the grants in April and October. The first tranche of 16.66% / 25.00% is acquired at the time of their granting. The other tranches of 16.66% / 25.00% per year during five / three years after their grant date.SHARE OPTION PLAN 2023On 17 May 2023, the Board of Directors approved the share option plan 2023. Under this new plan, 550 000 options can be allocated. The exercise price is determined by the Nomination and Remuneration Committee. For the 2023 allocations, the exercise price was set equal to the average closing price of Kinepolis Group shares during 30 days prior to the offer. The\ue61foptions will expire 8 years after the date of the approval of the Plan by the Board of Directors.This share option plan was offered to the Chairman of the Board of Directors, Executive Management and eligible management staff of the Company or its subsidiaries on 16 June 2023.Throughout 2023, 403 750 options were granted (June: 383 750, October: 15 000, December: 5 000). No options were exercised nor forfeited in 2023.YEARGRANTED EXCERCISED FORFEITED TOTAL2023 403 750 403 750TOTAL 403 750 0 0 403 750The fair value of these share-based payments was estimated when these options were allocated. The Black-Scholes model is used for this. The expected volatility is based on the historic volatility calculated on the basis of two years. The fair value of the options is expensed according to the period in which the options can be exercised. The fair value of the options totals \u20ac\ue61f5.5\ue61fmillion. Of this, an amount of \u20ac2.2 million was expensed as at 31 December 2023. For more information we refer to note 5.AMOUNTS IN \u20ac (unless indicated otherwise)06/2023 10/2023 12/2023Fair value of allocated options 13.62 14.68 12.61Share price at grant date 43.80 46.70 45.35Exercise price 43.76 43.76 45.32Expected volatility 34.80% 33.10% 32.20%Original expected term (in years) 8 8 8Expected dividend yield 0.56% 0.56% 0.57%Risk-free interest rate 2.72% 2.72% 2.98%The options are exercisable for the first time during the first exercise period that falls in the fourth calendar year after the year in which the options were offered to the participants. The options only become unconditional once the other party has been employed for a certain period.The options can be exercised in tranches. For the options granted in 2023, the first tranche of 66.64% can be exercised from 1 January 2027, a second tranche of 16.66% from\ue61f1 January 2028 and the last tranche of 16.70% from 1\ue61fJanuary\ue61f2029.OUTSTANDING OPTIONS AMOUNTS IN \u20ac (unless indicated otherwise)20222023NUMBER OF AVERAGE NUMBER OF AVERAGE OPTIONS FAIR VALUEOPTIONS FAIR VALUEOUTSTANDING OPTIONS AT END OF PREVIOUS PERIOD 361 469 306 313Options allocated during the year 403 750Options exercised during the year -25 156 -27 654Options forfeited during the year -30 000 -25 000OUTSTANDING OPTIONS AT END OF CURRENT PERIOD 306 313 9.51 657 409 11.99In 2023, new options were granted to the Group\u2019s CEO (Incentive Plan). He did participate in this for 112 500 options. The fair value of these options is \u20ac1.5 million. The cost for 2023 is \u20ac0.6 million. There were no new options granted for the 2017 option plan (Participation in 2017 by the CEO of the Group, the Chairman and Vice-Chairman of the Board of Directors: 180 000). We refer to the remuneration report in the Corporate Governance Statement and note 20 for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__116": {
"value": "5. Employee benefit expenses and other social benefitsIN \u2019000 \u20ac20222023Wages and salaries -65 098 -72 165Mandatory social security contributions -11 723 -13 383Employer contributions to employee insurances -1 081 -1 039Share-based payments 145 -2 227Other employee benefit expenses -2 532 -2 820TOTAL -80 288 -91 635Total full-time equivalents at the balance sheet date 1 982 1 976The number of FTE\u2019s decreased slightly with 0.3% in 2023 compared to 2022 (1,976 against 1,982 in 2022), mainly in Canada and Spain. In the other countries, the number of FTE\u2019s is slightly increasing.The increase of personnel costs is mostly due to salary increases, and also to an increase of share based payments and a higher provision for KPI bonusses.In 2022, the Group received \u20ac 2.3 million in wage subsidies. Grants obtained as compensation for directly attributable costs, such as employee benefit expenses, are taken directly in the income statement, deducted from the related costs. In\ue61f2023, a wage subsidy was obtained in the United States related to employee retention in prior years. The\ue61fgrant\ue61fwas\ue61fnot recorded as a deduction from personnel expenses, but as \u2018other operating income\u2019 (see Note 4) since this grant does not relate to directly attributable personnel expenses of the current fiscal year. The share-based payments are related to the options granted in two option plans, the 2016 plan to expire in 2024, and a new option plan in 2023. The expenses are mainly linked to this new option plan. We refer to note 20 for more information.For more information regarding employee benefits we refer to note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__108-1": {
"value": "5. Employee benefit expenses and other social benefitsIN \u2019000 \u20ac20222023Wages and salaries -65 098 -72 165Mandatory social security contributions -11 723 -13 383Employer contributions to employee insurances -1 081 -1 039Share-based payments 145 -2 227Other employee benefit expenses -2 532 -2 820TOTAL -80 288 -91 635Total full-time equivalents at the balance sheet date 1 982 1 976The number of FTE\u2019s decreased slightly with 0.3% in 2023 compared to 2022 (1,976 against 1,982 in 2022), mainly in Canada and Spain. In the other countries, the number of FTE\u2019s is slightly increasing.The increase of personnel costs is mostly due to salary increases, and also to an increase of share based payments and a higher provision for KPI bonusses.In 2022, the Group received \u20ac 2.3 million in wage subsidies. Grants obtained as compensation for directly attributable costs, such as employee benefit expenses, are taken directly in the income statement, deducted from the related costs. In\ue61f2023, a wage subsidy was obtained in the United States related to employee retention in prior years. The\ue61fgrant\ue61fwas\ue61fnot recorded as a deduction from personnel expenses, but as \u2018other operating income\u2019 (see Note 4) since this grant does not relate to directly attributable personnel expenses of the current fiscal year. The share-based payments are related to the options granted in two option plans, the 2016 plan to expire in 2024, and a new option plan in 2023. The expenses are mainly linked to this new option plan. We refer to note 20 for more information.For more information regarding employee benefits we refer to note 22.6. Additional information on operating expenses by natureThe table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.22. Employee benefitsThe amounts on the balance sheet are determined as follows:IN \u2019000 \u20ac20222023Defined benefit plans 28 49Other employee benefits 763 870TOTAL 791 919DEFINED BENEFIT PLANSThe pension plans held by the Group in Belgium are included under \u2018defined benefit plans\u2019.The Group has two pension plans in Belgium that are deemed to be pension plans with defined contributions by\ue61flaw. As Belgian law applies to all second pillar pension plans (so-called \u2018Vandenbroucke Law\u2019), all Belgian plans with defined contributions are qualified under IFRS as a defined benefit plan. The \u2018Vandenbroucke Law\u2019 states that, in the context of the defined contribution plans, the employer must guarantee a minimum return of a percentage that is adjusted based on market returns, with\ue61fa minimum of 1.75% and a maximum of 3.75%, which reduces the risk for the employer.These minimum return requirements for the defined contribution plans in Belgium expose the employer to a financial risk (because there is a legal obligation to pay future contributions if the fund has insufficient assets to pay all the employee benefits related to the work performed by the employees in the current and past periods). Consequently, these plans must be classified and recognised in the accounts as a defined benefit plan as under IAS 19.The amounts for the pension plans held in Belgium are determined as follows as at 31 December 2023:IN \u2019000 \u20ac20222023Liability from defined benefit plans 6 325 6 716Fair value of fund investments -6 297 -6 667Net liability (asset) from defined benefit plans 28 49Assets concern qualifying insurance policies and are not part of the Group\u2019s own financial instruments. The minimum return guarantee is currently 1.75%.ACTUARIAL ASSUMPTIONS The main actuarial assumptions are:IN %20222023Weighted average discount rate 3.70% 3.20%Expected inflation 2.30% 2.30%Expected general pay rise 3.30% 3.30%Life expectancy is based on the Belgian mortality table MR / FR, adjusted by -5 years.TOTAL COMPREHENSIVE INCOME For these pension plans, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementPension costs allocated to the year of service -246 -233Interest expenses -5 7-251 -226Included in other comprehensive incomeChange to estimate of defined benefit rights 786 -76786 -76TOTAL COMPREHENSIVE INCOME 535 -302The expected pension costs from defined benefit plans for 2024 amount to \u20ac 0.3 million, and primarily relate to allocated pension costs.SENSITIVITY ANALYSIS 31 DECEMBER 2023IN \u2019000 \u20acINCREASE DECREASEDiscount rate (1% movement) 66 -237Future pay fluctuation (1% movement) -24 20Normal retirement age (1 year movement) 9 -9Life expectancy (1% movement) 0.1 -0.1Its defined benefit plans expose the Group to several risks, the most important of which are explained below:\u2022 Changes to discount rate: a reduction in the discount rate leads to an increase in the liabilities; \u2022 Salary risk: the gross liabilities of most schemes are calculated on the basis of the future payments to the participants. As a consequence, a higher-than-expected salary rise will lead to higher liabilities;\u2022 Increase of retirement age: an increase of the retirement age leads to an increase in the liabilities;\u2022 Longevity risk: pension plans provide participants benefits as long as they live, so an increase in life expectancy will result in an increase in plan liabilities. OTHER EMPLOYEE BENEFITSThe Group has an obligation in France to pay a departure benefit to employees following their retirement. This compensation is also accounted for as a defined benefit plan. ACTUARIAL ASSUMPTIONS The main actuarial assumptions are:IN %20222023Discount rate 3.70% 3.41%Expected salary inflation 1.50% 2.00%TOTAL COMPREHENSIVE INCOME For this obligation, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementCosts allocated to the year of service -50 -56Past service pension cost 69Interest expenses -6 -26-57 -13Included in other comprehensive incomeChange in experience adjustments, financial and demographic assumptions 20 -12020 -120TOTAL COMPREHENSIVE INCOME 36 -133The expected costs for this obligation for 2024 amount to \u20ac 0.1 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__127-1": {
"value": "6. Additional information on operating expenses by natureThe table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.PATENTS INTERNALLY GENERATED IN \u2019000 \u20acOTHERSTOTALAND LICENSESINTANGIBLE ASSETSAcquisition value 22 083 6 457 5 007 33 547Amortisations and impairment losses -16 969 -1 421 -4 028 -22 418NET CARRYING AMOUNT AT 31/12/2021 5 114 5 036 979 11 129Acquisitions 2 067 314 2 381Amortisations -1 680 -134 -389 -2 203Effect of exchange rate fluctuations 22 79 101Acquisition value 24 189 6 550 5 320 36 059Amortisations and impairment losses -18 665 -1 568 -4 417 -24 650NET CARRYING AMOUNT AT 31/12/2022 5 524 4 982 903 11 408Acquisitions 2 115 4 192 2 311Sales and disposals -303 -39 -342Acquisition through business combinations 13 13Amortisations -1 833 -126 -376 -2 335Effect of exchange rate fluctuations -17 -85 -102Acquisition value 26 352 6 432 3 959 36 742Amortisations and impairment losses -20 851 -1 656 -3 279 -25 786NET CARRYING AMOUNT AT 31/12/2023 5 501 4 776 680 10 957LAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440LAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427RIGHT-OF-USE ASSETS LAND AND IN-THEATR E PROJECTION IN \u2019000 \u20acCARSTOTALBUILDINGSSALESEQUIPMENTAcquisition value 424 744 5 062 1 070 3 954 434 830Depreciations and impairment losses -76 118 -3 212 -788 -1 392 -81 510NET CARRYING AMOUNT AT 31/12/2021 348 626 1 850 282 2 562 353 320New leases 551 551Expired leases and disposals -4 -4Adjustments 3 820 307 810 4 936Depreciations and impairment losses -26 554 -1 279 -296 -578 -28 707Effect of exchange rate fluctuations 3 383 -27 11 3 367Acquisition value 431 068 5 535 1 835 3 929 442 367Depreciations and impairment losses -101 793 -4 107 -1 067 -1 938 -108 905NET CARRYING AMOUNT AT 31/12/2022 329 275 1 428 768 1 991 333 462New leases 5 799 3 533 9 332New leasess through business combinations 4 047 4 047Transfer to/from other categories 103 103Expired leases and disposals 116 -1 -35 80Adjustments 3 557 234 3 791Depreciations and impairment losses -25 965 -1 372 -249 -568 -28 154Effect of exchange rate fluctuations -4 153 -10 -13 -4 176Acquisition value 435 108 6 333 1 550 3 950 446 941Depreciations and impairment losses -122 432 -2 511 -1 040 -2 473 -128 456NET CARRYING AMOUNT AT 31/12/2023 312 676 3 822 510 1 477 318 485IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__126": {
"value": "6. Additional information on operating expenses by natureThe table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__118-1": {
"value": "6. Additional information on operating expenses by natureThe table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.RENTAL INCOMERental income from investment properties amounts to \u20ac\ue61f1.4\ue61fmillion (2022: \u20ac 1.1 million). Direct operating expenses (including repairs and maintenance) arising from investment properties amount to \u20ac 0.6 million (2022: \u20ac 0.5 million).The cost of sales of inventories recognised in the income statement was \u20ac 47.8 million (2022: \u20ac 37.3 million).TOTAL COMPREHENSIVE INCOME For these pension plans, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementPension costs allocated to the year of service -246 -233Interest expenses -5 7-251 -226Included in other comprehensive incomeChange to estimate of defined benefit rights 786 -76786 -76TOTAL COMPREHENSIVE INCOME 535 -302The expected pension costs from defined benefit plans for 2024 amount to \u20ac 0.3 million, and primarily relate to allocated pension costs.TOTAL COMPREHENSIVE INCOME For this obligation, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementCosts allocated to the year of service -50 -56Past service pension cost 69Interest expenses -6 -26-57 -13Included in other comprehensive incomeChange in experience adjustments, financial and demographic assumptions 20 -12020 -120TOTAL COMPREHENSIVE INCOME 36 -133The expected costs for this obligation for 2024 amount to \u20ac 0.1 million.REMUNERATION OF THE DIRECTORS AND EXECUTIVE OFFICERSIN \u2019000 \u20ac20222023DirectorsRemuneration 909 920Executive officers (CEO)Short-term employee benefits 1\ue61f581 1\ue61f581TOTAL 2\ue61f490 2501TRANSACTIONS WITH OTHER RELATED PARTIESKinohold BIS SA provides certain administrative services to\ue61fthe Group, for which it charged \u20ac 0.1 million in 2023 (2022:\ue61f\u20ac\ue61f0.1 million).32. Mandates and remuneration of the statutory auditorThe statutory auditor for the Company is KPMG Bedrijfsrevisoren, represented by Mr. F. Poesen. The mandates and remunerations for the entire Group can be summarised as follows:IN \u2019000 \u20ac20222023Remuneration of the statutory auditor 420 436Other audit-related servicesOther assignments outside the audit assignments 11 8Remuneration for exceptional services or special assignments performed within 11 0the Company and its subsidiaries by the statutory auditorRemuneration for persons associated with the statutory auditor for the performance 472 483of a mandate as statutory auditorTax advisory services 19 51 (1)Other assignments outside the audit assignments 1691Remuneration for exceptional services and special assignments performed within the Company 35 0and its subsidiaries by persons associated with the statutory auditorTOTAL 937 1 069(1) Including a reversal of provision of K\u20ac 38 for work not yet completed related to the NOW audit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__117": {
"value": "6. Additional information on operating expenses by natureThe table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.",
"dimensions": {
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},
"s8_notes__7__135-1": {
"value": "The table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 17910. Non-financial assets and business combinationsIMPAIRMENT TESTAt the end of 2023, as every year, a review was conducted to ensure that there were no indications that non-financial assets might be impaired. In doing so, management monitors impairment tests, as always, at the country level. This is also the level at which the organization is monitored for internal management purposes. These tests considered, as\ue61fevery year, the economic situation, geopolitical changes, inflation and cost increases, the expected evolution of visitor figures, EBITDA, free cash flow and the\ue61fcomponents that determine the Group\u2019s assumed weighted average cost of\ue61fcapital, in particular the risk-free\ue61finterest rate, the market risk premium and the cost of\ue61fdebt.An annual impairment test must always be performed for cash-generating units to which goodwill is allocated, and for intangible assets with an indefinite useful life, regardless of whether there are indications of impairment. With respect to the carrying amount of intangible assets with indefinite useful life allocated to the cash-generating unit \u2018Canada\u2019, we refer to note 9.Each year, the data from the budget for the next year is taken as the basis for the next 20 years for all cash-generating units. The latest estimates for 2023 were taken as the basis for the impairment test, and the budget has the following characteristics:\u2022 The visitor numbers, which are the most important driver, are based on a lower number of visitors (-5% visitors compared to the 2023 budget). In principle, this exercise is carried out annually, with the aim of making the Company look for measures to increase profitability, and thereby lower the break-even point. The Company does not assume that visitor numbers will decrease by 5% but, by working with this visitor evolution, the operational entities of the Group are forced to think about how they can increase the contribution per visitor and the total, in order to compensate for the difference in visitors. For 2024, the United States Is expected to see a further growth in visitors of 16% compared to 2023 \u2013 which amounts to 85% of the visitors In 2019 \u2013 before growing further by 17% In 2025 and thus reaching the visitor level of 2019. This assumption regarding visitor numbers is assumed because MJR Digital Cinemas in the United States was not acquired until late 2019 and the integration into the Group was delayed due to the Covid-19 pandemic. As a result, the rollout of the Kinepolis way of working on the acquired assets and the positive financial impact resulting from this will only be able to take place in full during the coming years.\u2022 EBITDA grows by 1% annually, this is applied for all countries and for each cash-generating unit. This is only intended to compensate for inflation while keeping the EBITDA margin constant. The 1% is a conservative approach as it is less than long-term inflation expectations and historical trends;\u2022 The assumptions regarding replacement investments are based on historical ratios, adjusted for changes in the life and replacement cycle of the underlying equipment and are differentiated depending on whether they refer to buildings that are owned or leased. The amounts are determined based on the group guidelines, which must be followed by all countries. In the markets where Kinepolis operates, we are facing inflation which is expected to decrease again in the following years. However, due to the specific business model of cinema operation, which, with regard to Box Office revenue, is based on a \u2018shared revenue model\u2019, we can state that only a limited part of our income statement is impacted by inflation. The \u2018shared revenue model\u2019 means that for each ticket sold, a certain percentage is ceded to the film distributor in accordance with specific agreements. Approximately only 45% to 50% of our cost structure is subject to inflation. In addition, the Group\u2019s unique real estate position provides additional protection compared to other players in our sector who often operate from leased buildings where inflation has a significant impact on the rental cost.In Europe and the United States, Kinepolis owns the majority of the complexes and receives approximately 70% to 75% of its visitors in owned complexes, so that we are not affected by any impact of inflation on rental costs in our income statement. For the limited number of leased complexes, the Group is subject to inflation in terms of rental cost. Our approach is to follow the market and take inflation compensation measures towards the customer. This takes place across all product lines, increasing our operating margin in percentage terms.In Canada, almost all complexes are leased by the Group. However, the leases contain long-term rent increases that were fixed at the initial conclusion of these contracts, but whose predefined increases are well below the level of current inflation. We believe that, despite inflation, the predetermined margins and EBITDA will be\ue61fpreserved.As a result of the impairment tests that were performed, no impairment was identified. Only for the Netherlands a limited headroom was identified with a positive test result of \u20ac 10.0 million, compared to \u20ac 63.8 million in 2022. This is mainly caused by a slower recovery of visitors in the Dutch market in 2023, which meant that the visitor figures for 2024 were estimated very conservatively, as they are based on the low number of visitors for 2023 -5%. For the United States, the test result is positive amounting to USD 41.7 million. We note that the results achieved for 2023 are above our estimates, both in terms of the number of visitors achieved and the EBITDA per visitor.As always, management monitors the impairment tests at country level. This is also the level at which the organisation is monitored for internal management purposes.The cash flows of the Group are generated per country:\u2022 The programming of films and negotiations with distributors takes place at country level;\u2022 The management structures are organised at country\ue61flevel;\u2022 The tickets are sold through the websites, which are\ue61forganised at country level;\u2022 The pricing of tickets, drinks and snacks is set at country\ue61flevel;\u2022 The film rental is negotiated at country level;\u2022 Marketing contributions by distributors are negotiated on a country-by-country basis;\u2022 Screen advertising is managed at country level;\u2022 Vouchers are sold via the business-to-business sales teams per country. Customers use their vouchers through the central back office systems at country level;\u2022 The business-to-business events are organised at complex and country level.The value in use was taken into consideration when carrying out the impairment tests. The value in use was determined for all cash-generating units by discounting the future cash flows calculated over the period from 2024 to 2043, based on the 2024 budget. However, due to the impact of IFRS 16, which applies as of 2019, the definition of future cash flows has been changed, and the starting point for determining future cash flows has been EBITDA which, due to the impact of the implementation of IFRS 16, no longer includes lease payments for leased complexes, among other things. This increases the value in use of the tested assets. To compensate for this, the lease liability arising from these payments under IFRS 16 was deducted from the value in use in the impairment calculations. The future cash flows are calculated over a period of 20 years, as the Group owns a large part of its real estate and is therefore assured of long-term exploitation. The calculation of the lease liability must be based on the remaining lease term, including any extensions. In the case of the calculation of the lease liability starting from a term different to the assumed 20 years, the calculation of the lease liability was adjusted to 20 years.The impact of IFRS 16 was also taken into account in determining the carrying amount of the non-financial fixed assets or the carrying amount of the cash-generating units, with the right-of-use assets and the lease liabilities being part of the carrying amount. A terminal value after 20 years is not taken into account, in exchange for this, the net book value of the country is not included in the test.The projections are performed in the functional currency of the relevant country and discounted at the proposed weighted average cost of capital of the countries. The implementation of IFRS 16 required a more diversified approach to the proposed weighted average cost of capital at country level as, from 2019, the debt will also include the lease liabilities of the country, and future cash flows will be discounted at the weighted average cost of capital, while right-of-use assets are calculated based on a discount rate. In order to align this, the country-specific debt / equity ratio was taken into account when calculating the weighted average cost of capital at country level, with the debt capital also including the lease liability of the country. The calculation of impairment tests also took into account the impact of changes in the underlying components of the proposed weighted average cost of capital. By updating the underlying parameters, we see an increase in the weighted average cost of capital in almost all countries. This is caused, on the one hand, by an increase in the risk-free interest rate in all countries and, on the other hand, by a higher proposed cost of debt.The proposed weighted average cost of capital is 9.38% for Belgium, 8.95% for France, 7.49% for Canada, 8.64% for Spain, 8.25% for the Netherlands, 9.40% for the United States, 8.71% for Luxembourg, 7.22% for Switzerland and 8.14% for Poland (2022: 8.36% for Belgium, 7.94% for France, 5.80% for Canada, 7.61% for Spain, 7.81% for the Netherlands, 7.51% for the United States, 8.02% for Luxembourg, 8.31% for Switzerland and 7.07% for Poland) and was determined on the basis of the following theoretical parameters:20222023RISK-FREE MARKETCOST OF RISK-FREE MARKETCOST OF PROPOSED DEBT CAPITAL / PROPOSED DEBT CAPITAL / INTEREST RISKBETA(1)OWN INTEREST RISKBETA(1)OWN COST OF DEBT EQUITYCOST OF DEBT EQUITYRATEPREMIUMEQUITYRATEPREMIUMEQUITYBelgium 2.94% 6.44% 1.24 4.03% 10.95% 32.68% 3.60% 6.62% 1.17 4.75% 11.32% 25.03%France 2.88% 6.44% 1.24 4.03% 10.89% 37.49% 3.56% 6.62% 1.17 4.70% 11.27% 29.97%Canada 3.89% 6.44% 1.24 4.03% 11.90% 68.70% 4.17% 6.62% 1.17 5.83% 11.89% 58.41%Spain 3.45% 6.44% 1.24 4.03% 11.46% 45.64% 4.03% 6.62% 1.17 5.18% 11.75% 39.46%The Netherlands 2.61% 6.44% 1.24 4.03% 10.62% 36.79% 2.80% 6.30% 1.26 4.90% 10.74% 35.00%United States3.57% 6.44% 1.24 5.19% 11.58% 52.65% 4.95% 6.62% 1.17 7.25% 12.67% 44.91%Luxembourg 2.94% 6.44% 1.24 4.03% 10.95% 36.97% 3.16% 6.62% 1.17 4.31% 10.88% 28.33%Switzerland 2.52% 6.44% 1.24 4.03% 10.53% 31.49% 1.16% 6.62% 1.17 2.30% 8.87% 24.07%Poland 7.95% 6.44% 1.24 4.03% 15.96% 70.00% 5.97% 6.62% 1.17 7.11% 13.69% 70.00%(1) Before tax.The debt-to-equity ratio is differentiated by country due to the impact of lease liabilities under IFRS 16 at country level. For Poland, a higher ratio of debt to equity was taken into account compared to the other countries because Kinepolis\u2019 activities in Poland are considered real estate operations. Equity is based on the enterprise value of the Company, and not on the consolidated equity. The parameters for the weighted average cost of the capital are tested annually on the basis of the assumptions used by the analysts who follow the Group\u2019s share, while also taking into account the specific circumstances of each country. As a more conservative approach for 2022, for risk-free rate, the country-specific risk-free rate was assumed to be higher than the analysts\u2019 average in each case, with the result that the calculated cost of equity for 2022 gives a more differentiated result at the country level compared to the calculated cost of equity for 2021. For market risk premium, beta and predetermined cost of debt, the average used by analysts was assumed. Except for the United States where an additional margin was added in the calculation of the assumed cost of debt. This extra margin was added because of the higher risk-free interest rate.The weighted average cost of capital before tax is 9.67% for Belgium, 9.30% for France, 8.35% for Canada, 9.16% for Spain, 8.69% for the Netherlands, 10.24% for the United States, 9.02% for Luxembourg, 7.29% for Switzerland and 9.09% for Poland (2022: 8.69% for Belgium, 8.32% for France, 6.50% for Canada, 8.07% for Spain, 8.20% for the Netherlands, 8.22% for the United States, 8.39% for Luxembourg, 8.48% for Switzerland and 7.61% for Poland). These percentages before taxes do not deviate substantially from the iterative calculation.Management believes that the assumptions used in the impairment tests provide the best estimates of future developments, and believes that no reasonably possible change in any of the key assumptions would lead to a carrying amount of the cash-generating units that would materially exceed their recoverable amount, with the exception of the United States where there is a limited headroom between both.As every year, a sensitivity analysis was performed with regard to the weighted average cost of capital and attendance at limited margin. We conclude from this that with an increase in the weighted average cost of capital by 100 base points in all countries, no impairment occurs in any country except in the Netherlands, up to a possible impairment of \u20ac 0.3 million. If the weighted average cost of capital increases by 200 base points in all countries, there is no additional impairment in any other country. The test result for the Netherlands would then be negative by \u20ac 9.6 million. LAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440IMPAIRMENT LOSSESIt was decided throughout 2023 to permanently close the cinemas Landmark Kitchener with 12 screens, Landmark Brooks with 1 screen and Cineast Enschede with 3 screens. Property, plant and equipment related to these complexes were impaired to fair value if lower than the\ue61fremaining carrying amount. An impairment loss amounting to \u20ac\ue61f1.2\ue61fmillion was recorded.LAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427AGEING OF THE TRADE AND OTHER NON-CURRENT AND CURRENT RECEIVABLESIN \u2019000 \u20ac20222023GROSS CARRYING NET CARRYING GROSS CARRYING NET CARRYING IMPAIRMENTIMPAIRMENTAMOUNTAMOUNTAMOUNTAMOUNTNot yet due on reporting date 39 084 -9 39 075 32 590 -7 32 583Less than 30 days past due 3 722 -41 3 681 8 015 -17 7 998Between 31 and 120 days past due 1 713 -570 1 143 3 518 -175 3 343Between 120 days and 1 year past due 1 472 -840 633 1 791 -211 1 580Over 1 year past due 3 098 -1 685 1 414 2 237 -929 1 308TOTAL 49 089 -3 143 45 946 48 151 -1 339 46 812MOVEMENT OF IMPAIRMENTS ON TRADE RECEIVABLESIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD -2 903 -3 143Recognised impairments -2 210 -392Used impairments 26 423Reversed impairments 1 935 1 817Effect of exchange rate fluctuations 10 -44BALANCE AT END OF CURRENT PERIOD -3 143 -1 339In 2023, impairments on trade receivables decreased by \u20ac\ue61f1.8\ue61fmillion. The decrease is mainly explained by the reversal of provision for an amount of \u20ac 1.8 million, mostly in Canada, where a doubtful debtor has paid part of his debts and by a final loss of receivables for an amount of \u20ac 0.4 million, offset by an additional impairment of \u20ac 0.4 million set up out of caution for some slow-paying customers.During 2022 the impairments on the trade receivables increased by \u20ac 0.2 million. The increase is mainly explained by an additional impairment, in line with the financial policy of the Group, partially offset by the further reversal of\ue61fimpairments on trade receivables regarding leased concessions due to the Covid-19 pandemic.For the impact of the final settlement of the outstanding trade receivables, we refer to note 4. The value for losses is determined in accordance with IFRS 9. We refer to note 26 for more information.There is no ageing problem for the financial assets other than trade receivables.In order to assess the materiality of the provision for impairment losses, Kinepolis conducted an analysis over a five-year period (2019-2023). The Group recognised an average of less than 0.01% (2018-2022: 0.08%) of total revenue, which is considered to be immaterial. The majority of the activities of the Group are cash-based transactions. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the receivable balance is monitored on an ongoing basis. Based on the above analysis, the Group decided that the impact of the model based on expected credit losses over the full life cycle of Kinepolis Group is immaterial.RIGHT-OF-USE ASSETS LAND AND IN-THEATR E PROJECTION IN \u2019000 \u20acCARSTOTALBUILDINGSSALESEQUIPMENTAcquisition value 424 744 5 062 1 070 3 954 434 830Depreciations and impairment losses -76 118 -3 212 -788 -1 392 -81 510NET CARRYING AMOUNT AT 31/12/2021 348 626 1 850 282 2 562 353 320New leases 551 551Expired leases and disposals -4 -4Adjustments 3 820 307 810 4 936Depreciations and impairment losses -26 554 -1 279 -296 -578 -28 707Effect of exchange rate fluctuations 3 383 -27 11 3 367Acquisition value 431 068 5 535 1 835 3 929 442 367Depreciations and impairment losses -101 793 -4 107 -1 067 -1 938 -108 905NET CARRYING AMOUNT AT 31/12/2022 329 275 1 428 768 1 991 333 462New leases 5 799 3 533 9 332New leasess through business combinations 4 047 4 047Transfer to/from other categories 103 103Expired leases and disposals 116 -1 -35 80Adjustments 3 557 234 3 791Depreciations and impairment losses -25 965 -1 372 -249 -568 -28 154Effect of exchange rate fluctuations -4 153 -10 -13 -4 176Acquisition value 435 108 6 333 1 550 3 950 446 941Depreciations and impairment losses -122 432 -2 511 -1 040 -2 473 -128 456NET CARRYING AMOUNT AT 31/12/2023 312 676 3 822 510 1 477 318 485IMPAIRMENT LOSSESIn 2023 there were no impairment losses for leasing contracts. Throughout 2022 it was decided that the cinema in West Kelowna Encore (CA) will be permanently closed. As\ue61fa result of this decision, the right-of-use-assets were impaired for \u20ac 0.1 million, as well as the property, plant and equipment in this complex. We refer to note 11 for more information.IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.",
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},
"s8_notes__7__133-1": {
"value": "The table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20222023Purchases -168 711 -214 980Services and other goods -68 988 -77 093Employee benefit expenses and other social benefits -59 530 -66 842Depreciations and amortisations -79 772 -80 371Provisions and impairments -335 2 072Others -8 136 -7 893COST OF SALES -385 473 -445 105In 2023, cost of sales increased by 15.5%. This increase is However,\ue61fthe\ue61fincrease in cost of sales (+15.5%) is mainly attributed to growth in activities during 2023, significantly lower than the increase in revenue (+21.1%), which led to higher operating costs (including film rights, due to a relatively lower increase in depreciation, improved ITS beverages and snacks, etc.). In addition, inflation and pricing and increased operational efficiency.rising personnel costs contributed to this increase. The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -15 261 -18 105Employee benefit expenses and other social benefits -7 738 -9 421Depreciations and amortisations -493 -634Provisions and impairments 20 47Others -13 -6MARKETING AND SELLING EXPENSES -23 486 -28 119The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 17923. ProvisionsThe provisions mainly relate to site restoration and a few\ue61fdisputes.SITE RESTORATIONThe lease of the Brussels (BE) cinema complex on the land owned by the City of Brussels has a definite term. The Company has a contractual obligation to restore the site to\ue61fits original state.At 31 December 2023, the provision for the demolition of the building and the restoration of the site to its original state was \u20ac 1.5 million (2022: \u20ac 1.4 million).DISPUTESAt 31 December 2023, the provision for disputes was \u20ac\ue61f0.5\ue61fmillion (2022: \u20ac 0.8 million). These relate to disputes regarding employee matters and disputes from third parties for the purpose of obtaining compensations. When these provisions will be used or reversed depends on the outcome of the related legal disputes and is therefore uncertain. The estimates and judgements that primarily impact the amount of the provisions are the estimated costs, the expected likelihood and the timing of the cash outflows. They are based on the most recent available information at the balance sheet date.IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 2 299 2 266Additions of provisions 415 159Unwinding of provisions 38 38Use of provisions -358 -254Reversal of provisions -133 -188Effect of exchange rate fluctuations 5 -3BALANCE AT END OF CURRENT PERIOD 2 266 2 018Balance at end of current period (non-current) 2 093 1 920Balance at end of current period (current) 173 98TOTAL 2 266 2 018",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__145-1": {
"value": "The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20222023Services and other goods -12 889 -12 779Employee benefit expenses and other social benefits -13 020 -15 373Depreciations and amortisations -1 698 -2 002Provisions and impairments 9 23Others -511 -48ADMINISTRATIVE EXPENSES -28 109 -30 179Sales and marketing and administrative expenses increased by 19.7% and 7.4% respectively in 2023 in line with inflation, salary increases and increased operating activity. Nevertheless, it remains significantly lower than the increase in sales (+21.1%). This is due to several factors, including the effectiveness of the implemented Entrepreneurship Plan, improved pricing and increased operational efficiency.At December 31, 2023, the Belfort cinema contributed \u20ac\ue61f2.3 million in revenue, \u20ac\ue61f0.6 million in EBITDA and \u20ac\ue61f0.02 million of earnings to the Group\u2019s consolidated result. If\ue61fthe transfer of control had taken place on January 1, 2023, the acquisition would have contributed \u20ac\ue61f3.0 million in revenue, \u20ac\ue61f0.8 million in EBIT and \u20ac\ue61f0.03 million in result.\u2018Amn\u00e9ville\u2019 acquisition (acquisition in 2022 \u2013 final calculation of goodwill in 2023)At the end of 2022, Kinepolis Group acquired the Gaumont cinema in Amn\u00e9ville. Kinepolis took over both the operational management as well as the cinema property.The transaction had an enterprise value of \u20ac\ue61f7.9 million. At\ue61fthe end of 2022, the goodwill related to the inclusion of the Amn\u00e9ville cinema in the scope of consolidation was determined at \u20ac 2.4 million. A further non-material adjustment linked to the creation of a provision for pensions was made in 2023. Final goodwill remained \u20ac\ue61f2.4 million.Both Belfort and Amn\u00e9ville acquisitions fit perfectly into the\ue61fKinepolis Group\u2019s expansion strategy. The goodwill stems from strengthening Kinepolis\u2019 position in the east andnortheast of France, synergy benefits and being able to offer the Kinepolis film experience to even more visitors. Transaction costs for both acquisitions (Belfort and Amn\u00e9ville) amounted to \u20ac\ue61f0.8 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__147-1": {
"value": "7. Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772The increase in financial income is mainly linked to an increase in interest income on bank deposits. In 2023, as in 2022, the foreign exchange gains mainly relate to the fluctuations of the Canadian Dollar against the Euro. In 2023 those foreign exchange gains relate to realised gains.FINANCIAL EXPENSESIN \u2019000 \u20ac20222023Interest expenses -15 258 -16 412Interest expenses on lease liabilities -10 369 -9 566Foreign exchange losses -304 -516Impairments on tax shelter investments -188Others -5 208 -6 318TOTAL -31 138 -32 998The increase in interest expenses is explained by higher interest rates in 2023 compared to 2022, as well as a higher withdrawal of Commercial Paper, partially offset by lower interest expenses due to lower use of the revolving credit and loan repayments through 2022. The higher interest expenses were compensated by higher interest income, due to the increase of the obtained interest rates on bank depositos (compared to 2022, where the obtained interest was 0%).The interest expenses attributed to lease liabilities amounted to \u20ac 9.6 million (2022: \u20ac 10.4 million). For more information we refer to note 27.The exchange rate losses mainly relate to the fluctuations of the Canadian Dollar against the Euro for the non-realised exchange losses (2022; fluctuations of the American Dollar against the Euro).The costs related to refinancing are included in the result via the effective interest method and are part of the other financial expenses. For more information we refer to notes 21 and 26. The impact on the income statement per refinancing round can be found in the table below: RECOGNISED IN INCOME RECOGNISED IN INCOME OUTSTANDING POSITION PER IN \u2019000 \u20acTOTAL COSTSTATEMENT IN 2022STATEMENT IN 202331 DECEMBER 2023 Refinancing 2012 1 096 -14 -14 13Refinancing 2015 1 663 -141 -65 75Refinancing 2016 45 -3 -3 2Refinancing 2017 450 -50 -50 146Refinancing 2019 1 708 -259 -259 585Refinancing 2021 449 -110 -110 0TOTAL 5 411 -577 -501 906The remaining other financial expenses in 2023 and 2022 mainly relate to bank charges. The bank charges are partly volume-related, with the result that this increase is partly explained by the increase in the number of visitors.The transaction costs are recognised in the result over the term of the financing. The amount not taken into the result is deducted from the interest-bearing loans. At the end of 2023, this amounts to \u20ac 0.9 million (2022: \u20ac 1.4 million). For\ue61fmore information we refer to note 7.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__178-1": {
"value": "Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__176-1": {
"value": "Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772The increase in financial income is mainly linked to an increase in interest income on bank deposits. In 2023, as in 2022, the foreign exchange gains mainly relate to the fluctuations of the Canadian Dollar against the Euro. In 2023 those foreign exchange gains relate to realised gains.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__164-1": {
"value": "Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772The increase in financial income is mainly linked to an increase in interest income on bank deposits. In 2023, as in 2022, the foreign exchange gains mainly relate to the fluctuations of the Canadian Dollar against the Euro. In 2023 those foreign exchange gains relate to realised gains.FINANCIAL EXPENSESIN \u2019000 \u20ac20222023Interest expenses -15 258 -16 412Interest expenses on lease liabilities -10 369 -9 566Foreign exchange losses -304 -516Impairments on tax shelter investments -188Others -5 208 -6 318TOTAL -31 138 -32 998The exchange rate losses mainly relate to the fluctuations of the Canadian Dollar against the Euro for the non-realised exchange losses (2022; fluctuations of the American Dollar against the Euro).PATENTS INTERNALLY GENERATED IN \u2019000 \u20acOTHERSTOTALAND LICENSESINTANGIBLE ASSETSAcquisition value 22 083 6 457 5 007 33 547Amortisations and impairment losses -16 969 -1 421 -4 028 -22 418NET CARRYING AMOUNT AT 31/12/2021 5 114 5 036 979 11 129Acquisitions 2 067 314 2 381Amortisations -1 680 -134 -389 -2 203Effect of exchange rate fluctuations 22 79 101Acquisition value 24 189 6 550 5 320 36 059Amortisations and impairment losses -18 665 -1 568 -4 417 -24 650NET CARRYING AMOUNT AT 31/12/2022 5 524 4 982 903 11 408Acquisitions 2 115 4 192 2 311Sales and disposals -303 -39 -342Acquisition through business combinations 13 13Amortisations -1 833 -126 -376 -2 335Effect of exchange rate fluctuations -17 -85 -102Acquisition value 26 352 6 432 3 959 36 742Amortisations and impairment losses -20 851 -1 656 -3 279 -25 786NET CARRYING AMOUNT AT 31/12/2023 5 501 4 776 680 10 957GOODWILLIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 169 498 174 870Acquisitions through business combinations 2 391 2 162Effect of exchange rate fluctuations 2 980 -2 275BALANCE AT END OF CURRENT PERIOD 174 870The acquisitions through business combinations are discussed elsewhere in this note (see Business combinations). 174 757LAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440LAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406Acquisitions 3 3Sales and disposals -1 741 -1 741Transfer from other categories 729 729Depreciations and impairment losses -429 -2 -431Effect of exchange rate fluctuations -89 -89Acquisition value 22 832 471 23 303Depreciations and impairment losses -6 963 -462 -7 425NET CARRYING AMOUNT AT 31/12/2022 15 869 9 15 878Acquisitions 4 4Transfer from other categories -680 -680Depreciations and impairment losses -312 -2 -314Effect of exchange rate fluctuations 538 1 539Acquisition value 23 089 509 23 598Depreciations and impairment losses -7 670 -501 -8 171NET CARRYING AMOUNT AT 31/12/2023 15 419 8 15 427CHANGES IN DEFERRED TAX BALANCES DURING THE YEAREFFECT OFRECOGNISED EFFECT OFRECOGNISED IN \u2019000 \u20acRECOGNISED RECOGNISED EXCHANGE IN OTHER EXCHANGE IN OTHER 2021IN INCOME 2022IN INCOME OTHER2023RATE COMPREHENSIVE RATE COMPREHENSIVE STATEMENTSTATEMENTFLUCTUATIONSINCOMEFLUCTUATIONSINCOMEIntangible assets and property, plant and -34 454 2\ue61f836 -551 -32 169 2 889 447 -28 833equipmentGoodwill 1.557 -1 214 112 456 -1 138 -34 -716Right-of-use assets -87 345 5 788 -851 -82 408 2 554 1\ue61f142 -78 712Receivable CNC grants 172 -39 134 -17 117Trade and other receivables 5 12 18 -14 4Provisions -137 -3 -140 -2 -142Deferred CNC grants 415 -75 340 -73 267Provisions for employee 373 20 -202 191 32 223benefitsDerivative financial 7 -94 -87 -19 17 19 -70instruments through equityLease liabilities 96 375 -5 182 844 92 037 -2 045 -1\ue61f288 88 704Trade and other payables 48 268 316 -104 2 214Tax losses carried forward 34 636 -4 131 816 31 321 -6 064 -642 517 25 132and unused tax credits TOTAL 11 654 -1 718 370 -296 10 010 -4 002 -373 17 537 6 188The effect of exchange rate fluctuations in 2023 mainly related to deferred taxes in the United States and Canada (\u20ac -0.4 million \u2013 2022: \u20ac 0.4 million). In 2023 there were also other changes that were not included in results or were linked to exchange rate movements (\u20ac 0.5 million - 2022: \u20ac 0.0 million). These were mainly linked to deferred tax balances recognized upon the acquisition of Belfort.IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 2 299 2 266Additions of provisions 415 159Unwinding of provisions 38 38Use of provisions -358 -254Reversal of provisions -133 -188Effect of exchange rate fluctuations 5 -3BALANCE AT END OF CURRENT PERIOD 2 266 2 018Balance at end of current period (non-current) 2 093 1 920Balance at end of current period (current) 173 98TOTAL 2 266 2 018FOREIGN CURRENCY RISKThe Group has a foreign currency risk on positions that derive from purchases or sales and from outstanding loans and borrowings with group companies in currencies other than the functional currency (Euro) (transactional risk). Group policy is focused to limit the cash impact of exchange rate fluctuations on the result as much as possible. Derivative instruments can be used at any time to hedge this risk.34.1% (2022: 34.4%) of the sales of the group companies are denominated in currencies other than the functional currency, in particular the sales of Landmark Cinemas (Canada) in Canadian Dollar and the sales of MJR Theatres (United States) in US Dollar. Given the fact that the cash flows from these countries are reinvested in the countries concerned, there are no forward contracts to hedge the foreign currency risk of the operational cash flows from these countries. The purchases of the subsidiaries of the Group mainly concern the purchases of materials by the Group in US and Canadian Dollar. On 31 December 2023, the Group has no outstanding forward exchange contracts (2022: $ 0.0 million) with the intention of hedging this risk.Loans between Kinepolis Financial Services NV or Kinepolis Group NV and other group companies are expressed in the currency of the latter. Exchange rate results regarding the non-current loans in Canadian Dollar, US Dollar, Swiss Franc and Polish Z\u0142oty from Kinepolis Financial Services NV to Kinepolis Canada LTD, Kinepolis Schweiz AG and Kinepolis Pozna\u0144 Sp.z o.o, as well as from Kinepolis Group NV to Kinepolis US INC are recognised in other comprehensive income, as these loans are considered to be part of the Group\u2019s net investment in these foreign entities.The following exchange rate results were recorded directly in equity, before taxes:IN \u2019000 \u20ac20222023Canadian Dollar -392 -1 329US Dollar 5 771 -3 268Polish Z\u0142oty -66 262Swiss Franc 426 558TOTAL 5 738 -3 777The Group is also exposed to a foreign currency risk due to the inclusion in the consolidation of foreign companies that do not have the Euro as their functional currency (Canada, United States, Switzerland and Poland). This translation risk is not hedged. Only the US and Canadian Dollar have a material effect.The tables below state the possible exchange rate changes for the Canadian Dollar, US Dollar, Polish Z\u0142oty and Swiss Franc against the Euro, estimated based on theoretical and actual volatility. The actual volatility has been determined based on the evolution of the rate over the past 5 years.SENSITIVITY ANALYSIS FOR FOREIGN CURRENCY RISK1 EURO CLOSING RATEAVERAGETHEORETICAL POSSIBLE CLOSING RATEPOSSIBLE AVER AGECORRESPONDS TO:31/12/2023RATE 2023VOLATILITY31/12/2023RATE 2023Canadian Dollar 1.4642 1.4595 10% 1.32 - 1.61 1.31 - 1.61US Dollar 1.1050 1.0813 10% 0.99 - 1.22 0.97 - 1.19Polish Z\u0142oty 4.3395 4.5420 10% 3.91 - 4.77 4.09 - 5.00Swiss Franc 0.9260 0.9718 10% 0.83 - 1.02 0.87 - 1.07If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2023 would have been \u20ac 0.6 million lower or \u20ac 0.5 million higher, and equity would be \u20ac 15.1 million higher or \u20ac 12.4 million lower at the end of 2023. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.1 EURO CLOSING RATEAVERAGEACTUALPOSSIBLE CLOSING RATEPOSSIBLE AVER AGECORRESPONDS TO:31/12/2023RATE 2023VOLATILITY31/12/2023RATE 2023Canadian Dollar 1.4642 1.4595 5.68% 1.38 - 1.55 1.38 - 1.54US Dollar 1.1050 1.0813 7.22% 1.03 - 1.18 1.00 - 1.16Polish Z\u0142oty 4.3395 4.5420 5.47% 4.10 - 4.58 4.29 - 4.79Swiss Franc 0.9260 0.9718 5.14% 0.88 - 0.97 0.92 - 1.02If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2023 would have been \u20ac 0.4 million lower or \u20ac 0.3 million higher, and equity would be \u20ac 9.5 million higher or \u20ac 8.3 million lower at the end of 2023. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.RIGHT-OF-USE ASSETS LAND AND IN-THEATR E PROJECTION IN \u2019000 \u20acCARSTOTALBUILDINGSSALESEQUIPMENTAcquisition value 424 744 5 062 1 070 3 954 434 830Depreciations and impairment losses -76 118 -3 212 -788 -1 392 -81 510NET CARRYING AMOUNT AT 31/12/2021 348 626 1 850 282 2 562 353 320New leases 551 551Expired leases and disposals -4 -4Adjustments 3 820 307 810 4 936Depreciations and impairment losses -26 554 -1 279 -296 -578 -28 707Effect of exchange rate fluctuations 3 383 -27 11 3 367Acquisition value 431 068 5 535 1 835 3 929 442 367Depreciations and impairment losses -101 793 -4 107 -1 067 -1 938 -108 905NET CARRYING AMOUNT AT 31/12/2022 329 275 1 428 768 1 991 333 462New leases 5 799 3 533 9 332New leasess through business combinations 4 047 4 047Transfer to/from other categories 103 103Expired leases and disposals 116 -1 -35 80Adjustments 3 557 234 3 791Depreciations and impairment losses -25 965 -1 372 -249 -568 -28 154Effect of exchange rate fluctuations -4 153 -10 -13 -4 176Acquisition value 435 108 6 333 1 550 3 950 446 941Depreciations and impairment losses -122 432 -2 511 -1 040 -2 473 -128 456NET CARRYING AMOUNT AT 31/12/2023 312 676 3 822 510 1 477 318 485LEASE LIABILITIESIN \u2019000 \u20acTOTALNET CARRYING AMOUNT AT 31/12/2021 390 567New leases 551Interest 10 369Repayment -36 389Forgiveness of lessee\u2019s lease payments -2 810Adjustments 4 649Effect of exchange rate fluctuations 3 434NET CARRYING AMOUNT AT 31/12/2022 370 371New leases 9 332New leases through business combinations 4 047Interest 9 566Repayment -34 949Forgiveness of lessee\u2019s lease payments -146Adjustments 4 056Effect of exchange rate fluctuations -4 690NET CARRYING AMOUNT AT 31/12/2023 357 587",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__157-1": {
"value": "Financial income and expenses FINANCIAL INCOMEIN \u2019000 \u20ac20222023Interest income 9 1 828Foreign exchange gains 226 699Unwinding of non-current government grants receivable 154 68Others 462 178TOTAL 851 2 772The increase in financial income is mainly linked to an increase in interest income on bank deposits. In 2023, as in 2022, the foreign exchange gains mainly relate to the fluctuations of the Canadian Dollar against the Euro. In 2023 those foreign exchange gains relate to realised gains.FINANCIAL EXPENSESIN \u2019000 \u20ac20222023Interest expenses -15 258 -16 412Interest expenses on lease liabilities -10 369 -9 566Foreign exchange losses -304 -516Impairments on tax shelter investments -188Others -5 208 -6 318TOTAL -31 138 -32 998The increase in interest expenses is explained by higher interest rates in 2023 compared to 2022, as well as a higher withdrawal of Commercial Paper, partially offset by lower interest expenses due to lower use of the revolving credit and loan repayments through 2022. The higher interest expenses were compensated by higher interest income, due to the increase of the obtained interest rates on bank depositos (compared to 2022, where the obtained interest was 0%).The interest expenses attributed to lease liabilities amounted to \u20ac 9.6 million (2022: \u20ac 10.4 million). For more information we refer to note 27.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703TOTAL COMPREHENSIVE INCOME For these pension plans, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementPension costs allocated to the year of service -246 -233Interest expenses -5 7-251 -226Included in other comprehensive incomeChange to estimate of defined benefit rights 786 -76786 -76TOTAL COMPREHENSIVE INCOME 535 -302The expected pension costs from defined benefit plans for 2024 amount to \u20ac 0.3 million, and primarily relate to allocated pension costs.TOTAL COMPREHENSIVE INCOME For this obligation, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementCosts allocated to the year of service -50 -56Past service pension cost 69Interest expenses -6 -26-57 -13Included in other comprehensive incomeChange in experience adjustments, financial and demographic assumptions 20 -12020 -120TOTAL COMPREHENSIVE INCOME 36 -133The expected costs for this obligation for 2024 amount to \u20ac 0.1 million.LEASE LIABILITIESIN \u2019000 \u20acTOTALNET CARRYING AMOUNT AT 31/12/2021 390 567New leases 551Interest 10 369Repayment -36 389Forgiveness of lessee\u2019s lease payments -2 810Adjustments 4 649Effect of exchange rate fluctuations 3 434NET CARRYING AMOUNT AT 31/12/2022 370 371New leases 9 332New leases through business combinations 4 047Interest 9 566Repayment -34 949Forgiveness of lessee\u2019s lease payments -146Adjustments 4 056Effect of exchange rate fluctuations -4 690NET CARRYING AMOUNT AT 31/12/2023 357 587IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__151-1": {
"value": "FINANCIAL EXPENSESIN \u2019000 \u20ac20222023Interest expenses -15 258 -16 412Interest expenses on lease liabilities -10 369 -9 566Foreign exchange losses -304 -516Impairments on tax shelter investments -188Others -5 208 -6 318TOTAL -31 138 -32 998The increase in interest expenses is explained by higher interest rates in 2023 compared to 2022, as well as a higher withdrawal of Commercial Paper, partially offset by lower interest expenses due to lower use of the revolving credit and loan repayments through 2022. The higher interest expenses were compensated by higher interest income, due to the increase of the obtained interest rates on bank depositos (compared to 2022, where the obtained interest was 0%).The interest expenses attributed to lease liabilities amounted to \u20ac 9.6 million (2022: \u20ac 10.4 million). For more information we refer to note 27.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703TOTAL COMPREHENSIVE INCOME For these pension plans, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementPension costs allocated to the year of service -246 -233Interest expenses -5 7-251 -226Included in other comprehensive incomeChange to estimate of defined benefit rights 786 -76786 -76TOTAL COMPREHENSIVE INCOME 535 -302The expected pension costs from defined benefit plans for 2024 amount to \u20ac 0.3 million, and primarily relate to allocated pension costs.TOTAL COMPREHENSIVE INCOME For this obligation, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20222023Included in the income statementCosts allocated to the year of service -50 -56Past service pension cost 69Interest expenses -6 -26-57 -13Included in other comprehensive incomeChange in experience adjustments, financial and demographic assumptions 20 -12020 -120TOTAL COMPREHENSIVE INCOME 36 -133The expected costs for this obligation for 2024 amount to \u20ac 0.1 million.LEASE LIABILITIESIN \u2019000 \u20acTOTALNET CARRYING AMOUNT AT 31/12/2021 390 567New leases 551Interest 10 369Repayment -36 389Forgiveness of lessee\u2019s lease payments -2 810Adjustments 4 649Effect of exchange rate fluctuations 3 434NET CARRYING AMOUNT AT 31/12/2022 370 371New leases 9 332New leases through business combinations 4 047Interest 9 566Repayment -34 949Forgiveness of lessee\u2019s lease payments -146Adjustments 4 056Effect of exchange rate fluctuations -4 690NET CARRYING AMOUNT AT 31/12/2023 357 587IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2023 the Group had \u20ac 28.2 million (2022:\ue61f\u20ac 28.7 million) depreciations and impairment losses on right-of-use assets and \u20ac 9.6 million (2022: \u20ac 10.4 million) interest on lease liabilities. The Group repaid \u20ac\ue61f34.9 million lease liabilities in 2023 (2022: \u20ac 36.4 million), of\ue61fwhich \u20ac 9.6 million (2022: \u20ac 10.4 million) was interest. The rent concessions, as a consequence of Covid-19, almost completely disappeared In 2023: \u20ac 0.1 million compared to \u20ac 2.8 million in 2022. In the consolidated statement of cash flow this can be found under \u2018Cash\ue61fflow from financing activities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__149-1": {
"value": "FINANCIAL EXPENSESIN \u2019000 \u20ac20222023Interest expenses -15 258 -16 412Interest expenses on lease liabilities -10 369 -9 566Foreign exchange losses -304 -516Impairments on tax shelter investments -188Others -5 208 -6 318TOTAL -31 138 -32 998The increase in interest expenses is explained by higher interest rates in 2023 compared to 2022, as well as a higher withdrawal of Commercial Paper, partially offset by lower interest expenses due to lower use of the revolving credit and loan repayments through 2022. The higher interest expenses were compensated by higher interest income, due to the increase of the obtained interest rates on bank depositos (compared to 2022, where the obtained interest was 0%).The interest expenses attributed to lease liabilities amounted to \u20ac 9.6 million (2022: \u20ac 10.4 million). For more information we refer to note 27.The exchange rate losses mainly relate to the fluctuations of the Canadian Dollar against the Euro for the non-realised exchange losses (2022; fluctuations of the American Dollar against the Euro).The costs related to refinancing are included in the result via the effective interest method and are part of the other financial expenses. For more information we refer to notes 21 and 26. The impact on the income statement per refinancing round can be found in the table below: RECOGNISED IN INCOME RECOGNISED IN INCOME OUTSTANDING POSITION PER IN \u2019000 \u20acTOTAL COSTSTATEMENT IN 2022STATEMENT IN 202331 DECEMBER 2023 Refinancing 2012 1 096 -14 -14 13Refinancing 2015 1 663 -141 -65 75Refinancing 2016 45 -3 -3 2Refinancing 2017 450 -50 -50 146Refinancing 2019 1 708 -259 -259 585Refinancing 2021 449 -110 -110 0TOTAL 5 411 -577 -501 906The remaining other financial expenses in 2023 and 2022 mainly relate to bank charges. The bank charges are partly volume-related, with the result that this increase is partly explained by the increase in the number of visitors.The transaction costs are recognised in the result over the term of the financing. The amount not taken into the result is deducted from the interest-bearing loans. At the end of 2023, this amounts to \u20ac 0.9 million (2022: \u20ac 1.4 million). For\ue61fmore information we refer to note 7.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__181-1": {
"value": "8. Income tax expensesIN \u2019000 \u20ac20222023Current tax expenses -8 441 -15 694Deferred tax expenses -1 718 -4 003TOTAL -10 159 -19 697Total income taxes have almost doubled in 2023 compared to 2022, mainly due to the doubling of the result before income taxes. The effective tax rate was 25.99% in 2023 (2022: 26.95%). The change in effective tax rate is due to several offsetting effects. The main effects are the tax losses for which no deferred tax asset was recognised (\u20ac 0.3 million against \u20ac 0.1 million in 2022), a timing difference in the taxation of revenue and deductibility of charges that will be taxed in a later period (\u20ac 0.3 million in Poland and France), the decrease of disallowed expenses (\u20ac\ue61f0.1 million lower than in 2022 or a decrease from 2.0% to 0.9% of the result before taxes); partially nullified by the increase of non-deductible charges for the new option plan (\u20ac +0.6 million in 2023).EFFECTIVE TAX RATE RECONCILIATIONIN \u2019000 \u20ac20222023Result before tax 37.69 4 75.771Belgian tax rate 25.00% 25.00%Income taxes using the local tax rate -9 424 -18 943Effect of tax rates in foreign jurisdictions -19 50Disallowed expenses -781 -542Tax-exempt income 25 310Losses for which no deferred tax asset is recognised -2 11Use of unrecognised losses and tax losses for which no deferred tax asset was recognised 74 269Non deductible expenses for option plans 36 -557Under / (over) provision in prior periods -141 -311Change in law and tax rate in the Netherlands 37 0Change in average tax rate in Canada 32 0Other adjustments 3 16TOTAL INCOME TAX EXPENSES -10 159 -19 697Effective tax rate 26.95% 25.99%13. Deferred taxesIN \u2019000 \u20ac20222023Deferred tax assets 21 142 16 139Deferred tax liabilities 11 133 9 952The decrease in net deferred tax assets and liabilities is mainly related to a decrease in deferred taxes on tax losses carried forward and a decrease in the temporary difference on goodwill due to tax-accepted amortisations, partially offset by the movement in deferred taxes on intangible assets, property, plant and equipment and IFRS\ue61f16.TAX LOSSES CARRIED FORWARD AND UNUSED TAX CREDITSFor tax losses carried forward and unused tax credits amounting to \u20ac 9.6 million (2022: \u20ac 11.4 million) no deferred tax asset was recognised in the balance sheet as, based on our budgets and estimates, it seems unlikely that sufficient taxable profits will be available in the foreseeable future to be able to benefit from the tax benefit.For tax losses carried forward and unused tax credits amounting to \u20ac 98.5 million (2022: \u20ac 123.2 million) a deferred tax asset was recognised in the balance sheet. In\ue61fBelgium and Canada, there is a decrease due to the offsetting of the current year\u2019s tax profits with tax losses carried forward. In France (\u20ac +1.7 million) and the United States (\u20ac +1.3 million), there is an increase. In the United States, tax losses increased with of \u20ac 3.8 million, tempered by the effect of exchange rate fluctuations of \u20ac -2.1 million.The Group bases itself on the assumptions used for the annual impairment test. We refer to note 10 for the relevant assumptions. These assumptions and estimates of the impairment test are further extended to future expected taxable profits in order to further analyse the recoverability of the losses. After an extensive analysis, it is considered probable for these losses that sufficient taxable profit will be available in the future.The tax losses carried forward are indefinite in Belgium, France, the Netherlands, Luxembourg and the United States. In Canada, tax losses carried forward can be carried forward for 20 years.The tax losses carried forward and unused tax credits can be allocated as follows: IN \u2019000 \u20ac20222023LOSSES FOR WHICH LOSSES FOR WHICH LOSSES FOR WHICH LOSSES FOR WHICH TOTAL A DEFERRED TAX NO DEFERRED TAX TOTAL A DEFERRED TAX NO DEFERRED TAX ASSET\ue61fIS RECOGNISED ASSET\ue61fIS RECOGNISED ASSET\ue61fIS RECOGNISED ASSET\ue61fIS RECOGNISED Belgium 33 453 25 066 8 387 14 450 7 137 7 313France 1 847 1 847 3 182 3 182Canada 37 957 37 957 27 597 27 597The Netherlands 672 672 586 586United States 57 615 57 615 59 347 59 347Luxembourg 2 702 2 702 1 751 627 1 124Poland 319 319 1 124 1 124TOTAL 134 566 123 157 11 408 108 037 98 476 9 561DEFERRED TAX ASSETS AND LIABILITIESThe deferred tax assets and liabilities recognised in the statement of financial position can be attributed as follows: IN \u2019000 \u20ac20222023ASSETS LIABILITIES DIFFERENCE ASSETS LIABILITIES DIFFERENCEIntangible assets and property, plant and equipment 1 108 -33 276 -32 169 1 618 -30 451 -28 833Goodwill 456 456 -716 -716Right-of-use assets -82 408 -82 408 -78 712 -78 712Receivable CNC grants 134 134 117 117Trade and other receivables 18 18 6 -2 4Provisions -140 -140 -142 -142Deferred CNC grants 556 -216 340 443 -177 267Provisions for employee benefits 191 191 223 223Derivative financial instruments through equity -87 -87 0 -70 -70Lease liabilities 92 037 92 037 88 704 88 704Trade and other payables 316 316 383 -169 214Tax losses carried forward and unused tax credits 31 321 31 321 25 132 25 132TOTAL 126 138 -116 128 10 010 115 910 -109 723 6 188Tax offsetting -104 995 104 995 -99 771 99 771NET DEFERRED TAX ASSETS AND LIABILITIES 21 142 -11 133 10 010 16 139 -9 952 6 188CHANGES IN DEFERRED TAX BALANCES DURING THE YEAREFFECT OFRECOGNISED EFFECT OFRECOGNISED IN \u2019000 \u20acRECOGNISED RECOGNISED EXCHANGE IN OTHER EXCHANGE IN OTHER 2021IN INCOME 2022IN INCOME OTHER2023RATE COMPREHENSIVE RATE COMPREHENSIVE STATEMENTSTATEMENTFLUCTUATIONSINCOMEFLUCTUATIONSINCOMEIntangible assets and property, plant and -34 454 2\ue61f836 -551 -32 169 2 889 447 -28 833equipmentGoodwill 1.557 -1 214 112 456 -1 138 -34 -716Right-of-use assets -87 345 5 788 -851 -82 408 2 554 1\ue61f142 -78 712Receivable CNC grants 172 -39 134 -17 117Trade and other receivables 5 12 18 -14 4Provisions -137 -3 -140 -2 -142Deferred CNC grants 415 -75 340 -73 267Provisions for employee 373 20 -202 191 32 223benefitsDerivative financial 7 -94 -87 -19 17 19 -70instruments through equityLease liabilities 96 375 -5 182 844 92 037 -2 045 -1\ue61f288 88 704Trade and other payables 48 268 316 -104 2 214Tax losses carried forward 34 636 -4 131 816 31 321 -6 064 -642 517 25 132and unused tax credits TOTAL 11 654 -1 718 370 -296 10 010 -4 002 -373 17 537 6 188The effect of exchange rate fluctuations in 2023 mainly related to deferred taxes in the United States and Canada (\u20ac -0.4 million \u2013 2022: \u20ac 0.4 million). In 2023 there were also other changes that were not included in results or were linked to exchange rate movements (\u20ac 0.5 million - 2022: \u20ac 0.0 million). These were mainly linked to deferred tax balances recognized upon the acquisition of Belfort.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__180": {
"value": "8. Income tax expensesIN \u2019000 \u20ac20222023Current tax expenses -8 441 -15 694Deferred tax expenses -1 718 -4 003TOTAL -10 159 -19 697Total income taxes have almost doubled in 2023 compared to 2022, mainly due to the doubling of the result before income taxes. The effective tax rate was 25.99% in 2023 (2022: 26.95%). The change in effective tax rate is due to several offsetting effects. The main effects are the tax losses for which no deferred tax asset was recognised (\u20ac 0.3 million against \u20ac 0.1 million in 2022), a timing difference in the taxation of revenue and deductibility of charges that will be taxed in a later period (\u20ac 0.3 million in Poland and France), the decrease of disallowed expenses (\u20ac\ue61f0.1 million lower than in 2022 or a decrease from 2.0% to 0.9% of the result before taxes); partially nullified by the increase of non-deductible charges for the new option plan (\u20ac +0.6 million in 2023).EFFECTIVE TAX RATE RECONCILIATIONIN \u2019000 \u20ac20222023Result before tax 37.69 4 75.771Belgian tax rate 25.00% 25.00%Income taxes using the local tax rate -9 424 -18 943Effect of tax rates in foreign jurisdictions -19 50Disallowed expenses -781 -542Tax-exempt income 25 310Losses for which no deferred tax asset is recognised -2 11Use of unrecognised losses and tax losses for which no deferred tax asset was recognised 74 269Non deductible expenses for option plans 36 -557Under / (over) provision in prior periods -141 -311Change in law and tax rate in the Netherlands 37 0Change in average tax rate in Canada 32 0Other adjustments 3 16TOTAL INCOME TAX EXPENSES -10 159 -19 697Effective tax rate 26.95% 25.99%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__183-1": {
"value": "9. Intangible assetsPATENTS INTERNALLY GENERATED IN \u2019000 \u20acOTHERSTOTALAND LICENSESINTANGIBLE ASSETSAcquisition value 22 083 6 457 5 007 33 547Amortisations and impairment losses -16 969 -1 421 -4 028 -22 418NET CARRYING AMOUNT AT 31/12/2021 5 114 5 036 979 11 129Acquisitions 2 067 314 2 381Amortisations -1 680 -134 -389 -2 203Effect of exchange rate fluctuations 22 79 101Acquisition value 24 189 6 550 5 320 36 059Amortisations and impairment losses -18 665 -1 568 -4 417 -24 650NET CARRYING AMOUNT AT 31/12/2022 5 524 4 982 903 11 408Acquisitions 2 115 4 192 2 311Sales and disposals -303 -39 -342Acquisition through business combinations 13 13Amortisations -1 833 -126 -376 -2 335Effect of exchange rate fluctuations -17 -85 -102Acquisition value 26 352 6 432 3 959 36 742Amortisations and impairment losses -20 851 -1 656 -3 279 -25 786NET CARRYING AMOUNT AT 31/12/2023 5 501 4 776 680 10 957The patents and licenses mainly comprise software purchased from third parties. The internally generated intangible assets mainly concern the changes to the Group\u2019s ticketing system software, partially due to the various loyalty programs, and the back-office software.The \u2018Other\u2019 category includes the trade name \u2018Landmark Cinemas\u2019, which amounts to \u20ac 2.8 million (2022: \u20ac 2.8 million). The trade name has an indefinite useful life. The trade name was retained with the acquisition of Landmark Cinemas in 2017, as this is the second largest cinema group in Canada. Further organic growth on the Canadian market and the marketing of the existing cinemas is carried out under the name \u2018Landmark Cinemas\u2019. In addition, this category also contains the trade name \u2018MJR Theatres\u2019 for \u20ac 1.2 million (2022: \u20ac 1.4 million) with a definite useful life.The acquisitions amount to \u20ac 2.3 million in 2023 (2022: \u20ac\ue61f2.4 million) and mainly concern investments in various software used by the Group, such as developments of various loyalty programs and the corresponding modifications to the ticketing system software, as well as investments in IT infrastructure. These consist of the internal hours worked for \u20ac 0.2 million and purchases from third parties for \u20ac 2.1 million.GOODWILLIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 169 498 174 870Acquisitions through business combinations 2 391 2 162Effect of exchange rate fluctuations 2 980 -2 275BALANCE AT END OF CURRENT PERIOD 174 870The acquisitions through business combinations are discussed elsewhere in this note (see Business combinations). 174 757GOODWILL PER CASH-GENERATING UNITIN \u2019000 \u20ac20222023Belgium 6 586 6 586France 13 708 15 870Canada 34 396 33 960Spain 22 015 22 015The Netherlands 34 057 34 057United States 51 762 49 923Luxembourg 5 844 5 844Poland 6 502 6 502BALANCE AT END OF CURRENT PERIOD 174 870 174 757The transaction has an enterprise value of \u20ac\ue61f5.4 million. The inclusion of the Belfort cinema in the Group\u2019s consolidation scope as of March 29, 2023, the date on which control was acquired, resulted in goodwill of \u20ac\ue61f2.1 million.NET IDENTIFIABLE ASSETS AND LIABILITIESIN \u2019000 \u20acAMNEVILLE BELFORTProperty, plant and equipment5 441 1 755Intangible assets13Right-of-use assets4 047Deferred tax assets19 424Inventory26 13Trade and other receivables1 835Provision for pensions-77 -110Lease liabilities4 047Bank overdrafts-1Trade and other payables-602TOTAL5 409 3 327The fair value of the assets and liabilities acquired for Amn\u00e9ville was provisionally determined at \u20ac 5.5 million in 2022 and was adjusted to \u20ac 5.4 million in 2023. The assets and liabilities were finally determined at the end of 2023 to calculate the goodwill resulting from this acquisition.GOODWILL CALCULATION AND RECONCILIATION WITH THE CONSOLIDATED STATEMENT OF CASH FLOWIN \u2019000 \u20acAMNEVILLE BELFORTNet identifiable assets and liabilities5 409 3 327Goodwill2 449 2 104ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH, IN THE STATEMENT OF CASH FLOW7 858 5 431",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__197-1": {
"value": "10. Non-financial assets and business combinationsGOODWILLIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 169 498 174 870Acquisitions through business combinations 2 391 2 162Effect of exchange rate fluctuations 2 980 -2 275BALANCE AT END OF CURRENT PERIOD 174 870The acquisitions through business combinations are discussed elsewhere in this note (see Business combinations). 174 757GOODWILL PER CASH-GENERATING UNITIN \u2019000 \u20ac20222023Belgium 6 586 6 586France 13 708 15 870Canada 34 396 33 960Spain 22 015 22 015The Netherlands 34 057 34 057United States 51 762 49 923Luxembourg 5 844 5 844Poland 6 502 6 502BALANCE AT END OF CURRENT PERIOD 174 870 174 757The transaction has an enterprise value of \u20ac\ue61f5.4 million. The inclusion of the Belfort cinema in the Group\u2019s consolidation scope as of March 29, 2023, the date on which control was acquired, resulted in goodwill of \u20ac\ue61f2.1 million.NET IDENTIFIABLE ASSETS AND LIABILITIESIN \u2019000 \u20acAMNEVILLE BELFORTProperty, plant and equipment5 441 1 755Intangible assets13Right-of-use assets4 047Deferred tax assets19 424Inventory26 13Trade and other receivables1 835Provision for pensions-77 -110Lease liabilities4 047Bank overdrafts-1Trade and other payables-602TOTAL5 409 3 327The fair value of the assets and liabilities acquired for Amn\u00e9ville was provisionally determined at \u20ac 5.5 million in 2022 and was adjusted to \u20ac 5.4 million in 2023. The assets and liabilities were finally determined at the end of 2023 to calculate the goodwill resulting from this acquisition.GOODWILL CALCULATION AND RECONCILIATION WITH THE CONSOLIDATED STATEMENT OF CASH FLOWIN \u2019000 \u20acAMNEVILLE BELFORTNet identifiable assets and liabilities5 409 3 327Goodwill2 449 2 104ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH, IN THE STATEMENT OF CASH FLOW7 858 5 431",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__189-1": {
"value": "10. Non-financial assets and business combinationsGOODWILLIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 169 498 174 870Acquisitions through business combinations 2 391 2 162Effect of exchange rate fluctuations 2 980 -2 275BALANCE AT END OF CURRENT PERIOD 174 870The acquisitions through business combinations are discussed elsewhere in this note (see Business combinations). 174 757BUSINESS COMBINATIONSACQUISITIONS 2023\u2018Belfort\u2019 acquisitionOn March 29, 2023, Kinepolis Group acquired the French company \u2018Path\u00e9 Belfort\u2019 from the Path\u00e9 Group. The cinema complex is leased and has 14 screens with a total of 2 562 seats and is located in eastern France, between Strasbourg and Lyon.The transaction has an enterprise value of \u20ac\ue61f5.4 million. The inclusion of the Belfort cinema in the Group\u2019s consolidation scope as of March 29, 2023, the date on which control was acquired, resulted in goodwill of \u20ac\ue61f2.1 million.At December 31, 2023, the Belfort cinema contributed \u20ac\ue61f2.3 million in revenue, \u20ac\ue61f0.6 million in EBITDA and \u20ac\ue61f0.02 million of earnings to the Group\u2019s consolidated result. If\ue61fthe transfer of control had taken place on January 1, 2023, the acquisition would have contributed \u20ac\ue61f3.0 million in revenue, \u20ac\ue61f0.8 million in EBIT and \u20ac\ue61f0.03 million in result.\u2018Amn\u00e9ville\u2019 acquisition (acquisition in 2022 \u2013 final calculation of goodwill in 2023)At the end of 2022, Kinepolis Group acquired the Gaumont cinema in Amn\u00e9ville. Kinepolis took over both the operational management as well as the cinema property.The transaction had an enterprise value of \u20ac\ue61f7.9 million. At\ue61fthe end of 2022, the goodwill related to the inclusion of the Amn\u00e9ville cinema in the scope of consolidation was determined at \u20ac 2.4 million. A further non-material adjustment linked to the creation of a provision for pensions was made in 2023. Final goodwill remained \u20ac\ue61f2.4 million.Both Belfort and Amn\u00e9ville acquisitions fit perfectly into the\ue61fKinepolis Group\u2019s expansion strategy. The goodwill stems from strengthening Kinepolis\u2019 position in the east andnortheast of France, synergy benefits and being able to offer the Kinepolis film experience to even more visitors. Transaction costs for both acquisitions (Belfort and Amn\u00e9ville) amounted to \u20ac\ue61f0.8 million.NET IDENTIFIABLE ASSETS AND LIABILITIESIN \u2019000 \u20acAMNEVILLE BELFORTProperty, plant and equipment5 441 1 755Intangible assets13Right-of-use assets4 047Deferred tax assets19 424Inventory26 13Trade and other receivables1 835Provision for pensions-77 -110Lease liabilities4 047Bank overdrafts-1Trade and other payables-602TOTAL5 409 3 327The fair value of the assets and liabilities acquired for Amn\u00e9ville was provisionally determined at \u20ac 5.5 million in 2022 and was adjusted to \u20ac 5.4 million in 2023. The assets and liabilities were finally determined at the end of 2023 to calculate the goodwill resulting from this acquisition.GOODWILL CALCULATION AND RECONCILIATION WITH THE CONSOLIDATED STATEMENT OF CASH FLOWIN \u2019000 \u20acAMNEVILLE BELFORTNet identifiable assets and liabilities5 409 3 327Goodwill2 449 2 104ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH, IN THE STATEMENT OF CASH FLOW7 858 5 431ACQUISITIONS 2022As of 14 December 2022 Kinepolis Group is taking over a French cinema from the Path\u00e9 network in the east of France: the Gaumont cinema in Amn\u00e9ville. Kinepolis acquires the operational management as well as the cinema property. The complex has 12 screens with a total of 2 462 seats and is located near Luxembourg and 20 minutes away from the Kinepolis complexes of Thionville and Saint-Julien-l\u00e8s-Metz. The cinema has a 4DX screen and is located in a recreation area with many restaurants. In 2019 (pre-Covid), the cinema welcomed more than 410 000 visitors.The transaction has an enterprise value of \u20ac 7.9 million. The inclusion of the cinema Amn\u00e9ville in the consolidation scope of the Group as of 14 December 2022, the date on which the effective control was acquired, resulted in preliminary determined goodwill of \u20ac 2.4 million (see also above).LAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087Acquisitions 3 777 19 588 2 008 25 373Sales and disposals -117 -41 -159Acquisitions through business combinations 4 405 1 036 5 441Transfer to other categories 7 290 938 -8 958 -729Depreciations and impairment losses -26 549 -24 139 -50 688Effect of exchange rate fluctuations 4 653 502 32 5 187Acquisition value 775 296 446 734 2 012 1 224 042Depreciations and impairment losses -401 254 -340 276 -741 530NET CARRYING AMOUNT AT 31/12/2022 374 041 106 458 2 012 482 512Acquisitions 5 463 28 249 33 712Sales and disposals -7 -64 -71Acquisitions through business combinations 1 404 348 4 1 756Transfer to other categories 701 525 -1 462 -236Depreciations and impairment losses -26 954 -25 120 -52 074Effect of exchange rate fluctuations -2 438 -704 -17 -3 159Acquisition value 785 244 473 363 474 1 259 081Depreciations and impairment losses -432 291 -364 351 -796 641NET CARRYING AMOUNT AT 31/12/2023 352 954 109 012 474 462 440ACQUISITIONS THROUGH BUSINESS COMBINATIONSThe acquisition of the operations and real estate of the cinema in Belfort (FR) increased \u2018Property, plant and equipment\u2019 by \u20ac 1.8 million. For more information on business combinations, we refer to note 10.CHANGES IN THE CONSOLIDATION SCOPE There were 2 acquisitions in France during 2023. Kinepolis Belfort was acquired and is reported as a separate entity. The activities of B\u00e9ziers are incorporated into an existing company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__203-1": {
"value": "GOODWILLIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 169 498 174 870Acquisitions through business combinations 2 391 2 162Effect of exchange rate fluctuations 2 980 -2 275BALANCE AT END OF CURRENT PERIOD 174 870The acquisitions through business combinations are discussed elsewhere in this note (see Business combinations). 174 757GOODWILL PER CASH-GENERATING UNITIN \u2019000 \u20ac20222023Belgium 6 586 6 586France 13 708 15 870Canada 34 396 33 960Spain 22 015 22 015The Netherlands 34 057 34 057United States 51 762 49 923Luxembourg 5 844 5 844Poland 6 502 6 502BALANCE AT END OF CURRENT PERIOD 174 870 174 757The transaction has an enterprise value of \u20ac\ue61f5.4 million. The inclusion of the Belfort cinema in the Group\u2019s consolidation scope as of March 29, 2023, the date on which control was acquired, resulted in goodwill of \u20ac\ue61f2.1 million.NET IDENTIFIABLE ASSETS AND LIABILITIESIN \u2019000 \u20acAMNEVILLE BELFORTProperty, plant and equipment5 441 1 755Intangible assets13Right-of-use assets4 047Deferred tax assets19 424Inventory26 13Trade and other receivables1 835Provision for pensions-77 -110Lease liabilities4 047Bank overdrafts-1Trade and other payables-602TOTAL5 409 3 327The fair value of the assets and liabilities acquired for Amn\u00e9ville was provisionally determined at \u20ac 5.5 million in 2022 and was adjusted to \u20ac 5.4 million in 2023. The assets and liabilities were finally determined at the end of 2023 to calculate the goodwill resulting from this acquisition.GOODWILL CALCULATION AND RECONCILIATION WITH THE CONSOLIDATED STATEMENT OF CASH FLOWIN \u2019000 \u20acAMNEVILLE BELFORTNet identifiable assets and liabilities5 409 3 327Goodwill2 449 2 104ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH, IN THE STATEMENT OF CASH FLOW7 858 5 431",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__208": {
"value": "14. InventoriesIN \u2019000 \u20ac202220233D glasses 455 642Goods purchased for resale in cinemas 4 729 4 862Components inventory, technical department 2 215 1 588Others 289 377TOTAL 7 688 7 469The cost of sales of inventories recognised in the income statement was \u20ac 47.8 million (2022: \u20ac 37.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__209-1": {
"value": "TRADE AND OTHER CURRENT RECEIVABLESIN \u2019000 \u20ac20222023Trade receivables 28 928 29 385Tax receivables, other than income taxes 2 458 2 040Deferred charges and accrued income 5 615 4 895Tax shelter receivables 88 94Tax shelter investments 304 116Grants receivable related to the Covid-19 pandemic 1 400 1 560CNC grants 1 707 2 384Other receivables 549 860TOTAL 41 050 41 334Trade receivables remained at a stable level compared to 2022 (+\u20ac\ue61f0.5 million).Tax receivables, other than income taxes, have decreased by \u20ac 0.4 million, mainly due to a decrease in recoverable VAT and other local taxes.Deferred charges and accrued income decreased with \u20ac\ue61f0.7 million, mainly due to a decrease in rent receivable compared to 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__211-1": {
"value": "AGEING OF THE TRADE AND OTHER NON-CURRENT AND CURRENT RECEIVABLESIN \u2019000 \u20ac20222023GROSS CARRYING NET CARRYING GROSS CARRYING NET CARRYING IMPAIRMENTIMPAIRMENTAMOUNTAMOUNTAMOUNTAMOUNTNot yet due on reporting date 39 084 -9 39 075 32 590 -7 32 583Less than 30 days past due 3 722 -41 3 681 8 015 -17 7 998Between 31 and 120 days past due 1 713 -570 1 143 3 518 -175 3 343Between 120 days and 1 year past due 1 472 -840 633 1 791 -211 1 580Over 1 year past due 3 098 -1 685 1 414 2 237 -929 1 308TOTAL 49 089 -3 143 45 946 48 151 -1 339 46 812MOVEMENT OF IMPAIRMENTS ON TRADE RECEIVABLESIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD -2 903 -3 143Recognised impairments -2 210 -392Used impairments 26 423Reversed impairments 1 935 1 817Effect of exchange rate fluctuations 10 -44BALANCE AT END OF CURRENT PERIOD -3 143 -1 339In 2023, impairments on trade receivables decreased by \u20ac\ue61f1.8\ue61fmillion. The decrease is mainly explained by the reversal of provision for an amount of \u20ac 1.8 million, mostly in Canada, where a doubtful debtor has paid part of his debts and by a final loss of receivables for an amount of \u20ac 0.4 million, offset by an additional impairment of \u20ac 0.4 million set up out of caution for some slow-paying customers.During 2022 the impairments on the trade receivables increased by \u20ac 0.2 million. The increase is mainly explained by an additional impairment, in line with the financial policy of the Group, partially offset by the further reversal of\ue61fimpairments on trade receivables regarding leased concessions due to the Covid-19 pandemic.For the impact of the final settlement of the outstanding trade receivables, we refer to note 4. The value for losses is determined in accordance with IFRS 9. We refer to note 26 for more information.There is no ageing problem for the financial assets other than trade receivables.In order to assess the materiality of the provision for impairment losses, Kinepolis conducted an analysis over a five-year period (2019-2023). The Group recognised an average of less than 0.01% (2018-2022: 0.08%) of total revenue, which is considered to be immaterial. The majority of the activities of the Group are cash-based transactions. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the receivable balance is monitored on an ongoing basis. Based on the above analysis, the Group decided that the impact of the model based on expected credit losses over the full life cycle of Kinepolis Group is immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__213": {
"value": "16. Cash and cash equivalentsIN \u2019000 \u20ac20222023Cash at bank and in hand 67 751 101 381TOTAL 67 751 101 381Bank overdrafts used for the statement of cash flow -113CASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOW 67 751 101 267There are no significant unavailable cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__214": {
"value": "There are no significant unavailable cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__215": {
"value": "17. Assets classified as held for saleIN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 0 0 Transfer from / to assets held for sale 921BALANCE AT END OF CURRENT PERIOD 0 921As per 31 December 2023, the assets held for sale amounted to \u20ac 0.9 million.During 2023, Kinepolis decided to close the cinema complex Landmark Brooks (CA). For this owned complex, the assets were transferred from \u2018Property, plant and equipment\u2019 to \u2018Assets held for sale\u2019 for the remaining net carrying amount of \u20ac 0.2 million.In 2022, it was decided to close the Winnipeg Towne complex (CA). The assets for land and buildings were transferred from \u2018Property, plant and equipment\u2019 to \u2018Investment property\u2019 for the net carrying amount of \u20ac 0.7 million. In April 2023, the building was transferred to \u2018Assets held for sale\u2019. The\ue61fbuilding was put up for sale.The Group expects both buildings to be sold within the next\ue61fyear.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__217": {
"value": "SHARE CAPITALThe share capital of the Company at 31 December 2023 was\ue61f\u20ac 19.0 million (2022: \u20ac 19.0 million), represented by 27\ue61f365\ue61f197 ordinary shares without nominal value (2022: 27\ue61f365 197 shares). All shares are paid up in full. The share premium at\ue61f31 December 2023 was \u20ac 1.2 million (2022: \u20ac\ue61f1.2\ue61fmillion). The ordinary shares are entitled to a dividend, and the holders of these shares are entitled to cast one vote at the shareholder meetings of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__220-1": {
"value": "TREASURY SHARES RESERVEAt the Extraordinary General Meeting on May 10, 2023, authorisation was granted to the Board of Directors to repurchase treasury shares, under certain conditions.On 12 June 2023, Kinepolis announced the commencement of a share buyback program, starting on 13 June 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 200 000 own shares on or off Euronext Brussels between 13 June 2023 and 16 August 2023. The buyback program was ended on 16 August 2023. During the\ue61fbuyback program, 117 699 shares were bought for a total\ue61famount of \u20ac 5 233 532.60. On 22 September 2023 Kinepolis announced the commencement of a share buyback program, starting on 25\ue61fSeptember 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 151 000 own shares on or off Euronext Brussels between 25 September 2023 and 24 March 2024. On February 14, the repurchase program was ended early, considering the repurchase of the maximum number of shares was reached. During the buyback program, 151 000 shares were bought for a total amount of\ue61f\u20ac\ue61f6\ue61f697\ue61f595.35.In 2023, a total of 219 699 treasury shares were bought back pursuant to the above buyback programs for \u20ac 9.9 million (2022: 0 shares \u2013 \u20ac 0.0 million). In 2023, 27 654 treasury shares were sold pursuant to the exercise of options for \u20ac\ue61f1.2\ue61fmillion (2022: 25 156 shares \u2013 \u20ac 1.0 million). Further-more, no shares were cancelled in 2023 (2022: 0\ue61fshares \u2013 \u20ac\ue61f0.0\ue61fmillion). The total number of treasury shares at 31\ue61fDecember is 588 121 (2022: 396 076). The majority of these shares will be used for the option\ue61fplans.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703The Board of Directors believed that the ratios of net financial debt to equity and net financial debt to EBITDA were at risk of becoming too low as from mid 2010, and therefore proposed to the General Meeting to reduce the share capital and to buy back and destroy treasury shares with the aim of improving the ratios, and thereby create shareholder value. After approval by the Extraordinary General Meeting of 20 May 2011, the capital was therefore reduced by \u20ac 30.0 million and shares were bought back between 2011 and 2015, for the hedging of options on the one hand, and for cancellation on the other, which has taken place in the meantime. The expansion strategy of Kinepolis Group was started in 2014 and, due to the success of this expansion program, the capital optimisation program was stopped in 2015. To hedge against a new option plan in 2023, two new share repurchase programs were initiated: a first between June 13, 2023, and August 16, 2023 in which 117,699 shares were repurchased, and a second between September 25 and March 24, 2024, which closed early on February 14, 2024 after reaching the anticipated maximum of 115\ue61f000 shares. The Group continues to strive for a combination of a higher-than-average market return with a lower-than-average risk through the combination of its strategic pillars with an expansion strategy based on improvement potential, and a cautious financial policy regarding the debt ratio, taking the real estate position of the Group into account.Kinepolis Group bought 219 699 shares for a total amount of \u20ac 9 903 408.19 in 2023. The total number of treasury shares on 31 December 2023 amounts to 588\ue61f121 (2022: 396 076). The majority of these shares are intended to cover the Group\u2019s current stock option plan. In 2023, 27 654 treasury shares were sold (2022:\ue61f25 156).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__218-1": {
"value": "TREASURY SHARES RESERVEAt the Extraordinary General Meeting on May 10, 2023, authorisation was granted to the Board of Directors to repurchase treasury shares, under certain conditions.On 12 June 2023, Kinepolis announced the commencement of a share buyback program, starting on 13 June 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 200 000 own shares on or off Euronext Brussels between 13 June 2023 and 16 August 2023. The buyback program was ended on 16 August 2023. During the\ue61fbuyback program, 117 699 shares were bought for a total\ue61famount of \u20ac 5 233 532.60. On 22 September 2023 Kinepolis announced the commencement of a share buyback program, starting on 25\ue61fSeptember 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 151 000 own shares on or off Euronext Brussels between 25 September 2023 and 24 March 2024. On February 14, the repurchase program was ended early, considering the repurchase of the maximum number of shares was reached. During the buyback program, 151 000 shares were bought for a total amount of\ue61f\u20ac\ue61f6\ue61f697\ue61f595.35.In 2023, a total of 219 699 treasury shares were bought back pursuant to the above buyback programs for \u20ac 9.9 million (2022: 0 shares \u2013 \u20ac 0.0 million). In 2023, 27 654 treasury shares were sold pursuant to the exercise of options for \u20ac\ue61f1.2\ue61fmillion (2022: 25 156 shares \u2013 \u20ac 1.0 million). Further-more, no shares were cancelled in 2023 (2022: 0\ue61fshares \u2013 \u20ac\ue61f0.0\ue61fmillion). The total number of treasury shares at 31\ue61fDecember is 588 121 (2022: 396 076). The majority of these shares will be used for the option\ue61fplans.HEDGING RESERVEThe hedging reserve contains the effective portion of the cumulative net change in the fair value of the cash flow hedges for which the hedged future transaction has not yet occurred.TRANSLATION RESERVEThe translation reserve includes, on the one hand, all exchange rate differences resulting from the translation of the annual accounts of foreign entities in foreign currencies and, on the other hand, exchange rate differences of the translation of intra-group non-current borrowings in foreign currencies. The movement in 2023 is mainly due to the exchange rate fluctuation of the American Dollar and the Canadian Dollar against the Euro.In addition, some non-current borrowings with Switzerland, Poland, Canada and the United States are considered as a net investment hedge for the participating interest in the same subsidiaries. Consequently, the translation differences on these borrowings were included in equity under the other comprehensive income. For more information we refer to note 26.SHARE-BASED PAYMENTS RESERVEOn 31 December 2023 a total of 657 409 options were allocated (2022: 306 313). These shares entitle their holders to one share per option. For more information we refer to note 20. The options will expire 8 years after the date of approval of the Plan by the Board of Directors.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__223": {
"value": "DIVIDENDS TO THE SHAREHOLDERSOn 13 February 2024, a gross dividend of \u20ac 55 cents per share entitled to dividend was proposed for the 2023 financial year. Based on the number of shares entitled to dividend at the date of publication of this annual report, this means a gross dividend of \u20ac 14.7 million. This dividend has not yet been approved by the Company\u2019s General Meeting of Shareholders and is therefore not yet recognised in the consolidated financial statements. For the financial year 2022, a dividend of \u20ac 26 cents was paid per share entitled to dividend. Total amount of dividend was \u20ac 7.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__224-1": {
"value": "NON-CONTROLLING INTERESTSThe participation of Kinepolis Group in Landmark Cinemas Holding LTD and Landmark Cinemas Canada LP increased in 2023 from 99.3% to 100.0% due to the acquisition of the remaining non-controlling interests.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__216": {
"value": "18. EquityThe various components of equity, as well as the changes between 31 December 2023 and 31 December 2022, are set out in the consolidated statement of changes in equity.SHARE CAPITALThe share capital of the Company at 31 December 2023 was\ue61f\u20ac 19.0 million (2022: \u20ac 19.0 million), represented by 27\ue61f365\ue61f197 ordinary shares without nominal value (2022: 27\ue61f365 197 shares). All shares are paid up in full. The share premium at\ue61f31 December 2023 was \u20ac 1.2 million (2022: \u20ac\ue61f1.2\ue61fmillion). The ordinary shares are entitled to a dividend, and the holders of these shares are entitled to cast one vote at the shareholder meetings of the Company.TREASURY SHARES RESERVEAt the Extraordinary General Meeting on May 10, 2023, authorisation was granted to the Board of Directors to repurchase treasury shares, under certain conditions.On 12 June 2023, Kinepolis announced the commencement of a share buyback program, starting on 13 June 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 200 000 own shares on or off Euronext Brussels between 13 June 2023 and 16 August 2023. The buyback program was ended on 16 August 2023. During the\ue61fbuyback program, 117 699 shares were bought for a total\ue61famount of \u20ac 5 233 532.60. On 22 September 2023 Kinepolis announced the commencement of a share buyback program, starting on 25\ue61fSeptember 2023, in which an independent intermediary has been given a discretionary mandate to buy back \u2013 on behalf of Kinepolis Group NV \u2013 up to 151 000 own shares on or off Euronext Brussels between 25 September 2023 and 24 March 2024. On February 14, the repurchase program was ended early, considering the repurchase of the maximum number of shares was reached. During the buyback program, 151 000 shares were bought for a total amount of\ue61f\u20ac\ue61f6\ue61f697\ue61f595.35.In 2023, a total of 219 699 treasury shares were bought back pursuant to the above buyback programs for \u20ac 9.9 million (2022: 0 shares \u2013 \u20ac 0.0 million). In 2023, 27 654 treasury shares were sold pursuant to the exercise of options for \u20ac\ue61f1.2\ue61fmillion (2022: 25 156 shares \u2013 \u20ac 1.0 million). Further-more, no shares were cancelled in 2023 (2022: 0\ue61fshares \u2013 \u20ac\ue61f0.0\ue61fmillion). The total number of treasury shares at 31\ue61fDecember is 588 121 (2022: 396 076). The majority of these shares will be used for the option\ue61fplans.HEDGING RESERVEThe hedging reserve contains the effective portion of the cumulative net change in the fair value of the cash flow hedges for which the hedged future transaction has not yet occurred.TRANSLATION RESERVEThe translation reserve includes, on the one hand, all exchange rate differences resulting from the translation of the annual accounts of foreign entities in foreign currencies and, on the other hand, exchange rate differences of the translation of intra-group non-current borrowings in foreign currencies. The movement in 2023 is mainly due to the exchange rate fluctuation of the American Dollar and the Canadian Dollar against the Euro.In addition, some non-current borrowings with Switzerland, Poland, Canada and the United States are considered as a net investment hedge for the participating interest in the same subsidiaries. Consequently, the translation differences on these borrowings were included in equity under the other comprehensive income. For more information we refer to note 26.SHARE-BASED PAYMENTS RESERVEOn 31 December 2023 a total of 657 409 options were allocated (2022: 306 313). These shares entitle their holders to one share per option. For more information we refer to note 20. The options will expire 8 years after the date of approval of the Plan by the Board of Directors. DIVIDENDS TO THE SHAREHOLDERSOn 13 February 2024, a gross dividend of \u20ac 55 cents per share entitled to dividend was proposed for the 2023 financial year. Based on the number of shares entitled to dividend at the date of publication of this annual report, this means a gross dividend of \u20ac 14.7 million. This dividend has not yet been approved by the Company\u2019s General Meeting of Shareholders and is therefore not yet recognised in the consolidated financial statements. For the financial year 2022, a dividend of \u20ac 26 cents was paid per share entitled to dividend. Total amount of dividend was \u20ac 7.0 million.NON-CONTROLLING INTERESTSThe participation of Kinepolis Group in Landmark Cinemas Holding LTD and Landmark Cinemas Canada LP increased in 2023 from 99.3% to 100.0% due to the acquisition of the remaining non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__226": {
"value": "19. Result per shareBASIC RESULT PER SHAREThe calculation of the result per share is based on the result of \u20ac 56.1 million, attributable to the ordinary shareholders (2022: \u20ac 27.5 million), and on a weighted average of the number of ordinary shares, outstanding during the financial year, of 26 907 356 (2022: 26 965 643).DILUTED RESULT PER SHAREThe calculation of the diluted result per share is based on the result of \u20ac 56.1 million attributable to the ordinary shareholders (2022: \u20ac 27.5 million), and on a weighted average of the number of diluted ordinary shares, outstandingduring the financial year, of 27 564 765 (2022: 27\ue61f268 287).IN \u2019000 (unless indicated otherwise)20222023RESULT ATTRIBUTABLE TO OWNERS OF THE COMPANY 27 547 56 064Weighted average number of ordinary shares 26 966 26 907Effect of options 303 657Weighted average number of diluted shares 27 268 27 565BASIC RESULT PER SHARE (IN \u20ac) 1.02 2.08DILUTED RESULT PER SHARE (IN \u20ac) 1.01 2.03",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__228-1": {
"value": "21. Loans and borrowingsThis note provides information on the Group\u2019s interest-bearing loans and borrowings. For further information on the contractual terms of these loans and borrowings and the Group\u2019s exposure to interest and foreign currency risks, we refer to note 26.NON-CURRENT LOANS AND BORROWINGSIN \u2019000 \u20ac20222023Private placement of bonds 384 600 384 600Loans and borrowings with credit institutions 80 000 0Transaction costs refinancing -1 407 -905TOTAL 463 193 383 695CURRENT LOANS AND BORROWINGSIN \u2019000 \u20ac20222023Bank Overdrafts 113Public bond 15 787Loans and borrowings with credit institutions 80 000Other loans 12 500 16 000TOTAL 28 378 96 113Kinepolis Group issued a \u20ac 75.0 million bond in March 2012, with maturity in March 2019. In June 2015, the bond was partially extended until June 2023. In March 2019, \u20ac 59.1 million was repaid. The remaining amount of the loan, \u20ac\ue61f15.8 million, was repaid in June 2023.In January 2015, the Group concluded a private placement of\ue61fbonds with institutional investors for \u20ac 96.0 million. \u20ac\ue61f61.4\ue61fmillion was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years, both with a fixed interest rate. In January 2022, \u20ac 61.4 million was repaid.In December 2017, the Group concluded a private placement of bonds with institutional investors for \u20ac 125.0 million. \u20ac\ue61f60.0 million was placed with a term of 8 years and \u20ac 65.0 million with a term of 10 years, both at a fixed interest rate.In July 2019, the Group concluded a private placement of\ue61fbonds with institutional investors for an amount of \u20ac\ue61f225.0\ue61fmillion. The full amount was placed with a term of\ue61f7.5\ue61fyears at a fixed interest rate.A credit agreement for a roll-over credit was concluded in 2012. This credit agreement was revised and extended in December 2019. In December 2021, the maturity date of the\ue61froll-over credit was extended from December 2024 to\ue61fDecember 2026, by exercising the two available extension options. As of 31 December 2023, there is no outstanding draw on the roll-over credit (2022: \u20ac 0.0 million). This\ue61fcredit\ue61ffacility was extended in December 2015, following the Utopolis acquisition, with a 7-year term loan with annual repayments. In 2017, the credit facility was extended once again with a 5-year term loan with annual repayments. In December 2022 the outstanding position of\ue61f\u20ac\ue61f10.2 million was repaid. As of 31 December 2023, there\ue61fwas no outstanding balance, as there was in 2022. For\ue61fmore\ue61finformation we refer to note 26.In 2021, due to the long-term impact of the Covid-19 pandemic on the cinema sector, Kinepolis contracted an additional loan of \u20ac 80.0 million with its house bankers for a\ue61fterm of 3 years, with a variable interest rate and supported by a government guarantee. Given the volatility of the market throughout 2022, Kinepolis decided to hedge the variable interest rate to a fixed interest rate. In 2023, the loan was transferred from long-term to short-term loan. The loan was repaid in January 2024. For more information, we refer to note 26.At the end of 2023, the outstanding \u2018Commercial Paper\u2019 debt\ue61famounted to \u20ac 16.0 million (2022: \u20ac 12.5 million). This amount is part of \u2018Other loans\u2019.The transaction costs are recognised in the result over the term of the financing. The amount not taken into the result is deducted from the interest-bearing loans. At the end of 2023, this amounts to \u20ac 0.9 million (2022: \u20ac 1.4 million). For\ue61fmore information we refer to note 7.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703FINANCIAL INSTRUMENTSDEBT PORTFOLIOOn 15 February 2012, within the framework of the refinancing of its existing syndicated credit and the financing of the further general development of the Group, Kinepolis Group NV signed a \u20ac 90.0 million credit agreement with ING Belgium, KBC Bank and BNP Paribas Fortis until 31 March 2017 (roll-over credit). At the end of June 2015, this existing credit facility was renewed with the bank consortium for the full term until the end of June 2020. In May 2016, the term of the existing credit agreement for \u20ac 90.0 million was extended by one year, to June 2021. In December 2019, the existing credit agreement for the roll-over credit was revised and extended. Belfius was added to the existing bank consortium, and the roll-over credit was expanded from \u20ac 90.0 million to \u20ac 120.0 million. Of this, \u20ac 30.0 million can be drawn in a currency other than Euro. In December 2021, the maturity date of the roll-over credit was extended from December 2024 to December 2026, by exercising the two foreseen extension options. On 31 December 2023, there is no outstanding draw on this credit facility (2022: \u20ac 0.0 million). At the end of 2023, the outstanding \u2018Commercial Paper\u2019 debt was \u20ac 16.0 million (2022: \u20ac 12.5 million). This outstanding balance reduces the availability of the roll-over credit by the same amount.On 6 March 2012, the Group issued an unsubordinated bond in Belgium for \u20ac 75.0 million. The bonds mature in 7\ue61fyears and have a fixed annual gross interest of 4.75%. On 12 May 2015, Kinepolis Group NV announced the launch of an unconditional public exchange offer on all outstanding \u20ac 75.0 million fixed interest bonds with a gross interest of 4.75% and a maturity date on 6 March 2019. Holders of the existing bonds had the opportunity to exchange their existing bonds for new bonds to be issued by Kinepolis Group NV with a nominal value of \u20ac\ue61f1 000, a gross nominal interest of 4.0% per year and a term of 8 years, with maturity date on 9 June 2023 (the \u2018New Bonds\u2019). Bonds with a total value of \u20ac 15.9 million were exchanged. \u20ac 59.1 million was repaid on March 6, 2019, and the balance of \u20ac 15.9 million was repaid in June 2023.In January 2015, the Group also concluded a private placement of bonds with institutional investors for \u20ac 96.0 million: \u20ac 61.4 million was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement complies with the Group\u2019s financial strategy and serves to support expansion by increasing the diversification of the sources of financing and by refinancing the existing credits. In January 2022, \u20ac 61.4 million was repaid from available financial funds.In December 2017, the Group concluded a private placement of bonds with institutional investors for an amount of \u20ac 125.0 million: \u20ac 60.0 million was placed with a term of 8 years, and \u20ac 65.0 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement was primarily used to finance the acquisition of Landmark Cinemas in Canada.In July 2019, the Group concluded a private placement of bonds with institutional investors for \u20ac 225.0 million, with a term of 7.5 years. A fixed annual gross interest is paid on the bond. The private placement was mainly used to finance the various acquisitions in 2019, investments in the renovation of existing complexes and the construction of new complexes.In 2021, Kinepolis took an additional loan of \u20ac 80.0 million with Its main bankers for a term of 3 years, with a variable Interest rate and support via a government guarantee. Given the volatility of the market throughout 2022, Kinepolis decided to hedge the variable Interest rate to a fixed interest rate. The loan was repaid In January 2024, \u20ac 34 million from own cash, \u20ac 16 million from commercial paper and \u20ac30 million from a drawdown of the rollover credit.No securities were provided. Only several conditions apply with regard to the sale or the guarantee of certain of the Group\u2019s assets to a third party. Kinepolis is required to comply with conditions relating to, among others, the maximum debt ratio (covenants) on its bank debt. This relates to the roll-over credit of \u20ac 120.0 million (no outstanding draw per 31 December 2023). The credit taken out at the beginning of January 2021 for an amount of \u20ac 80.0 million is also covered by these covenants. No covenants apply to the majority of the other debts. There is only an increase in interest on the private placement of 2019 if a specific debt ratio is exceeded.The calculation of the covenants as well as the maximum or minimum values were adjusted during the revision of the credit agreement in 2019. The financial covenants consist of a maximum leverage ratio of 3.75, which temporarily increases to 4.25 in the case of a material acquisition, and a minimum interest coverage ratio of 4.5. In addition, there are a number of potentially restrictive commitments that restrict or prohibit certain trading transactions.The definitions of the covenants have been adapted to the standard IFRS 16: Leases. As such, for the determination of the leverage ratio, among other things, the net financial debt is corrected for the lease liabilities on the one hand, and the EBITDA is corrected for the impact of IFRS 16 on the other.As of December 31, 2023, the Group was in compliance with its covenants:\u2022 Net Financial Debt/adjusted EBITDA: 2.35 (maximum 3.75)\u2022 Interest Coverage (adjusted EBITDA/net interest cost): 10.29 (minimum 4.5)The additional credit of \u20ac 80.0 million, which was reimbursed in January 2024, in line with existing bank credit, provided for a number of conditions limiting asset disposals, acquisitions and dividend payments, above a financial debt ratio of 3.75.Interest payable on term loans is calculated based on the EURIBOR applicable for the selected borrowing period plus the negotiated margin. The average interest rate on the debt portfolio on 31 December 2023 was 2.66% (2022: 2.81%). Since the vast majority of loans are at a fixed interest rate, no sensitivity analysis was performed for the remaining variable portion.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWS The following table gives an overview of the contractual maturities for the non-discounted financial liabilities at 31 December, including the estimated interest payments:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALPrivate placement of bonds 11 723 415 754 427 477 10 598 405 156 415 754Public bond 16 513 16 513Trade payables 73 408 73 408 60 520 60 520Loans and borrowings with credit institutions3 423 80 700 84 123 80 783 80 783Other loans 12 519 12 519 16 000 16 000Bank overdrafts 113 113Non-derivative financial liabilities 117 587 496 454 614 041 168 014 405 156 573 170Interest rate swaps -349 -349 -278 -278Derivative financial instruments -349 -349 -278 -278TOTAL 117 587 496 105 613 692 167 736 405 156 572 892In respect of interest-bearing financial liabilities with a variable interest rate, the following table gives an overview of the expected maturities: IN \u2019000 \u20ac20222023TOTAL < 1 YEAR TOTAL < 1 YEARLoans and borrowings with credit institutions 80 000 80 000 80 000Other loans 12 500 12 500 16 000 16 000Bank overdraftsTOTAL 92 500 12 500 96 000 96 000",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__230": {
"value": "RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__227": {
"value": "RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2022 491 571 370 371 -21 017 147 555 -91 998 387Cash flow from financing activitiesPayment of lease liabilities incl. forgiveness 27-25 383 -25 383of lessee\u2019s lease paymentsProceeds from loans and borrowings2616 000 16 000Repayment of loans and borrowings26-28 378 -28 378Interest paid7-16 659 -16 659Interest received71 520 1 520Paid interest related to lease liabilities27-9 566 -9 566Purchase of treasury shares18, 20-9 903 -9 903Sale of treasury shares18, 20553 621 1 174Purchase of minority share -787 102 -685Dividends paid8-7 016 -7 016NET CASH FLOW \u2013 USED IN / -27 517 -34 949 -9 350 -7 182 102 -78 896+ FROM FINANCING ACTIVITIES Other adjustmentsInterest expenses716 412 16 412Refinancing costs26502 502Movement accrued interests -1 273 -1\ue61f273Movement lease liabilities2722 165 22 165Total other adjustments 15 641 22 165 37 805Total other equity adjustments 56 407 56 407BALANCE AT 31/12/2023 479 695 357 587 -30 367 196 780 11 1 003\ue61f703",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__231-1": {
"value": "24. Trade and other payablesOTHER NON-CURRENT PAYABLESIN \u2019000 \u20ac20222023Deferred grants 4 293 5 664Other payables 751 714TOTAL 5 044 6 378 The other non-current payables primarily comprise the grants that can be claimed from the CNC in France based on the number of visitors. In Spain, Kinepolis received capital grants from the government in 2023 to finance investment projects for innovation, digitalisation, and audio-visual techniques, financed by the European Union (the so-called \u2018Next Generation EU\u2019). Both grants, for\ue61fan\ue61famount of \u20ac 5.7 million (2022: \u20ac\ue61f4.3 million), are recognised as \u2018Other operating income\u2019 in\ue61fline with the depreciation rate of the assets for which these grants were obtained. We refer to note 4 for more information. The category \u2018Other payables\u2019 mainly includes guarantees received for \u20ac\ue61f0.7 million (2022: \u20ac 0.8 million).TRADE AND OTHER CURRENT PAYABLESIN \u2019000 \u20ac20222023Trade payables 73 408 60 520Gift vouchers 24 701 28 385Payables related to remuneration and social security 14 642 12 414Accrued charges and deferred income 6 960 5 329Tax payables, other than income taxes 7 630 7 693Other payables 391 296TOTAL 127 732 114 637Trade payables increased with \u20ac 12.9 million or 18.3% which is mainly related to lower activity in Q4 2023 compared to 2022 (less events, smaller films and timing of payments).Payables related to remuneration and social security decreased by \u20ac 2.2 million, mostly due to the timing of payments of bonuses. The other social payables remain approximately at the same level as 2022.On 31 December 2023, the accrued interest expenses with respect to the public and private bonds issued and loans and borrowings with credit institutions amounted to \u20ac\ue61f2.2 million (2022: \u20ac 2.6 million). The decrease is explained by a slightly lower debt ratio in 2023. For more information we refer to notes 21 and 26.The deferred income amounted to \u20ac 3.1 million on 31 December 2023 (2022: \u20ac 4.2 million), mainly due to a decrease in advance sales of cinema tickets. The tax payables, other than income taxes remained at the same level of \u20ac 7.7 million. The withholding taxes payable decreased with \u20ac 1.1 million, whereas the property taxes payable increased with \u20ac 0.8 million and the city taxes with \u20ac 0.5 million.The current contractual obligation with regard to gift vouchers amounted to \u20ac 28.4 million at 31 December 2023 (2022: \u20ac 24.7 million). The evolution of the balance of the current obligation regarding the gift vouchers depends on the evolution of the number of visitors and the period in which they can be used. The gift vouchers have an average duration to maturity of less than 12 months in Europe. In the United States, gift vouchers have a duration of five years, and in Canada, gift vouchers have an unlimited duration. CURRENT CONTRACTUAL OBLIGATION WITH REGARD TO THE GIFT VOUCHERS IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 27 855 24 701Newly issued gift vouchers 47 881 61 383Gift vouchers exercised or expired -51 164 -57 391Effect of exchange rate fluctuations 129 -245BALANCE AT END OF CURRENT PERIOD 24 701 28 385FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWS The following table gives an overview of the contractual maturities for the non-discounted financial liabilities at 31 December, including the estimated interest payments:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALPrivate placement of bonds 11 723 415 754 427 477 10 598 405 156 415 754Public bond 16 513 16 513Trade payables 73 408 73 408 60 520 60 520Loans and borrowings with credit institutions3 423 80 700 84 123 80 783 80 783Other loans 12 519 12 519 16 000 16 000Bank overdrafts 113 113Non-derivative financial liabilities 117 587 496 454 614 041 168 014 405 156 573 170Interest rate swaps -349 -349 -278 -278Derivative financial instruments -349 -349 -278 -278TOTAL 117 587 496 105 613 692 167 736 405 156 572 892",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__236-1": {
"value": "TRADE AND OTHER CURRENT PAYABLESIN \u2019000 \u20ac20222023Trade payables 73 408 60 520Gift vouchers 24 701 28 385Payables related to remuneration and social security 14 642 12 414Accrued charges and deferred income 6 960 5 329Tax payables, other than income taxes 7 630 7 693Other payables 391 296TOTAL 127 732 114 637On 31 December 2023, the accrued interest expenses with respect to the public and private bonds issued and loans and borrowings with credit institutions amounted to \u20ac\ue61f2.2 million (2022: \u20ac 2.6 million). The decrease is explained by a slightly lower debt ratio in 2023. For more information we refer to notes 21 and 26.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
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},
"s8_notes__7__233-1": {
"value": "TRADE AND OTHER CURRENT PAYABLESIN \u2019000 \u20ac20222023Trade payables 73 408 60 520Gift vouchers 24 701 28 385Payables related to remuneration and social security 14 642 12 414Accrued charges and deferred income 6 960 5 329Tax payables, other than income taxes 7 630 7 693Other payables 391 296TOTAL 127 732 114 637The deferred income amounted to \u20ac 3.1 million on 31 December 2023 (2022: \u20ac 4.2 million), mainly due to a decrease in advance sales of cinema tickets.The current contractual obligation with regard to gift vouchers amounted to \u20ac 28.4 million at 31 December 2023 (2022: \u20ac 24.7 million). The evolution of the balance of the current obligation regarding the gift vouchers depends on the evolution of the number of visitors and the period in which they can be used. The gift vouchers have an average duration to maturity of less than 12 months in Europe. In the United States, gift vouchers have a duration of five years, and in Canada, gift vouchers have an unlimited duration. CURRENT CONTRACTUAL OBLIGATION WITH REGARD TO THE GIFT VOUCHERS IN \u2019000 \u20ac20222023BALANCE AT END OF PREVIOUS PERIOD 27 855 24 701Newly issued gift vouchers 47 881 61 383Gift vouchers exercised or expired -51 164 -57 391Effect of exchange rate fluctuations 129 -245BALANCE AT END OF CURRENT PERIOD 24 701 28 385",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__238": {
"value": "25. Tax assets and liabilitiesNON-CURRENT TAX ASSETSIN \u2019000 \u20ac20222023Non-current tax assets 1 653 1 653In 2020, the Group was informed that it was going to receive a tax audit on the tax unit in Spain regarding corporate income taxes for the years 2015 and 2016. Throughout 2022, the authorities completed their audit work and the Group was informed that the Spanish authorities noticed disputes. As a result, Kinepolis had to pay an additional amount of \u20ac\ue61f1.7 million to the tax authorities in 2022. The Group has filed objections to these disputes. Based on the conclusions of the Group\u2019s tax advisors, there are technical and factual arguments that justify that it is more than likely that the dispute will be annulled by the authorities. As a result, the amount paid is recognised as a\ue61f\u2018Non-current tax asset\u2019 on the balance sheet. As of December 31, 2023, there is no evolution in the ongoing proceedings.CURRENT TAX ASSETS AND LIABILITIESIN \u2019000 \u20ac20222023Current tax assets 6 810 10 279Current tax liablities 2 960 1 884Current tax assets amount to \u20ac 10.3 million (2022: \u20ac\ue61f6.8 million). At the end of 2023 there are current tax assets in Belgium (\u20ac 8.5 million) and Luxembourg (\u20ac\ue61f1.5\ue61fmillion), due to prepayments which are higher than\ue61fthe taxes due. Current tax liabilities decreased from \u20ac 3.0 million to \u20ac\ue61f1.9\ue61fmillion in 2023. Current tax liabilities mainly consist of\ue61ftaxes payable in France (\u20ac 0.9 million) and the Netherlands (\u20ac 1.0 million), due to lower prepayments compared to the taxes due.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__240-1": {
"value": "26. Risk management and financial instrumentsFINANCIAL INSTRUMENTSDEBT PORTFOLIOOn 15 February 2012, within the framework of the refinancing of its existing syndicated credit and the financing of the further general development of the Group, Kinepolis Group NV signed a \u20ac 90.0 million credit agreement with ING Belgium, KBC Bank and BNP Paribas Fortis until 31 March 2017 (roll-over credit). At the end of June 2015, this existing credit facility was renewed with the bank consortium for the full term until the end of June 2020. In May 2016, the term of the existing credit agreement for \u20ac 90.0 million was extended by one year, to June 2021. In December 2019, the existing credit agreement for the roll-over credit was revised and extended. Belfius was added to the existing bank consortium, and the roll-over credit was expanded from \u20ac 90.0 million to \u20ac 120.0 million. Of this, \u20ac 30.0 million can be drawn in a currency other than Euro. In December 2021, the maturity date of the roll-over credit was extended from December 2024 to December 2026, by exercising the two foreseen extension options. On 31 December 2023, there is no outstanding draw on this credit facility (2022: \u20ac 0.0 million). At the end of 2023, the outstanding \u2018Commercial Paper\u2019 debt was \u20ac 16.0 million (2022: \u20ac 12.5 million). This outstanding balance reduces the availability of the roll-over credit by the same amount.On 6 March 2012, the Group issued an unsubordinated bond in Belgium for \u20ac 75.0 million. The bonds mature in 7\ue61fyears and have a fixed annual gross interest of 4.75%. On 12 May 2015, Kinepolis Group NV announced the launch of an unconditional public exchange offer on all outstanding \u20ac 75.0 million fixed interest bonds with a gross interest of 4.75% and a maturity date on 6 March 2019. Holders of the existing bonds had the opportunity to exchange their existing bonds for new bonds to be issued by Kinepolis Group NV with a nominal value of \u20ac\ue61f1 000, a gross nominal interest of 4.0% per year and a term of 8 years, with maturity date on 9 June 2023 (the \u2018New Bonds\u2019). Bonds with a total value of \u20ac 15.9 million were exchanged. \u20ac 59.1 million was repaid on March 6, 2019, and the balance of \u20ac 15.9 million was repaid in June 2023.In January 2015, the Group also concluded a private placement of bonds with institutional investors for \u20ac 96.0 million: \u20ac 61.4 million was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement complies with the Group\u2019s financial strategy and serves to support expansion by increasing the diversification of the sources of financing and by refinancing the existing credits. In January 2022, \u20ac 61.4 million was repaid from available financial funds.In December 2017, the Group concluded a private placement of bonds with institutional investors for an amount of \u20ac 125.0 million: \u20ac 60.0 million was placed with a term of 8 years, and \u20ac 65.0 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement was primarily used to finance the acquisition of Landmark Cinemas in Canada.In July 2019, the Group concluded a private placement of bonds with institutional investors for \u20ac 225.0 million, with a term of 7.5 years. A fixed annual gross interest is paid on the bond. The private placement was mainly used to finance the various acquisitions in 2019, investments in the renovation of existing complexes and the construction of new complexes.In 2021, Kinepolis took an additional loan of \u20ac 80.0 million with Its main bankers for a term of 3 years, with a variable Interest rate and support via a government guarantee. Given the volatility of the market throughout 2022, Kinepolis decided to hedge the variable Interest rate to a fixed interest rate. The loan was repaid In January 2024, \u20ac 34 million from own cash, \u20ac 16 million from commercial paper and \u20ac30 million from a drawdown of the rollover credit.No securities were provided. Only several conditions apply with regard to the sale or the guarantee of certain of the Group\u2019s assets to a third party. Kinepolis is required to comply with conditions relating to, among others, the maximum debt ratio (covenants) on its bank debt. This relates to the roll-over credit of \u20ac 120.0 million (no outstanding draw per 31 December 2023). The credit taken out at the beginning of January 2021 for an amount of \u20ac 80.0 million is also covered by these covenants. No covenants apply to the majority of the other debts. There is only an increase in interest on the private placement of 2019 if a specific debt ratio is exceeded.The calculation of the covenants as well as the maximum or minimum values were adjusted during the revision of the credit agreement in 2019. The financial covenants consist of a maximum leverage ratio of 3.75, which temporarily increases to 4.25 in the case of a material acquisition, and a minimum interest coverage ratio of 4.5. In addition, there are a number of potentially restrictive commitments that restrict or prohibit certain trading transactions.The definitions of the covenants have been adapted to the standard IFRS 16: Leases. As such, for the determination of the leverage ratio, among other things, the net financial debt is corrected for the lease liabilities on the one hand, and the EBITDA is corrected for the impact of IFRS 16 on the other.As of December 31, 2023, the Group was in compliance with its covenants:\u2022 Net Financial Debt/adjusted EBITDA: 2.35 (maximum 3.75)\u2022 Interest Coverage (adjusted EBITDA/net interest cost): 10.29 (minimum 4.5)The additional credit of \u20ac 80.0 million, which was reimbursed in January 2024, in line with existing bank credit, provided for a number of conditions limiting asset disposals, acquisitions and dividend payments, above a financial debt ratio of 3.75.Interest payable on term loans is calculated based on the EURIBOR applicable for the selected borrowing period plus the negotiated margin. The average interest rate on the debt portfolio on 31 December 2023 was 2.66% (2022: 2.81%). Since the vast majority of loans are at a fixed interest rate, no sensitivity analysis was performed for the remaining variable portion.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWS The following table gives an overview of the contractual maturities for the non-discounted financial liabilities at 31 December, including the estimated interest payments:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALPrivate placement of bonds 11 723 415 754 427 477 10 598 405 156 415 754Public bond 16 513 16 513Trade payables 73 408 73 408 60 520 60 520Loans and borrowings with credit institutions3 423 80 700 84 123 80 783 80 783Other loans 12 519 12 519 16 000 16 000Bank overdrafts 113 113Non-derivative financial liabilities 117 587 496 454 614 041 168 014 405 156 573 170Interest rate swaps -349 -349 -278 -278Derivative financial instruments -349 -349 -278 -278TOTAL 117 587 496 105 613 692 167 736 405 156 572 892In respect of interest-bearing financial liabilities with a variable interest rate, the following table gives an overview of the expected maturities: IN \u2019000 \u20ac20222023TOTAL < 1 YEAR TOTAL < 1 YEARLoans and borrowings with credit institutions 80 000 80 000 80 000Other loans 12 500 12 500 16 000 16 000Bank overdraftsTOTAL 92 500 12 500 96 000 96 000HEDGING ACTIVITIES The Group uses derivative financial instruments to hedge the interest rate risk and the foreign currency risk. All derivative financial instruments are measured at fair value. The following table gives the remaining term of the outstanding derivative financial instruments at balance sheet date. The\ue61famounts given in this table are the nominal values. IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALInterest rate swaps 80 000 80 000 80 000 80 000TOTAL 80 000 80 000 80 000 80 000FAIR VALUEThe fair value is the amount at which an asset can be traded or a liability settled in an orderly transaction between well-informed, willing parties, following the arm\u2019s length principle.The following table discloses the actual fair value and the carrying amount of the main interest-bearing financial loans and borrowings (measured at amortised cost). IN \u2019000 \u20ac20222023CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VA LUEPrivate placement of bonds \u2013 fixed interest rate 384 600 346 322 384 600 355 955Public bond \u2013 fixed interest rate 15 878 15 613Interest-bearing loans \u2013 variable interest rate 92 500 92 500 96 000 96 000Bank overdrafts 113 113Transaction costs refinancing -1 407 -1 407 -905 -905TOTAL 491 571 453 028 479 808 451 955 The following table gives the nominal or contractual amounts and the actual fair value of all outstanding derivative financial instruments (cash flow hedging instruments). The nominal or contractual amounts reflect the volume of the derivative financial instruments outstanding at the balance sheet date. As such, they represent the Group\u2019s risk on these transactions.IN \u2019000 \u20ac20222023NOMINAL VALUE FAIR VALUE NOMINAL VALUE FAIR VALUEInterest rate swap 80 000 349 80 000 278TOTAL 80 000 349 80 000 278The fair value of financial products related to the interest rates is determined by discounting the expected future cash flows, taking into account the current market interest rates and the interest rate curve for the remaining life of the instrument. There\ue61fwere no outstanding forward exchange contracts at 31 December 2023.The fair value of the derivative instruments is included in the balance sheet of the Group as follows (value before tax):IN \u2019000 \u20ac20222023ASSETS LIABILITIES NET VALUE ASSETS LIABILITIES NET VALUENon-current 349 349 278 278TOTAL 349 349 278 278The change in the fair value of the derivative financial instruments on the balance sheet is as follows:IN \u2019000 \u20acCARRYING AMOUNTINCLUDED IN THE FOLLOWING LINE ITEM CHANGES IN THE FAIR VALUE OF NOMINALIN THE STATEMENT THE HEDGING INSTRUMENT INCLUDED VALUEOF FINANCIAL POSITIONIN OTHER COMPREHENSIVE INCOMEASSETS LIABILITIESInterest rate swap 80 000 278 Derivative financial instruments -70FAIR VALUE \u2013 HIERARCHYThe following table provides an overview of financial instruments recognised at fair value by the valuation method. The\ue61fdifferent levels are defined as follows:\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: input that does not refer to any quoted market price included in level 1, and that is observable for the asset or the\ue61fliability, either directly (i.e., as price) or indirectly (i.e., derived from price).\u2022 Level 3: input for the asset that is, or the liability that is not based on observable market data (unobservable input).IN \u2019000 \u20ac20222023LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3Cash flow hedging \u2013 CurrencyInterest rate swaps 349 278TOTAL 349 278LEVEL 3 FAIR VALUES Per 31 December 2023 there were no contingent considerations (2022: \u20ac 0.0 million).",
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"s8_notes__7__239": {
"value": "26. Risk management and financial instrumentsRISK MANAGEMENTFINANCIAL RISK MANAGEMENTThe Group\u2019s principal financial instruments are bank loans, private and public bonds, lease liabilities and cash.The Group has various other financial instruments, such as trade and other receivables and payables, which arise directly from its operations.The Group also enters into derivative transactions, primarily interest rate forward contracts, interest rate swaps and forward exchange contracts. The purpose is to manage the interest rate and foreign currency risks arising from the Group\u2019s activities and its sources of financing.The main risks arising from the Group\u2019s financial instruments are the interest rate risk, the liquidity risk, the foreign currency risk and the credit risk. It is Group\u2019s policy to negotiate the terms of the derivative financial instruments to match the terms of the hedged item, so as to maximise hedge effectiveness.It is Group\u2019s policy not to allow the use of derivative financial instruments for speculative purposes.The Board of Directors investigates and approves policies for managing each of these risks. These policies are summarised in this document. The accounting treatment of the derivative financial instruments is included in the accounting policies.INTEREST RATE RISKThe Group\u2019s exposure to market risk arising from changes in interest rates primarily relates to the Group\u2019s current and non-current loans and borrowings.Group policy is to manage interest rate expenses with a mixture of fixed and variable interest rate liabilities. To manage this mix in a cost-efficient manner, the Group can enter into certain transactions:\u2022 Interest rate swaps and interest rate forward contracts in which the Group agrees to exchange, at specified intervals, the difference between the fixed and variable interest amounts, calculated by reference to a pre-agreed principal amount;\u2022 Interest rate derivatives with fixed ceilings, hence limiting the impact of interest rate fluctuations.The Group pursues a conservative financial policy and, since 2008, only uses derivative financial instruments to hedge the interest rate risk. At the balance sheet date, the Group had only interest rate swap agreements outstanding, on which the Group receives a variable interest rate equal to EURIBOR and pays a fixed interest rate. These swaps are used to cover the variability in the cash flows of the underlying loans. These interest rate swaps are classified as cash flow hedges in accordance with IFRS 9 hedge accounting. Consequently, the portion of the profit or loss on the interest rate swap, which can be considered to be an effective hedge, is recognised directly in equity. The total of the changes in the fair value of the interest rate swaps recognised in equity gives rise to a \u20ac -0.1 million decrease in equity before deferred taxes on 31 December 2023 (2022: \u20ac 0.4 million).On 31 December 2023, considering the effect of interest rate swaps, 96.67% of the Group\u2019s loans and borrowings had been contracted at a fixed interest rate (2022: 97.46%).INTEREST RATE RISK SENSITIVITY ANALYSISThe interest-bearing loans and borrowings at the balance sheet date were \u20ac 480.6 million (2022: \u20ac 493.0 million). \u20ac\ue61f96.0 million or 20.0% of the interest-bearing loans and borrowings have a variable interest rate, without taking into account the effect of the interest rate swaps (2022: \u20ac\ue61f92.5 million or 18.8%).Total interest expenses, excluding interest expenses attributed to the lease liabilities, charged to the income statement in 2023, amount to \u20ac 16.4 million (2022: \u20ac\ue61f15.3 million).Given the volatility of the market through 2022, Kinepolis has decided to hedge the variable interest rate to a fixed interest rate for the loan of \u20ac 80.0 million until the expiry date of the loan.FOREIGN CURRENCY RISKThe Group has a foreign currency risk on positions that derive from purchases or sales and from outstanding loans and borrowings with group companies in currencies other than the functional currency (Euro) (transactional risk). Group policy is focused to limit the cash impact of exchange rate fluctuations on the result as much as possible. Derivative instruments can be used at any time to hedge this risk.34.1% (2022: 34.4%) of the sales of the group companies are denominated in currencies other than the functional currency, in particular the sales of Landmark Cinemas (Canada) in Canadian Dollar and the sales of MJR Theatres (United States) in US Dollar. Given the fact that the cash flows from these countries are reinvested in the countries concerned, there are no forward contracts to hedge the foreign currency risk of the operational cash flows from these countries. The purchases of the subsidiaries of the Group mainly concern the purchases of materials by the Group in US and Canadian Dollar. On 31 December 2023, the Group has no outstanding forward exchange contracts (2022: $ 0.0 million) with the intention of hedging this risk.Loans between Kinepolis Financial Services NV or Kinepolis Group NV and other group companies are expressed in the currency of the latter. Exchange rate results regarding the non-current loans in Canadian Dollar, US Dollar, Swiss Franc and Polish Z\u0142oty from Kinepolis Financial Services NV to Kinepolis Canada LTD, Kinepolis Schweiz AG and Kinepolis Pozna\u0144 Sp.z o.o, as well as from Kinepolis Group NV to Kinepolis US INC are recognised in other comprehensive income, as these loans are considered to be part of the Group\u2019s net investment in these foreign entities.The following exchange rate results were recorded directly in equity, before taxes:IN \u2019000 \u20ac20222023Canadian Dollar -392 -1 329US Dollar 5 771 -3 268Polish Z\u0142oty -66 262Swiss Franc 426 558TOTAL 5 738 -3 777The Group is also exposed to a foreign currency risk due to the inclusion in the consolidation of foreign companies that do not have the Euro as their functional currency (Canada, United States, Switzerland and Poland). This translation risk is not hedged. Only the US and Canadian Dollar have a material effect.The tables below state the possible exchange rate changes for the Canadian Dollar, US Dollar, Polish Z\u0142oty and Swiss Franc against the Euro, estimated based on theoretical and actual volatility. The actual volatility has been determined based on the evolution of the rate over the past 5 years.SENSITIVITY ANALYSIS FOR FOREIGN CURRENCY RISK1 EURO CLOSING RATEAVERAGETHEORETICAL POSSIBLE CLOSING RATEPOSSIBLE AVER AGECORRESPONDS TO:31/12/2023RATE 2023VOLATILITY31/12/2023RATE 2023Canadian Dollar 1.4642 1.4595 10% 1.32 - 1.61 1.31 - 1.61US Dollar 1.1050 1.0813 10% 0.99 - 1.22 0.97 - 1.19Polish Z\u0142oty 4.3395 4.5420 10% 3.91 - 4.77 4.09 - 5.00Swiss Franc 0.9260 0.9718 10% 0.83 - 1.02 0.87 - 1.07If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2023 would have been \u20ac 0.6 million lower or \u20ac 0.5 million higher, and equity would be \u20ac 15.1 million higher or \u20ac 12.4 million lower at the end of 2023. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.1 EURO CLOSING RATEAVERAGEACTUALPOSSIBLE CLOSING RATEPOSSIBLE AVER AGECORRESPONDS TO:31/12/2023RATE 2023VOLATILITY31/12/2023RATE 2023Canadian Dollar 1.4642 1.4595 5.68% 1.38 - 1.55 1.38 - 1.54US Dollar 1.1050 1.0813 7.22% 1.03 - 1.18 1.00 - 1.16Polish Z\u0142oty 4.3395 4.5420 5.47% 4.10 - 4.58 4.29 - 4.79Swiss Franc 0.9260 0.9718 5.14% 0.88 - 0.97 0.92 - 1.02If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2023 would have been \u20ac 0.4 million lower or \u20ac 0.3 million higher, and equity would be \u20ac 9.5 million higher or \u20ac 8.3 million lower at the end of 2023. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.CREDIT RISKThe credit risk with respect to trade receivables is the risk of financial loss to which the Group is exposed if a customer fails to meet the contractual obligations. Credit losses are recognised on the basis of a model based on \u2018expected credit losses\u2019 in line with IFRS 9 \u2013 Financial Instruments. The application of this model requires judgement by the Group, taking into account the impact of changes in economic factors on expected credit losses.In accordance with IFRS 9, the loss allowances will be determined on the following basis:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument. The determination on the basis of expected credit losses over the full life cycle always applies to trade receivables and contractual assets without a significant financing component.In order to assess the materiality of the provision for impairment losses, Kinepolis conducted an analysis over a five-year period (2019-2023). The Group recognised an average of less than 0.01% (2018-2022: 0.08%) of total revenue, which is considered to be immaterial. The majority of the activities of the Group are cash-based transactions. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the receivable balance is monitored on an ongoing basis. Based on the above analysis, the Group decided that the impact of the model based on expected credit losses over the full life cycle of Kinepolis Group is immaterial.With regard to credit risk from the other financial assets of the Group, including cash and cash equivalents, financial assets measured at fair value through other comprehensive income and certain derivative financial instruments, the Group\u2019s exposure to credit risk consists of the counterparty default risk, with a maximum exposure equal to the carrying amount of these instruments.There are no significant concentrations of credit risk within the Group. The Group has no customers that account for more than 10% of revenue.LIQUIDITY RISKThe Group\u2019s goal is to ensure that there is sufficient financing for the long term. The financing need is determined based on the strategic long-term plan. Various credit forms are used to guarantee the continuity and flexibility of the financing, including bonds, credit lines and bank loans. The Group\u2019s liquidity is managed through the in-house bank, Kinepolis Financial Services NV.CAPITAL MANAGEMENTThe Board of Directors\u2019 policy is aimed at maintaining a strong capital position in order to retain the confidence of investors, creditors and markets and to safeguard the future development of the business activities. The Board of Directors monitors the return on equity, which is defined by the Group as the operating result divided by equity, excluding non-controlling interests. The Board of Directors also monitors the level of the dividend payable to the shareholders if circumstances permit.The Board of Directors seeks a balance between the higher return that is potentially available with a higher level of debt on the one hand, and the benefits and security of a solid equity position on the other. In seeking this balance, the Board of Directors\u2019 objective is to achieve the pre-defined level of ratios of net financial debt to EBITDAL and net financial debt to equity.The Board of Directors believed that the ratios of net financial debt to equity and net financial debt to EBITDA were at risk of becoming too low as from mid 2010, and therefore proposed to the General Meeting to reduce the share capital and to buy back and destroy treasury shares with the aim of improving the ratios, and thereby create shareholder value. After approval by the Extraordinary General Meeting of 20 May 2011, the capital was therefore reduced by \u20ac 30.0 million and shares were bought back between 2011 and 2015, for the hedging of options on the one hand, and for cancellation on the other, which has taken place in the meantime. The expansion strategy of Kinepolis Group was started in 2014 and, due to the success of this expansion program, the capital optimisation program was stopped in 2015. To hedge against a new option plan in 2023, two new share repurchase programs were initiated: a first between June 13, 2023, and August 16, 2023 in which 117,699 shares were repurchased, and a second between September 25 and March 24, 2024, which closed early on February 14, 2024 after reaching the anticipated maximum of 115\ue61f000 shares. The Group continues to strive for a combination of a higher-than-average market return with a lower-than-average risk through the combination of its strategic pillars with an expansion strategy based on improvement potential, and a cautious financial policy regarding the debt ratio, taking the real estate position of the Group into account.Kinepolis Group bought 219 699 shares for a total amount of \u20ac 9 903 408.19 in 2023. The total number of treasury shares on 31 December 2023 amounts to 588\ue61f121 (2022: 396 076). The majority of these shares are intended to cover the Group\u2019s current stock option plan. In 2023, 27 654 treasury shares were sold (2022:\ue61f25 156).",
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"s8_notes__7__242": {
"value": "CREDIT RISKThe credit risk with respect to trade receivables is the risk of financial loss to which the Group is exposed if a customer fails to meet the contractual obligations. Credit losses are recognised on the basis of a model based on \u2018expected credit losses\u2019 in line with IFRS 9 \u2013 Financial Instruments. The application of this model requires judgement by the Group, taking into account the impact of changes in economic factors on expected credit losses.In accordance with IFRS 9, the loss allowances will be determined on the following basis:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument. The determination on the basis of expected credit losses over the full life cycle always applies to trade receivables and contractual assets without a significant financing component.In order to assess the materiality of the provision for impairment losses, Kinepolis conducted an analysis over a five-year period (2019-2023). The Group recognised an average of less than 0.01% (2018-2022: 0.08%) of total revenue, which is considered to be immaterial. The majority of the activities of the Group are cash-based transactions. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, the receivable balance is monitored on an ongoing basis. Based on the above analysis, the Group decided that the impact of the model based on expected credit losses over the full life cycle of Kinepolis Group is immaterial.With regard to credit risk from the other financial assets of the Group, including cash and cash equivalents, financial assets measured at fair value through other comprehensive income and certain derivative financial instruments, the Group\u2019s exposure to credit risk consists of the counterparty default risk, with a maximum exposure equal to the carrying amount of these instruments.There are no significant concentrations of credit risk within the Group. The Group has no customers that account for more than 10% of revenue.",
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},
"s8_notes__7__243": {
"value": "LIQUIDITY RISKThe Group\u2019s goal is to ensure that there is sufficient financing for the long term. The financing need is determined based on the strategic long-term plan. Various credit forms are used to guarantee the continuity and flexibility of the financing, including bonds, credit lines and bank loans. The Group\u2019s liquidity is managed through the in-house bank, Kinepolis Financial Services NV.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__244": {
"value": "CAPITAL MANAGEMENTThe Board of Directors\u2019 policy is aimed at maintaining a strong capital position in order to retain the confidence of investors, creditors and markets and to safeguard the future development of the business activities. The Board of Directors monitors the return on equity, which is defined by the Group as the operating result divided by equity, excluding non-controlling interests. The Board of Directors also monitors the level of the dividend payable to the shareholders if circumstances permit.The Board of Directors seeks a balance between the higher return that is potentially available with a higher level of debt on the one hand, and the benefits and security of a solid equity position on the other. In seeking this balance, the Board of Directors\u2019 objective is to achieve the pre-defined level of ratios of net financial debt to EBITDAL and net financial debt to equity.The Board of Directors believed that the ratios of net financial debt to equity and net financial debt to EBITDA were at risk of becoming too low as from mid 2010, and therefore proposed to the General Meeting to reduce the share capital and to buy back and destroy treasury shares with the aim of improving the ratios, and thereby create shareholder value. After approval by the Extraordinary General Meeting of 20 May 2011, the capital was therefore reduced by \u20ac 30.0 million and shares were bought back between 2011 and 2015, for the hedging of options on the one hand, and for cancellation on the other, which has taken place in the meantime. The expansion strategy of Kinepolis Group was started in 2014 and, due to the success of this expansion program, the capital optimisation program was stopped in 2015. To hedge against a new option plan in 2023, two new share repurchase programs were initiated: a first between June 13, 2023, and August 16, 2023 in which 117,699 shares were repurchased, and a second between September 25 and March 24, 2024, which closed early on February 14, 2024 after reaching the anticipated maximum of 115\ue61f000 shares. The Group continues to strive for a combination of a higher-than-average market return with a lower-than-average risk through the combination of its strategic pillars with an expansion strategy based on improvement potential, and a cautious financial policy regarding the debt ratio, taking the real estate position of the Group into account.Kinepolis Group bought 219 699 shares for a total amount of \u20ac 9 903 408.19 in 2023. The total number of treasury shares on 31 December 2023 amounts to 588\ue61f121 (2022: 396 076). The majority of these shares are intended to cover the Group\u2019s current stock option plan. In 2023, 27 654 treasury shares were sold (2022:\ue61f25 156).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__245-1": {
"value": "FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWS The following table gives an overview of the contractual maturities for the non-discounted financial liabilities at 31 December, including the estimated interest payments:IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALPrivate placement of bonds 11 723 415 754 427 477 10 598 405 156 415 754Public bond 16 513 16 513Trade payables 73 408 73 408 60 520 60 520Loans and borrowings with credit institutions3 423 80 700 84 123 80 783 80 783Other loans 12 519 12 519 16 000 16 000Bank overdrafts 113 113Non-derivative financial liabilities 117 587 496 454 614 041 168 014 405 156 573 170Interest rate swaps -349 -349 -278 -278Derivative financial instruments -349 -349 -278 -278TOTAL 117 587 496 105 613 692 167 736 405 156 572 892HEDGING ACTIVITIES The Group uses derivative financial instruments to hedge the interest rate risk and the foreign currency risk. All derivative financial instruments are measured at fair value. The following table gives the remaining term of the outstanding derivative financial instruments at balance sheet date. The\ue61famounts given in this table are the nominal values. IN \u2019000 \u20ac20222023< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALInterest rate swaps 80 000 80 000 80 000 80 000TOTAL 80 000 80 000 80 000 80 000The following table gives the nominal or contractual amounts and the actual fair value of all outstanding derivative financial instruments (cash flow hedging instruments). The nominal or contractual amounts reflect the volume of the derivative financial instruments outstanding at the balance sheet date. As such, they represent the Group\u2019s risk on these transactions.IN \u2019000 \u20ac20222023NOMINAL VALUE FAIR VALUE NOMINAL VALUE FAIR VALUEInterest rate swap 80 000 349 80 000 278TOTAL 80 000 349 80 000 278The fair value of financial products related to the interest rates is determined by discounting the expected future cash flows, taking into account the current market interest rates and the interest rate curve for the remaining life of the instrument. There\ue61fwere no outstanding forward exchange contracts at 31 December 2023.The fair value of the derivative instruments is included in the balance sheet of the Group as follows (value before tax):IN \u2019000 \u20ac20222023ASSETS LIABILITIES NET VALUE ASSETS LIABILITIES NET VALUENon-current 349 349 278 278TOTAL 349 349 278 278The change in the fair value of the derivative financial instruments on the balance sheet is as follows:IN \u2019000 \u20acCARRYING AMOUNTINCLUDED IN THE FOLLOWING LINE ITEM CHANGES IN THE FAIR VALUE OF NOMINALIN THE STATEMENT THE HEDGING INSTRUMENT INCLUDED VALUEOF FINANCIAL POSITIONIN OTHER COMPREHENSIVE INCOMEASSETS LIABILITIESInterest rate swap 80 000 278 Derivative financial instruments -70FAIR VALUE \u2013 HIERARCHYThe following table provides an overview of financial instruments recognised at fair value by the valuation method. The\ue61fdifferent levels are defined as follows:\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: input that does not refer to any quoted market price included in level 1, and that is observable for the asset or the\ue61fliability, either directly (i.e., as price) or indirectly (i.e., derived from price).\u2022 Level 3: input for the asset that is, or the liability that is not based on observable market data (unobservable input).IN \u2019000 \u20ac20222023LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3Cash flow hedging \u2013 CurrencyInterest rate swaps 349 278TOTAL 349 278",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__251-1": {
"value": "FAIR VALUEThe fair value is the amount at which an asset can be traded or a liability settled in an orderly transaction between well-informed, willing parties, following the arm\u2019s length principle.The following table discloses the actual fair value and the carrying amount of the main interest-bearing financial loans and borrowings (measured at amortised cost). IN \u2019000 \u20ac20222023CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VA LUEPrivate placement of bonds \u2013 fixed interest rate 384 600 346 322 384 600 355 955Public bond \u2013 fixed interest rate 15 878 15 613Interest-bearing loans \u2013 variable interest rate 92 500 92 500 96 000 96 000Bank overdrafts 113 113Transaction costs refinancing -1 407 -1 407 -905 -905TOTAL 491 571 453 028 479 808 451 955 The following table gives the nominal or contractual amounts and the actual fair value of all outstanding derivative financial instruments (cash flow hedging instruments). The nominal or contractual amounts reflect the volume of the derivative financial instruments outstanding at the balance sheet date. As such, they represent the Group\u2019s risk on these transactions.IN \u2019000 \u20ac20222023NOMINAL VALUE FAIR VALUE NOMINAL VALUE FAIR VALUEInterest rate swap 80 000 349 80 000 278TOTAL 80 000 349 80 000 278The fair value of financial products related to the interest rates is determined by discounting the expected future cash flows, taking into account the current market interest rates and the interest rate curve for the remaining life of the instrument. There\ue61fwere no outstanding forward exchange contracts at 31 December 2023.The fair value of the derivative instruments is included in the balance sheet of the Group as follows (value before tax):IN \u2019000 \u20ac20222023ASSETS LIABILITIES NET VALUE ASSETS LIABILITIES NET VALUENon-current 349 349 278 278TOTAL 349 349 278 278The change in the fair value of the derivative financial instruments on the balance sheet is as follows:IN \u2019000 \u20acCARRYING AMOUNTINCLUDED IN THE FOLLOWING LINE ITEM CHANGES IN THE FAIR VALUE OF NOMINALIN THE STATEMENT THE HEDGING INSTRUMENT INCLUDED VALUEOF FINANCIAL POSITIONIN OTHER COMPREHENSIVE INCOMEASSETS LIABILITIESInterest rate swap 80 000 278 Derivative financial instruments -70FAIR VALUE \u2013 HIERARCHYThe following table provides an overview of financial instruments recognised at fair value by the valuation method. The\ue61fdifferent levels are defined as follows:\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: input that does not refer to any quoted market price included in level 1, and that is observable for the asset or the\ue61fliability, either directly (i.e., as price) or indirectly (i.e., derived from price).\u2022 Level 3: input for the asset that is, or the liability that is not based on observable market data (unobservable input).IN \u2019000 \u20ac20222023LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3Cash flow hedging \u2013 CurrencyInterest rate swaps 349 278TOTAL 349 278LEVEL 3 FAIR VALUES Per 31 December 2023 there were no contingent considerations (2022: \u20ac 0.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__249-1": {
"value": "FAIR VALUEThe fair value is the amount at which an asset can be traded or a liability settled in an orderly transaction between well-informed, willing parties, following the arm\u2019s length principle.The following table discloses the actual fair value and the carrying amount of the main interest-bearing financial loans and borrowings (measured at amortised cost). IN \u2019000 \u20ac20222023CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VA LUEPrivate placement of bonds \u2013 fixed interest rate 384 600 346 322 384 600 355 955Public bond \u2013 fixed interest rate 15 878 15 613Interest-bearing loans \u2013 variable interest rate 92 500 92 500 96 000 96 000Bank overdrafts 113 113Transaction costs refinancing -1 407 -1 407 -905 -905TOTAL 491 571 453 028 479 808 451 955 The following table gives the nominal or contractual amounts and the actual fair value of all outstanding derivative financial instruments (cash flow hedging instruments). The nominal or contractual amounts reflect the volume of the derivative financial instruments outstanding at the balance sheet date. As such, they represent the Group\u2019s risk on these transactions.IN \u2019000 \u20ac20222023NOMINAL VALUE FAIR VALUE NOMINAL VALUE FAIR VALUEInterest rate swap 80 000 349 80 000 278TOTAL 80 000 349 80 000 278The fair value of financial products related to the interest rates is determined by discounting the expected future cash flows, taking into account the current market interest rates and the interest rate curve for the remaining life of the instrument. There\ue61fwere no outstanding forward exchange contracts at 31 December 2023.The fair value of the derivative instruments is included in the balance sheet of the Group as follows (value before tax):IN \u2019000 \u20ac20222023ASSETS LIABILITIES NET VALUE ASSETS LIABILITIES NET VALUENon-current 349 349 278 278TOTAL 349 349 278 278The change in the fair value of the derivative financial instruments on the balance sheet is as follows:IN \u2019000 \u20acCARRYING AMOUNTINCLUDED IN THE FOLLOWING LINE ITEM CHANGES IN THE FAIR VALUE OF NOMINALIN THE STATEMENT THE HEDGING INSTRUMENT INCLUDED VALUEOF FINANCIAL POSITIONIN OTHER COMPREHENSIVE INCOMEASSETS LIABILITIESInterest rate swap 80 000 278 Derivative financial instruments -70FAIR VALUE \u2013 HIERARCHYThe following table provides an overview of financial instruments recognised at fair value by the valuation method. The\ue61fdifferent levels are defined as follows:\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: input that does not refer to any quoted market price included in level 1, and that is observable for the asset or the\ue61fliability, either directly (i.e., as price) or indirectly (i.e., derived from price).\u2022 Level 3: input for the asset that is, or the liability that is not based on observable market data (unobservable input).IN \u2019000 \u20ac20222023LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3Cash flow hedging \u2013 CurrencyInterest rate swaps 349 278TOTAL 349 278LEVEL 3 FAIR VALUES Per 31 December 2023 there were no contingent considerations (2022: \u20ac 0.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__253": {
"value": "The RealD 3D equipment used by the Group is included under the right-of-use assets (\u20ac 1.5 million). As these assets are fully prepaid, there is no outstanding lease liability for these assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__257": {
"value": "29. ContingenciesAt the end of 2023 the Group had unrecognised contractual obligations for \u20ac 10.5 million (2022: \u20ac 1.5 million). These mainly concerned conditional contractual obligations for potential investments in real estate and minimum guarantee commitments of Kinepolis Film Distribution NV towards Dutch Filmworks BV and local producers for films that have not yet been released, but for which contractual obligations already exist.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__255-1": {
"value": "28. Capital commitmentsAt 31 December 2023, the Group had material capital commitments for \u20ac 9.1 million. This mainly concerns commitments related to the renovation of the newly acquired cinema complex in B\u00e9ziers (\u20ac 2.2 million), renovation of technical installations and parking in other complexes in France (\u20ac 1.3 million), new projectors for \u20ac 0.3 million, renovation in a complex in Orleans (CA) for \u20ac 0.2 million and commitments regarding the completion of the cinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac 0.2 million. The Group also has committed to renovate the complex in Windsor (CA), that was acquired in 2024, for an amount of \u20ac 4.7 million.At 31 December 2022, the Group had material capital commitments for \u20ac 0.7 million. This mainly concerned commitments related to new servers for \u20ac 0.3 million and\ue61fcommitments regarding the completion of the\ue61fcinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac\ue61f0.1\ue61fmillion.29. ContingenciesAt the end of 2023 the Group had unrecognised contractual obligations for \u20ac 10.5 million (2022: \u20ac 1.5 million). These mainly concerned conditional contractual obligations for potential investments in real estate and minimum guarantee commitments of Kinepolis Film Distribution NV towards Dutch Filmworks BV and local producers for films that have not yet been released, but for which contractual obligations already exist.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__254": {
"value": "28. Capital commitmentsAt 31 December 2023, the Group had material capital commitments for \u20ac 9.1 million. This mainly concerns commitments related to the renovation of the newly acquired cinema complex in B\u00e9ziers (\u20ac 2.2 million), renovation of technical installations and parking in other complexes in France (\u20ac 1.3 million), new projectors for \u20ac 0.3 million, renovation in a complex in Orleans (CA) for \u20ac 0.2 million and commitments regarding the completion of the cinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac 0.2 million. The Group also has committed to renovate the complex in Windsor (CA), that was acquired in 2024, for an amount of \u20ac 4.7 million.At 31 December 2022, the Group had material capital commitments for \u20ac 0.7 million. This mainly concerned commitments related to new servers for \u20ac 0.3 million and\ue61fcommitments regarding the completion of the\ue61fcinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac\ue61f0.1\ue61fmillion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__261": {
"value": "31. Subsequent eventsLandmark Cinemas Canada, a subsidiary of Kinepolis Group, will open a cinema at the Mikhail Centre in Windsor, Ontario, in the fall of 2024. Kinepolis will renovate the existing cinema building in the months leading up to the opening.The loan of \u20ac 80.0 million taken out in 2021 was repaid in January 2024: \u20ac 34 million with own cash, \u20ac 16 million via commercial paper and \u20ac 30 million through a drawdown of the roll-over credit.Furthermore, no significant events have occurred after year-end as of the date of publication.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__259-1": {
"value": "30. Related partiesThe transactions between the Group and its subsidiaries were eliminated in the consolidation, and are accordingly not included in this note. The transactions with other related parties are explained below.REMUNERATION OF THE DIRECTORS AND EXECUTIVE OFFICERSIN \u2019000 \u20ac20222023DirectorsRemuneration 909 920Executive officers (CEO)Short-term employee benefits 1\ue61f581 1\ue61f581TOTAL 2\ue61f490 2501TRANSACTIONS WITH OTHER RELATED PARTIESKinohold BIS SA provides certain administrative services to\ue61fthe Group, for which it charged \u20ac 0.1 million in 2023 (2022:\ue61f\u20ac\ue61f0.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__258": {
"value": "30. Related partiesThe transactions between the Group and its subsidiaries were eliminated in the consolidation, and are accordingly not included in this note. The transactions with other related parties are explained below.REMUNERATION OF THE DIRECTORS AND EXECUTIVE OFFICERSIN \u2019000 \u20ac20222023DirectorsRemuneration 909 920Executive officers (CEO)Short-term employee benefits 1\ue61f581 1\ue61f581TOTAL 2\ue61f490 2501In 2023, new options were granted to the Group\u2019s CEO (Incentive Plan). He did participate in this for 112 500 options. The fair value of these options is \u20ac1.5 million. The cost for 2023 is \u20ac0.6 million. There were no new options granted for the 2017 option plan (Participation in 2017 by the CEO of the Group, the Chairman and Vice-Chairman of the Board of Directors: 180 000). We refer to the remuneration report in the Corporate Governance Statement and note 20 for more information.TRANSACTIONS WITH OTHER RELATED PARTIESKinohold BIS SA provides certain administrative services to\ue61fthe Group, for which it charged \u20ac 0.1 million in 2023 (2022:\ue61f\u20ac\ue61f0.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__262": {
"value": "32. Mandates and remuneration of the statutory auditorThe statutory auditor for the Company is KPMG Bedrijfsrevisoren, represented by Mr. F. Poesen. The mandates and remunerations for the entire Group can be summarised as follows:IN \u2019000 \u20ac20222023Remuneration of the statutory auditor 420 436Other audit-related servicesOther assignments outside the audit assignments 11 8Remuneration for exceptional services or special assignments performed within 11 0the Company and its subsidiaries by the statutory auditorRemuneration for persons associated with the statutory auditor for the performance 472 483of a mandate as statutory auditorTax advisory services 19 51 (1)Other assignments outside the audit assignments 1691Remuneration for exceptional services and special assignments performed within the Company 35 0and its subsidiaries by persons associated with the statutory auditorTOTAL 937 1 069(1) Including a reversal of provision of K\u20ac 38 for work not yet completed related to the NOW audit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__263": {
"value": "33. Group entitiesLIST OF THE FULLY CONSOLIDATED COMPANIESVAT OR COMPANY COUNTRYNAME MUNICIPALITY% 2022% 2023REGISTRATION NUMBERBelgium Brightfish NV Brussels BE 0450 523 725 100 100Kinepolis Braine SA Braine-L\u2019Alleud BE 0462 688 911 100 100Kinepolis Film Distribution (KFD) NV Brussels BE 0445 372 530 100 100Kinepolis Financial Services NV Brussels BE 0886 547 831 100 100Kinepolis Group NV Brussels BE 0415 928 179 100 100Kinepolis Immo Hasselt NV Hasselt BE 0455 729 358 100 100Kinepolis Immo Multi NV Brussels BE 0877 736 370 100 100Kinepolis Li\u00e8ge NV Hasselt BE 0459 469 796 100 100Kinepolis Mega NV Brussels BE 0430 277 746 100 100Kinepolis Multi NV Kortrijk BE 0434 861 589 100 100Canada Kinepolis Canada LTD Calgary CA 2020 757 353 100 100Landmark Cinemas Holding LTD Calgary CA 2020 757 536 99.30 100Landmark Cinemas Canada LP Calgary CA 2017 564 317 99.30 100Landmark Cinemas Canada GP Calgary CA 2017 564 317 100 100France Eden Panorama SA Lomme FR 02340483221 100 100Forvm Kinepolis SA N\u00eemes FR 86421038548 100 100Kinepolis Bourgoin SA Bourgoin-Jallieu FR 65779487297 100 100Kinepolis France SAS Lomme FR 20399716083 100 100Kinepolis Film Distribution France SAS Lomme FR 43789848280 100 100Kinepolis Immo St. Julien-l\u00e8s-Metz SAS Metz FR 51398364463 100 100Kinepolis Immo Thionville SA Thionville FR 10419162672 100 100Kinepolis Le Ch\u00e2teau du Cin\u00e9ma SAS Lomme FR 60387674484 100 100Kinepolis Mulhouse SA Mulhouse FR 18404141384 100 100Kinepolis Nancy SAS Nancy FR 00428192819 100 100Kinepolis Prospection SAS Lomme FR 45428192058 100 100Kinepolis St. Julien-l\u00e8s-Metz SAS Metz FR 43398364331 100 100Kinepolis Thionville SAS Thionville FR 09419251459 100 100Utopolis Longwy SAS Longwy FR 21432763563 100 100Kinepolis Belfort SAS Belfort FR 70432250223 0 100Luxembourg Utopolis Belval SA Luxembourg LU 220 75 333 100 100Majestiek International SA Luxembourg LU 19942206638 100 100Utopia SA Luxembourg LU 160 90 380 100 100VAT OR COMPANY COUNTRYNAME MUNICIPALITY% 2022% 2023REGISTRATION NUMBERKinepolis Immo BV Utrecht NL 003182794B01 100 100The NetherlandsKinepolis Rotterdam BV Utrecht NL 808810261B01 100 100Kinepolis Bioscopen Holding BV Utrecht NL 822624382B01 100 100Kinepolis Enschede BV Utrecht NL 808883574B01 100 100Kinepolis Groningen BV Utrecht NL 816165774B01 100 100Kinepolis Huizen BV Utrecht NL 820697230B01 100 100Kinepolis Exploitatie BV Utrecht NL 819683036B01 100 100Kinepolis UBOS BV Utrecht NL 856681866B01 100 100Kinepolis Immo Schagen BV Utrecht NL 815246353B01 100 100Kinepolis Cinemagnus Schagen BV Utrecht NL 815293446B01 100 100Kinepolis Immo Hoofddorp BV Utrecht NL 821608563B01 100 100Kinepolis Cinemeerse Hoofddorp BV Utrecht NL 821608666B01 100 100City Monumenten Utrecht BV Utrecht NL 002611375B01 100 100NH Haarlem BV Utrecht NL 855813593B01 100 100Cineschalkstad BV Utrecht NL 855814275B01 100 100Utopia Nederland BV Almere NL 804687237B03 100 100Utrechtse Film Onderneming \u2018Ufio\u2019 BV Utrecht NL 003182812B01 100 100Kinepolis Immo Spijkenisse BV Utrecht NL 810523358B01 100 100Kinepolis Spijkenisse BV Utrecht NL 800351575B01 100 100Poland Kinepolis Pozna\u0144 Sp.z o.o.Pozna\u0144NIP 5252129575 100 100Spain Kine Invest SA Pozuelo de Alarcon ESA 824 896 59 100 100Kinepolis Espa\u00f1a SA Pozuelo de Alarcon ESA 814 870 27 100 100Kinepolis Granada SA Pozuelo de Alarcon ESA 828 149 55 100 100Kinepolis Jerez SA Pozuelo de Alarcon ESA 828 149 22 100 100Kinepolis Madrid SA Pozuelo de Alarcon ESA 828 149 06 100 100Kinepolis Paterna SA Pozuelo de Alarcon ESA 828 149 14 100 100Cines Llobregat SL Madrid NIF B651 443 70 100 100Cines El Punt SA Madrid NIF A621 222 21 100 100United StatesKinepolis US INC Michigan EIN 61-1936179 100 100MJR Group LLC Michigan EIN 38-3367945 100 100MJR Sterling Heights LLC Michigan EIN 46-3910496 100 100Switzerland Kinepolis Schweiz AG Schaffhausen CH 2903013216-5 100 100CHANGES IN THE CONSOLIDATION SCOPE There were 2 acquisitions in France during 2023. Kinepolis Belfort was acquired and is reported as a separate entity. The activities of B\u00e9ziers are incorporated into an existing company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__266": {
"value": "Kinepolis Group NV",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__265": {
"value": "Kinepolis Group NV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__264": {
"value": "Kinepolis Group NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493002BJQRO0S06F161",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
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}