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"ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-444": { "value": "196000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-446": { "value": "-1151000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-447": { "value": "23913000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": 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"ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-454": { "value": "9864000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-455": { "value": "33132000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-456": { "value": "General information on the activities of the Group
EXOR N.V. (\u201cExor N.V.\u201d or \"Exor\" or the \u201cCompany\u201d and together with its subsidiaries the \u201cExor Group\u201d or the
\u201cGroup\u201d), was incorporated as a public limited company (naamloze vennootschap) under the laws of the
Netherlands on 30\u00a0September\u00a02015 and in 2016 became the holding company for the Exor Group following the
cross-border merger with EXOR S.p.A. (the \u201cMerger\u201d).
Exor is one of Europe\u2019s largest diversified investment holding companies and is controlled by Giovanni Agnelli B.V.
(Giovanni Agnelli) which holds approximately 56.93% of Exor\u2019s outstanding ordinary shares and 86.86% of the
voting rights on outstanding capital.
Exor and its subsidiaries operate through CNH Industrial N.V. and its subsidiaries (\u201cCNH Industrial\u201d or the \u201cCNH
Industrial Group\u201d) in agricultural equipment, construction equipment and commercial vehicles, Iveco Group N.V.
and its subsidiaries (\u201cIveco\u201d or the \u201cIveco Group\u201d) in commercial vehicles, Ferrari N.V. and its subsidiaries (\u201cFerrari\u201d
or the \u201cFerrari Group\u201d) in luxury performance sports car, Juventus Football Club S.p.A. and its subsidiaries
(\u201cJuventus\u201d or the \"Juventus Group\") in the professional football sector and GEDI Gruppo Editoriale S.p.A. and its
subsidiaries (\"GEDI\" or the \"GEDI Group\") in the media sector.
Authorization of consolidated financial statements and compliance with International Financial Reporting
Standards
These consolidated financial statements, together with the notes thereto, at and for the year ended
31\u00a0December\u00a02023 (the \u201cConsolidated Financial Statements\u201d) were authorised for issuance on 10\u00a0April 2024 and
have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) issued by the
International Accounting Standards Board (\u201cIASB\u201d) and as adopted by the European Union (\u201cEU-IFRS\u201d) and Part 9
of Book 2 of the Dutch Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d)
as well as all interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
The Consolidated Financial Statements are prepared using the Euro as the presentation currency, which is also the
functional currency of the Company and, unless otherwise stated, information is presented in millions of Euro.
Certain totals in the tables included in the Consolidated Financial Statements may not add due to rounding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "EXOR N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-460": { "value": "Exor is one of Europe\u2019s largest diversified investment holding companies and is controlled by Giovanni Agnelli B.V. (Giovanni Agnelli) which holds approximately 56.93% of Exor\u2019s outstanding ordinary shares and 86.86% of the voting rights on outstanding capital.Exor and its subsidiaries operate through CNH Industrial N.V. and its subsidiaries (\u201cCNH Industrial\u201d or the \u201cCNH Industrial Group\u201d) in agricultural equipment, construction equipment and commercial vehicles, Iveco Group N.V. and its subsidiaries (\u201cIveco\u201d or the \u201cIveco Group\u201d) in commercial vehicles, Ferrari N.V. and its subsidiaries (\u201cFerrari\u201d or the \u201cFerrari Group\u201d) in luxury performance sports car, Juventus Football Club S.p.A. and its subsidiaries (\u201cJuventus\u201d or the \"Juventus Group\") in the professional football sector and GEDI Gruppo Editoriale S.p.A. and its subsidiaries (\"GEDI\" or the \"GEDI Group\") in the media sector.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-461": { "value": "Giovanni Agnelli B.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": "Giovanni Agnelli B.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": "
Authorization of consolidated financial statements and compliance with International Financial Reporting
Standards
These consolidated financial statements, together with the notes thereto, at and for the year ended
31\u00a0December\u00a02023 (the \u201cConsolidated Financial Statements\u201d) were authorised for issuance on 10\u00a0April 2024 and
have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) issued by the
International Accounting Standards Board (\u201cIASB\u201d) and as adopted by the European Union (\u201cEU-IFRS\u201d) and Part 9
of Book 2 of the Dutch Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d)
as well as all interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-463": { "value": "
Authorization of consolidated financial statements and compliance with International Financial Reporting
Standards
These consolidated financial statements, together with the notes thereto, at and for the year ended
31\u00a0December\u00a02023 (the \u201cConsolidated Financial Statements\u201d) were authorised for issuance on 10\u00a0April 2024 and
have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) issued by the
International Accounting Standards Board (\u201cIASB\u201d) and as adopted by the European Union (\u201cEU-IFRS\u201d) and Part 9
of Book 2 of the Dutch Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d)
as well as all interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": "
Basis of preparation
The Consolidated Financial Statements are prepared under the historical cost convention, except where the use of
fair value is required for the measurement of certain financial assets and derivatives, as well as on the going
concern assumption. Despite operating in a continuously difficult economic and financial environment, negatively
impacted by the effects of current macroeconomic and geopolitical instability, supply chain issues and global
logistic constraints, energy and material availability and relevant price variability, the Group\u2019s assessment is that no
material uncertainties (as defined in paragraph 25 of IAS 1) exist about its ability to continue as a going concern, in
view also of the measures already undertaken by Exor and its subsidiaries and associates to preserve cash,
contain costs, preserve industrial and financial flexibility and a strong liquidity position.
The Consolidated Financial Statements are prepared using the Euro as the presentation currency, which is also the
functional currency of the Company and, unless otherwise stated, information is presented in millions of Euro.
Certain totals in the tables included in the Consolidated Financial Statements may not add due to rounding.
Format of the financial statements
Exor presents the consolidated income statement using a classification based on the function of expenses, rather
than a presentation based on the nature of expenses, as it is more representative of the format used for internal
reporting and management purposes and consistent with international practice.
For the statement of financial position, a mixed format has been selected to present current and non-current assets
and liabilities, as permitted by IAS 1 \u2013 Presentation of Financial Statements. The Consolidated Financial
Statements include both industrial activities companies and financial services companies. Receivables from
financing activities of the financial services companies of CNH Industrial, Iveco Group and Ferrari are included in
current assets, as the investments will be realised in their normal operating cycle.
However, financial services companies obtain only a portion of their funding from the market; the remainder is
obtained from the respective parent company (included in the respective industrial activities) through its treasury
activity, which lends funds both to industrial activities companies and to financial services companies as the need
arises. This financial services structure within the Group does not allow the separation of financial liabilities funding
the financial services operations (whose assets are reported within current assets) and those funding the industrial
activities operations. Presentation of financial liabilities as current or non-current based on their date of maturity
would not facilitate a meaningful comparison with financial assets, which are categorized on the basis of their
normal operating cycle. Disclosure of the due dates of financial liabilities is however provided in the notes.
The statement of cash flows is presented using the indirect method.
Investment entity status
As of 1\u00a0January\u00a02024, Exor considers that it now meets the criteria of an investment company as defined by
IFRS\u00a010 - Consolidated Financial Statements, as it satisfies, at that date, the following three cumulative criteria:
\u2022 obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u2022 commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both;
\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.
In the past years, Exor has evolved from a holding to an investment entity, driven by a significant change in its
portfolio activity and composition, and changes in its portfolio review process to drive capital allocation decisions
based on fair value. The new classification follows these gradual changes, also marked notably by the change in
investment type from controlling to minority stakes and by the allocation of a significant amount of resources into
fund and venture investments.
Exor will apply this change in classification prospectively from 1 January 2024, with a material impact on the
presentation of the consolidated financial statements:
\u2022 in line with IFRS requirements, Exor will deconsolidate portfolio companies and account for them at fair value,
while only continuing to consolidate subsidiaries that provide support services to the Parent Company;
\u2022 investments in which Exor invests and that are controlled will no longer be fully consolidated;
\u2022 investments over which Exor exercises significant influence on financial and business decisions but does not
have majority control, or in which it exercises joint control, will no longer be equity accounted;
\u2022 current equity investments accounted for at FVTOCI remain unchanged, while all new investments, other than
subsidiaries providing services that relate to the investment company\u2019s activities, will be measured at fair value
through profit or loss from 1 January 2024, in accordance with IFRS 9.
Furthermore, as this change is applied prospectively, Exor will recognize, as of 1\u00a0January\u00a02024, a non-recurring net
gain resulting from the difference between the net carrying amount of investments previously consolidated or
accounted for using the equity method and their fair value at the date of the change. Based on a preliminary
assessment, this net gain would be approximately \u20ac12\u00a0billion. It will be clarified in the publication of 2024 first half
results.
This change in classification has no impact on the 2023 consolidated financial statements.
Exor believes that this change will better align Exor\u2019s reporting and financial disclosures to its business and
activities, with NAV and other key metrics audited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": "
The Consolidated Financial Statements are prepared under the historical cost convention, except where the use of
fair value is required for the measurement of certain financial assets and derivatives, as well as on the going
concern assumption. Despite operating in a continuously difficult economic and financial environment, negatively
impacted by the effects of current macroeconomic and geopolitical instability, supply chain issues and global
logistic constraints, energy and material availability and relevant price variability, the Group\u2019s assessment is that no
material uncertainties (as defined in paragraph 25 of IAS 1) exist about its ability to continue as a going concern, in
view also of the measures already undertaken by Exor and its subsidiaries and associates to preserve cash,
contain costs, preserve industrial and financial flexibility and a strong liquidity position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "
The Consolidated Financial Statements are prepared using the Euro as the presentation currency, which is also the
functional currency of the Company and, unless otherwise stated, information is presented in millions of Euro.
Certain totals in the tables included in the Consolidated Financial Statements may not add due to rounding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": "
Format of the financial statements
Exor presents the consolidated income statement using a classification based on the function of expenses, rather
than a presentation based on the nature of expenses, as it is more representative of the format used for internal
reporting and management purposes and consistent with international practice.
For the statement of financial position, a mixed format has been selected to present current and non-current assets
and liabilities, as permitted by IAS 1 \u2013 Presentation of Financial Statements. The Consolidated Financial
Statements include both industrial activities companies and financial services companies. Receivables from
financing activities of the financial services companies of CNH Industrial, Iveco Group and Ferrari are included in
current assets, as the investments will be realised in their normal operating cycle.
However, financial services companies obtain only a portion of their funding from the market; the remainder is
obtained from the respective parent company (included in the respective industrial activities) through its treasury
activity, which lends funds both to industrial activities companies and to financial services companies as the need
arises. This financial services structure within the Group does not allow the separation of financial liabilities funding
the financial services operations (whose assets are reported within current assets) and those funding the industrial
activities operations. Presentation of financial liabilities as current or non-current based on their date of maturity
would not facilitate a meaningful comparison with financial assets, which are categorized on the basis of their
normal operating cycle. Disclosure of the due dates of financial liabilities is however provided in the notes.
The statement of cash flows is presented using the indirect method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-471": { "value": "
New standards and amendments effective from 1 January 2023
The following amendments and interpretations, which were effective from 1\u00a0January\u00a02023, were adopted by the
Group. The adoption of these amendments had no material impact on the Consolidated Financial Statements.
Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2
On 12\u00a0February\u00a02021 the IASB issued \"Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS
Practice Statement 2: Disclosure of Accounting Policies\", requiring companies to disclose the material accounting
policy information rather than the significant accounting policies. Furthermore, the amendments to IFRS Practice
Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The
amendments are effective retrospectively from 1\u00a0January\u00a02023. These amendments had no impact on these
Consolidated Financial Statements.
Amendments to IAS 8 \u2013 Accounting policies, Changes in Accounting Estimates and Errors
On 12\u00a0February\u00a02021 the IASB issued \"Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting
Estimates and Errors: Definition of Accounting Estimates\". The amendments clarify how to distinguish changes in
accounting policies (generally also applied retrospectively to past transactions and other past events) from changes
in accounting estimates (applied prospectively only to future transactions and other future events). The
amendments are effective retrospectively from 1\u00a0January\u00a02023. These amendments had no impact on these
Consolidated Financial Statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
On 7\u00a0May\u00a02021 the IASB issued \"Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments to IAS 12)\", which specifies how companies should account for deferred tax on transactions such as
leases and decommissioning obligations. The amendments clarify that no exemption applies on such transactions
and that companies are required to recognize deferred tax when they recognize the related assets or liabilities for
the first time. The amendments are effective for annual reporting periods beginning on or after 1\u00a0January\u00a02023.
These amendments had no impact on these Consolidated Financial Statements.
On 23\u00a0May\u00a02023, the IASB issued \"International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 \u2013
Income Taxes\", introducing a mandatory temporary exception to the accounting for deferred taxes arising from the
jurisdictional implementation of the Pillar Two model rules and disclosure requirements. The mandatory exception,
the use of which is required to be disclosed, applies immediately. The remaining disclosure requirements apply for
annual reporting periods on or after 1\u00a0January\u00a02023. These amendments had no impact on these Consolidated
Financial Statements.
Amendments to IFRS 17 \u2013 Insurance Contracts
In December 2021, the IASB issued amendments to IFRS 17 \u2013 Insurance Contracts: Initial Application of IFRS 17
and IFRS 9 \u2013 Comparative Information, which provides a transition option relating to comparative information about
financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid
temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore
improve the usefulness of comparative information for users of financial statements. The amendment is effective on
or after 1\u00a0January\u00a02023. There was no effect from the adoption of these amendments.
IFRS 4 \u2013 Insurance Contracts
In June 2020, the IASB issued amendments to IFRS 4 \u2014 Insurance Contracts which defer the expiry date of the
temporary exemption from applying IFRS 9 to annual periods beginning on or after 1\u00a0January\u00a02023. There was no
effect from the adoption of these amendments.
Accounting standards, amendments and interpretations not yet applicable and not early adopted
The main standards, amendments and interpretations not yet applicable and not early adopted by the Group are
listed below. The Group is currently evaluating the impact of the adoption of these amendments.
\u2013 In January 2020, the IASB issued the amendments to IAS 1, to clarify its requirements for classifying a liability
as non-current in the statement of financial position. The amendments are effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02024.
\u2013 On 22\u00a0September\u00a02022, the IASB issued \"Lease Liabilities in a Sale and Leaseback (Amendments to IFRS 16)\",
with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions that
satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendments are effective for annual
reporting periods beginning on or after 1\u00a0January\u00a02024.
\u2013 On 31\u00a0October\u00a02022 the IASB published \"Non-current Liabilities with Covenants (Amendments to IAS 1 \u2013
Presentation of Financial Statements)\", to clarify how conditions with which an entity must comply within twelve
months after the reporting periods, affect the classification of a liability. The amendments are effective for
reporting periods beginning on or after 1\u00a0January\u00a02024.
Furthermore, at the date of these Consolidated Financial Statements, the European Union has not yet completed
its endorsement process for these amendments and new sustainability standards:
\u2013 On 25\u00a0May\u00a02023, the IASB issued \"Amendment to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial
Instruments: Disclosure of Supplier Finance Arrangements\", requiring an entity to provide information about the
impact of supplier finance arrangements on liabilities and cash flows, including terms and conditions of those
arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end
of the reporting period and the type and effect of non-cash changes in the carrying amounts of those
arrangements. The amendments will be effective for annual reporting periods beginning on or after
1\u00a0January\u00a02024.
\u2013 On 26\u00a0June\u00a02023, the IASB issued \"IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related
Financial Information\" and \"IFRS S2 \u2013 Climate-related Disclosures\". These sustainability standards provide
respectively, a set of sustainability-related financial information that is useful to investors regarding the
sustainability-related risks and opportunities over the short, medium and long term and specific climate-related
disclosures objectives and requirements. These standards will be effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02024. On 25\u00a0July\u00a02023, the International Organization of Securities
Commissions (IOSCO) announced its endorsement of these Standards.
\u2013 On 15 August 2023, the IASB issued \"Lack of Exchangeability (Amendments to IAS 21 \u2013 The Effects of
Changes in Foreign Exchange Rates: Lack of Exchangeability)\", specifying when a currency is exchangeable
into another currency and when it is not and how to determine the exchange rate to apply when a currency is
not exchangeable, also requiring entities to disclose additional information when a currency is not
exchangeable. The amendments will be effective for annual periods beginning on or after 1\u00a0January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": "
New standards and amendments effective from 1 January 2023
The following amendments and interpretations, which were effective from 1\u00a0January\u00a02023, were adopted by the
Group. The adoption of these amendments had no material impact on the Consolidated Financial Statements.
Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2
On 12\u00a0February\u00a02021 the IASB issued \"Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS
Practice Statement 2: Disclosure of Accounting Policies\", requiring companies to disclose the material accounting
policy information rather than the significant accounting policies. Furthermore, the amendments to IFRS Practice
Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The
amendments are effective retrospectively from 1\u00a0January\u00a02023. These amendments had no impact on these
Consolidated Financial Statements.
Amendments to IAS 8 \u2013 Accounting policies, Changes in Accounting Estimates and Errors
On 12\u00a0February\u00a02021 the IASB issued \"Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting
Estimates and Errors: Definition of Accounting Estimates\". The amendments clarify how to distinguish changes in
accounting policies (generally also applied retrospectively to past transactions and other past events) from changes
in accounting estimates (applied prospectively only to future transactions and other future events). The
amendments are effective retrospectively from 1\u00a0January\u00a02023. These amendments had no impact on these
Consolidated Financial Statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
On 7\u00a0May\u00a02021 the IASB issued \"Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments to IAS 12)\", which specifies how companies should account for deferred tax on transactions such as
leases and decommissioning obligations. The amendments clarify that no exemption applies on such transactions
and that companies are required to recognize deferred tax when they recognize the related assets or liabilities for
the first time. The amendments are effective for annual reporting periods beginning on or after 1\u00a0January\u00a02023.
These amendments had no impact on these Consolidated Financial Statements.
On 23\u00a0May\u00a02023, the IASB issued \"International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 \u2013
Income Taxes\", introducing a mandatory temporary exception to the accounting for deferred taxes arising from the
jurisdictional implementation of the Pillar Two model rules and disclosure requirements. The mandatory exception,
the use of which is required to be disclosed, applies immediately. The remaining disclosure requirements apply for
annual reporting periods on or after 1\u00a0January\u00a02023. These amendments had no impact on these Consolidated
Financial Statements.
Amendments to IFRS 17 \u2013 Insurance Contracts
In December 2021, the IASB issued amendments to IFRS 17 \u2013 Insurance Contracts: Initial Application of IFRS 17
and IFRS 9 \u2013 Comparative Information, which provides a transition option relating to comparative information about
financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid
temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore
improve the usefulness of comparative information for users of financial statements. The amendment is effective on
or after 1\u00a0January\u00a02023. There was no effect from the adoption of these amendments.
IFRS 4 \u2013 Insurance Contracts
In June 2020, the IASB issued amendments to IFRS 4 \u2014 Insurance Contracts which defer the expiry date of the
temporary exemption from applying IFRS 9 to annual periods beginning on or after 1\u00a0January\u00a02023. There was no
effect from the adoption of these amendments.
Accounting standards, amendments and interpretations not yet applicable and not early adopted
The main standards, amendments and interpretations not yet applicable and not early adopted by the Group are
listed below. The Group is currently evaluating the impact of the adoption of these amendments.
\u2013 In January 2020, the IASB issued the amendments to IAS 1, to clarify its requirements for classifying a liability
as non-current in the statement of financial position. The amendments are effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02024.
\u2013 On 22\u00a0September\u00a02022, the IASB issued \"Lease Liabilities in a Sale and Leaseback (Amendments to IFRS 16)\",
with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions that
satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendments are effective for annual
reporting periods beginning on or after 1\u00a0January\u00a02024.
\u2013 On 31\u00a0October\u00a02022 the IASB published \"Non-current Liabilities with Covenants (Amendments to IAS 1 \u2013
Presentation of Financial Statements)\", to clarify how conditions with which an entity must comply within twelve
months after the reporting periods, affect the classification of a liability. The amendments are effective for
reporting periods beginning on or after 1\u00a0January\u00a02024.
Furthermore, at the date of these Consolidated Financial Statements, the European Union has not yet completed
its endorsement process for these amendments and new sustainability standards:
\u2013 On 25\u00a0May\u00a02023, the IASB issued \"Amendment to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial
Instruments: Disclosure of Supplier Finance Arrangements\", requiring an entity to provide information about the
impact of supplier finance arrangements on liabilities and cash flows, including terms and conditions of those
arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end
of the reporting period and the type and effect of non-cash changes in the carrying amounts of those
arrangements. The amendments will be effective for annual reporting periods beginning on or after
1\u00a0January\u00a02024.
\u2013 On 26\u00a0June\u00a02023, the IASB issued \"IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related
Financial Information\" and \"IFRS S2 \u2013 Climate-related Disclosures\". These sustainability standards provide
respectively, a set of sustainability-related financial information that is useful to investors regarding the
sustainability-related risks and opportunities over the short, medium and long term and specific climate-related
disclosures objectives and requirements. These standards will be effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02024. On 25\u00a0July\u00a02023, the International Organization of Securities
Commissions (IOSCO) announced its endorsement of these Standards.
\u2013 On 15 August 2023, the IASB issued \"Lack of Exchangeability (Amendments to IAS 21 \u2013 The Effects of
Changes in Foreign Exchange Rates: Lack of Exchangeability)\", specifying when a currency is exchangeable
into another currency and when it is not and how to determine the exchange rate to apply when a currency is
not exchangeable, also requiring entities to disclose additional information when a currency is not
exchangeable. The amendments will be effective for annual periods beginning on or after 1\u00a0January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-469": { "value": "
New standards and amendments effective from 1 January 2023
The following amendments and interpretations, which were effective from 1\u00a0January\u00a02023, were adopted by the
Group. The adoption of these amendments had no material impact on the Consolidated Financial Statements.
Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS Practice Statement 2
On 12\u00a0February\u00a02021 the IASB issued \"Amendments to IAS 1 \u2013 Presentation of Financial Statements and IFRS
Practice Statement 2: Disclosure of Accounting Policies\", requiring companies to disclose the material accounting
policy information rather than the significant accounting policies. Furthermore, the amendments to IFRS Practice
Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The
amendments are effective retrospectively from 1\u00a0January\u00a02023. These amendments had no impact on these
Consolidated Financial Statements.
Amendments to IAS 8 \u2013 Accounting policies, Changes in Accounting Estimates and Errors
On 12\u00a0February\u00a02021 the IASB issued \"Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting
Estimates and Errors: Definition of Accounting Estimates\". The amendments clarify how to distinguish changes in
accounting policies (generally also applied retrospectively to past transactions and other past events) from changes
in accounting estimates (applied prospectively only to future transactions and other future events). The
amendments are effective retrospectively from 1\u00a0January\u00a02023. These amendments had no impact on these
Consolidated Financial Statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
On 7\u00a0May\u00a02021 the IASB issued \"Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments to IAS 12)\", which specifies how companies should account for deferred tax on transactions such as
leases and decommissioning obligations. The amendments clarify that no exemption applies on such transactions
and that companies are required to recognize deferred tax when they recognize the related assets or liabilities for
the first time. The amendments are effective for annual reporting periods beginning on or after 1\u00a0January\u00a02023.
These amendments had no impact on these Consolidated Financial Statements.
On 23\u00a0May\u00a02023, the IASB issued \"International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 \u2013
Income Taxes\", introducing a mandatory temporary exception to the accounting for deferred taxes arising from the
jurisdictional implementation of the Pillar Two model rules and disclosure requirements. The mandatory exception,
the use of which is required to be disclosed, applies immediately. The remaining disclosure requirements apply for
annual reporting periods on or after 1\u00a0January\u00a02023. These amendments had no impact on these Consolidated
Financial Statements.
Amendments to IFRS 17 \u2013 Insurance Contracts
In December 2021, the IASB issued amendments to IFRS 17 \u2013 Insurance Contracts: Initial Application of IFRS 17
and IFRS 9 \u2013 Comparative Information, which provides a transition option relating to comparative information about
financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid
temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore
improve the usefulness of comparative information for users of financial statements. The amendment is effective on
or after 1\u00a0January\u00a02023. There was no effect from the adoption of these amendments.
IFRS 4 \u2013 Insurance Contracts
In June 2020, the IASB issued amendments to IFRS 4 \u2014 Insurance Contracts which defer the expiry date of the
temporary exemption from applying IFRS 9 to annual periods beginning on or after 1\u00a0January\u00a02023. There was no
effect from the adoption of these amendments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-473": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the
ability to use its power over the investee to affect the amount of the investor\u2019s returns. The Group considers all the
facts and circumstances in determining whether it controls an entity when it owns less than the majority of the
voting rights or similar rights of the entity. The Group reassesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the elements of control, as indicated in paragraph
7 of IFRS 10.
Subsidiaries are consolidated on a line-by-line basis from the date on which control is achieved by the Group until
the date that control ceases.
Equity attributable to non-controlling interests and non-controlling interests in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests that exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over the
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to owners of
the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognized directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date that control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the
fair value of any consideration received for the transaction.
Any retained interest in the former subsidiary is recognized at fair value. Any gains or losses recognized in other
comprehensive income in respect of the measurement of the assets of the subsidiary are accounted for as if the
subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained earnings as
required by other IFRS).
Subsidiaries that are either dormant or generate a negligible volume of business, are not consolidated. Their
impact on the Group\u2019s assets, liabilities, financial position and profit/(loss) attributable to the owners of the parent is
immaterial.
Associates
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies.
Investments in associates are accounted for using the equity method from the date that joint control or significant
influence commences until the date it ceases. When the Group\u2019s share of losses of an associate, if any, exceeds
the Group\u2019s interest in that associate, the carrying amount is reduced to nil and recognition of further losses is
discontinued. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has
incurred legal or constructive obligations or made payments on behalf of the associates.
Joint ventures and joint operations
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control. Investments in joint ventures are accounted for using the equity
method from the date that joint control commences until the date that joint control ceases.
When the Group undertakes its activities under joint operations, it recognizes its related interest in the joint
operation including: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of
any liabilities incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation,
(iv)\u00a0its share of the revenue from the sale of the output by the joint operation and (v)\u00a0its expenses, including its
share of any expenses incurred jointly.
Investments in other companies
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and insufficient financial information to determine fair value are measured at cost as an
estimate of fair value, as permitted by IFRS 9. The Group may irrevocably elect to present subsequent changes in
the investment\u2019s fair value in other comprehensive income upon the initial recognition of an equity investment that
is not held to sell. This election is made on an investment-by-investment basis. Dividends received from these
investments are included in Other income/(expenses) from investments.
Transactions eliminated in consolidation
All significant intragroup balances and transactions and any unrealized gains and losses arising from intragroup
transactions are eliminated. Unrealized gains and losses arising from transactions with associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in those entities. Unrealized losses are eliminated
unless the transaction provides evidence of an impairment of the assets transferred.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the foreign exchange rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary
items or on reporting monetary items at rates different from those at which they were initially recorded during the
period or in previous financial statements, are recognized in the income statement.
Consolidation of foreign entities
All assets and liabilities of subsidiaries with a functional or reporting currency other than the Euro are translated
using the exchange rates in effect at the balance sheet date. Income and expenses are translated at the average
exchange rate for the period. Translation differences resulting from the application of this method are classified as
equity until the disposal of the investment. Average rates of exchange are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognized in the functional currency and translated at the exchange rate at the
acquisition date. These balances are subsequently retranslated at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The principal exchange rates used to translate other currencies into Euro are as follows:
\u00a0
2023
2022
\u00a0
Average
At 31 December
Average
At 31 December
U.S. dollar
1.081
1.105
1.053
1.067
Brazilian real
5.401
5.350
5.439
5.568
Chinese renminbi
7.657
7.851
7.079
7.358
Polish zloty
4.543
4.348
4.687
4.690
Czech Koruna
24.004
24.724
24.566
24.116
Argentinian peso(1)
892.924
892.924
188.906
188.906
British pound
0.870
0.869
0.853
0.887
Swiss franc
0.972
0.926
1.005
0.985
Canadian dollar
1.460
1.464
1.370
1.444
Hong Kong dollar
8.466
8.631
8.245
8.316
Singapore dollar
1.452
1.459
1.451
1.430
Australian dollar
1.628
1.626
1.517
1.569
Japanese Yen
151.854
156.330
138.027
140.660
Turkish lira(2)
32.603
32.603
19.953
19.953
(1) Starting from 1\u00a0July\u00a02018 Argentina's economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentina peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as the
functional currency were translated using the closing spot rate.
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of the Group.
The Economist Group, whose financial year closes on 31\u00a0March of each year, has been consolidated using the
equity method on the basis of the most recent data available (30\u00a0September\u00a02023). At 31\u00a0December\u00a02023 there
were no significant variations to The Economist Group data used for the purposes of these consolidated financial
statements.
Assets Held for Sale and Discontinued Operations
Pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal
group is available for immediate sale in its present condition subject only to terms that are usual and customary for
sales of such asset or disposal group and the sale is highly probable, with the sale expected to be completed within
one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the consolidated statement of financial
position. Non-current assets and disposal groups are not classified as held for sale within the consolidated
statement of financial position for the comparative period.
A discontinued operation is a component of the Group that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a
single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is
a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control.
Classification as a discontinued operation occurs upon disposal or when the asset or disposal group meets the
criteria to be classified as held for sale, if earlier. When the asset or disposal group is classified as a discontinued
operation, the comparative information is reclassified within the consolidated income statement as if the asset or
disposal group had been discontinued from the start of the earliest comparative period presented.
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognized in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognized retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognized in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognized in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognized in other
comprehensive income in prior reporting periods are reclassified to the income statement as if the equity interest
had been disposed of.
Fair value measurement
Some of the Group\u2019s assets and liabilities are measured at fair value at the balance sheet date. Fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
In estimating the fair value of an asset or a liability, the Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs. Additional information about fair value, fair value
hierarchy, valuation techniques and inputs used in determining the fair value of assets and liabilities is provided in
Note 17, Note 32 and, where required, in the individual notes relating to the assets and liabilities whose fair values
were determined.
In addition, fair value measurements are categorized within the fair value hierarchy, described as follows, based on
the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to
the fair value measurement in its entirety:
\u25aa Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement dated;
\u25aa Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices) on the market;
\u25aa Level 3: inputs that are not based on observable market data.
Intangible assets
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic, or other factors that limit their useful lives. Intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the
asset may be impaired.
Intangible assets with a finite useful life
Intangible assets with a finite useful life are recognized at purchase or production cost less amortization and
cumulative impairment losses. Amortization is calculated on a systematic basis over the asset\u2019s useful life and
begins when the asset is available for use.
The main intangible assets with a finite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognized as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalized development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalized development costs
are amortized on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognized at cost, including auxiliary expenses, and discounted to present value.
They are amortized on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognized in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortized on a
straight-line basis over their estimated useful lives. Other intangible assets recognized subsequent to the
acquisition of a company are recorded separately from goodwill if their fair value can be measured reliably.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalized, the carrying amount of the parts that are replaced is recognized in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalized. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
Lease accounting policy
Lessee accounting
A lease is a contract that conveys the right to control the use of an identified asset (the leased asset) for a period of
time in exchange for consideration. The lease term determined by the Group comprises the non-cancellable period
of lease contract together with both periods covered by an option to extend the lease if the lessee is reasonably
certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably
certain not to exercise that option. For real estate leases, this assessment is based on an analysis by management
of all relevant facts and circumstances including the leased asset\u2019s purpose, the economic and practical potential
for replacing and any plans that the Group has in place for the future use of the asset. The Group combines lease
and non-lease components.
For leases with terms not exceeding twelve months (short-term leases) and for leases of low-value assets, the
Group recognizes the lease payments associated with those leases on a straight-line basis over the lease term as
operating expense in the income statement.
For all other leases, at the commencement date (i.e., the date the underlying asset is available for use), the Group
recognizes a right-of-use asset, classified within Property, plant and equipment, and a lease liability, classified
within Other Debt.
At the commencement date, the right-of-use asset includes the amount of lease liability recognized, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
At the same date, the lease liability is measured at the present value of lease payments to be made over the lease
term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's
incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the specific interest rate curve based on the relevant currency and term, as well as specific factors
contributing to the Group\u2019s credit spread. The Group primarily uses the incremental borrowing rate as the discount
rate for its lease liabilities.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use
asset is depreciated on a straight-line basis. If the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase
option, the Group depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
After the commencement date, the lease liability is increased to reflect the accretion of interest, recognized within
Financial income/(expenses) in the income statement, reduced for the lease payments made and remeasured to
reflect any reassessment or lease modifications.
Before the adoption of IFRS 16, where the Group entered as lessee in a lease contract classified as finance,
assuming substantially all the risks and rewards of ownership, assets held under finance lease were recognized as
assets of the Group at the lower of fair value or present value of the minimum lease payments and depreciated.
The corresponding liability to the lessor was included in the financial statement as a debt. Where the Group
entered as lessee in a lease contract classified as operating, the lessor retained substantially all the risks and
rewards of ownership of the asset. Operating lease expenditures were expensed on a straight-line basis over the
lease terms.
Lessor accounting
Lease contracts where the Group acts as a lessor, can be classified as either an operating lease or finance lease.
Leases where a significant portion of the risks and rewards are retained by the lessor are classified as operating
leases. Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to
the lessee are classified as finance leases.
Where the Group is the lessor in a finance lease, the future minimum lease payments from lessees are classified
as Receivables from financing activities. Lease payments are recognized as repayment of the principal and
financial income remunerating the initial investment and the services provided.
Where the Group is the lessor in an operating lease, income from operating leases is recognized over the term of
the lease on a straight-line basis. Leased assets include equipment leased to retail customers by the Group's
leasing companies. They are stated at cost and depreciated at annual rates of between 20% and 33%.
The Group evaluates the carrying amount of equipment on operating leases for potential impairment when it
determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed
comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for
recoverability identifies a possible impairment, the asset\u2019s fair value is measured in accordance with the fair value
measurement framework. An impairment charge would be recognized for the amount by which the carrying amount
of the asset exceeds its estimated fair value.
When leased assets are no longer leased and become held for sale, the Group reclassifies their carrying amount to
Inventories.
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognized if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized.
The reversal of an impairment loss is recognized in the income statement immediately.
Financial assets and liabilities
Financial assets primarily include trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents and debt securities that represent
temporary investments of available funds and do not satisfy the requirements for being classified as cash
equivalents.
Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Classification and measurement
The classification of a financial asset is dependent on the Group\u2019s business model for managing such financial
assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely
payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual
terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related
financial assets are classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair Value including
transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair Value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair Value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
(3) On initial recognition, the Group may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortized cost
or at FVTOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Factors considered by the Group in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of
the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market securities,
commercial paper and Certificates of deposits that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various primary national and international money market instruments. Money
market funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL. Cash at banks and other cash equivalents are measured at
amortized cost.
Investments in other companies are measured at fair value. The Group may irrevocably elect to present
subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment
basis. Generally, any dividends from these investments are recognized in Other income from investments within
Result from investments when the Group\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the consolidated income statement
in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured
at FVTOCI are not reported separately from other changes in fair value in OCI.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognized in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition
of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are
reclassified and included in the initial measurement of the cost of the non-financial asset.
The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as
the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss
associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income
Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated
Income Statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer
probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the
Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive
income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the
Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Group\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one
for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognized at the beginning of the period.
Inventories
Inventories of raw materials, semi-finished products and finished goods (including assets sold with a buy-back
commitment) are stated at the lower of cost and net realizable value, cost being determined on a first-in-first-out
(FIFO) basis. The measurement of inventories includes the direct costs of materials, labour and indirect costs
(variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare parts
and other supplies based on their expected future use and realizable value. Net realizable value is the estimated
selling price in the ordinary course of business less the estimated costs of completion and the estimated costs for
sale and distribution.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods and deducting the fair value of any plan
assets. The present value of the defined benefit obligation is measured using actuarial techniques and actuarial
assumptions that are unbiased and mutually compatible and attribute benefits to periods in which the obligation to
provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and
measured at fair value.
When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of the defined benefit cost are recognized as follows:
\u2022 the service costs are recognized in the income statement by function and presented in the relevant line items
(cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability or asset is recognized in the income statement as financial
income (expenses), and is determined by multiplying the net liability (asset) by the discount rate used to
discount obligations taking into account the effect of contributions and benefit payments made during the year;
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses, the return
on plan assets (excluding interest income recognized in the income statement) and any change in the effect of
the asset ceiling are recognized immediately in Other comprehensive income. These remeasurement
components are not reclassified in the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments are recognized immediately in the income
statement.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service during the current and prior periods. Remeasurement components on other long-term employee
benefits are recognized in the Consolidated Income Statement in the period in which they arise.
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
Post-employment plans other than pensions
The Group provides certain post-employment defined benefits, mainly healthcare plans. The method of accounting
and the frequency of valuations are similar to those used for defined benefit pension plans.
Share-based compensation
Share-based compensation plans that are to be settled by the delivery of shares are measured at fair value at the
grant date. This fair value is expensed over the vesting period of the plan with a corresponding increase in equity.
Share-based compensation plans that are to be settled in cash or by the delivery of other financial assets are
recognized as a liability and measured at fair value at the end of each reporting period and when settled.
Any subsequent changes in fair value do not have any effect on the initial measurement and are recognized in the
income statement.
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate of the amount of the obligation can be made.
Changes in estimates of provisions are reflected in the Consolidated Income Statement in the period in which the
change occurs.
Treasury stock
The cost of any own share purchased and/or held, also through subsidiaries, as a result of specific shareholder
resolutions, is recognized as a deduction from equity. The proceeds from any subsequent sale are recognized in
equity.
Revenue recognition
Revenue is recognized when control of the vehicles, equipment, services or parts has been transferred and the
Group\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Group expects to receive in exchange for transferring goods or providing services.
The timing of when the Group transfers the goods or services to the customer may differ from the timing of the
customer\u2019s payment.
Revenues are stated net of discounts, allowances, settlement discounts and rebates, as well as costs for sales
incentive programs, which are determined on the basis of historical costs, country by country, and charged against
profit for the period in which the corresponding sales are recognized.
The Group also enters into contracts with multiple performance obligations. For these contracts, the Group
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative
standalone selling price basis. To the extent that the Group sells the good or service separately in the same market,
the standalone selling price is the observable price at which the Group sells the good or service separately. For all
other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach.
Sales of goods
The Group has determined that the customers from the sale of vehicles, equipment and parts are generally
dealers, distributors and retail customers.
Transfer of control, and thus related revenue recognition, generally corresponds to when the vehicles, equipment
and parts are made available to the customer. Therefore, the Group recognizes revenue at a point in time, when
control is transferred to the customer at a sale price that the Group expects to receive.
For all sales, no significant uncertainty exists surrounding the purchaser\u2019s obligation to pay for vehicles, equipment
and parts. The Group records appropriate allowance for credit losses and anticipated returns as required. Fixed
payment schedules exist for all sales, but payment terms vary by geographic market and product line.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle or equipment contract
transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle or
equipment as the intent of the incentives is to encourage sales of vehicles or equipment. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to
revenue in the period of the change. The Group grants certain sales incentives to support sales of its products to
retail customers. At the later of the time of sale or the time an incentive is announced to dealers, the Group records
the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of revenue.
Subsequent adjustments to sales incentive programs related to products/vehicles previously sold are recognized
as an adjustment to revenues in the period the adjustment is determinable. The determination of sales allowances
requires management to make estimates based upon historical data, estimated future market demand for products,
field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things.
With reference to the sales to dealers accompanied by \u201cfloor plan\u201d agreements under which the Group offers
wholesale financing including \u201cinterest-free\u201d financing for a specified period of time (which also varies by
geographic market and product line), two separate performance obligations exist. The first performance obligation
consists of the sale of the equipment/vehicle to the dealer. The interest-free financing represents a cash sale
incentive recognized as a reduction of net sales. The second performance obligation consists of a credit facility
extended to the dealer. The remuneration of this performance obligation is represented by the interest charged to
the dealer. This remuneration is recognized over the period of the outstanding exposure.
For parts sales, when the Group provides its customers with a right to return a transferred product, revenue and
corresponding cost of sales are recognized for parts that are not expected to be returned. The expected returns are
estimated based on an analysis of historical experience. The portion of revenue (and corresponding cost of sales)
related to the parts that are expected to be returned is recognized at the end of the return period. The amount
received or receivable that is expected to be returned is recognized as a refund liability, representing the obligation
to return the customer\u2019s consideration.
Furthermore, at the time of the initial sale, the Group recognizes a return asset for the right to recover the goods
returned by the customer. This asset is initially measured at the former carrying amount of the inventory. At each
reporting date, both the refund liability and the return asset are re-measured to account for any revisions to the
expected level of returns, as well as any decreases in the value of the returned products.
Rendering of services
Revenues from services provided are primarily comprised of extended warranties and maintenance and repair
services and are recognized over the contract period when the costs are incurred, that is when the claims are
charged by the dealer. Amounts invoiced to customers for which the Group receives consideration before the
performance is satisfied are recognized as contract liability. These services are either separately-priced or included
in the selling price of the vehicle. In the second case, revenue for the services is allocated based on the estimated
stand-alone selling price. In the event that the costs expected to be incurred to satisfy the remaining performance
obligations exceed the transaction price, an estimated contract loss is recognized. Shipping and other
transportation activities performed as an agent are recognized on a net basis, by netting the related freight cost
against the freight revenue.
Rents and other income on assets sold with buy-back commitments
The Group enters into transactions for the sale of vehicles to some customers with an obligation to repurchase
(\u201cbuy-back commitment\u201d) the vehicles at the end of a period (\u201cbuy-back period\u201d) at the customer\u2019s request. For
these types of arrangements, at inception, the Group assesses whether a significant economic incentive exists for
the customer to exercise the option.
If the Group determines that a significant economic incentive exists for the customer to exercise the buy-back
option, the transaction is accounted for as an operating lease. In such cases, vehicles are accounted for as
Property, plant and equipment because the agreements typically have a long-term buy-back period. The difference
between the carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of
refurbishing costs) at the end of the buy-back period is depreciated on a straight-line basis over the same period.
The initial sale price received is recognized in \u201cOther current liabilities\u201d and is comprised of the repurchase value of
the vehicle, and the rents to be recognized in the future recorded as contract liability. These rents are determined at
the inception of the contract as the difference between the initial sale price and the repurchase price and are
recognized as revenue on a straight-line basis over the term of the agreement. At the end of the agreement term,
upon exercise of the option, the used vehicles are reclassified from Property, plant and equipment to Inventories.
The proceeds from the sale of such vehicles are recognized as Revenues.
If the Group determines that a significant economic incentive does not exist for the customer to exercise the buy-
back option, the transaction is treated as a sale with a variable consideration whose variable component is the buy-
back provision accrual. The buy-back provision accrual is the difference between the repurchase price and the
estimated market value of the used vehicle at the end of the buy-back period and is recorded only when the
repurchase price is greater than the estimated market value of the used vehicle. The buy-back provision accrual is
estimated and recognized as a reduction of revenues at the time of the sale. Any subsequent change following
such periodic reassessment is recognized as a reduction of revenues at that time.
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortized cost of the financial asset. If the financial asset cures and is no
longer credit-impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of the Group\u2019s products, expenses
directly attributable to the financial services and sports activities as follows:
Manufacturing and Distribution - all directly attributable material and production costs, all overheads directly related
to production and/or the performance of services, depreciation of property, plant and equipment and the
amortization of intangible assets relating to production and write-downs of inventories, freight and insurance costs
relating to deliveries to dealers and agency fees in the case of direct sales and provisions made to cover the
estimated cost of product warranties.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
Sports activities - includes costs for players\u2019 wages and technical staff, amortization and impairment losses on
players\u2019 registration rights, operating and maintenance costs of sports facilities as well as all the costs incurred for
sports events.
Government grants
Government grants are recognized when there is reasonable assurance that the Group is compliant with the
conditions for receiving such grants and that the grants will be received. Government grants are recognized as
income over the periods necessary to match them with the related costs which they are intended to offset.
The benefit of a government loan at a below-market rate of interest is treated for accounting purposes as a
government grant. The benefit of the below-market rate of interest is measured as the difference between the initial
carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in
accordance with the policies used for the recognition of government grants.
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognized as income or expense and included in the Consolidated Income
Statement for the period, except tax arising from a business combination or a transaction or event which is
recognized, in the same or a different period, either in Other comprehensive income or directly in Equity.
Deferred taxes are accounted for under the full liability method.
Deferred tax liabilities are recognized for all taxable temporary differences between the carrying amounts of assets
or liabilities and their tax base, except to the extent that the deferred tax liabilities arise from the initial recognition of
goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination and at
the time of the transaction, affects neither accounting profit nor taxable profit, or for differences related to
investments in subsidiaries where reversal will not take place in the foreseeable future.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions
in which the Group operates that are expected to apply to the period when the asset is realized or liability is settled.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilized.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognized deferred tax assets at the end of each year and recognizes a previously
unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
Dividends
Dividends payable by the Group are reported as a movement in equity in the year in which they are approved by
the shareholders\u2019 meeting.
Earnings per share
Basic earnings per share are calculated by dividing the profit (loss) attributable to owners of the parent entity by the
weighted average number of common shares outstanding during the year. Special voting shares are not included in
the earnings per share calculation as they are not eligible for dividends and have only limited economic rights. For
diluted earnings per share, the weighted average number of common shares outstanding is adjusted assuming
conversion of all shares having a potential dilutive effect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-472": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the
ability to use its power over the investee to affect the amount of the investor\u2019s returns. The Group considers all the
facts and circumstances in determining whether it controls an entity when it owns less than the majority of the
voting rights or similar rights of the entity. The Group reassesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the elements of control, as indicated in paragraph
7 of IFRS 10.
Subsidiaries are consolidated on a line-by-line basis from the date on which control is achieved by the Group until
the date that control ceases.
Equity attributable to non-controlling interests and non-controlling interests in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests that exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over the
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to owners of
the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognized directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date that control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the
fair value of any consideration received for the transaction.
Any retained interest in the former subsidiary is recognized at fair value. Any gains or losses recognized in other
comprehensive income in respect of the measurement of the assets of the subsidiary are accounted for as if the
subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained earnings as
required by other IFRS).
Subsidiaries that are either dormant or generate a negligible volume of business, are not consolidated. Their
impact on the Group\u2019s assets, liabilities, financial position and profit/(loss) attributable to the owners of the parent is
immaterial.
Associates
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies.
Investments in associates are accounted for using the equity method from the date that joint control or significant
influence commences until the date it ceases. When the Group\u2019s share of losses of an associate, if any, exceeds
the Group\u2019s interest in that associate, the carrying amount is reduced to nil and recognition of further losses is
discontinued. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has
incurred legal or constructive obligations or made payments on behalf of the associates.
Joint ventures and joint operations
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control. Investments in joint ventures are accounted for using the equity
method from the date that joint control commences until the date that joint control ceases.
When the Group undertakes its activities under joint operations, it recognizes its related interest in the joint
operation including: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of
any liabilities incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation,
(iv)\u00a0its share of the revenue from the sale of the output by the joint operation and (v)\u00a0its expenses, including its
share of any expenses incurred jointly.
Investments in other companies
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and insufficient financial information to determine fair value are measured at cost as an
estimate of fair value, as permitted by IFRS 9. The Group may irrevocably elect to present subsequent changes in
the investment\u2019s fair value in other comprehensive income upon the initial recognition of an equity investment that
is not held to sell. This election is made on an investment-by-investment basis. Dividends received from these
investments are included in Other income/(expenses) from investments.
Transactions eliminated in consolidation
All significant intragroup balances and transactions and any unrealized gains and losses arising from intragroup
transactions are eliminated. Unrealized gains and losses arising from transactions with associates and joint
ventures are eliminated to the extent of the Group\u2019s interest in those entities. Unrealized losses are eliminated
unless the transaction provides evidence of an impairment of the assets transferred.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the foreign exchange rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary
items or on reporting monetary items at rates different from those at which they were initially recorded during the
period or in previous financial statements, are recognized in the income statement.
Consolidation of foreign entities
All assets and liabilities of subsidiaries with a functional or reporting currency other than the Euro are translated
using the exchange rates in effect at the balance sheet date. Income and expenses are translated at the average
exchange rate for the period. Translation differences resulting from the application of this method are classified as
equity until the disposal of the investment. Average rates of exchange are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognized in the functional currency and translated at the exchange rate at the
acquisition date. These balances are subsequently retranslated at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The principal exchange rates used to translate other currencies into Euro are as follows:
\u00a0
2023
2022
\u00a0
Average
At 31 December
Average
At 31 December
U.S. dollar
1.081
1.105
1.053
1.067
Brazilian real
5.401
5.350
5.439
5.568
Chinese renminbi
7.657
7.851
7.079
7.358
Polish zloty
4.543
4.348
4.687
4.690
Czech Koruna
24.004
24.724
24.566
24.116
Argentinian peso(1)
892.924
892.924
188.906
188.906
British pound
0.870
0.869
0.853
0.887
Swiss franc
0.972
0.926
1.005
0.985
Canadian dollar
1.460
1.464
1.370
1.444
Hong Kong dollar
8.466
8.631
8.245
8.316
Singapore dollar
1.452
1.459
1.451
1.430
Australian dollar
1.628
1.626
1.517
1.569
Japanese Yen
151.854
156.330
138.027
140.660
Turkish lira(2)
32.603
32.603
19.953
19.953
(1) Starting from 1\u00a0July\u00a02018 Argentina's economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentina peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as the
functional currency were translated using the closing spot rate.
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of the Group.
The Economist Group, whose financial year closes on 31\u00a0March of each year, has been consolidated using the
equity method on the basis of the most recent data available (30\u00a0September\u00a02023). At 31\u00a0December\u00a02023 there
were no significant variations to The Economist Group data used for the purposes of these consolidated financial
statements.
Investment entity status
As of 1\u00a0January\u00a02024, Exor considers that it now meets the criteria of an investment company as defined by
IFRS\u00a010 - Consolidated Financial Statements, as it satisfies, at that date, the following three cumulative criteria:
\u2022 obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u2022 commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both;
\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.
In the past years, Exor has evolved from a holding to an investment entity, driven by a significant change in its
portfolio activity and composition, and changes in its portfolio review process to drive capital allocation decisions
based on fair value. The new classification follows these gradual changes, also marked notably by the change in
investment type from controlling to minority stakes and by the allocation of a significant amount of resources into
fund and venture investments.
Exor will apply this change in classification prospectively from 1 January 2024, with a material impact on the
presentation of the consolidated financial statements:
\u2022 in line with IFRS requirements, Exor will deconsolidate portfolio companies and account for them at fair value,
while only continuing to consolidate subsidiaries that provide support services to the Parent Company;
\u2022 investments in which Exor invests and that are controlled will no longer be fully consolidated;
\u2022 investments over which Exor exercises significant influence on financial and business decisions but does not
have majority control, or in which it exercises joint control, will no longer be equity accounted;
\u2022 current equity investments accounted for at FVTOCI remain unchanged, while all new investments, other than
subsidiaries providing services that relate to the investment company\u2019s activities, will be measured at fair value
through profit or loss from 1 January 2024, in accordance with IFRS 9.
Furthermore, as this change is applied prospectively, Exor will recognize, as of 1\u00a0January\u00a02024, a non-recurring net
gain resulting from the difference between the net carrying amount of investments previously consolidated or
accounted for using the equity method and their fair value at the date of the change. Based on a preliminary
assessment, this net gain would be approximately \u20ac12\u00a0billion. It will be clarified in the publication of 2024 first half
results.
This change in classification has no impact on the 2023 consolidated financial statements.
Exor believes that this change will better align Exor\u2019s reporting and financial disclosures to its business and
activities, with NAV and other key metrics audited.
Scope of consolidation
The consolidated financial statements include the companies over which Exor exercises control, and from which,
directly or indirectly, Exor is able to derive benefit by virtue of its power to govern their corporate financial and
operating policies.
The companies/groups included in the scope of consolidation at 31\u00a0December\u00a02023 are the following:
Company/Group
Country
% Ownership
Group
Non-controlling
interest
Operating subsidiaries / Segment entities
CNH Industrial
the Netherlands
28.42
71.58
Ferrari
the Netherlands
24.63
75.37
Iveco Group
the Netherlands
27.67
72.33
Juventus Football Club
Italy
63.77
36.23
GEDI Gruppo Editoriale
Italy
89.62
10.38
Exor Seeds
USA
87.80
12.20
Exor Ventures
USA
98.50
1.50
Shang Xia(a)
People's Rep.of China
82.30
17.70
Lingotto Investment Management LLP(b)
United Kingdom
100.00
0.00
Other Exor entities
Exor Nederland N.V.
the Netherlands
100.00
0.00
Exor S.A.
Luxembourg
100.00
0.00
Exor Investments Limited
United Kingdom
100.00
0.00
Exor SN LLC
USA
100.00
0.00
Ancom USA Inc.
USA
100.00
0.00
(a) Owned through the holding Company Full More Group (Hong Kong).
(b) Owned through the holding company Lingotto Investments Management (UK) Limited.
At 31\u00a0December\u00a02023 the Exor Group includes 249 subsidiaries consolidated line-by-line by CNH\u00a0Industrial,
Ferrari, Iveco Group, GEDI, Lingotto Investments Management and Juventus.
Changes in the Scope of Consolidation
2023 Change in scope of consolidation
Acquisition of Augmenta Holding SAS
In March 2023, CNH Industrial acquired the remaining 89.5% of Augmenta it did not own, for cash consideration of
approximately $80\u00a0million and a deferred payment of $10\u00a0million. CNH Industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $76\u00a0million and
$35\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $14\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31\u00a0December\u00a02023
Acquisition of Bennamann LTD
In March 2023, CNH Industrial acquired a controlling interest in Bennamann by purchasing an additional 34.4%
interest through cash consideration of approximately $51\u00a0million. CNH industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $118\u00a0million and
$46\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $3\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31 December 2023.
Acquisition of Hemisphere
Effective 12 October 2023, CNH Industrial closed on its purchase of Hemisphere, a global satellite navigation
technology leader, for a total consideration of $181\u00a0million. At 31\u00a0December\u00a02023, CNH Industrial recorded
preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date,
including $111\u00a0million and $51\u00a0million in preliminary goodwill and intangible assets, respectively. The valuation of
assets acquired and liabilities assumed has not been finalized as of 31\u00a0December\u00a02023.
Acquisition of IDV ROBOTICS Limited
In the first quarter of 2023, IDV, the brand of Iveco Group specialised in defence and civil protection equipment,
acquired a controlling stake in MIRA UGV, now renamed IDV ROBOTICS Limited, the Uncrewed Ground Vehicle
division of HORIBA MIRA, a global provider of automotive engineering, research and test services, headquartered
in the U.K., for a total consideration of \u00a336.3\u00a0million (\u20ac41\u00a0million), initially estimated to be of \u00a341.5\u00a0million
(\u20ac47\u00a0million), of which \u00a326.6 million already paid. During the measurement period the provisional amounts initially
recognized were adjusted with a recognition of a final goodwill of \u20ac23\u00a0million. The accounting for this business
combination was finalized in December 2023.
Consolidation of the funds managed by Lingotto
In 2023, following the implementation of the asset management activities, certain funds managed by Lingotto have
been consolidated on a line-by-line basis beginning 1\u00a0January\u00a02023, with an increase in financial assets and
financial liabilities of \u20ac829\u00a0million related to the investments made by third parties, with no effects on net equity.
2022 Change in scope of consolidation
Acquisition of Specialty Enterprises LLC
On 16\u00a0May\u00a02022, CNH Industrial acquired Specialty Enterprises LLC, a manufacturer of agricultural spray booms
and sprayer boom accessories. Total consideration was approximately $50\u00a0million. The results of Specialty
Enterprises have been included in CNH Industrial\u2019s Agriculture segment.
2022 Investments held for sale and Discontinued operations
Disposal of PartnerRe Group
On 16\u00a0December\u00a02021 Exor and Cov\u00e9a signed a Definitive Agreement for the sale of PartnerRe, the global
reinsurer wholly-owned by Exor. Subject to obtaining approvals from the applicable regulatory and competition
authorities, it was expected that the transaction would be completed in mid-2022.
At 31\u00a0December\u00a02021, the sale within the next twelve months became highly probable and PartnerRe Group
operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified
as a discontinued operation pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations.
Until 12\u00a0July\u00a02022, PartnerRe was still a subsidiary of Exor and therefore the presentation of the net results and
cash flows of PartnerRe Group is as follows:
\u25aa The net results of PartnerRe are excluded from the Group\u2019s continuing operations and are presented net of
taxes as a single line item within the Consolidated Income Statement for the year ended 31\u00a0December\u00a02022. In
order to present the financial effects of a discontinued operation, revenues and expenses arising from
intercompany transactions are eliminated except for those revenues and expenses that are considered to
continue after the disposal of the discontinued operation. However, no profit or loss impact is recognized for
intercompany transactions.
\u2022 Cash flows arising from PartnerRe are presented separately as discontinued cash flows from operating,
investing and financing activities within the Consolidated Statements of Cash Flows for the year ended
31\u00a0December\u00a02022. These cash flows represent those arising from transactions with third parties.
The following table set out the results of the discontinued operations.
(\u20ac million)
2022
PartnerRe(a)
Net revenues
1,870
Expenses
(2,860)
Other income (expenses) and Result of investments
(53)
Net financial expenses
(14)
Profit (loss) before taxes from discontinued operations
(1,057)
Tax expense
(2)
Adjustments
2
Total
(1,057)
Gain on disposal of PartnerRe shares
2,424
Profit (loss) from discontinued operation, net of tax
1,367
(a) For the period 1 January - 12 July 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-474": { "value": "
Subsidiaries
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the
investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee, and has the
ability to use its power over the investee to affect the amount of the investor\u2019s returns. The Group considers all the
facts and circumstances in determining whether it controls an entity when it owns less than the majority of the
voting rights or similar rights of the entity. The Group reassesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the elements of control, as indicated in paragraph
7 of IFRS 10.
Subsidiaries are consolidated on a line-by-line basis from the date on which control is achieved by the Group until
the date that control ceases.
Equity attributable to non-controlling interests and non-controlling interests in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests that exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over the
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to owners of
the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognized directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date that control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the
fair value of any consideration received for the transaction.
Any retained interest in the former subsidiary is recognized at fair value. Any gains or losses recognized in other
comprehensive income in respect of the measurement of the assets of the subsidiary are accounted for as if the
subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained earnings as
required by other IFRS).
Subsidiaries that are either dormant or generate a negligible volume of business, are not consolidated. Their
impact on the Group\u2019s assets, liabilities, financial position and profit/(loss) attributable to the owners of the parent is
immaterial.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": "
Equity attributable to non-controlling interests and non-controlling interests in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests that exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over the
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to owners of
the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognized directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date that control ceases. When the Group ceases to have control over a
subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the
fair value of any consideration received for the transaction.
Any retained interest in the former subsidiary is recognized at fair value. Any gains or losses recognized in other
comprehensive income in respect of the measurement of the assets of the subsidiary are accounted for as if the
subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained earnings as
required by other IFRS).
Subsidiaries that are either dormant or generate a negligible volume of business, are not consolidated. Their
impact on the Group\u2019s assets, liabilities, financial position and profit/(loss) attributable to the owners of the parent is
immaterial.
non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-477": { "value": "
Associates
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies.
Investments in associates are accounted for using the equity method from the date that joint control or significant
influence commences until the date it ceases. When the Group\u2019s share of losses of an associate, if any, exceeds
the Group\u2019s interest in that associate, the carrying amount is reduced to nil and recognition of further losses is
discontinued. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has
incurred legal or constructive obligations or made payments on behalf of the associates.
Joint ventures and joint operations
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control. Investments in joint ventures are accounted for using the equity
method from the date that joint control commences until the date that joint control ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-476": { "value": "
Associates
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies.
Investments in associates are accounted for using the equity method from the date that joint control or significant
influence commences until the date it ceases. When the Group\u2019s share of losses of an associate, if any, exceeds
the Group\u2019s interest in that associate, the carrying amount is reduced to nil and recognition of further losses is
discontinued. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has
incurred legal or constructive obligations or made payments on behalf of the associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": "
Joint ventures and joint operations
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control. Investments in joint ventures are accounted for using the equity
method from the date that joint control commences until the date that joint control ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": "
When the Group undertakes its activities under joint operations, it recognizes its related interest in the joint
operation including: (i)\u00a0its assets, including its share of any assets held jointly, (ii)\u00a0its liabilities, including its share of
any liabilities incurred jointly, (iii)\u00a0its revenue from the sale of its share of the output arising from the joint operation,
(iv)\u00a0its share of the revenue from the sale of the output by the joint operation and (v)\u00a0its expenses, including its
share of any expenses incurred jointly.
Investments in other companies
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and insufficient financial information to determine fair value are measured at cost as an
estimate of fair value, as permitted by IFRS 9. The Group may irrevocably elect to present subsequent changes in
the investment\u2019s fair value in other comprehensive income upon the initial recognition of an equity investment that
is not held to sell. This election is made on an investment-by-investment basis. Dividends received from these
investments are included in Other income/(expenses) from investments.
Investments in other companies are measured at fair value. The Group may irrevocably elect to present
subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment
basis. Generally, any dividends from these investments are recognized in Other income from investments within
Result from investments when the Group\u2019s right to receive payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": "
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the foreign exchange rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary
items or on reporting monetary items at rates different from those at which they were initially recorded during the
period or in previous financial statements, are recognized in the income statement.
Consolidation of foreign entities
All assets and liabilities of subsidiaries with a functional or reporting currency other than the Euro are translated
using the exchange rates in effect at the balance sheet date. Income and expenses are translated at the average
exchange rate for the period. Translation differences resulting from the application of this method are classified as
equity until the disposal of the investment. Average rates of exchange are used to translate the cash flows of
foreign subsidiaries in preparing the consolidated statement of cash flows.
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognized in the functional currency and translated at the exchange rate at the
acquisition date. These balances are subsequently retranslated at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The principal exchange rates used to translate other currencies into Euro are as follows:
\u00a0
2023
2022
\u00a0
Average
At 31 December
Average
At 31 December
U.S. dollar
1.081
1.105
1.053
1.067
Brazilian real
5.401
5.350
5.439
5.568
Chinese renminbi
7.657
7.851
7.079
7.358
Polish zloty
4.543
4.348
4.687
4.690
Czech Koruna
24.004
24.724
24.566
24.116
Argentinian peso(1)
892.924
892.924
188.906
188.906
British pound
0.870
0.869
0.853
0.887
Swiss franc
0.972
0.926
1.005
0.985
Canadian dollar
1.460
1.464
1.370
1.444
Hong Kong dollar
8.466
8.631
8.245
8.316
Singapore dollar
1.452
1.459
1.451
1.430
Australian dollar
1.628
1.626
1.517
1.569
Japanese Yen
151.854
156.330
138.027
140.660
Turkish lira(2)
32.603
32.603
19.953
19.953
(1) Starting from 1\u00a0July\u00a02018 Argentina's economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentina peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as the
functional currency were translated using the closing spot rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": "
Assets Held for Sale and Discontinued Operations
Pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal
group is available for immediate sale in its present condition subject only to terms that are usual and customary for
sales of such asset or disposal group and the sale is highly probable, with the sale expected to be completed within
one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the consolidated statement of financial
position. Non-current assets and disposal groups are not classified as held for sale within the consolidated
statement of financial position for the comparative period.
A discontinued operation is a component of the Group that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a
single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is
a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control.
Classification as a discontinued operation occurs upon disposal or when the asset or disposal group meets the
criteria to be classified as held for sale, if earlier. When the asset or disposal group is classified as a discontinued
operation, the comparative information is reclassified within the consolidated income statement as if the asset or
disposal group had been discontinued from the start of the earliest comparative period presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
Assets Held for Sale and Discontinued Operations
Pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations, non-current assets and
disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal
group is available for immediate sale in its present condition subject only to terms that are usual and customary for
sales of such asset or disposal group and the sale is highly probable, with the sale expected to be completed within
one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying
amount and fair value less costs to sell and are presented separately in the consolidated statement of financial
position. Non-current assets and disposal groups are not classified as held for sale within the consolidated
statement of financial position for the comparative period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "
A discontinued operation is a component of the Group that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a
single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is
a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control.
Classification as a discontinued operation occurs upon disposal or when the asset or disposal group meets the
criteria to be classified as held for sale, if earlier. When the asset or disposal group is classified as a discontinued
operation, the comparative information is reclassified within the consolidated income statement as if the asset or
disposal group had been discontinued from the start of the earliest comparative period presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognized in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognized retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognized in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognized in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognized in other
comprehensive income in prior reporting periods are reclassified to the income statement as if the equity interest
had been disposed of.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognized in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognized retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognized in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognized in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognized in other
comprehensive income in prior reporting periods are reclassified to the income statement as if the equity interest
had been disposed of.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a gain from a bargain
purchase;
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognized retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognized in profit or
loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "value": "
Fair value measurement
Some of the Group\u2019s assets and liabilities are measured at fair value at the balance sheet date. Fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
In estimating the fair value of an asset or a liability, the Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs. Additional information about fair value, fair value
hierarchy, valuation techniques and inputs used in determining the fair value of assets and liabilities is provided in
Note 17, Note 32 and, where required, in the individual notes relating to the assets and liabilities whose fair values
were determined.
In addition, fair value measurements are categorized within the fair value hierarchy, described as follows, based on
the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to
the fair value measurement in its entirety:
\u25aa Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement dated;
\u25aa Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices) on the market;
\u25aa Level 3: inputs that are not based on observable market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "value": "
Intangible assets
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortized but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic, or other factors that limit their useful lives. Intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the
asset may be impaired.
Intangible assets with a finite useful life
Intangible assets with a finite useful life are recognized at purchase or production cost less amortization and
cumulative impairment losses. Amortization is calculated on a systematic basis over the asset\u2019s useful life and
begins when the asset is available for use.
The main intangible assets with a finite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognized as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalized development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalized development costs
are amortized on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognized at cost, including auxiliary expenses, and discounted to present value.
They are amortized on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognized in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortized on a
straight-line basis over their estimated useful lives. Other intangible assets recognized subsequent to the
acquisition of a company are recorded separately from goodwill if their fair value can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "value": "
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic, or other factors that limit their useful lives. Intangible assets with indefinite useful lives are
not amortized but are tested for impairment annually or more frequently if events or circumstances indicate that the
asset may be impaired.
Intangible assets with a finite useful life
Intangible assets with a finite useful life are recognized at purchase or production cost less amortization and
cumulative impairment losses. Amortization is calculated on a systematic basis over the asset\u2019s useful life and
begins when the asset is available for use.
The main intangible assets with a finite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognized as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalized development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalized development costs
are amortized on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognized at cost, including auxiliary expenses, and discounted to present value.
They are amortized on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognized in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortized on a
straight-line basis over their estimated useful lives. Other intangible assets recognized subsequent to the
acquisition of a company are recorded separately from goodwill if their fair value can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognized as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalized development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalized development costs
are amortized on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of the Group\u2019s products, expenses
directly attributable to the financial services and sports activities as follows:
Manufacturing and Distribution - all directly attributable material and production costs, all overheads directly related
to production and/or the performance of services, depreciation of property, plant and equipment and the
amortization of intangible assets relating to production and write-downs of inventories, freight and insurance costs
relating to deliveries to dealers and agency fees in the case of direct sales and provisions made to cover the
estimated cost of product warranties.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
Sports activities - includes costs for players\u2019 wages and technical staff, amortization and impairment losses on
players\u2019 registration rights, operating and maintenance costs of sports facilities as well as all the costs incurred for
sports events.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognized as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalized development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalized development costs
are amortized on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalized, the carrying amount of the parts that are replaced is recognized in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalized. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "value": "
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalized. All other borrowing costs
are expensed when incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": "
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
Lease accounting policy
Lessee accounting
A lease is a contract that conveys the right to control the use of an identified asset (the leased asset) for a period of
time in exchange for consideration. The lease term determined by the Group comprises the non-cancellable period
of lease contract together with both periods covered by an option to extend the lease if the lessee is reasonably
certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably
certain not to exercise that option. For real estate leases, this assessment is based on an analysis by management
of all relevant facts and circumstances including the leased asset\u2019s purpose, the economic and practical potential
for replacing and any plans that the Group has in place for the future use of the asset. The Group combines lease
and non-lease components.
For leases with terms not exceeding twelve months (short-term leases) and for leases of low-value assets, the
Group recognizes the lease payments associated with those leases on a straight-line basis over the lease term as
operating expense in the income statement.
For all other leases, at the commencement date (i.e., the date the underlying asset is available for use), the Group
recognizes a right-of-use asset, classified within Property, plant and equipment, and a lease liability, classified
within Other Debt.
At the commencement date, the right-of-use asset includes the amount of lease liability recognized, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
At the same date, the lease liability is measured at the present value of lease payments to be made over the lease
term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's
incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the specific interest rate curve based on the relevant currency and term, as well as specific factors
contributing to the Group\u2019s credit spread. The Group primarily uses the incremental borrowing rate as the discount
rate for its lease liabilities.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use
asset is depreciated on a straight-line basis. If the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase
option, the Group depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
After the commencement date, the lease liability is increased to reflect the accretion of interest, recognized within
Financial income/(expenses) in the income statement, reduced for the lease payments made and remeasured to
reflect any reassessment or lease modifications.
Before the adoption of IFRS 16, where the Group entered as lessee in a lease contract classified as finance,
assuming substantially all the risks and rewards of ownership, assets held under finance lease were recognized as
assets of the Group at the lower of fair value or present value of the minimum lease payments and depreciated.
The corresponding liability to the lessor was included in the financial statement as a debt. Where the Group
entered as lessee in a lease contract classified as operating, the lessor retained substantially all the risks and
rewards of ownership of the asset. Operating lease expenditures were expensed on a straight-line basis over the
lease terms.
Lessor accounting
Lease contracts where the Group acts as a lessor, can be classified as either an operating lease or finance lease.
Leases where a significant portion of the risks and rewards are retained by the lessor are classified as operating
leases. Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to
the lessee are classified as finance leases.
Where the Group is the lessor in a finance lease, the future minimum lease payments from lessees are classified
as Receivables from financing activities. Lease payments are recognized as repayment of the principal and
financial income remunerating the initial investment and the services provided.
Where the Group is the lessor in an operating lease, income from operating leases is recognized over the term of
the lease on a straight-line basis. Leased assets include equipment leased to retail customers by the Group's
leasing companies. They are stated at cost and depreciated at annual rates of between 20% and 33%.
The Group evaluates the carrying amount of equipment on operating leases for potential impairment when it
determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed
comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for
recoverability identifies a possible impairment, the asset\u2019s fair value is measured in accordance with the fair value
measurement framework. An impairment charge would be recognized for the amount by which the carrying amount
of the asset exceeds its estimated fair value.
When leased assets are no longer leased and become held for sale, the Group reclassifies their carrying amount to
Inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognized if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized.
The reversal of an impairment loss is recognized in the income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalized development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognized if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized.
The reversal of an impairment loss is recognized in the income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": "
Financial assets and liabilities
Financial assets primarily include trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents and debt securities that represent
temporary investments of available funds and do not satisfy the requirements for being classified as cash
equivalents.
Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Classification and measurement
The classification of a financial asset is dependent on the Group\u2019s business model for managing such financial
assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely
payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual
terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related
financial assets are classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair Value including
transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair Value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair Value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
(3) On initial recognition, the Group may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortized cost
or at FVTOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Factors considered by the Group in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of
the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market securities,
commercial paper and Certificates of deposits that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various primary national and international money market instruments. Money
market funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL. Cash at banks and other cash equivalents are measured at
amortized cost.
Investments in other companies are measured at fair value. The Group may irrevocably elect to present
subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment
basis. Generally, any dividends from these investments are recognized in Other income from investments within
Result from investments when the Group\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the consolidated income statement
in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured
at FVTOCI are not reported separately from other changes in fair value in OCI.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognized in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition
of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are
reclassified and included in the initial measurement of the cost of the non-financial asset.
The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as
the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss
associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income
Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated
Income Statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer
probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the
Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive
income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the
Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Group\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one
for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognized at the beginning of the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "value": "
Financial assets and liabilities
Financial assets primarily include trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents and debt securities that represent
temporary investments of available funds and do not satisfy the requirements for being classified as cash
equivalents.
Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Classification and measurement
The classification of a financial asset is dependent on the Group\u2019s business model for managing such financial
assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely
payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual
terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related
financial assets are classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair Value including
transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair Value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair Value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
(3) On initial recognition, the Group may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortized cost
or at FVTOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Factors considered by the Group in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of
the first reporting period following the change in the business model.
Cash and cash equivalents include cash at banks, units in money market funds and other money market securities,
commercial paper and Certificates of deposits that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various primary national and international money market instruments. Money
market funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL. Cash at banks and other cash equivalents are measured at
amortized cost.
Investments in other companies are measured at fair value. The Group may irrevocably elect to present
subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment
basis. Generally, any dividends from these investments are recognized in Other income from investments within
Result from investments when the Group\u2019s right to receive payment is established.
Other net gains and losses are recognized in OCI and will not be reclassified to the consolidated income statement
in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured
at FVTOCI are not reported separately from other changes in fair value in OCI.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognized at the beginning of the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "value": "
Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "
Cash and cash equivalents include cash at banks, units in money market funds and other money market securities,
commercial paper and Certificates of deposits that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various primary national and international money market instruments. Money
market funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL. Cash at banks and other cash equivalents are measured at
amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognized in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition
of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are
reclassified and included in the initial measurement of the cost of the non-financial asset.
The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as
the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss
associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income
Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated
Income Statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer
probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the
Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive
income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the
Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Group\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one
for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognized in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition
of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are
reclassified and included in the initial measurement of the cost of the non-financial asset.
The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as
the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss
associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income
Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated
Income Statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer
probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the
Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive
income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the
Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Group\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one
for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognized in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized
directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition
of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are
reclassified and included in the initial measurement of the cost of the non-financial asset.
The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as
the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss
associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income
Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated
Income Statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer
probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the
Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive
income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the
Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Group\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one
for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "value": "
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognized at the beginning of the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "
Inventories
Inventories of raw materials, semi-finished products and finished goods (including assets sold with a buy-back
commitment) are stated at the lower of cost and net realizable value, cost being determined on a first-in-first-out
(FIFO) basis. The measurement of inventories includes the direct costs of materials, labour and indirect costs
(variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare parts
and other supplies based on their expected future use and realizable value. Net realizable value is the estimated
selling price in the ordinary course of business less the estimated costs of completion and the estimated costs for
sale and distribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods and deducting the fair value of any plan
assets. The present value of the defined benefit obligation is measured using actuarial techniques and actuarial
assumptions that are unbiased and mutually compatible and attribute benefits to periods in which the obligation to
provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and
measured at fair value.
When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of the defined benefit cost are recognized as follows:
\u2022 the service costs are recognized in the income statement by function and presented in the relevant line items
(cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability or asset is recognized in the income statement as financial
income (expenses), and is determined by multiplying the net liability (asset) by the discount rate used to
discount obligations taking into account the effect of contributions and benefit payments made during the year;
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses, the return
on plan assets (excluding interest income recognized in the income statement) and any change in the effect of
the asset ceiling are recognized immediately in Other comprehensive income. These remeasurement
components are not reclassified in the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments are recognized immediately in the income
statement.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service during the current and prior periods. Remeasurement components on other long-term employee
benefits are recognized in the Consolidated Income Statement in the period in which they arise.
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
Post-employment plans other than pensions
The Group provides certain post-employment defined benefits, mainly healthcare plans. The method of accounting
and the frequency of valuations are similar to those used for defined benefit pension plans.
Share-based compensation
Share-based compensation plans that are to be settled by the delivery of shares are measured at fair value at the
grant date. This fair value is expensed over the vesting period of the plan with a corresponding increase in equity.
Share-based compensation plans that are to be settled in cash or by the delivery of other financial assets are
recognized as a liability and measured at fair value at the end of each reporting period and when settled.
Any subsequent changes in fair value do not have any effect on the initial measurement and are recognized in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "value": "
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
Share-based compensation
Share-based compensation plans that are to be settled by the delivery of shares are measured at fair value at the
grant date. This fair value is expensed over the vesting period of the plan with a corresponding increase in equity.
Share-based compensation plans that are to be settled in cash or by the delivery of other financial assets are
recognized as a liability and measured at fair value at the end of each reporting period and when settled.
Any subsequent changes in fair value do not have any effect on the initial measurement and are recognized in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "value": "
Provisions
Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate of the amount of the obligation can be made.
Changes in estimates of provisions are reflected in the Consolidated Income Statement in the period in which the
change occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "value": "
Treasury stock
The cost of any own share purchased and/or held, also through subsidiaries, as a result of specific shareholder
resolutions, is recognized as a deduction from equity. The proceeds from any subsequent sale are recognized in
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "value": "
Revenue recognition
Revenue is recognized when control of the vehicles, equipment, services or parts has been transferred and the
Group\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Group expects to receive in exchange for transferring goods or providing services.
The timing of when the Group transfers the goods or services to the customer may differ from the timing of the
customer\u2019s payment.
Revenues are stated net of discounts, allowances, settlement discounts and rebates, as well as costs for sales
incentive programs, which are determined on the basis of historical costs, country by country, and charged against
profit for the period in which the corresponding sales are recognized.
The Group also enters into contracts with multiple performance obligations. For these contracts, the Group
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative
standalone selling price basis. To the extent that the Group sells the good or service separately in the same market,
the standalone selling price is the observable price at which the Group sells the good or service separately. For all
other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach.
Sales of goods
The Group has determined that the customers from the sale of vehicles, equipment and parts are generally
dealers, distributors and retail customers.
Transfer of control, and thus related revenue recognition, generally corresponds to when the vehicles, equipment
and parts are made available to the customer. Therefore, the Group recognizes revenue at a point in time, when
control is transferred to the customer at a sale price that the Group expects to receive.
For all sales, no significant uncertainty exists surrounding the purchaser\u2019s obligation to pay for vehicles, equipment
and parts. The Group records appropriate allowance for credit losses and anticipated returns as required. Fixed
payment schedules exist for all sales, but payment terms vary by geographic market and product line.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle or equipment contract
transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle or
equipment as the intent of the incentives is to encourage sales of vehicles or equipment. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to
revenue in the period of the change. The Group grants certain sales incentives to support sales of its products to
retail customers. At the later of the time of sale or the time an incentive is announced to dealers, the Group records
the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of revenue.
Subsequent adjustments to sales incentive programs related to products/vehicles previously sold are recognized
as an adjustment to revenues in the period the adjustment is determinable. The determination of sales allowances
requires management to make estimates based upon historical data, estimated future market demand for products,
field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things.
With reference to the sales to dealers accompanied by \u201cfloor plan\u201d agreements under which the Group offers
wholesale financing including \u201cinterest-free\u201d financing for a specified period of time (which also varies by
geographic market and product line), two separate performance obligations exist. The first performance obligation
consists of the sale of the equipment/vehicle to the dealer. The interest-free financing represents a cash sale
incentive recognized as a reduction of net sales. The second performance obligation consists of a credit facility
extended to the dealer. The remuneration of this performance obligation is represented by the interest charged to
the dealer. This remuneration is recognized over the period of the outstanding exposure.
For parts sales, when the Group provides its customers with a right to return a transferred product, revenue and
corresponding cost of sales are recognized for parts that are not expected to be returned. The expected returns are
estimated based on an analysis of historical experience. The portion of revenue (and corresponding cost of sales)
related to the parts that are expected to be returned is recognized at the end of the return period. The amount
received or receivable that is expected to be returned is recognized as a refund liability, representing the obligation
to return the customer\u2019s consideration.
Furthermore, at the time of the initial sale, the Group recognizes a return asset for the right to recover the goods
returned by the customer. This asset is initially measured at the former carrying amount of the inventory. At each
reporting date, both the refund liability and the return asset are re-measured to account for any revisions to the
expected level of returns, as well as any decreases in the value of the returned products.
Rendering of services
Revenues from services provided are primarily comprised of extended warranties and maintenance and repair
services and are recognized over the contract period when the costs are incurred, that is when the claims are
charged by the dealer. Amounts invoiced to customers for which the Group receives consideration before the
performance is satisfied are recognized as contract liability. These services are either separately-priced or included
in the selling price of the vehicle. In the second case, revenue for the services is allocated based on the estimated
stand-alone selling price. In the event that the costs expected to be incurred to satisfy the remaining performance
obligations exceed the transaction price, an estimated contract loss is recognized. Shipping and other
transportation activities performed as an agent are recognized on a net basis, by netting the related freight cost
against the freight revenue.
Rents and other income on assets sold with buy-back commitments
The Group enters into transactions for the sale of vehicles to some customers with an obligation to repurchase
(\u201cbuy-back commitment\u201d) the vehicles at the end of a period (\u201cbuy-back period\u201d) at the customer\u2019s request. For
these types of arrangements, at inception, the Group assesses whether a significant economic incentive exists for
the customer to exercise the option.
If the Group determines that a significant economic incentive exists for the customer to exercise the buy-back
option, the transaction is accounted for as an operating lease. In such cases, vehicles are accounted for as
Property, plant and equipment because the agreements typically have a long-term buy-back period. The difference
between the carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of
refurbishing costs) at the end of the buy-back period is depreciated on a straight-line basis over the same period.
The initial sale price received is recognized in \u201cOther current liabilities\u201d and is comprised of the repurchase value of
the vehicle, and the rents to be recognized in the future recorded as contract liability. These rents are determined at
the inception of the contract as the difference between the initial sale price and the repurchase price and are
recognized as revenue on a straight-line basis over the term of the agreement. At the end of the agreement term,
upon exercise of the option, the used vehicles are reclassified from Property, plant and equipment to Inventories.
The proceeds from the sale of such vehicles are recognized as Revenues.
If the Group determines that a significant economic incentive does not exist for the customer to exercise the buy-
back option, the transaction is treated as a sale with a variable consideration whose variable component is the buy-
back provision accrual. The buy-back provision accrual is the difference between the repurchase price and the
estimated market value of the used vehicle at the end of the buy-back period and is recorded only when the
repurchase price is greater than the estimated market value of the used vehicle. The buy-back provision accrual is
estimated and recognized as a reduction of revenues at the time of the sale. Any subsequent change following
such periodic reassessment is recognized as a reduction of revenues at that time.
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortized cost of the financial asset. If the financial asset cures and is no
longer credit-impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "value": "
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortized cost of the financial asset. If the financial asset cures and is no
longer credit-impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortized cost of the financial asset. If the financial asset cures and is no
longer credit-impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-517": { "value": "
Government grants
Government grants are recognized when there is reasonable assurance that the Group is compliant with the
conditions for receiving such grants and that the grants will be received. Government grants are recognized as
income over the periods necessary to match them with the related costs which they are intended to offset.
The benefit of a government loan at a below-market rate of interest is treated for accounting purposes as a
government grant. The benefit of the below-market rate of interest is measured as the difference between the initial
carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in
accordance with the policies used for the recognition of government grants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "value": "
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognized as income or expense and included in the Consolidated Income
Statement for the period, except tax arising from a business combination or a transaction or event which is
recognized, in the same or a different period, either in Other comprehensive income or directly in Equity.
Deferred taxes are accounted for under the full liability method.
Deferred tax liabilities are recognized for all taxable temporary differences between the carrying amounts of assets
or liabilities and their tax base, except to the extent that the deferred tax liabilities arise from the initial recognition of
goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination and at
the time of the transaction, affects neither accounting profit nor taxable profit, or for differences related to
investments in subsidiaries where reversal will not take place in the foreseeable future.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions
in which the Group operates that are expected to apply to the period when the asset is realized or liability is settled.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilized.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognized deferred tax assets at the end of each year and recognizes a previously
unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "value": "
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognized as income or expense and included in the Consolidated Income
Statement for the period, except tax arising from a business combination or a transaction or event which is
recognized, in the same or a different period, either in Other comprehensive income or directly in Equity.
Deferred taxes are accounted for under the full liability method.
Deferred tax liabilities are recognized for all taxable temporary differences between the carrying amounts of assets
or liabilities and their tax base, except to the extent that the deferred tax liabilities arise from the initial recognition of
goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination and at
the time of the transaction, affects neither accounting profit nor taxable profit, or for differences related to
investments in subsidiaries where reversal will not take place in the foreseeable future.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions
in which the Group operates that are expected to apply to the period when the asset is realized or liability is settled.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilized.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognized deferred tax assets at the end of each year and recognizes a previously
unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right of offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "value": "
Dividends
Dividends payable by the Group are reported as a movement in equity in the year in which they are approved by
the shareholders\u2019 meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "value": "
Earnings per share
Basic earnings per share are calculated by dividing the profit (loss) attributable to owners of the parent entity by the
weighted average number of common shares outstanding during the year. Special voting shares are not included in
the earnings per share calculation as they are not eligible for dividends and have only limited economic rights. For
diluted earnings per share, the weighted average number of common shares outstanding is adjusted assuming
conversion of all shares having a potential dilutive effect.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "value": "
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosures relating to
contingent assets and liabilities and the amounts of income and expense reported for the period. The estimates
and related assumptions are based on elements that are known when the financial statements are prepared, on
historical experience of the Group and on any other factors that are considered to be relevant. Actual results may
differ from the estimates.
Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's
estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain
items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or
predicted.
The principal items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-
current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease
arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-
employment benefits, deferred tax assets and contingent liabilities.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed then the actual results could differ from the estimates, which would require adjustment
accordingly. The effects of any changes in estimate are recognized in the Consolidated Income Statement in the
period in which the adjustment is made, or also in future periods if the revision affects both current and future
periods.
There are no key sources of estimation uncertainty and no critical judgements. The following are the main
judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the
process of applying accounting policies to prepare the Consolidated Financial Statements.
Recoverability of goodwill and intangible assets with indefinite useful lives
In accordance with IAS 36 \u2013 Impairment of Assets, goodwill and intangible assets with indefinite lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the
asset may be impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or cash generating
units (\u201cCGUs\u201d) within the operating segments. The impairment test is performed by comparing the carrying amount
and the recoverable amount of each CGU to which goodwill has been allocated.
If indicators of impairment are present, the carrying amount of the assets is reduced to its recoverable amount that
is the higher of its fair value less disposal costs and its value in use. In assessing its value in use, the pre-tax
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognized when the recoverable amount is lower than the carrying amount.
The assumptions used in the impairment test represent management\u2019s best estimate for the period under
consideration including in relation to expected cash flows, growth rates, discount rates and future developments in
the market where the Group operates.
Additional information about the impairment test on goodwill and intangible assets with indefinite useful lives is
presented in Note 14 Intangible assets.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures of
CNH Industrial Group and Ferrari Group. The Group's subsidiaries periodically review the carrying amount of non-
current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The
recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the
Group\u2019s subsidiaries' current business plans of the cash generating units to which the assets relate.
The estimation of future cash flows is based on assumptions which are inherently uncertain in nature and therefore
require management judgement. The business plans of the Group\u2019s subsidiaries could change in response to these
evolving requirements and emerging technologies or in relation to any future business plans or strategies
developed as part of partnership and collaborations, which may result in changes to estimated future cash flows
and could affect the recoverability of non-current assets with definite useful lives. Any change in recoverability
would be accounted for at the time such change to the business plan occurs.
Additional information about the impairment test on non-current assets with definite useful lives is presented in
Note 15 Property, plant and equipment.
Residual values of assets leased out under operating lease arrangements or sold with a buy-back commitment
The Group records assets rented to customers or leased to them under operating lease as tangible assets.
Furthermore, new vehicle sales with a buy-back commitment are not recognized as sales at the time of delivery but
are accounted for as operating lease if it is probable that the vehicle will be bought back. Income from such
operating lease is recognized on a straight-line basis over the term of the lease. Depreciation expense for assets
subject to operating lease is recognized on a straight-line basis over the lease term in amounts necessary to
reduce the cost of an asset to its estimated residual value at the end of the lease term. The estimated residual
value of leased assets is calculated at the lease commencement date on the basis of published industry
information and historical experience and is reviewed quarterly. Realization of the residual values is dependent on
the Group\u2019s future ability to market the assets under the then-prevailing market conditions. The Group continually
evaluates whether events and circumstances have occurred which impact the estimated residual values of the
assets on operating lease. The used vehicle market is carefully monitored to ensure that write-downs are properly
determined, however, it cannot be excluded that additional write-downs may be required if market conditions
should deteriorate further.
Recognition of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets
depends on the ability of the consolidated entities to generate sufficient future taxable income in the period in which
it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized.
The assessment of the recoverability of such deferred tax assets are autonomously made by each consolidated
subsidiary, considering future taxable income based on the most recent budgets and plans prepared using the
same criteria as those for the impairment of assets and goodwill.
Consolidated subsidiaries believe the amount of recognized deferred tax assets is appropriate, despite the risk of
actual future results potentially being less than results included in these forecasts, considering many of the
recognized net deferred tax assets relate to temporary differences and tax losses which, to a significant extent,
may be recovered over an extended time period, but do not expire based on currently enacted tax law. As in all
financial reporting periods, the Group's subsidiaries assessed the realizability of its various deferred tax assets,
which related to multiple tax jurisdictions in all regions of the world. Given the uncertainty around the evolution of
certain macro-economic dynamics (i.e. Russia-Ukraine conflict, supply chain issues, energy prices), it is reasonably
possible that the Group's recognition of deferred tax assets could change during 2024, with those changes
potentially having an impact on the Group's financial results. Additional information about the recoverability of
deferred tax assets is presented in Note 11 Tax expense.
Pension and other post-employment benefits
Group companies sponsor pension and other post-employment benefits in various countries, mainly in the United
States, the United Kingdom and Germany.
Employee benefit liabilities, related assets, costs and net interest connected with them are measured on an
actuarial basis which requires the use of estimates and assumptions to determine the net defined benefit liability/
asset for the Group. The actuarial method takes into consideration parameters of a financial nature such as the
discount rate, the rate for expected return on plan assets, the rate of salary increases and the healthcare costs
trend rate and takes into consideration the likelihood of potential future events by using certain demographic
parameters such as mortality rates and dismissal or retirement rates. The discount rates selected are based on
yields or yield curves of high quality corporate bonds in the relevant market. Trends in healthcare costs are
developed on the basis of historical experience, the near-term outlook for costs and likely long-term trends. Rates
of salary increases reflect the Group\u2019s long-term actual expectations in the reference market and inflation trends.
Changes in any of these assumptions may have an effect on future contributions to the plans.
The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognized
directly in other comprehensive income without reclassification to profit or loss in subsequent years: refer to
\u201cEmployee benefits\u201d section above for further details.
Significant future changes in the yields of corporate bonds, other actuarial assumptions referred to above and
returns on plan assets may significantly impact the net liability/asset.
Allowance for obsolete and slow-moving inventory
The allowance for obsolete and slow-moving inventory reflects management\u2019s estimate of the expected loss in
value and has been determined on the basis of past experience and historical and expected future trends in the
used vehicle market. A worsening of the economic and financial situation could cause a further deterioration in
conditions in the used vehicle market compared to that taken into consideration in calculating the allowances
recognized in the financial statements.
Sales allowance
The Group grants certain sales incentives to support sales of its products to retail customers. At the later of the
time of sale or the time an incentive is announced to dealers, the Group records the estimated impact of sales
allowances in the form of dealer and customer incentives as a reduction of revenue. The expense for new
programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated. The
determination of sales allowances requires management to make estimates based upon historical data, estimated
future market demand for products, field inventory levels, announced incentive programs, competitive pricing and
interest rates, among other things. The final cost of these programs is determined at the end of the measurement
period for volume-based incentives or when the dealer sells the equipment to the retail customer. Changes in the
mix and types of programs affect these estimates, which are periodically reviewed. Actual cost differences from the
original cost estimate are recognized in Net revenues.
Product warranties
The Group makes provisions for estimated expenses related to product warranties at the time products are sold.
Management establishes these estimates based on historical information on the nature, frequency and average
cost of warranty claims. The Group seeks to improve vehicle quality and minimize warranty expenses arising from
claims. Warranty costs may differ from those estimated if actual claim rates are higher or lower than historical rates.
Contingent liabilities
Group\u2019s subsidiaries are subject to various proceedings, claims and governmental investigations on a wide range
of topics. Some of these proceedings allege defects in specific products or general design defects. Such
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include
a claim for exemplary or punitive damages. Adverse decisions could require the relevant subsidiary to pay
substantial damages or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties and the outcome of the individual matters is not predictable. An accrual is
recorded if it is probable that there will be an outflow of funds and when the amount can be reasonably estimated.
Since such accruals represent estimates, the final resolution could require the Group to make payments in excess
of the amounts accrued or in an amount or range that could not previously be estimated.
The subsidiaries of the Group monitor the status of pending legal proceedings and consult with experts on legal
and tax matters on a regular basis.
Climate-related matter
The major Exor subsidiaries have established risk management processes that include the assessment and
monitoring of climate-related risks. These assessments are used by such subsidiaries to identify not only risk
exposure, but also opportunities, on which the climate change strategy is based. The identification of these climate-
related risks and opportunities, along with the analysis of sustainability macrotrends, can lead to the definition of a
decarbonisation strategy, which in turn can be incorporated within, and potentially regularly influence, the
subsidiaries\u2019 business plan. To further address the potential impacts of climate change, certain Exor subsidiaries
have implemented important projects and have defined long-term strategic targets.
The Group recognises the importance of climate change risk and promotes a responsible use of resources as well
as more sustainable production activities to help mitigate climate change.
In particular, given that the financial statements information is presented through historical values which, by their
nature, do not fully capture future events, all significant assumptions and estimates underlying the preparation of
the following items were subject to an analysis in order to identify and address the new uncertainties related to
climate change which could affect the business: going concern, inventory management, property, plant and
equipment, goodwill, brands, intangible assets with a finite life, tax reliefs, revenue recognition, provisions and
onerous contracts to name a few examples. The analysis conducted at subsidiary level was based on the
respective strategy outlined in the context of the global supply chain environmental targets and did not highlight any
critical situations that cannot be attributable to and addressed in the ordinary course of business.
Global business conditions
Significant uncertainties, including rising inflation, geopolitical instability and the war in Ukraine, continue to create
volatility in the global economy. These factors can lead to inefficiencies and have contributed to an inflationary
environment which has affected, and may continue to affect, the price and availability of certain products and
services necessary for the operations of Exor's subsidiaries. Group management continues to work to mitigate the
impact of these issues in order to meet end-market demand and will continue to monitor the situation as conditions
remain fluid and evolve.
Exor and its investee companies continue to monitor global economic conditions and the impact of macroeconomic
pressures, including repercussions from rising interest rates, fluctuating currency exchange rates, inflation and
recession fears, on the respective business, customers and suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "value": "Use of estimatesThe Consolidated Financial Statements are prepared in accordance with IFRS which require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosures relating to contingent assets and liabilities and the amounts of income and expense reported for the period. The estimates and related assumptions are based on elements that are known when the financial statements are prepared, on historical experience of the Group and on any other factors that are considered to be relevant. Actual results may differ from the estimates.Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or predicted.The principal items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-employment benefits, deferred tax assets and contingent liabilities.The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not perform as assumed then the actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in estimate are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or also in future periods if the revision affects both current and future periods.There are no key sources of estimation uncertainty and no critical judgements. The following are the main judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the process of applying accounting policies to prepare the Consolidated Financial Statements.Recoverability of goodwill and intangible assets with indefinite useful livesIn accordance with IAS 36 \u2013 Impairment of Assets, goodwill and intangible assets with indefinite lives are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or cash generating units (\u201cCGUs\u201d) within the operating segments. The impairment test is performed by comparing the carrying amount and the recoverable amount of each CGU to which goodwill has been allocated.If indicators of impairment are present, the carrying amount of the assets is reduced to its recoverable amount that is the higher of its fair value less disposal costs and its value in use. In assessing its value in use, the pre-tax estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognized when the recoverable amount is lower than the carrying amount.The assumptions used in the impairment test represent management\u2019s best estimate for the period under consideration including in relation to expected cash flows, growth rates, discount rates and future developments in the market where the Group operates.Additional information about the impairment test on goodwill and intangible assets with indefinite useful lives is presented in Note 14 Intangible assets. Recoverability of non-current assets with definite useful livesNon-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures of CNH Industrial Group and Ferrari Group. The Group's subsidiaries periodically review the carrying amount of non-current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the Group\u2019s subsidiaries' current business plans of the cash generating units to which the assets relate.The estimation of future cash flows is based on assumptions which are inherently uncertain in nature and therefore require management judgement. The business plans of the Group\u2019s subsidiaries could change in response to these evolving requirements and emerging technologies or in relation to any future business plans or strategies developed as part of partnership and collaborations, which may result in changes to estimated future cash flows and could affect the recoverability of non-current assets with definite useful lives. Any change in recoverability would be accounted for at the time such change to the business plan occurs.Additional information about the impairment test on non-current assets with definite useful lives is presented in Note 15 Property, plant and equipment.Residual values of assets leased out under operating lease arrangements or sold with a buy-back commitmentThe Group records assets rented to customers or leased to them under operating lease as tangible assets. Furthermore, new vehicle sales with a buy-back commitment are not recognized as sales at the time of delivery but are accounted for as operating lease if it is probable that the vehicle will be bought back. Income from such operating lease is recognized on a straight-line basis over the term of the lease. Depreciation expense for assets subject to operating lease is recognized on a straight-line basis over the lease term in amounts necessary to reduce the cost of an asset to its estimated residual value at the end of the lease term. The estimated residual value of leased assets is calculated at the lease commencement date on the basis of published industry information and historical experience and is reviewed quarterly. Realization of the residual values is dependent on the Group\u2019s future ability to market the assets under the then-prevailing market conditions. The Group continually evaluates whether events and circumstances have occurred which impact the estimated residual values of the assets on operating lease. The used vehicle market is carefully monitored to ensure that write-downs are properly determined, however, it cannot be excluded that additional write-downs may be required if market conditions should deteriorate further.Recognition of deferred tax assetsDeferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets depends on the ability of the consolidated entities to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized.The assessment of the recoverability of such deferred tax assets are autonomously made by each consolidated subsidiary, considering future taxable income based on the most recent budgets and plans prepared using the same criteria as those for the impairment of assets and goodwill.Consolidated subsidiaries believe the amount of recognized deferred tax assets is appropriate, despite the risk of actual future results potentially being less than results included in these forecasts, considering many of the recognized net deferred tax assets relate to temporary differences and tax losses which, to a significant extent, may be recovered over an extended time period, but do not expire based on currently enacted tax law. As in all financial reporting periods, the Group's subsidiaries assessed the realizability of its various deferred tax assets, which related to multiple tax jurisdictions in all regions of the world. Given the uncertainty around the evolution of certain macro-economic dynamics (i.e. Russia-Ukraine conflict, supply chain issues, energy prices), it is reasonably possible that the Group's recognition of deferred tax assets could change during 2024, with those changes potentially having an impact on the Group's financial results. Additional information about the recoverability of deferred tax assets is presented in Note 11 Tax expense.Pension and other post-employment benefitsGroup companies sponsor pension and other post-employment benefits in various countries, mainly in the United States, the United Kingdom and Germany.Employee benefit liabilities, related assets, costs and net interest connected with them are measured on an actuarial basis which requires the use of estimates and assumptions to determine the net defined benefit liability/asset for the Group. The actuarial method takes into consideration parameters of a financial nature such as the discount rate, the rate for expected return on plan assets, the rate of salary increases and the healthcare costs trend rate and takes into consideration the likelihood of potential future events by using certain demographic parameters such as mortality rates and dismissal or retirement rates. The discount rates selected are based on yields or yield curves of high quality corporate bonds in the relevant market. Trends in healthcare costs are developed on the basis of historical experience, the near-term outlook for costs and likely long-term trends. Rates of salary increases reflect the Group\u2019s long-term actual expectations in the reference market and inflation trends. Changes in any of these assumptions may have an effect on future contributions to the plans.The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognized directly in other comprehensive income without reclassification to profit or loss in subsequent years: refer to \u201cEmployee benefits\u201d section above for further details.Significant future changes in the yields of corporate bonds, other actuarial assumptions referred to above and returns on plan assets may significantly impact the net liability/asset.Allowance for obsolete and slow-moving inventoryThe allowance for obsolete and slow-moving inventory reflects management\u2019s estimate of the expected loss in value and has been determined on the basis of past experience and historical and expected future trends in the used vehicle market. A worsening of the economic and financial situation could cause a further deterioration in conditions in the used vehicle market compared to that taken into consideration in calculating the allowances recognized in the financial statements.Sales allowanceThe Group grants certain sales incentives to support sales of its products to retail customers. At the later of the time of sale or the time an incentive is announced to dealers, the Group records the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of revenue. The expense for new programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated. The determination of sales allowances requires management to make estimates based upon historical data, estimated future market demand for products, field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things. The final cost of these programs is determined at the end of the measurement period for volume-based incentives or when the dealer sells the equipment to the retail customer. Changes in the mix and types of programs affect these estimates, which are periodically reviewed. Actual cost differences from the original cost estimate are recognized in Net revenues.Product warrantiesThe Group makes provisions for estimated expenses related to product warranties at the time products are sold. Management establishes these estimates based on historical information on the nature, frequency and average cost of warranty claims. The Group seeks to improve vehicle quality and minimize warranty expenses arising from claims. Warranty costs may differ from those estimated if actual claim rates are higher or lower than historical rates.Contingent liabilitiesGroup\u2019s subsidiaries are subject to various proceedings, claims and governmental investigations on a wide range of topics. Some of these proceedings allege defects in specific products or general design defects. Such proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive damages. Adverse decisions could require the relevant subsidiary to pay substantial damages or undertake service actions, recall campaigns or other costly actions. Litigation is subject to many uncertainties and the outcome of the individual matters is not predictable. An accrual is recorded if it is probable that there will be an outflow of funds and when the amount can be reasonably estimated. Since such accruals represent estimates, the final resolution could require the Group to make payments in excess of the amounts accrued or in an amount or range that could not previously be estimated.The subsidiaries of the Group monitor the status of pending legal proceedings and consult with experts on legal and tax matters on a regular basis.Climate-related matterThe major Exor subsidiaries have established risk management processes that include the assessment and monitoring of climate-related risks. These assessments are used by such subsidiaries to identify not only risk exposure, but also opportunities, on which the climate change strategy is based. The identification of these climate-related risks and opportunities, along with the analysis of sustainability macrotrends, can lead to the definition of a decarbonisation strategy, which in turn can be incorporated within, and potentially regularly influence, the subsidiaries\u2019 business plan. To further address the potential impacts of climate change, certain Exor subsidiaries have implemented important projects and have defined long-term strategic targets.The Group recognises the importance of climate change risk and promotes a responsible use of resources as well as more sustainable production activities to help mitigate climate change. In particular, given that the financial statements information is presented through historical values which, by their nature, do not fully capture future events, all significant assumptions and estimates underlying the preparation of the following items were subject to an analysis in order to identify and address the new uncertainties related to climate change which could affect the business: going concern, inventory management, property, plant and equipment, goodwill, brands, intangible assets with a finite life, tax reliefs, revenue recognition, provisions and onerous contracts to name a few examples. The analysis conducted at subsidiary level was based on the respective strategy outlined in the context of the global supply chain environmental targets and did not highlight any critical situations that cannot be attributable to and addressed in the ordinary course of business.Global business conditionsSignificant uncertainties, including rising inflation, geopolitical instability and the war in Ukraine, continue to create volatility in the global economy. These factors can lead to inefficiencies and have contributed to an inflationary environment which has affected, and may continue to affect, the price and availability of certain products and services necessary for the operations of Exor's subsidiaries. Group management continues to work to mitigate the impact of these issues in order to meet end-market demand and will continue to monitor the situation as conditions remain fluid and evolve.Exor and its investee companies continue to monitor global economic conditions and the impact of macroeconomic pressures, including repercussions from rising interest rates, fluctuating currency exchange rates, inflation and recession fears, on the respective business, customers and suppliers.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-524": { "value": "
Climate-related matter
The major Exor subsidiaries have established risk management processes that include the assessment and
monitoring of climate-related risks. These assessments are used by such subsidiaries to identify not only risk
exposure, but also opportunities, on which the climate change strategy is based. The identification of these climate-
related risks and opportunities, along with the analysis of sustainability macrotrends, can lead to the definition of a
decarbonisation strategy, which in turn can be incorporated within, and potentially regularly influence, the
subsidiaries\u2019 business plan. To further address the potential impacts of climate change, certain Exor subsidiaries
have implemented important projects and have defined long-term strategic targets.
The Group recognises the importance of climate change risk and promotes a responsible use of resources as well
as more sustainable production activities to help mitigate climate change.
In particular, given that the financial statements information is presented through historical values which, by their
nature, do not fully capture future events, all significant assumptions and estimates underlying the preparation of
the following items were subject to an analysis in order to identify and address the new uncertainties related to
climate change which could affect the business: going concern, inventory management, property, plant and
equipment, goodwill, brands, intangible assets with a finite life, tax reliefs, revenue recognition, provisions and
onerous contracts to name a few examples. The analysis conducted at subsidiary level was based on the
respective strategy outlined in the context of the global supply chain environmental targets and did not highlight any
critical situations that cannot be attributable to and addressed in the ordinary course of business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "value": "Scope of consolidation
The consolidated financial statements include the companies over which Exor exercises control, and from which,
directly or indirectly, Exor is able to derive benefit by virtue of its power to govern their corporate financial and
operating policies.
The companies/groups included in the scope of consolidation at 31\u00a0December\u00a02023 are the following:
Company/Group
Country
% Ownership
Group
Non-controlling
interest
Operating subsidiaries / Segment entities
CNH Industrial
the Netherlands
28.42
71.58
Ferrari
the Netherlands
24.63
75.37
Iveco Group
the Netherlands
27.67
72.33
Juventus Football Club
Italy
63.77
36.23
GEDI Gruppo Editoriale
Italy
89.62
10.38
Exor Seeds
USA
87.80
12.20
Exor Ventures
USA
98.50
1.50
Shang Xia(a)
People's Rep.of China
82.30
17.70
Lingotto Investment Management LLP(b)
United Kingdom
100.00
0.00
Other Exor entities
Exor Nederland N.V.
the Netherlands
100.00
0.00
Exor S.A.
Luxembourg
100.00
0.00
Exor Investments Limited
United Kingdom
100.00
0.00
Exor SN LLC
USA
100.00
0.00
Ancom USA Inc.
USA
100.00
0.00
(a) Owned through the holding Company Full More Group (Hong Kong).
(b) Owned through the holding company Lingotto Investments Management (UK) Limited.
At 31\u00a0December\u00a02023 the Exor Group includes 249 subsidiaries consolidated line-by-line by CNH\u00a0Industrial,
Ferrari, Iveco Group, GEDI, Lingotto Investments Management and Juventus.
Changes in the Scope of Consolidation
2023 Change in scope of consolidation
Acquisition of Augmenta Holding SAS
In March 2023, CNH Industrial acquired the remaining 89.5% of Augmenta it did not own, for cash consideration of
approximately $80\u00a0million and a deferred payment of $10\u00a0million. CNH Industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $76\u00a0million and
$35\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $14\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31\u00a0December\u00a02023
Acquisition of Bennamann LTD
In March 2023, CNH Industrial acquired a controlling interest in Bennamann by purchasing an additional 34.4%
interest through cash consideration of approximately $51\u00a0million. CNH industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $118\u00a0million and
$46\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $3\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31 December 2023.
Acquisition of Hemisphere
Effective 12 October 2023, CNH Industrial closed on its purchase of Hemisphere, a global satellite navigation
technology leader, for a total consideration of $181\u00a0million. At 31\u00a0December\u00a02023, CNH Industrial recorded
preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date,
including $111\u00a0million and $51\u00a0million in preliminary goodwill and intangible assets, respectively. The valuation of
assets acquired and liabilities assumed has not been finalized as of 31\u00a0December\u00a02023.
Acquisition of IDV ROBOTICS Limited
In the first quarter of 2023, IDV, the brand of Iveco Group specialised in defence and civil protection equipment,
acquired a controlling stake in MIRA UGV, now renamed IDV ROBOTICS Limited, the Uncrewed Ground Vehicle
division of HORIBA MIRA, a global provider of automotive engineering, research and test services, headquartered
in the U.K., for a total consideration of \u00a336.3\u00a0million (\u20ac41\u00a0million), initially estimated to be of \u00a341.5\u00a0million
(\u20ac47\u00a0million), of which \u00a326.6 million already paid. During the measurement period the provisional amounts initially
recognized were adjusted with a recognition of a final goodwill of \u20ac23\u00a0million. The accounting for this business
combination was finalized in December 2023.
Consolidation of the funds managed by Lingotto
In 2023, following the implementation of the asset management activities, certain funds managed by Lingotto have
been consolidated on a line-by-line basis beginning 1\u00a0January\u00a02023, with an increase in financial assets and
financial liabilities of \u20ac829\u00a0million related to the investments made by third parties, with no effects on net equity.
2022 Change in scope of consolidation
Acquisition of Specialty Enterprises LLC
On 16\u00a0May\u00a02022, CNH Industrial acquired Specialty Enterprises LLC, a manufacturer of agricultural spray booms
and sprayer boom accessories. Total consideration was approximately $50\u00a0million. The results of Specialty
Enterprises have been included in CNH Industrial\u2019s Agriculture segment.
2022 Investments held for sale and Discontinued operations
Disposal of PartnerRe Group
On 16\u00a0December\u00a02021 Exor and Cov\u00e9a signed a Definitive Agreement for the sale of PartnerRe, the global
reinsurer wholly-owned by Exor. Subject to obtaining approvals from the applicable regulatory and competition
authorities, it was expected that the transaction would be completed in mid-2022.
At 31\u00a0December\u00a02021, the sale within the next twelve months became highly probable and PartnerRe Group
operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified
as a discontinued operation pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations.
Until 12\u00a0July\u00a02022, PartnerRe was still a subsidiary of Exor and therefore the presentation of the net results and
cash flows of PartnerRe Group is as follows:
\u25aa The net results of PartnerRe are excluded from the Group\u2019s continuing operations and are presented net of
taxes as a single line item within the Consolidated Income Statement for the year ended 31\u00a0December\u00a02022. In
order to present the financial effects of a discontinued operation, revenues and expenses arising from
intercompany transactions are eliminated except for those revenues and expenses that are considered to
continue after the disposal of the discontinued operation. However, no profit or loss impact is recognized for
intercompany transactions.
\u2022 Cash flows arising from PartnerRe are presented separately as discontinued cash flows from operating,
investing and financing activities within the Consolidated Statements of Cash Flows for the year ended
31\u00a0December\u00a02022. These cash flows represent those arising from transactions with third parties.
The following table set out the results of the discontinued operations.
(\u20ac million)
2022
PartnerRe(a)
Net revenues
1,870
Expenses
(2,860)
Other income (expenses) and Result of investments
(53)
Net financial expenses
(14)
Profit (loss) before taxes from discontinued operations
(1,057)
Tax expense
(2)
Adjustments
2
Total
(1,057)
Gain on disposal of PartnerRe shares
2,424
Profit (loss) from discontinued operation, net of tax
1,367
(a) For the period 1 January - 12 July 2022.
Results from investments
Result from investments for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
Years ended 31 December
2023
2022
Share of the profit of equity method investees
3,050
2,564
Impairment losses
(28)
\u2014
Other income from investments
12
\u2014
Total result from investments
3,034
2,564
Impairment is mainly related to the investment in Casavo, as detailed in Note 16.
The following table summarises the share of profits of equity method investees for the years ended
31\u00a0December\u00a02023 and 2022:
(\u20ac million)
Years ended 31 December
2023
2022
Joint ventures
145
92
Associates1
2,905
2,472
Share of the profit of equity method investees
3,050
2,564
1) Mainly related to Stellantis (\u20ac2,790\u00a0million in 2023 and \u20ac2,392\u00a0million in 2022).
Investments accounted for using the equity method
Changes in equity investments in 2023 are set out below:
\u20ac million
At
31\u00a0December\u00a0
2022
Share of the
profit (loss)
Impariment
loss
Acquisition
and capita-
lizations
Fair value re-
measurements
Translation
differences
Change in
scope of
conso-
lidation
Disposals
and other
changes
At
31\u00a0December\u00a0
2023
Investments in
joint ventures
248
145
\u2014
3
\u2014
28
5
(49)
380
Investments in
associates
12,593
2,905
(28)
\u2014
5
(327)
82
(641)
14,588
Equity method
investments
12,841
3,050
(28)
3
5
(299)
87
(690)
14,968
The increase is mainly due to the share in the profit of Stellantis Group for \u20ac2,790 million.
Impairment loss relates mainly to Casavo. In 2023, this company accelerated its strategy to transition towards an
asset-light model and executed on multiple operational efficiencies initiatives including headcount right-sizing in
order to reduce cash outflow and increase profitability. Casavo secured \u20ac20\u00a0million in additional funding in the form
of a convertible note, strengthening its liquidity position to face the difficult market conditions. In this context, Exor
performed an evaluation using public company trading analysis based on a panel of selected listed companies in
the PropTech industry that led to an impairment charge of \u20ac27\u00a0million, driven by the low profitability outlook despite
improvement in the cash conversion rate.
Investments in joint ventures
Investments in joint ventures at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million, except percentages)
At 31 December
2023
2022
Investments in joint ventures
\u00a0
\u00a0
Turk Traktor Ve Ziraat Makineleri A.S. (Turk Traktor\u201d)
37.50%
171
74
New Holland HFT Japan Inc.
50.00%
84
79
Nuo S.p.A.
50.00%
39
38
CNH de Mexico SA de CV
50.00%
52
33
Other
34
24
Total Investments in joint ventures
\u00a0
380
248
Summarized financial information relating to the material joint ventures is as follows:
(\u20ac million)
At 31 December
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Cash and cash equivalents
378
293
Non-current assets
228
134
Current assets
416
271
Total assets
1,022
698
Debt
185
202
Other liabilities
366
300
Total liabilities
551
502
Total equity
471
196
(\u20ac million)
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Net revenues
1,832
1,206
Depreciation and amortisation
13
12
Net financial income (expenses)
212
(30)
Profit (loss) before taxes
380
157
Income tax (expenses)
(87)
9
Profit (loss)
293
165
Total Other Comprehensive income, net of tax
\u2014
\u2014
Total Comprehensive income
293
165
This summarized financial information may be reconciled to the carrying amount of the % interest held in the
associate as follows:
(\u20ac million)
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Total equity
472
196
CNH Group's interest (%)
37.5
37.5
Pro-quota equity
179
74
Adjustments made by using the equity method
(8)
\u2014
Carrying amount
171
74
Investments in associates
Investments in associates at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million, except percentages)
\u00a0
At 31 December
2023
2022
Investments in associates
Stellantis
14.29%
12,765
10,885
Christian Louboutin
24.00%
594
581
The Economist
43.40%
313
300
Institut Merieux
3.57%
277
278
CNH Capital Europe
49.90%
219
208
Welltec
47.61%
147
104
Tag Holding
34.85%
98
\u2014
Lifenet
44.67%
63
68
Casavo
18.68%
20
56
Other
92
113
Total Investments in associates
\u00a0
14,588
12,593
Summarized financial information relating to Stellantis, a material associate of the Group, is as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Non-current assets
110,608
101,380
Current assets
91,520
84,776
Total assets
202,128
186,156
Non-current liabilities
46,068
46,949
Current liabilities
73,940
66,825
Total liabilities
120,008
113,774
Total Equity
82,120
72,382
(\u20ac million)
FY 2023
FY 2022
Net revenues
189,544
179,592
Profit (loss) before taxes
22,418
19,508
Profit (loss) from continuing operations
18,625
16,779
Profit (loss) from discontinued operations
\u2014
\u2014
Profit (loss)
18,625
16,779
Total Other comprehensive income, net of tax
(2,941)
2,985
Total Comprehensive income
15,684
19,764
Exor's interest in the Stellantis Group at 31\u00a0December\u00a02023 is as follows:
\u20ac million
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Exor's Interest (%)
14.87
14.29
Share of the profit (loss) for the period
2,790
2,392
Dividend received1
602
467
Carrying amount
12,765
10,885
Market value
9,505
5,961
1) Eliminated from the income statement following the application of the equity method.
The market capitalization of Stellantis at 31\u00a0December\u00a02023, despite a significant improvement compared to last
year (+57%), was lower than the carrying amount. Exor management noted that no impairment indicators emerged
in Stellantis financial statements at 31\u00a0December\u00a02023; Stellantis recorded adjusted operating income, profit after
tax and industrial free cash flow for 2023 of \u20ac24.3\u00a0billion, \u20ac18.6\u00a0billion and \u20ac12.9\u00a0billion, respectively, showing
further improvements compared to 2022.
In addition Exor management, using an income approach based on the present value of estimated future cash
flows, developed with information publicly available, determined that the recoverable amount at 31\u00a0December\u00a02023
of the investment in Stellantis was significantly higher than the carrying amount.
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial associates accounted for
using the equity method were as follows:
(\u20ac million)
FY 2023
FY 2022
Profit (loss) from continuing operations
384
343
Profit (loss) from discontinued operations
\u2014
\u2014
Profit (loss)
384
343
Total Other comprehensive income, net of tax
(161)
(139)
Total Comprehensive income
223
204
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "value": "Scope of consolidation
The consolidated financial statements include the companies over which Exor exercises control, and from which,
directly or indirectly, Exor is able to derive benefit by virtue of its power to govern their corporate financial and
operating policies.
The companies/groups included in the scope of consolidation at 31\u00a0December\u00a02023 are the following:
Company/Group
Country
% Ownership
Group
Non-controlling
interest
Operating subsidiaries / Segment entities
CNH Industrial
the Netherlands
28.42
71.58
Ferrari
the Netherlands
24.63
75.37
Iveco Group
the Netherlands
27.67
72.33
Juventus Football Club
Italy
63.77
36.23
GEDI Gruppo Editoriale
Italy
89.62
10.38
Exor Seeds
USA
87.80
12.20
Exor Ventures
USA
98.50
1.50
Shang Xia(a)
People's Rep.of China
82.30
17.70
Lingotto Investment Management LLP(b)
United Kingdom
100.00
0.00
Other Exor entities
Exor Nederland N.V.
the Netherlands
100.00
0.00
Exor S.A.
Luxembourg
100.00
0.00
Exor Investments Limited
United Kingdom
100.00
0.00
Exor SN LLC
USA
100.00
0.00
Ancom USA Inc.
USA
100.00
0.00
(a) Owned through the holding Company Full More Group (Hong Kong).
(b) Owned through the holding company Lingotto Investments Management (UK) Limited.
At 31\u00a0December\u00a02023 the Exor Group includes 249 subsidiaries consolidated line-by-line by CNH\u00a0Industrial,
Ferrari, Iveco Group, GEDI, Lingotto Investments Management and Juventus.
Related party transactions
The entities of each consolidated Group put in place transactions with subsidiaries, joint ventures, associates and
other related parties, on commercial terms that are normal in the respective markets, considering the
characteristics of the goods or services involved.
Pursuant to IAS 24 the related parties of the Exor are Giovanni Agnelli , the CNH Industrial Group, the Iveco Group,
the Ferrari Group, the GEDI Group, the Juventus Group and their respective unconsolidated subsidiaries,
associates or joint ventures, the Stellantis Group, The Economist Group, the Welltec Group, the Christian
Louboutin Group, the Lifenet Group, the Institut Merieux Group, the Casavo Group, the Nuo Group, and their
subsidiaries. In addition, members of the board of directors of Exor and of its parent Giovanni Agnelli and their
families are also considered related parties.
Transactions carried out by the Group with unconsolidated subsidiaries, joint ventures, associates and other related
parties are primarily those of a commercial nature, which have had an effect on revenues, cost of sales, and trade
receivables and payables.
In accordance with IAS 24, transactions with related parties also include compensation payable to directors,
statutory auditors and executives with strategic responsibilities.
The effects of transactions with related parties recognized in the consolidated income statement of the Group for
the years 2023 and 2022 are as follows:
(\u20ac million)
Years ended 31 December
2023
2022
Net
revenues
Cost of
sales
Selling,
general
and other
(income)
expenses
Financial
income
(expenses)
Net
revenues
Cost of
sales
Selling,
general
and other
(income)
expenses
Financial
income
(expenses)
Total joint
ventures
841
469
\u2014
1
610
429
(25)
\u2014
Total associates
164
5
1
\u2014
254
116
35
\u2014
Total other
related parties
\u2014
\u2014
\u2014
\u2014
23
\u2014
\u2014
\u2014
Total
unconsolidated
subsidiaries
(14)
\u2014
(35)
13
\u2014
\u2014
(19)
(8)
Total related
parties
991
474
(34)
14
887
545
(9)
(8)
Non-financial assets and liabilities originating from related party transactions at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Trade
receivables
Trade
payables
Other
assets
Other
liabilities
Trade
receivables
Trade
payables
Other
assets
Other
liabilities
Total joint
ventures
2
56
\u2014
97
15
88
\u2014
84
Total associates
51
59
5
\u2014
58
82
6
2
Total other
related parties
\u2014
8
8
\u2014
2
13
\u2014
1
Total
unconsolidated
subsidiaries
\u2014
2
\u2014
\u2014
\u2014
2
\u2014
\u2014
Total related
parties
53
125
13
97
75
185
6
87
Financial assets and liabilities originating from related party transactions at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Receivables
from
financing
activities
Financial
debt
Receivables
from
financing
activities
Financial debt
Total joint ventures
2
\u2014
\u2014
\u2014
Total associates
6
573
3
558
Total other related parties
\u2014
\u2014
\u2014
\u2014
Total unconsolidated subsidiaries
\u2014
2
\u2014
2
Total related parties
8
575
3
560
Commitments and guarantees pledged in favour of related parties of the CNH Industrial Group
At 31\u00a0December\u00a02023 the CNH Industrial Group had provided guarantees on commitments of its associates,
mainly related to CNH Capital Europe S.a.s, for an amount of \u20ac18\u00a0million (\u20ac19\u00a0million at 31\u00a0December\u00a02022).
Compensation to directors of Exor
There are no key executives in Exor, except the Chief Executive Officer.
In 2023 compensation to the directors of Exor, for carrying out their respective functions in the Parent and in other
consolidated subsidiaries, is as follows:
(\u20ac million)
Exor
Subsidiaries
Total
Total compensation 2023
13,176
2,864
16,040
Total compensation 2022
4,409
3,050
7,459
This amount includes the notional compensation cost arising from long-term share-based compensation and stock
grants awarded to the directors. For further detail please refer to the Remuneration Report on page 170 and 171.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "value": "Scope of consolidation
The consolidated financial statements include the companies over which Exor exercises control, and from which,
directly or indirectly, Exor is able to derive benefit by virtue of its power to govern their corporate financial and
operating policies.
The companies/groups included in the scope of consolidation at 31\u00a0December\u00a02023 are the following:
Company/Group
Country
% Ownership
Group
Non-controlling
interest
Operating subsidiaries / Segment entities
CNH Industrial
the Netherlands
28.42
71.58
Ferrari
the Netherlands
24.63
75.37
Iveco Group
the Netherlands
27.67
72.33
Juventus Football Club
Italy
63.77
36.23
GEDI Gruppo Editoriale
Italy
89.62
10.38
Exor Seeds
USA
87.80
12.20
Exor Ventures
USA
98.50
1.50
Shang Xia(a)
People's Rep.of China
82.30
17.70
Lingotto Investment Management LLP(b)
United Kingdom
100.00
0.00
Other Exor entities
Exor Nederland N.V.
the Netherlands
100.00
0.00
Exor S.A.
Luxembourg
100.00
0.00
Exor Investments Limited
United Kingdom
100.00
0.00
Exor SN LLC
USA
100.00
0.00
Ancom USA Inc.
USA
100.00
0.00
(a) Owned through the holding Company Full More Group (Hong Kong).
(b) Owned through the holding company Lingotto Investments Management (UK) Limited.
At 31\u00a0December\u00a02023 the Exor Group includes 249 subsidiaries consolidated line-by-line by CNH\u00a0Industrial,
Ferrari, Iveco Group, GEDI, Lingotto Investments Management and Juventus.
Changes in the Scope of Consolidation
2023 Change in scope of consolidation
Acquisition of Augmenta Holding SAS
In March 2023, CNH Industrial acquired the remaining 89.5% of Augmenta it did not own, for cash consideration of
approximately $80\u00a0million and a deferred payment of $10\u00a0million. CNH Industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $76\u00a0million and
$35\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $14\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31\u00a0December\u00a02023
Acquisition of Bennamann LTD
In March 2023, CNH Industrial acquired a controlling interest in Bennamann by purchasing an additional 34.4%
interest through cash consideration of approximately $51\u00a0million. CNH industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $118\u00a0million and
$46\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $3\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31 December 2023.
Acquisition of Hemisphere
Effective 12 October 2023, CNH Industrial closed on its purchase of Hemisphere, a global satellite navigation
technology leader, for a total consideration of $181\u00a0million. At 31\u00a0December\u00a02023, CNH Industrial recorded
preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date,
including $111\u00a0million and $51\u00a0million in preliminary goodwill and intangible assets, respectively. The valuation of
assets acquired and liabilities assumed has not been finalized as of 31\u00a0December\u00a02023.
Acquisition of IDV ROBOTICS Limited
In the first quarter of 2023, IDV, the brand of Iveco Group specialised in defence and civil protection equipment,
acquired a controlling stake in MIRA UGV, now renamed IDV ROBOTICS Limited, the Uncrewed Ground Vehicle
division of HORIBA MIRA, a global provider of automotive engineering, research and test services, headquartered
in the U.K., for a total consideration of \u00a336.3\u00a0million (\u20ac41\u00a0million), initially estimated to be of \u00a341.5\u00a0million
(\u20ac47\u00a0million), of which \u00a326.6 million already paid. During the measurement period the provisional amounts initially
recognized were adjusted with a recognition of a final goodwill of \u20ac23\u00a0million. The accounting for this business
combination was finalized in December 2023.
Consolidation of the funds managed by Lingotto
In 2023, following the implementation of the asset management activities, certain funds managed by Lingotto have
been consolidated on a line-by-line basis beginning 1\u00a0January\u00a02023, with an increase in financial assets and
financial liabilities of \u20ac829\u00a0million related to the investments made by third parties, with no effects on net equity.
2022 Change in scope of consolidation
Acquisition of Specialty Enterprises LLC
On 16\u00a0May\u00a02022, CNH Industrial acquired Specialty Enterprises LLC, a manufacturer of agricultural spray booms
and sprayer boom accessories. Total consideration was approximately $50\u00a0million. The results of Specialty
Enterprises have been included in CNH Industrial\u2019s Agriculture segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "value": "
2023 Change in scope of consolidation
Acquisition of Augmenta Holding SAS
In March 2023, CNH Industrial acquired the remaining 89.5% of Augmenta it did not own, for cash consideration of
approximately $80\u00a0million and a deferred payment of $10\u00a0million. CNH Industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $76\u00a0million and
$35\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $14\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31\u00a0December\u00a02023
Acquisition of Bennamann LTD
In March 2023, CNH Industrial acquired a controlling interest in Bennamann by purchasing an additional 34.4%
interest through cash consideration of approximately $51\u00a0million. CNH industrial recorded preliminary estimates for
the fair value of assets acquired and liabilities assumed as of the acquisition date, including $118\u00a0million and
$46\u00a0million in preliminary goodwill and intangible assets, respectively. Measurement period adjustments were
recorded during the year, reducing goodwill by $3\u00a0million and increasing intangible assets. The valuation of assets
acquired and liabilities assumed was not finalized as of 31 December 2023.
Acquisition of Hemisphere
Effective 12 October 2023, CNH Industrial closed on its purchase of Hemisphere, a global satellite navigation
technology leader, for a total consideration of $181\u00a0million. At 31\u00a0December\u00a02023, CNH Industrial recorded
preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date,
including $111\u00a0million and $51\u00a0million in preliminary goodwill and intangible assets, respectively. The valuation of
assets acquired and liabilities assumed has not been finalized as of 31\u00a0December\u00a02023.
Acquisition of IDV ROBOTICS Limited
In the first quarter of 2023, IDV, the brand of Iveco Group specialised in defence and civil protection equipment,
acquired a controlling stake in MIRA UGV, now renamed IDV ROBOTICS Limited, the Uncrewed Ground Vehicle
division of HORIBA MIRA, a global provider of automotive engineering, research and test services, headquartered
in the U.K., for a total consideration of \u00a336.3\u00a0million (\u20ac41\u00a0million), initially estimated to be of \u00a341.5\u00a0million
(\u20ac47\u00a0million), of which \u00a326.6 million already paid. During the measurement period the provisional amounts initially
recognized were adjusted with a recognition of a final goodwill of \u20ac23\u00a0million. The accounting for this business
combination was finalized in December 2023.
2022 Change in scope of consolidation
Acquisition of Specialty Enterprises LLC
On 16\u00a0May\u00a02022, CNH Industrial acquired Specialty Enterprises LLC, a manufacturer of agricultural spray booms
and sprayer boom accessories. Total consideration was approximately $50\u00a0million. The results of Specialty
Enterprises have been included in CNH Industrial\u2019s Agriculture segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "value": "
2022 Investments held for sale and Discontinued operations
Disposal of PartnerRe Group
On 16\u00a0December\u00a02021 Exor and Cov\u00e9a signed a Definitive Agreement for the sale of PartnerRe, the global
reinsurer wholly-owned by Exor. Subject to obtaining approvals from the applicable regulatory and competition
authorities, it was expected that the transaction would be completed in mid-2022.
At 31\u00a0December\u00a02021, the sale within the next twelve months became highly probable and PartnerRe Group
operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified
as a discontinued operation pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations.
Until 12\u00a0July\u00a02022, PartnerRe was still a subsidiary of Exor and therefore the presentation of the net results and
cash flows of PartnerRe Group is as follows:
\u25aa The net results of PartnerRe are excluded from the Group\u2019s continuing operations and are presented net of
taxes as a single line item within the Consolidated Income Statement for the year ended 31\u00a0December\u00a02022. In
order to present the financial effects of a discontinued operation, revenues and expenses arising from
intercompany transactions are eliminated except for those revenues and expenses that are considered to
continue after the disposal of the discontinued operation. However, no profit or loss impact is recognized for
intercompany transactions.
\u2022 Cash flows arising from PartnerRe are presented separately as discontinued cash flows from operating,
investing and financing activities within the Consolidated Statements of Cash Flows for the year ended
31\u00a0December\u00a02022. These cash flows represent those arising from transactions with third parties.
The following table set out the results of the discontinued operations.
(\u20ac million)
2022
PartnerRe(a)
Net revenues
1,870
Expenses
(2,860)
Other income (expenses) and Result of investments
(53)
Net financial expenses
(14)
Profit (loss) before taxes from discontinued operations
(1,057)
Tax expense
(2)
Adjustments
2
Total
(1,057)
Gain on disposal of PartnerRe shares
2,424
Profit (loss) from discontinued operation, net of tax
1,367
(a) For the period 1 January - 12 July 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "value": "
2022 Investments held for sale and Discontinued operations
Disposal of PartnerRe Group
On 16\u00a0December\u00a02021 Exor and Cov\u00e9a signed a Definitive Agreement for the sale of PartnerRe, the global
reinsurer wholly-owned by Exor. Subject to obtaining approvals from the applicable regulatory and competition
authorities, it was expected that the transaction would be completed in mid-2022.
At 31\u00a0December\u00a02021, the sale within the next twelve months became highly probable and PartnerRe Group
operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified
as a discontinued operation pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations.
Until 12\u00a0July\u00a02022, PartnerRe was still a subsidiary of Exor and therefore the presentation of the net results and
cash flows of PartnerRe Group is as follows:
\u25aa The net results of PartnerRe are excluded from the Group\u2019s continuing operations and are presented net of
taxes as a single line item within the Consolidated Income Statement for the year ended 31\u00a0December\u00a02022. In
order to present the financial effects of a discontinued operation, revenues and expenses arising from
intercompany transactions are eliminated except for those revenues and expenses that are considered to
continue after the disposal of the discontinued operation. However, no profit or loss impact is recognized for
intercompany transactions.
\u2022 Cash flows arising from PartnerRe are presented separately as discontinued cash flows from operating,
investing and financing activities within the Consolidated Statements of Cash Flows for the year ended
31\u00a0December\u00a02022. These cash flows represent those arising from transactions with third parties.
The following table set out the results of the discontinued operations.
(\u20ac million)
2022
PartnerRe(a)
Net revenues
1,870
Expenses
(2,860)
Other income (expenses) and Result of investments
(53)
Net financial expenses
(14)
Profit (loss) before taxes from discontinued operations
(1,057)
Tax expense
(2)
Adjustments
2
Total
(1,057)
Gain on disposal of PartnerRe shares
2,424
Profit (loss) from discontinued operation, net of tax
1,367
(a) For the period 1 January - 12 July 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "value": "
2022 Investments held for sale and Discontinued operations
Disposal of PartnerRe Group
On 16\u00a0December\u00a02021 Exor and Cov\u00e9a signed a Definitive Agreement for the sale of PartnerRe, the global
reinsurer wholly-owned by Exor. Subject to obtaining approvals from the applicable regulatory and competition
authorities, it was expected that the transaction would be completed in mid-2022.
At 31\u00a0December\u00a02021, the sale within the next twelve months became highly probable and PartnerRe Group
operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified
as a discontinued operation pursuant to IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-532": { "value": "Segment reporting
Reportable segments reflect the operating segments of the Group that are regularly reviewed by the Chief
Executive Officer, who is the Chief Operating Decision Maker (\"CODM\u201d), as defined under IFRS\u00a08 \u2013 Operating
Segments, for making strategic decisions and allocating resources and assessing performance, and that exceed
the quantitative threshold provided in IFRS 8, or the disclosure of which is considered useful for the users of the
financial statements.
The Exor\u00a0Group reportable segments coincide with the consolidated data of its principal investments, each of which
represents an investment in a major business segment: Stellantis, CNH Industrial, Iveco Group, Ferrari, Juventus
and GEDI. The column \u201cOther and adjustments\u201d includes unallocated income and expenses, share of profit in
equity investments of Exor N.V., expenses related to corporate activities and finance income and expenses of Exor
N.V. and other Exor entities which are not included within the reportable segments, as well as assets and liabilities
of the Holdings System entities.
The following tables summarize selected financial information by reporting segment for the years
31\u00a0December\u00a02023 and 2022. Data presented are prepared by each subsidiary for the Exor consolidation process
and may differ from data published by each subsidiary in its financial report.
(\u20ac million)
Revenues from
external customers
Revenues from other
operating segments
Net revenues
Profit (loss) from
continuing operations
Profit (loss)
attributable to owner
of the parent(2)
FY 2023
Stellantis(1)
\u2014
\u2014
\u2014
2,790
2,790
CNH Industrial
22,095
567
22,662
2,149
608
Iveco Group
14,777
1,436
16,213
234
60
Ferrari
5,918
52
5,970
1,257
308
Juventus
378
44
422
(189)
(121)
GEDI
477
3
480
(91)
(77)
Other and adjustments(3)
105
(1,110)
(1,005)
627
626
Consolidated data
43,751
991
44,742
6,777
4,194
FY 2022
Stellantis(1)
\u2014
\u2014
\u2014
2,392
2,392
CNH Industrial
21,931
360
22,292
1,735
471
Iveco Group
13,027
1,330
14,357
159
40
Ferrari
5,017
78
5,095
939
228
Juventus
450
46
496
(157)
(100)
GEDI
487
2
490
(6)
(9)
Other and adjustments(3)
44
(929)
(886)
(226)
1,205
Consolidated data
40,957
887
41,844
4,836
4,227
(\u20ac million)
Cash and cash
equivalents
Total Assets
Financial debt and
derivative liabilities(4)
Total equity
Issued capital and
reserves attributable
to owners of the
parent(2)
At 31\u00a0December\u00a02023
Stellantis(1)
\u2014
12,765
\u2014
12,765
12,765
CNH Industrial
4,566
42,450
25,766
7,926
2,187
Iveco Group
2,698
18,384
6,141
2,390
657
Ferrari
1,122
8,051
2,490
3,071
754
Juventus
13
711
340
74
93
GEDI
31
636
268
81
68
Other and adjustments(3)
248
11,782
5,213
6,825
6,744
Consolidated data
8,678
94,779
40,218
33,132
23,268
At 31 December 2022
Stellantis(1)
\u2014
10,885
\u2014
10,885
10,885
CNH Industrial
4,809
37,526
22,368
7,041
1,873
Iveco Group
2,288
16,013
4,479
2,391
642
Ferrari
1,389
7,766
2,832
2,602
633
Juventus
43
937
376
135
87
GEDI
18
708
209
194
167
Other and adjustments(3)
3,030
9,864
3,706
6,422
6,340
Consolidated data
11,577
83,699
33,970
29,670
20,627
(1) Consolidated with the equity method starting from 16 January 2021.
(2) Exor share of the result or equity attributable to the owners of the parent of each segment entity.
(3) The item includes the consolidation adjustments and data of Exor and entities of the Holdings System, as well as the result from discontinued operations.
(4) Corresponding to the item gross debt in the Board Report.
Information by geographical area
The following tables present an analysis of the net revenues of the Group by country, irrespective of the origin of
the goods and services for the years ended 31\u00a0December\u00a02023 and 2022:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
United States of America
10,090
9,243
Italy
5,024
4,704
Brazil
3,935
4,834
France
3,535
3,296
Germany
2,667
2,512
United Kingdom
1,873
1,693
Canada
1,796
1,654
Australia
1,456
1,217
China
916
936
Argentina
913
1,133
Turkey
863
602
India
483
484
Other countries
11,191
9,536
Total net revenues
44,742
41,844
Other countries includes net revenues generated in the Netherlands for the year ended 31\u00a0December\u00a02023
amounting to \u20ac400\u00a0million (\u20ac333 million for the year ended 31\u00a0December\u00a02022).
The following table presents an analysis of non-current assets, excluding financial assets, deferred tax assets,
defined benefit assets and rights arising under insurance contracts of the Group at 31\u00a0December\u00a02023 and 2022 by
country:
At 31 December
(\u20ac million)
2023
2022
Netherland
15,725
10,916
Italy
7,919
7,634
United States of America
6,477
6,396
France
2,540
2,375
United Kingdom
1,261
630
Spain
754
672
Canada
670
509
Germany
653
631
Brazil
435
363
Belgium
312
286
Turkey
177
80
India
104
96
Japan
86
82
Other countries
1,390
1,149
Total non-current assets
38,502
31,817
Total non-current assets of CNH Industrial Group located in U.K., excluding financial assets, deferred tax assets,
defined benefit assets and rights arising under insurance contracts, were \u20ac300\u00a0million and \u20ac134 million at
31\u00a0December 2023 and 2022, respectively, and the total of such assets located in the rest of the world totalled
\u20ac8,628 million and \u20ac8,165 million at 31 December 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "value": "Net revenues
Net revenues for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Sales of goods
39,842
37,320
Services provided and other revenues
1,047
975
Rents and other income on assets sold with a buy-back commitment
283
280
Revenues from sales of goods and services
41,172
38,575
Interest income of financial services activities
1,300
909
Rents and other income on operating leases
671
799
Revenues from sponsorships and advertising
643
595
Other
956
967
Total net revenues
44,742
41,844
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-533": { "value": "Net revenues
Net revenues for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Sales of goods
39,842
37,320
Services provided and other revenues
1,047
975
Rents and other income on assets sold with a buy-back commitment
283
280
Revenues from sales of goods and services
41,172
38,575
Interest income of financial services activities
1,300
909
Rents and other income on operating leases
671
799
Revenues from sponsorships and advertising
643
595
Other
956
967
Total net revenues
44,742
41,844
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-536": { "value": "Cost of sales
Cost of sales for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Cost of goods
32,271
31,715
Interest cost and other financial expenses from financial services companies
1,163
624
Total cost of sales
33,434
32,339
Research and development costs
Research and development costs for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Research and development costs expensed
1,972
1,428
Amortisation of capitalised development costs
501
645
Impairment and write-off of costs previously capitalised
\u2014
15
Total research and development costs
2,473
2,088
No impairment and write-offs of capitalized development costs were recorded in 2023 (\u20ac15\u00a0million in 2022 related
to the Iveco Group). The costs in both periods are primarily attributable to spending on engine development
associated with emission requirements and continued investment in new products.
Other income (expense), net
This line of the income statement consists of miscellaneous items which cannot be allocated to specific functional
areas, such as accruals for various provisions not attributable to other items of Cost of sales or Selling, general and
administrative costs, net of income arising from operations which is not attributable to the Sale of goods and
services. In 2023 Other net expenses amount to \u20ac442 \u00a0million, compared to a net expenses of \u20ac 156\u00a0million for the
year ended 31\u00a0December\u00a02022.
In 2023 the items related to CNH Industrial Group amount to \u20ac157\u00a0million and mainly include \u20ac60\u00a0million of
restructuring costs ,a gain of \u20ac12\u00a0million in relation to the fair value remeasurement of previously held investments
in Augmenta and Bennamann and \u20ac19\u00a0million from losses on disposal of investments. In 2022 the items related to
CNH Industrial Group amounted to \u20ac40\u00a0million and mainly included \u20ac32\u00a0million of restructuring costs, \u20ac24\u00a0million of
separation costs in connection with the demerger of the Iveco Group, \u20ac21\u00a0million of loss on the sale of the Raven
Engineered Films and Aerostar divisions, net of income from the Raven businesses held for sale during the period
and a \u20ac62\u00a0million gain from the sale of the Canada parts depot.
In 2023 the items related to Iveco Group amount to \u20ac225\u00a0million and include the negative impact of \u20ac43\u00a0million from
the acquisition of full ownership of Nikola Iveco Europe Gmbh, now renamed EVCO Gmbh and restructuring costs
for \u20ac35\u00a0million. In 2022 the items related to Iveco Group amounted to \u20ac88\u00a0million and included the negative impact
of \u20ac14\u00a0million deriving from the first-time adoption of hyperinflation accounting in Turkey and the \u20ac52\u00a0million gain
from the disposal of certain fixed assets in Australia.
The restructuring costs of \u20ac106\u00a0million (\u20ac55\u00a0million in 2022) are related to CNH Industrial, Iveco Group and GEDI
for \u20ac60\u00a0million, \u20ac35\u00a0million and \u20ac11\u00a0million, respectively (in 2022 \u20ac32\u00a0million, \u20ac15\u00a0million and \u20ac8\u00a0million,
respectively).
Development costs and other intangible assets with finite useful lives
The amortization of development costs and impairment losses are reported in the income statement as Research
and development costs. Development costs are tested for impairment at the cash-generating unit level. Intangible
assets with finite useful lives are amortized over their estimated useful lives and tested for impairment if events or
changes in circumstances indicate that the asset may be impaired.
Impairment of development costs in 2022 primarily referred to the bus business of Iveco Group, as a consequence
of the acceleration of the emission-related technological transition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "value": "Cost of sales
Cost of sales for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Cost of goods
32,271
31,715
Interest cost and other financial expenses from financial services companies
1,163
624
Total cost of sales
33,434
32,339
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-537": { "value": "Research and development costs
Research and development costs for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Research and development costs expensed
1,972
1,428
Amortisation of capitalised development costs
501
645
Impairment and write-off of costs previously capitalised
\u2014
15
Total research and development costs
2,473
2,088
No impairment and write-offs of capitalized development costs were recorded in 2023 (\u20ac15\u00a0million in 2022 related
to the Iveco Group). The costs in both periods are primarily attributable to spending on engine development
associated with emission requirements and continued investment in new products.
Development costs and other intangible assets with finite useful lives
The amortization of development costs and impairment losses are reported in the income statement as Research
and development costs. Development costs are tested for impairment at the cash-generating unit level. Intangible
assets with finite useful lives are amortized over their estimated useful lives and tested for impairment if events or
changes in circumstances indicate that the asset may be impaired.
Impairment of development costs in 2022 primarily referred to the bus business of Iveco Group, as a consequence
of the acceleration of the emission-related technological transition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "value": "Other income (expense), net
This line of the income statement consists of miscellaneous items which cannot be allocated to specific functional
areas, such as accruals for various provisions not attributable to other items of Cost of sales or Selling, general and
administrative costs, net of income arising from operations which is not attributable to the Sale of goods and
services. In 2023 Other net expenses amount to \u20ac442 \u00a0million, compared to a net expenses of \u20ac 156\u00a0million for the
year ended 31\u00a0December\u00a02022.
In 2023 the items related to CNH Industrial Group amount to \u20ac157\u00a0million and mainly include \u20ac60\u00a0million of
restructuring costs ,a gain of \u20ac12\u00a0million in relation to the fair value remeasurement of previously held investments
in Augmenta and Bennamann and \u20ac19\u00a0million from losses on disposal of investments. In 2022 the items related to
CNH Industrial Group amounted to \u20ac40\u00a0million and mainly included \u20ac32\u00a0million of restructuring costs, \u20ac24\u00a0million of
separation costs in connection with the demerger of the Iveco Group, \u20ac21\u00a0million of loss on the sale of the Raven
Engineered Films and Aerostar divisions, net of income from the Raven businesses held for sale during the period
and a \u20ac62\u00a0million gain from the sale of the Canada parts depot.
In 2023 the items related to Iveco Group amount to \u20ac225\u00a0million and include the negative impact of \u20ac43\u00a0million from
the acquisition of full ownership of Nikola Iveco Europe Gmbh, now renamed EVCO Gmbh and restructuring costs
for \u20ac35\u00a0million. In 2022 the items related to Iveco Group amounted to \u20ac88\u00a0million and included the negative impact
of \u20ac14\u00a0million deriving from the first-time adoption of hyperinflation accounting in Turkey and the \u20ac52\u00a0million gain
from the disposal of certain fixed assets in Australia.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "Other income (expense), net
This line of the income statement consists of miscellaneous items which cannot be allocated to specific functional
areas, such as accruals for various provisions not attributable to other items of Cost of sales or Selling, general and
administrative costs, net of income arising from operations which is not attributable to the Sale of goods and
services. In 2023 Other net expenses amount to \u20ac442 \u00a0million, compared to a net expenses of \u20ac 156\u00a0million for the
year ended 31\u00a0December\u00a02022.
In 2023 the items related to CNH Industrial Group amount to \u20ac157\u00a0million and mainly include \u20ac60\u00a0million of
restructuring costs ,a gain of \u20ac12\u00a0million in relation to the fair value remeasurement of previously held investments
in Augmenta and Bennamann and \u20ac19\u00a0million from losses on disposal of investments. In 2022 the items related to
CNH Industrial Group amounted to \u20ac40\u00a0million and mainly included \u20ac32\u00a0million of restructuring costs, \u20ac24\u00a0million of
separation costs in connection with the demerger of the Iveco Group, \u20ac21\u00a0million of loss on the sale of the Raven
Engineered Films and Aerostar divisions, net of income from the Raven businesses held for sale during the period
and a \u20ac62\u00a0million gain from the sale of the Canada parts depot.
In 2023 the items related to Iveco Group amount to \u20ac225\u00a0million and include the negative impact of \u20ac43\u00a0million from
the acquisition of full ownership of Nikola Iveco Europe Gmbh, now renamed EVCO Gmbh and restructuring costs
for \u20ac35\u00a0million. In 2022 the items related to Iveco Group amounted to \u20ac88\u00a0million and included the negative impact
of \u20ac14\u00a0million deriving from the first-time adoption of hyperinflation accounting in Turkey and the \u20ac52\u00a0million gain
from the disposal of certain fixed assets in Australia.
The restructuring costs of \u20ac106\u00a0million (\u20ac55\u00a0million in 2022) are related to CNH Industrial, Iveco Group and GEDI
for \u20ac60\u00a0million, \u20ac35\u00a0million and \u20ac11\u00a0million, respectively (in 2022 \u20ac32\u00a0million, \u20ac15\u00a0million and \u20ac8\u00a0million,
respectively).
Other information by nature
In 2023 personnel costs for the Group\u2019s continuing operations amounted to \u20ac6,308 million (\u20ac5,838 million in 2022).
These amounts include costs that were capitalised mainly in connection with product development activities.
In 2023 the Group\u2019s continuing operations had an average number of employees of 83,773 (80,932 in 2022).
Depreciation and amortization amounted to \u20ac2,302 million in 2023 (\u20ac2,198 million in 2022), detailed as follows:
(\u20ac million)
Years ended 31 December
2023
2022
Intangible assets
1,125
1,038
Property, plant and equipment
973
936
Leased assets
204
224
Depreciation and amortization
2,302
2,198
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "value": "Other income (expense), net
This line of the income statement consists of miscellaneous items which cannot be allocated to specific functional
areas, such as accruals for various provisions not attributable to other items of Cost of sales or Selling, general and
administrative costs, net of income arising from operations which is not attributable to the Sale of goods and
services. In 2023 Other net expenses amount to \u20ac442 \u00a0million, compared to a net expenses of \u20ac 156\u00a0million for the
year ended 31\u00a0December\u00a02022.
In 2023 the items related to CNH Industrial Group amount to \u20ac157\u00a0million and mainly include \u20ac60\u00a0million of
restructuring costs ,a gain of \u20ac12\u00a0million in relation to the fair value remeasurement of previously held investments
in Augmenta and Bennamann and \u20ac19\u00a0million from losses on disposal of investments. In 2022 the items related to
CNH Industrial Group amounted to \u20ac40\u00a0million and mainly included \u20ac32\u00a0million of restructuring costs, \u20ac24\u00a0million of
separation costs in connection with the demerger of the Iveco Group, \u20ac21\u00a0million of loss on the sale of the Raven
Engineered Films and Aerostar divisions, net of income from the Raven businesses held for sale during the period
and a \u20ac62\u00a0million gain from the sale of the Canada parts depot.
In 2023 the items related to Iveco Group amount to \u20ac225\u00a0million and include the negative impact of \u20ac43\u00a0million from
the acquisition of full ownership of Nikola Iveco Europe Gmbh, now renamed EVCO Gmbh and restructuring costs
for \u20ac35\u00a0million. In 2022 the items related to Iveco Group amounted to \u20ac88\u00a0million and included the negative impact
of \u20ac14\u00a0million deriving from the first-time adoption of hyperinflation accounting in Turkey and the \u20ac52\u00a0million gain
from the disposal of certain fixed assets in Australia.
The restructuring costs of \u20ac106\u00a0million (\u20ac55\u00a0million in 2022) are related to CNH Industrial, Iveco Group and GEDI
for \u20ac60\u00a0million, \u20ac35\u00a0million and \u20ac11\u00a0million, respectively (in 2022 \u20ac32\u00a0million, \u20ac15\u00a0million and \u20ac8\u00a0million,
respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "value": "Other income (expense), net
This line of the income statement consists of miscellaneous items which cannot be allocated to specific functional
areas, such as accruals for various provisions not attributable to other items of Cost of sales or Selling, general and
administrative costs, net of income arising from operations which is not attributable to the Sale of goods and
services. In 2023 Other net expenses amount to \u20ac442 \u00a0million, compared to a net expenses of \u20ac 156\u00a0million for the
year ended 31\u00a0December\u00a02022.
In 2023 the items related to CNH Industrial Group amount to \u20ac157\u00a0million and mainly include \u20ac60\u00a0million of
restructuring costs ,a gain of \u20ac12\u00a0million in relation to the fair value remeasurement of previously held investments
in Augmenta and Bennamann and \u20ac19\u00a0million from losses on disposal of investments. In 2022 the items related to
CNH Industrial Group amounted to \u20ac40\u00a0million and mainly included \u20ac32\u00a0million of restructuring costs, \u20ac24\u00a0million of
separation costs in connection with the demerger of the Iveco Group, \u20ac21\u00a0million of loss on the sale of the Raven
Engineered Films and Aerostar divisions, net of income from the Raven businesses held for sale during the period
and a \u20ac62\u00a0million gain from the sale of the Canada parts depot.
In 2023 the items related to Iveco Group amount to \u20ac225\u00a0million and include the negative impact of \u20ac43\u00a0million from
the acquisition of full ownership of Nikola Iveco Europe Gmbh, now renamed EVCO Gmbh and restructuring costs
for \u20ac35\u00a0million. In 2022 the items related to Iveco Group amounted to \u20ac88\u00a0million and included the negative impact
of \u20ac14\u00a0million deriving from the first-time adoption of hyperinflation accounting in Turkey and the \u20ac52\u00a0million gain
from the disposal of certain fixed assets in Australia.
The restructuring costs of \u20ac106\u00a0million (\u20ac55\u00a0million in 2022) are related to CNH Industrial, Iveco Group and GEDI
for \u20ac60\u00a0million, \u20ac35\u00a0million and \u20ac11\u00a0million, respectively (in 2022 \u20ac32\u00a0million, \u20ac15\u00a0million and \u20ac8\u00a0million,
respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "value": "-442000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-543": { "value": "-156000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-544": { "value": "Results from investments
Result from investments for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
Years ended 31 December
2023
2022
Share of the profit of equity method investees
3,050
2,564
Impairment losses
(28)
\u2014
Other income from investments
12
\u2014
Total result from investments
3,034
2,564
Impairment is mainly related to the investment in Casavo, as detailed in Note 16.
The following table summarises the share of profits of equity method investees for the years ended
31\u00a0December\u00a02023 and 2022:
(\u20ac million)
Years ended 31 December
2023
2022
Joint ventures
145
92
Associates1
2,905
2,472
Share of the profit of equity method investees
3,050
2,564
1) Mainly related to Stellantis (\u20ac2,790\u00a0million in 2023 and \u20ac2,392\u00a0million in 2022).
Investments accounted for using the equity method
Changes in equity investments in 2023 are set out below:
\u20ac million
At
31\u00a0December\u00a0
2022
Share of the
profit (loss)
Impariment
loss
Acquisition
and capita-
lizations
Fair value re-
measurements
Translation
differences
Change in
scope of
conso-
lidation
Disposals
and other
changes
At
31\u00a0December\u00a0
2023
Investments in
joint ventures
248
145
\u2014
3
\u2014
28
5
(49)
380
Investments in
associates
12,593
2,905
(28)
\u2014
5
(327)
82
(641)
14,588
Equity method
investments
12,841
3,050
(28)
3
5
(299)
87
(690)
14,968
The increase is mainly due to the share in the profit of Stellantis Group for \u20ac2,790 million.
Impairment loss relates mainly to Casavo. In 2023, this company accelerated its strategy to transition towards an
asset-light model and executed on multiple operational efficiencies initiatives including headcount right-sizing in
order to reduce cash outflow and increase profitability. Casavo secured \u20ac20\u00a0million in additional funding in the form
of a convertible note, strengthening its liquidity position to face the difficult market conditions. In this context, Exor
performed an evaluation using public company trading analysis based on a panel of selected listed companies in
the PropTech industry that led to an impairment charge of \u20ac27\u00a0million, driven by the low profitability outlook despite
improvement in the cash conversion rate.
Investments in joint ventures
Investments in joint ventures at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million, except percentages)
At 31 December
2023
2022
Investments in joint ventures
\u00a0
\u00a0
Turk Traktor Ve Ziraat Makineleri A.S. (Turk Traktor\u201d)
37.50%
171
74
New Holland HFT Japan Inc.
50.00%
84
79
Nuo S.p.A.
50.00%
39
38
CNH de Mexico SA de CV
50.00%
52
33
Other
34
24
Total Investments in joint ventures
\u00a0
380
248
Summarized financial information relating to the material joint ventures is as follows:
(\u20ac million)
At 31 December
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Cash and cash equivalents
378
293
Non-current assets
228
134
Current assets
416
271
Total assets
1,022
698
Debt
185
202
Other liabilities
366
300
Total liabilities
551
502
Total equity
471
196
(\u20ac million)
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Net revenues
1,832
1,206
Depreciation and amortisation
13
12
Net financial income (expenses)
212
(30)
Profit (loss) before taxes
380
157
Income tax (expenses)
(87)
9
Profit (loss)
293
165
Total Other Comprehensive income, net of tax
\u2014
\u2014
Total Comprehensive income
293
165
This summarized financial information may be reconciled to the carrying amount of the % interest held in the
associate as follows:
(\u20ac million)
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Total equity
472
196
CNH Group's interest (%)
37.5
37.5
Pro-quota equity
179
74
Adjustments made by using the equity method
(8)
\u2014
Carrying amount
171
74
Investments in associates
Investments in associates at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million, except percentages)
\u00a0
At 31 December
2023
2022
Investments in associates
Stellantis
14.29%
12,765
10,885
Christian Louboutin
24.00%
594
581
The Economist
43.40%
313
300
Institut Merieux
3.57%
277
278
CNH Capital Europe
49.90%
219
208
Welltec
47.61%
147
104
Tag Holding
34.85%
98
\u2014
Lifenet
44.67%
63
68
Casavo
18.68%
20
56
Other
92
113
Total Investments in associates
\u00a0
14,588
12,593
Summarized financial information relating to Stellantis, a material associate of the Group, is as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Non-current assets
110,608
101,380
Current assets
91,520
84,776
Total assets
202,128
186,156
Non-current liabilities
46,068
46,949
Current liabilities
73,940
66,825
Total liabilities
120,008
113,774
Total Equity
82,120
72,382
(\u20ac million)
FY 2023
FY 2022
Net revenues
189,544
179,592
Profit (loss) before taxes
22,418
19,508
Profit (loss) from continuing operations
18,625
16,779
Profit (loss) from discontinued operations
\u2014
\u2014
Profit (loss)
18,625
16,779
Total Other comprehensive income, net of tax
(2,941)
2,985
Total Comprehensive income
15,684
19,764
Exor's interest in the Stellantis Group at 31\u00a0December\u00a02023 is as follows:
\u20ac million
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Exor's Interest (%)
14.87
14.29
Share of the profit (loss) for the period
2,790
2,392
Dividend received1
602
467
Carrying amount
12,765
10,885
Market value
9,505
5,961
1) Eliminated from the income statement following the application of the equity method.
The market capitalization of Stellantis at 31\u00a0December\u00a02023, despite a significant improvement compared to last
year (+57%), was lower than the carrying amount. Exor management noted that no impairment indicators emerged
in Stellantis financial statements at 31\u00a0December\u00a02023; Stellantis recorded adjusted operating income, profit after
tax and industrial free cash flow for 2023 of \u20ac24.3\u00a0billion, \u20ac18.6\u00a0billion and \u20ac12.9\u00a0billion, respectively, showing
further improvements compared to 2022.
In addition Exor management, using an income approach based on the present value of estimated future cash
flows, developed with information publicly available, determined that the recoverable amount at 31\u00a0December\u00a02023
of the investment in Stellantis was significantly higher than the carrying amount.
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial associates accounted for
using the equity method were as follows:
(\u20ac million)
FY 2023
FY 2022
Profit (loss) from continuing operations
384
343
Profit (loss) from discontinued operations
\u2014
\u2014
Profit (loss)
384
343
Total Other comprehensive income, net of tax
(161)
(139)
Total Comprehensive income
223
204
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "value": "3034000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-546": { "value": "2564000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-553": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
Interest expenses and other financial expenses may be analysed as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Interest expenses on bonds
207
239
Interest expenses from banks
53
15
Interest on lease liabilities
23
15
Other interest and financial expenses
1,411
713
Total Interest expense and other financial expenses
1,694
982
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-552": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
Interest expenses and other financial expenses may be analysed as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Interest expenses on bonds
207
239
Interest expenses from banks
53
15
Interest on lease liabilities
23
15
Other interest and financial expenses
1,411
713
Total Interest expense and other financial expenses
1,694
982
Investments accounted for using the equity method
Changes in equity investments in 2023 are set out below:
\u20ac million
At
31\u00a0December\u00a0
2022
Share of the
profit (loss)
Impariment
loss
Acquisition
and capita-
lizations
Fair value re-
measurements
Translation
differences
Change in
scope of
conso-
lidation
Disposals
and other
changes
At
31\u00a0December\u00a0
2023
Investments in
joint ventures
248
145
\u2014
3
\u2014
28
5
(49)
380
Investments in
associates
12,593
2,905
(28)
\u2014
5
(327)
82
(641)
14,588
Equity method
investments
12,841
3,050
(28)
3
5
(299)
87
(690)
14,968
17. Investments and other financial assets
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
(\u20ac million)
Non current
Current
Non Current
Current
Investments at FVTOCI
4,495
\u2014
1,032
\u2014
Investment funds managed by Lingotto Management
3,623
\u2014
1,185
\u2014
Reinsurance vehicles
802
\u2014
622
\u2014
Ventures
\u2014
655
\u2014
550
Debt securities, investment funds and equity
investments at FVTPL
330
218
112
2,329
Derivative assets
\u2014
205
\u2014
308
Financial receivables
31
31
20
48
Other financial assets
88
\u2014
81
\u2014
Total other financial assets
9,369
1,109
3,052
3,234
Investments at FVTOCI
\u20ac million
Balance at
31/12/2022
Acquisition
and
capitalizations
Fair value
Adjustments
Reclass.
Translation
difference,
disposals and
other changes
Balance at
31/12/2023
Listed
Philips1
\u2014
2,771
166
\u2014
\u2014
2,937
Clarivate
130
386
35
\u2014
\u2014
551
Forvia
141
\u2014
63
\u2014
\u2014
204
Neumora
\u2014
\u2014
4
61
\u2014
65
Zegna
25
\u2014
2
\u2014
\u2014
27
FL Entertainment
24
\u2014
(3)
\u2014
\u2014
21
EVCO Gmbh2
52
\u2014
(33)
\u2014
(15)
4
Unlisted
Via Transportation Inc
477
46
(9)
\u2014
\u2014
514
Neumora
14
47
\u2014
(61)
\u2014
\u2014
Other
169
15
(10)
\u2014
(2)
172
Investments at FVTOCI
1,032
3,265
215
\u2014
(17)
4,495
1) The increase of \u20ac2,771\u00a0million includes a dividend in kind of \u20ac10\u00a0million received during the year.
2) Previously Nikola Iveco Europe Gmbh.
The carrying amount of listed companies is aligned to the market price at the reporting date.
During the first half of 2023 Exor acquired a stake of 2.96% in Philips, with a further increase in August 2023, when
Philips and Exor announced that they had entered into a relationship agreement that includes Exor\u2019s commitment
to be a long-term minority investor and the right to propose one member to the Supervisory Board, as well as
several customary conditions. While Exor does not plan to acquire further Philips shares in the short term, over
time Exor can, at its discretion, increase its participation to a maximum limit of 20% of Philips\u2019 outstanding ordinary
share capital. At 31\u00a0December\u00a02023 Exor owns 15.2% of Philips for a total amount of \u20ac2,937\u00a0million. During the
2023, Exor received \u20ac10\u00a0million as dividend from Philips.
In line with its strategy, in 2023 Exor increased its investment in Clarivate Plc by $416.9\u00a0million (\u20ac386\u00a0million), with
additional $11,4\u00a0million invested in 2024, reaching at 10.1% shareholding in the company.
In February 2023 Exor increased its investment in Via Transportation by $50\u00a0million (\u20ac46\u00a0million) through its
participation in the $110\u00a0million financing round involving new and existing investors. The fair value at
31\u00a0December\u00a02023 is aligned with the price of this financing round ($45,51 per share).
Other financial investments at FVTOCI mainly refer to small equity investments in unlisted companies (also early
stage); the carrying amounts at 31 December 2023 are aligned with the most recent transactions and capital
increases.
Investment funds managed by Lingotto Management
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Non current investment funds at FVTPL
Public markets
2,802
1,069
Private markets
821
116
Total
3,623
1,185
In 2023, following the implementation of the asset management activities, certain funds managed by Lingotto have
been consolidated on a line-by-line basis beginning 1\u00a0January\u00a02023, with an increase of the financial assets and
the financial liabilities of \u20ac829\u00a0million related to the investments made by third parties, with no effects on net equity.
The amount at 31\u00a0December\u00a02023 includes the investments held by Exor (\u20ac2,099\u00a0million) and by third parties
(\u20ac1,524\u00a0million).
In 2023, the subscriptions by investors and the net positive fair value adjustments amounted to \u20ac1,051\u00a0million (Exor
quota \u20ac563\u00a0million) and \u20ac563\u00a0million (Exor quota \u20ac351\u00a0million), respectively.
Reinsurance vehicles
In 2022, as part of the sale of PartnerRe, the Company received $695.4\u00a0million (\u20ac622\u00a0million) as interest in
LorenzRe Ltd, a Bermuda-domiciled special purpose reinsurer who has entered into various reinsurance
arrangements with PartnerRe, providing outside investors in LorenzRe with exposure to PartnerRe\u2019s reinsurance
business. The increase in 2023 is due to the positive fair value adjustments recorded in the income statement.
Ventures
The item is related to the investments in early-stage to late-stage companies carried out by Exor Seeds and Exor
Ventures.The increase in 2023 is due to new investment (\u20ac85\u00a0million) and positive fair value adjustments recorded
in the income statement.
Debt securities and investment funds
Debt securities primarily relate to bonds which are issued by leading counterparties and listed on active markets as
well as mutual funds and other non-current securities.
Debt securities and investment funds at 31\u00a0December\u00a02023 and 2022 are as follows:
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
(\u20ac million)
Non current
Current
Non Current
Current
Investment funds at FVTPL
219
58
47
2,011
Debt securities at amortised cost
86
43
41
308
Investments at FVTPL
\u2014
107
\u2014
\u2014
Debt securities at FVTPL
\u2014
10
\u2014
10
Debt securities at FVTOCI
25
\u2014
24
\u2014
Total Debt securities, investment funds and equity
investments
330
218
112
2,329
The cash received from the disposal of the investment in PartnerRe was allocated to selected investment funds
represented by cash instruments with an average duration below 12 months.
Derivative assets
Derivative assets represent the fair value of derivative financial instruments analysed in Note 28 Derivative assets
and derivative financial liabilities.
Trade receivables
The analysis of trade receivables by due date, at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
851
671
Due between one and five years
13
11
Due beyond five years
\u2014
67
Total trade receivables
864
749
The following table shows the expected credit loss (ECL) allowance for trade receivables measured at amortised
cost at 31\u00a0December\u00a02023 and 2022:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Current and
less than 90
days past due
90 days or
more past due
Total
Current and
less than 90
days past due
90 days or
more past due
Total
Gross amount
863
91
954
725
91
816
ECL allowance
(43)
(47)
(90)
(14)
(53)
(67)
Carrying amount
820
44
864
711
38
749
The movement in the allowance for expected credit losses for trade receivables is as follows:
(\u20ac million)
2023
2022
At 1 January
67
86
Provision for expected credit losses
9
5
Change in scope of consolidation
(2)
(16)
Use and other changes
16
(8)
At 31 December
90
67
Receivables from financing activities
Receivables from financing activities at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Retail
Retail financing
13,528
11,678
Finance leases
581
562
Total Retail
14,109
12,240
Wholesale
Dealer financing
14,633
11,324
Total Wholesale
14,633
11,324
Other
106
42
Total receivables from financing activities
28,848
23,606
The analysis of receivables from financing activities by due date, for the years ended 31\u00a0December\u00a02023 and 2022
is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
19,129
14,701
Due between one and five years
9,294
8,308
Due beyond five years
425
597
Total receivables from financing activities
28,848
23,606
The detail of the receivables from financing activities is as follows:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial
21,995
18,108
Iveco Group
5,397
4,092
Ferrari
1,456
1,406
Total receivables from financing activities
28,848
23,606
Receivables from financing activities mainly refer to CNH Industrial and Iveco Group which account for credit risk
by appropriately providing for expected credit losses on a timely basis.
CNH Industrial and Iveco Group provide and administer financing for retail purchases of new and used equipment
and vehicles sold through their dealer networks. The terms of retail and other notes and finance leases generally
range from two to six years, and interest rates on retail and other notes and finance leases vary depending on
prevailing market interest rates and certain incentive programs offered by Industrial Activities.
Wholesale receivables arise primarily from the sale of goods to dealers and distributors and, to a lesser extent, the
financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these
receivables typically have \u201cinterest-free\u201d periods of up to twelve months and stated original maturities of up to
twenty-four months, with repayment accelerated upon the sale of the underlying equipment by the dealer.
During the \u201cinterest-free\u201d period, Financial Services is compensated by Industrial Activities based on market
interest rates. After the expiration of any \u201cinterest-free\u201d period, interest is charged to dealers on outstanding
balances until CNH Industrial and Iveco Group receive payment in full. The \u201cinterest-free\u201d periods are determined
based on the type of equipment sold and the time of year of the sale. CNH Industrial and Iveco Group evaluate and
assesses dealers on an ongoing basis as to their credit worthiness. CNH Industrial and Iveco Group may be
obligated to repurchase the dealer\u2019s equipment upon cancellation or termination of the dealer\u2019s contract for such
causes as change in ownership, closeout of the business, or default. There were no significant losses in 2023 and
2022 relating to the termination of dealer contracts.
CNH Industrial and Iveco Group assess and monitor the credit quality of its financing receivables based on whether
a receivable is classified as performing or non-Performing. Financing receivables are considered past due if the
required principal and interest payments have not yet been received as of the date such payments were due.
Delinquency is reported on financing receivables greater than 30 days past due. Non-performing financing
receivables represent loans for which CNH Industrial has ceased accruing finance income. These receivables are
generally 90 days past due. Finance income for non-performing receivables is recognized on a cash basis. Accrued
interest is charged-off to interest income. Interest income charged-off was not material for the year ended
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022. Interest accrual is resumed if the receivable becomes contractually
current and collection becomes probable. Previously suspended income is recognized at that time.
CNH Industrial
The ageing of Receivables from financing activities of CNH Industrial at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 is as follows:
At 31\u00a0December\u00a02023
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
7,474
40
3
7,517
6
7,523
South America
3,647
20
\u2014
3,667
49
3,716
Asia Pacific
1,321
5
5
1,331
4
1,335
Europe, Middle East, Africa
5
\u2014
\u2014
5
10
15
Total Retail
12,448
64
8
12,520
69
12,589
Wholesale
North America
4,664
\u2014
\u2014
4,664
\u2014
4,664
South America
1,270
\u2014
\u2014
1,270
2
1,272
Asia Pacific
787
4
2
793
\u2014
793
Europe, Middle East, Africa
2,617
5
\u2014
2,622
\u2014
2,622
Total Wholesale
9,339
8
2
9,349
2
9,351
Other
\u2014
\u2014
\u2014
\u2014
\u2014
55
CNH Industrial
21,995
At 31 December 2022
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
6,874
39
11
6,924
\u2014
6,924
South America
2,564
11
\u2014
2,575
4
2,579
Asia Pacific
1,249
8
8
1,265
2
1,267
Europe, Middle East, Africa
3
\u2014
\u2014
3
10
13
Total Retail
10,690
58
19
10,767
16
10,783
Wholesale
North America
3,167
\u2014
\u2014
3,167
\u2014
3,167
South America
1,328
\u2014
\u2014
1,328
\u2014
1,328
Asia Pacific
463
\u2014
\u2014
463
\u2014
463
Europe, Middle East, Africa
2,333
7
2
2,341
\u2014
2,341
Total Wholesale
7,290
7
2
7,299
\u2014
7,299
Other
\u2014
\u2014
\u2014
\u2014
\u2014
26
CNH Industrial
18,108
Iveco Group
The ageing of Receivables from financing activities of Iveco Group at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02022 is
as follows:
At 31\u00a0December\u00a02023
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
82
\u2014
\u2014
82
23
105
(36)
69
Total Wholesale
5,266
13
1
5,280
157
5,437
(119)
5,318
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
5,552
(155)
5,397
At 31 December 2022
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
102
\u2014
1
103
26
129
(62)
67
Total Wholesale
4,063
7
5
4,075
60
4,135
(120)
4,015
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
4,274
(182)
4,092
Receivables from financing activities have significant concentrations of credit risk in the agriculture, construction
and truck business sectors, and in the Commercial and Specialty Vehicles segment. On a geographic basis, there
is not a disproportionate concentration of credit risk in any area. CNH Industrial and Iveco Group typically retain as
collateral a security interest in the equipment associated with retail notes, wholesale notes and finance leases.
A financial asset has experienced a significant increase in credit risk when the customer shows signs of operational
or financial weakness including past dues, which requires significant collection effort and monitoring and generally
occurs when the customer becomes past due greater than 30 days. The assessment considers available
information regarding the financial stability of the customer and other market/industry data; an account is typically
considered in default when it is 90 days past due.
CNH Industrial and Iveco Group utilize three categories for receivables from financing activities that reflect their
credit risk and how the loan provision is determined.
Internal risk grade
IFRS 9
classification
Definition
Basis for recognition of
expected credit loss
provision
Performing
Stage 1
Low risk of default; payments are generally less
than 30 days past due
12 month expected credit
losses
Performing
Stage 2
Significant increase in credit risk; payments
generally between 31 and 90 days past due
Lifetime expected credit losses
Non-performing
Stage 3
Accounts are credit impaired and/or a legal action
has been initiated; payments generally greater
than 90 days past due
Lifetime expected credit losses
Charge-off of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
estimated that amounts due are deemed uncollectible. CNH Industrial and Iveco Group continue to engage in
collection efforts to attempt to recover the receivables. When recoveries are collected, these are recognized as
income.
Allowance for Credit Losses
CNH Industrial and Iveco Group segregated their allowance for credit losses into two portfolio segments: retail and
wholesale. A portfolio segment is the level at which such companies develop a systematic methodology for
determining their allowance for credit losses. Further, CNH Industrial evaluates its retail and wholesale portfolio
segments by class of receivable: North America, Europe, Middle East, Africa, South America and Asia Pacific
regions. Typically, CNH Industrial\u2019s receivables within a geographic region have similar risk profiles and methods
for assessing and monitoring risk. These classes align with management reporting.
These companies account for their credit risk by appropriately providing for expected credit losses on a timely
basis. In calculating the expected credit loss rates, CNH Industrial and Iveco Group consider historical loss rates
for each category of customers and adjusts for forward looking macroeconomic data. The calculations depend also
on whether the receivable has been individually identified as being impaired. The first component of the allowance
for credit losses covers the receivables specifically reviewed by management for which companies have
determined it is probable that it will not collect all of the contractual principal and interest. Receivables are
individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior
collection history.
Expected credit losses are measured by considering: the unbiased and probability-weighted amount; the time value
of money; and reasonable and supportable information (available without undue costs or effort) at the reporting
date about past events, current conditions and forecasts of future economic conditions. Expected credit losses are
measured as the probability-weighted present value of all cash shortfalls over the expected life of each financial
asset.
The second component of the allowance for credit losses covers all receivables that have not been individually
reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations,
generally by financial product. The allowance for wholesale and retail credit losses is based on loss forecast
models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral
value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The
calculation is adjusted for forward looking macroeconomic factors. In addition, qualitative factors that are not fully
captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit
losses. These qualitative factors are subjective and require a degree of management judgment.
CNH Industrial
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
88
14
101
203
27
\u2014
33
60
Provision (benefit)
38
6
44
88
1
\u2014
(6)
(5)
Charge-off net of recoveries
(17)
\u2014
(18)
(35)
\u2014
\u2014
(5)
(5)
Transfers
6
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
(15)
\u2014
1
(14)
(1)
\u2014
(1)
(2)
Ending balance
100
14
128
242
27
\u2014
21
48
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
12,343
132
114
12,589
9,112
135
104
9,351
At 31\u00a0December\u00a02023, the allowance for credit losses included an increase in reserves due to reserve needs
primarily in South America, partially offset by a decrease in reserves of \u20ac14\u00a0million due to the sale of CNH Capital
Russia. CNH Industrial will update the macroeconomic factors and qualitative factors in future periods, as
warranted. Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
50
21
66
137
19
\u2014
38
57
Provision (benefit)
26
10
33
69
8
\u2014
(1)
7
Charge-off net of recoveries
2
\u2014
(18)
(16)
1
\u2014
(8)
(7)
Transfers
6
(20)
14
\u2014
1
\u2014
(1)
\u2014
Foreign currency translation
and other
4
3
6
13
(2)
\u2014
5
3
Ending balance
88
14
101
203
27
\u2014
33
60
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
10,568
131
83
10,782
7,190
20
89
7,299
At 31\u00a0December\u00a02022, the allowance for credit losses included an increase in reserves due to growth in the retail
portfolio and additionally included \u20ac14\u00a0million\u00a0for domestic Russian receivables, \u20ac9\u00a0million for the addition of
revolving charge accounts in North America and \u20ac7\u00a0million\u00a0in China related to Construction customers.
CNH\u00a0Industrial will update the macroeconomic factors and qualitative factors in future periods, as warranted.
Iveco Group
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
Year ended 31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
2
\u2014
60
62
25
\u2014
95
120
Provision (benefit)
\u2014
14
(35)
(21)
13
1
(9)
5
Charge-off net of recoveries
\u2014
\u2014
(5)
(5)
\u2014
\u2014
(6)
(6)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
2
14
20
36
38
1
80
119
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
51
15
3
69
5,279
145
117
5,541
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
Year ended 31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
3
\u2014
86
89
8
\u2014
90
98
Provision (benefit)
(1)
\u2014
(8)
(9)
17
\u2014
19
36
Charge-off net of recoveries
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(16)
(16)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Ending balance
2
\u2014
60
62
25
\u2014
95
120
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
13
\u2014
54
67
4,111
4
41
4,156
Finance lease receivables mainly relate to vehicles and equipment leased out under finance lease arrangements.
The interest rate implicit in the lease is determined at the commencement of the lease for the whole lease term.
The average interest rate implicit in total finance lease receivables varies depending on prevailing market interest
rates.
The item may be analysed as follows stated gross of an allowance of \u20ac50\u00a0million at 31\u00a0December\u00a02023 (\u20ac91\u00a0million
at 31\u00a0December\u00a02022):
(\u20ac million)
At 31 December
2023
2022
Less than one year
122
132
One to two years
85
81
Two to three years
68
73
Three to four years
50
56
Four to five years
27
33
More than five years
8
8
Total undiscounted receivables for future minimum lease payments
360
383
Unearned finance income
(46)
(45)
Present value of future minimum lease payments
314
338
Troubled Debt Restructuring
A restructuring of a receivable constitutes a troubled debt restructuring (\u201cTDR\u201d) when the lender grants a
concession it would not otherwise consider to a borrower that is experiencing financial difficulties. As a collateral-
based lender, CNH Industrial typically will repossess collateral in lieu of restructuring receivables. As such, for retail
receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables,
concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a
contractual interest rate to a below market interest rate and waiving of interest and principal.
TDRs are reviewed along with other receivables as part of management\u2019s ongoing evaluation of the adequacy of
the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable
source of repayment, which is normally the liquidation of the collateral. In determining collateral value, CNH
Industrial estimates the current fair market value of the equipment collateral and considers credit enhancements
such as additional collateral and third-party guarantees.
Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist
about the future ability of the borrower to meet its obligations based on a credit review, the TDR classification is not
removed from the receivable.
At 31\u00a0December\u00a02023, and 31\u00a0December\u00a02022, CNH Industrial\u2019s TDRs for retail and wholesale receivables were
immaterial
Transfers of financial receivables
CNH Industrial and Iveco Group transfer a number of their financial receivables to securitization programs or
factoring transactions. A securitization transaction entails the sale of a portfolio of receivables to a securitization
vehicle. This structured entity finances the purchase of the receivables by issuing asset-backed securities (i.e.
securities whose repayment and interest flow depend upon the cash flow generated by the portfolio). Asset-backed
securities are divided into classes according to their degree of seniority and rating: the most senior classes are
placed with investors on the market; the junior class, whose repayment is subordinated to the senior classes, is
normally subscribed for by the seller.
The residual interest in the receivables retained by the seller is therefore limited to the junior securities it has
subscribed for. In accordance with IFRS 10 \u2013 Consolidated Financial Statements, all securitization vehicles are
included in the scope of consolidation because the subscription of the junior asset-backed securities by the seller
implies its control in substance over the structured entity. Furthermore, factoring transactions may be either with
recourse or without recourse; certain without recourse transfers include deferred payment clauses (for example,
when the payment by the factor of a minor part of the purchase price is dependent on the total amount collected
from the receivables), requiring first loss cover, meaning that the transferor takes priority participation in the losses,
or require a significant exposure to the cash flows arising from the transferred receivables to be retained. These
types of transactions do not comply with the requirements of IFRS 9 \u2013 Financial Instruments for the derecognition
of the assets, since the risks and rewards connected with collection are not substantially transferred and,
accordingly, the Group continues to recognize the receivables transferred by this means in its consolidated
statement of financial position and recognizes a financial liability of the same amount under Asset-backed financing
(see Note 19 Financial Debt and derivative liabilities). The gains and losses arising from the transfer of these
assets are only recognized when the assets are derecognized.
At 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the carrying amount of CNH Industrial transferred financial assets
not derecognized and the related liability and the respective fair values were as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Receivables
from
financing
activities
transferred
Other
financial
assets
transferred
Total
Receivables
from
financing
activities
transferred
Other
financial
assets
transferred
Total
Carrying amount of assets
12,749
941
13,690
10,639
632
11,271
Carrying amount of the related liabilities
(9,689)
(919)
(10,608)
(8,494)
(650)
(9,144)
Liabilities for which the counterparty has the
right to obtain relief on the transferred
assets:
Fair value of the assets
12,521
941
13,462
10,344
632
10,976
Fair value of the liabilities
(9,645)
(918)
(10,563)
(8,299)
(649)
(8,948)
Net position
2,876
23
2,899
2,045
(17)
2,028
Other financial assets transferred also include the cash with a pre-determined use restricted to the repayment of
the securitization debt.
CNH Industrial has discounted receivables and bills without recourse having due dates beyond 31\u00a0December\u00a02023
amounting to \u20ac27\u00a0million which refer to trade receivables and other receivables. At 31\u00a0December\u00a02022 , the amount
of discounted receivables and bills without recourse with due dates beyond that date, was \u20ac16\u00a0million, of which,
\u20ac167\u00a0million referred to trade receivables and other receivables and \u20ac13\u00a0million referred to receivables from
financing activities.
At 31\u00a0December\u00a02023, the carrying amount of Iveco Group transferred financial assets not derecognized and the
related liability and the respective fair values were as follows:
At 31 December
(\u20ac million)
2023
2022
Carrying amount of assets
3,649
3,353
Carrying amount of the related liabilities
(3,649)
(3,145)
Liabilities for which the counterparty has the right to obtain relief on the transferred assets:
Fair value of the assets
3,649
3,353
Fair value of the liabilities
(3,649)
(3,145)
Total restricted receivables
\u2014
208
Other financial assets transferred also include the cash with a pre-determined use restricted to the repayment of
the securitization debt.
Iveco Group has discounted receivables and bills without recourse having due dates beyond 31\u00a0December\u00a02023
amounting to \u20ac274\u00a0million (\u20ac183\u00a0million at 31\u00a0December\u00a02022, with due dates beyond that date), which refer to
trade receivables.
Cash and cash equivalents
Cash and cash equivalents at 31\u00a0December\u00a02023 and at 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Cash at banks
7,200
8,885
Money market securities at FVTPL
338
459
Money market securities at amortized cost
186
173
Liquidity funds
66
1,114
Restricted cash
888
946
Total cash and cash equivalents
8,678
11,577
Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible
into cash and are subject to an insignificant risk of changes in value.
Restricted cash mainly includes bank deposits that may be used exclusively for the repayment of the debt relating
to securitizations classified as Asset-backed financing.
The credit risk associated with cash and cash equivalents is considered not significant, because these consist
mainly of deposits spread across primary international financial institutions.
The Ferrari Group may be subject to restrictions which limit its ability to use cash in relation to its interest in Ferrari
International Cars Trading (Shanghai) Co. Ltd. In particular, cash held in China is subject to certain repatriation
restrictions and may only be repatriated as a repayment of payables or debt, or through a payment of dividends or
capital distributions. The Ferrari Group does not believe that such transfer restrictions have any adverse impacts on
its ability to meet liquidity requirements. Cash held in China by Ferrari Group at 31\u00a0December\u00a02023 amounted to
\u20ac81\u00a0million (\u20ac97\u00a0million at 31\u00a0December\u00a02022).
Cash collected from the settlement of receivables under securitization programs of Ferrari Group is subject to
certain restrictions regarding its use and is principally applied to repay principal and interest of the related funding.
Such cash amounted to \u20ac32\u00a0million at 31\u00a0December\u00a02023 (\u20ac44\u00a0million at 31\u00a0December\u00a02022).
Financial debt and derivative liabilities
Total financial debt and other financial liabilities at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Financial debt
39,923
33,662
Derivative liabilities
295
308
Total financial debt and derivative liabilities
40,218
33,970
The composition of financial debt is as follows:
(\u20ac million)
At 31 December
2023
2022
Asset-backed financing
15,633
13,399
Notes
13,034
13,608
Borrowings from banks
6,166
3,991
Payables represented by securities
1,974
1,173
Lease liabilities
606
533
Derivative liabilities
295
308
Other financial debt
2,510
958
Total financial debt and derivative liabilities
40,218
33,970
The composition of financial debt by entity is as follows:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial1
25,633
22,222
Iveco Group1
5,808
4,201
Exor
4,286
4,233
Ferrari
2,491
2,832
Juventus
340
376
GEDI2
130
102
Shang Xia
6
4
Other and adjustments
1,524
\u2014
Total financial debt and derivative liabilities
40,218
33,970
1. Net of intercompany between CNH Industrial and Iveco Group.
2. Net of intercompany with Exor N.V.
Notes
The composition of notes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
Issuer
Currency
Face value
outstanding
(in million)
Coupon
Maturity
2023
2022
Outstanding amount
(in \u20ac million)
Exor
Exor
\u20ac
500
2.50%
Oct 2024
503
503
Exor
\u20ac
100
5.25%
Jan 2025
105
104
Exor
\u20ac
450
2.875%
Dec 2025
451
451
Exor
$
170
4.398% 6 months
May 2026
154
160
Exor
\u20ac
500
1.75%
Jan 2028
504
503
Exor
\u20ac
200
3.125\u2019%
Feb 2038
202
202
Exor
\u20ac
500
2.25%
Apr 2030
502
501
Exor
\u20ac
500
0.875%
Jan 2031
500
499
Exor
Yen
10,000
2.80% 6 months
May 2031
65
72
Exor
\u20ac
500
1.75%
Oct 2034
482
480
Total Exor notes
3,467
3,475
Euro Medium Term Note Programme (MTNP)
CNH Industrial
Euro
3,200
1.625% - 3.875%
Apr 24 - Jul 2039
3,201
4,579
Total Euro Medium Term Notes
3,201
4,579
Other notes
CNH Industrial
USD
4,159
0.00% - 5.50%
Jan 2024 - Jan 2029
3,764
2,935
CNH Industrial
AUD
425
1.75% -5.8%
2024-2026
262
150
CNH Industrial
CAD
700
1.5%-5.5%
Oct 2024 - Aug 2026
478
208
CNH Industrial
BRL
3,212
12.610%% -
13.440%
2024-2028
663
552
Ferrari
\u20ac
902
0.91-1.5%
May 2025- Jan 2032
904
1,490
Juventus
\u20ac
175
3.35%
Feb 24
180
180
Total Other notes
6,250
5,516
Hedging effect and amortised cost valuation
116
38
Total notes
13,034
13,608
The notes of CNH Industrial under the Euro Medium Note Programme have been issued by CNH Industrial
Finance Europe S.A. and are guaranteed by CNH Industrial N.V.
Notes issued by CNH Industrial under the Euro Medium Note Programme are generally listed on either the Irish or
Swiss stock exchanges and New York Stock Exchange.
The new notes issued and notes repaid during the 2023 were as follows:
New Issues
Currency
Nominal
Amount
(in million)
Coupon
Issue Date
Maturity
Company
\u00a0
\u00a0
\u00a0
\u00a0
CNH Industrial Capital LLC
USD
600
4.55%
April 2023
April 2028
CNH Industrial Capital Argentina
USD
36
\u2014%
May 2023
45778
Banco CNH Industrial Capital SA
BRL
500
CDI+1.40%/
CDI+1.60%
May 2023
2025/2026
CNH Industrial Capital Australia Pty
AUD
175
5.800%
July 2023
2026
CNH Industrial Capital Canada Ltd
CAD
400
5.500%
August 2023
2026
CNH Industrial Capital LLC
USD
500
5.500%
Sept 2023
2029
Banco CNH Industrial Capital SA
BRL
600
CDI+0.9%/
CDI+1%/
CDI+1.30
October 2023
2025/2027
Repayments
Name of Notes
Currency
Amount
(in million)
Repayment date
Company
\u00a0
\u00a0
\u00a0
\u00a0
Ferrari
Other notes
Euro
390
Mar 2023
Ferrari
Other notes
Euro
199
Jul 2023
Borrowings from banks
Borrowings from banks at 31\u00a0December 2023 amount to \u20ac6,166\u00a0million (\u20ac3,991\u00a0million at 31\u00a0December 2022). The
composition is as follows:
(\u20ac million)
At 31 December
2023
2022
Exor
215
150
CNH Industrial
3,978
2,965
Iveco Group
1,631
721
Ferrari
291
113
Juventus
45
42
GEDI
6
\u2014
Total borrowings from banks
6,166
3,991
Exor
At 31\u00a0December 2023 Exor has a \u20ac150\u00a0million term loan with maturity 2024 (unchanged compared
31\u00a0December\u00a02022), fully repaid in February 2024.
In addition, it has committed undrawn credit lines of \u20ac450\u00a0million of which \u20ac350\u00a0million expiring after
31\u00a0December\u00a02024, as well as uncommitted credit lines of \u20ac515\u00a0million, drawn for \u20ac65\u00a0million. At
31\u00a0December\u00a02022 Exor had undrawn committed credit lines of \u20ac385\u00a0million, of which \u20ac200\u00a0million expiring after
31\u00a0December\u00a02022, as well as uncommitted credit lines of \u20ac545\u00a0million.
CNH Industrial
CNH Industrial's borrowings consist primarily of borrowings from banks which are at various terms and rates.
In March 2019, CNH Industrial signed a five-year committed revolving credit facility for \u20ac4\u00a0billion ($4.5\u00a0billion at
31\u00a0March 2019 exchange rate) due to mature in 2024 with two extension options of 1-year each, exercisable on the
first and second anniversary of the signing date. CNH Industrial exercised the first of the two extension options at
28\u00a0February\u00a02020 and the second extension option at 26\u00a0February\u00a02021. The facility is now due to mature in March
2026 for \u20ac3,950.5\u00a0million; \u20ac49.5\u00a0million within the facility will mature in March 2025.
The credit facility replaced the existing five-year \u20ac1.75 billion credit facility due to mature in 2021. The \u20ac4\u00a0billion
facility is guaranteed by the parent company with cross-guarantees from each of the borrowers (i.e., CNH Industrial
Finance S.p.A., CNH Industrial Finance Europe S.A. and CNH Industrial Finance North America Inc.), and includes
typical provisions for contracts of this type and size, such as: customary covenants mainly relating to Industrial
Activities including negative pledge, a status (or pari passu) covenant, restrictions on the incurrence of
indebtedness by certain subsidiaries, customary events of default (some of which are subject to minimum
thresholds and customary mitigants) including cross-default, failure to pay amounts due or to comply with certain
provisions under the loan agreement, the occurrence of certain bankruptcy-related events and mandatory
obligations upon a change in control of CNH or the borrower and a financial covenant (Net Debt/EBITDA ration
relating to Industrial Activities) that is not applicable with the current ratings levels. The failure to comply with these
provisions, in certain cases if not suitably remedied, can lead to the requirement to make early repayment of the
outstanding advances. At 31\u00a0December 2023, CNH was in compliance with all covenants in the revolving credit
facility.
At 31\u00a0December 2023, Financial Services\u2019 committed asset-backed facilities expiring after twelve months amounted
to \u20ac3.3\u00a0billion (\u20ac2.7\u00a0billion at 31\u00a0December\u00a02022), of which \u20ac3.3\u00a0billion was utilized at 31\u00a0December\u00a02023, (\u20ac2\u00a0billion
at 31 December 2022).
CNH Industrial entered into an 18-month committed unsecured credit facility on 19\u00a0December\u00a02023, was undrawn
at 31 December 2023 and was fully drawn on 12 January 2024.
Iveco Group
On 4\u00a0January\u00a02022, Iveco Group signed a \u20ac1.9\u00a0billion syndicated facility, which included a \u20ac1.4\u00a0billion committed
revolving credit facility with a 5-year tenor with two extension options of 1-year each (subject to the bank\u2019s
approval), as well as a \u20ac0.5 billion committed term facility with a 12-months tenor, extendable for up to an additional
12 months at the Company\u2019s sole option. In October 2022, Iveco Group signed a new \u20ac400 million syndicated term
facility with a 2-year tenor extendable for up to an additional 12 months at the Company\u2019s sole option. The
proceeds have been used to refinance the existing term facility. The \u20ac1.4\u00a0billion revolving credit facility has been
extended for two additional years with all lenders, by exercising the first and the second one-year extension option.
The facility is now due to mature in January 2029.
On 27\u00a0November\u00a02023, Iveco Group signed a \u20ac450\u00a0million term loan facility with the European Investment Bank
with an 8-year amortization profile, which represents the first tranche of the \u20ac500\u00a0million total approved by the
European Investment Bank. The proceeds of the loan facility, which have been drawdown in full in December 2023,
will be applied, over a period of three years, to enable Iveco Group to develop innovative technologies and
architectures in the field of electric propulsion and to increase efficiency, safety, driving comfort and productivity by
further developing solutions for autonomous driving, digitalization and vehicle connectivity.
At 31\u00a0December\u00a02023 and 2022, Iveco Group had available committed unsecured facilities expiring after twelve
months amounting to \u20ac2\u00a0billion.
Ferrari
Bank borrowings of Ferrari include a term loan of \u20ac130 million and of \u20ac75 million borrowed by Ferrari N.V. and a
term loan of \u20ac13\u00a0million (\u20ac 38 million at 31\u00a0December 2022) borrowed by Ferrari S.p.A. and a US dollars loan of
\u20ac73 million (\u20ac76 million at 31\u00a0December 2022).
At 31\u00a0December\u00a02023 Ferrari had total committed credit lines available and undrawn amounting to \u20ac600\u00a0million
(\u20ac669\u00a0million at 31\u00a0December\u00a02022).
Juventus
Bank borrowings of Juventus at 31\u00a0December\u00a02023 mainly relate to \u20ac45\u00a0million drawn down under revocable credit
lines (\u20ac14\u00a0million at 31\u00a0December\u00a02022).
Covenants
Financial liabilities and the revolving credit facility agreements may impose covenants on the borrower and in
certain cases on the guarantor, which are typical of international practice for similar liabilities.
The covenants vary from facility to facility and may include among others: (i) negative pledge clauses which require
that, in case any security interest in assets of the issuer is granted in connection with other notes or debt securities
having the same ranking, such security should be equally and ratably extended to the outstanding notes, subject to
certain permitted exceptions; (ii) pari passu clauses, under which the debt rank and will rank pari passu with all
other present and future unsubordinated and unsecured obligations of the issuer; (iii) periodic disclosure
obligations; (iv) cross-default clauses which require immediate repayment of the debt under certain events of
default on other financial instruments of the relevant issuer, (v) limitation of new real guarantees and asset sales on
certain company assets without the consent of the creditor (vi) limitation on incurrence of liens (vii) limitations on
incurrence, repayment and prepayment of indebtedness and (iv)\u00a0other clauses that are generally applicable to
securities of a similar type. A breach of these covenants may require the early repayment of the underlying
indebtedness.
At 31\u00a0December\u00a02023 and 2022 the Group was in compliance with all covenants under its debt agreements.
Asset-backed financing
Asset-backed financing represents the amount of financing received through factoring transactions which do not
meet the asset derecognition requirements and which are recognized as assets for the same amount in the
Consolidated Statement of Financial Position. The composition of Asset-backed financing is as follows:
\u00a0
At 31 December
(\u20ac million)
2023
2022
CNH Industrial
10,607
9,144
Iveco Group
3,860
3,149
Ferrari
1,166
1,105
Total asset-backed financing
15,633
13,399
Cash collected from the settlement of receivables or lines of credit pledged as collateral for asset-backed financing
is subject to certain restrictions regarding its use and is principally applied to repay principal and interest of the
funding.
Lease liabilities
Lease liabilities included in the Statement of financial position:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial
271
214
Iveco Group
196
185
Ferrari
73
57
GEDI
43
52
Juventus
15
18
Shang Xia
6
3
Exor Investments Limited
1
\u2014
Exor
1
4
Total lease liabilities
606
533
Maturity analysis of lease liabilities \u2013 contractual undiscounted cash flows:
(\u20ac million)
At 31 December 2023
\u00a0
Due within one
year
Due between
one and five
years
Due beyond
five years
Total
Contractual undiscounted cash flows
95
188
84
367
Payables represented by securities
At 31\u00a0December\u00a02023 payables represented by securities amount to \u20ac1,974\u00a0million (\u20ac1,173\u00a0million at
31\u00a0December\u00a02022).
With the purpose of further diversifying its funding structure, CNH Industrial has established various commercial
paper programs. CNH Industrial Capital LLC outstanding commercial paper totalled \u20ac318\u00a0million as of
31\u00a0December 2023 (\u20ac280 million at 31\u00a0December\u00a02022). Banco CNH Industrial SA outstanding commercial paper
totalled \u20ac442\u00a0million outstanding at 31\u00a0December\u00a02023 (\u20ac216\u00a0million at 31\u00a0December\u00a02022).
With the purpose of further diversifying its funding structure, Iveco Group has established a commercial paper
program. IC Financial Services S.A. in Europe issued commercial paper under the program which had an amount
of \u20ac38\u00a0million outstanding at 31\u00a0December\u00a02023 (\u20ac66\u00a0million outstanding at 31\u00a0December\u00a02022).
Financial debt by due date
An analysis of financial debt by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
\u00a0
At 31 December
2023
2022
(\u20ac million)
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Notes
2,566
7,272
3,196
13,034
2,053
8,250
3,305
13,608
Borrowings from banks
2,771
2,609
786
6,166
1,524
2,032
435
3,991
Asset-backed financing
9,041
6,530
62
15,633
8,838
4,538
23
13,399
Payables represented by
securities
1,318
656
\u2014
1,974
811
362
\u2014
1,173
Lease liabilities
151
325
130
606
134
284
115
533
Other financial debt
887
1,623
\u2014
2,510
850
105
3
958
Total financial debt
16,734
19,015
4,174
39,923
14,210
15,571
3,881
33,662
Derivative assets and derivative liabilities
The Group utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures.
Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are
designated as a hedge at the inception of the derivative contract. The Group does not hold or enter into derivative
or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced
through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral
support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy.
The fair value of the Group\u2019s derivative financial assets and liabilities at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Positive fair
value
Negative fair
value
Positive fair
value
Negative fair
value
Fair value hedges:
Interest rate risk \u2013 Interest rate swaps
20
(27)
\u2014
(40)
Currency risks
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
20
(27)
\u2014
(40)
Cash flow hedges:
Currency risks \u2013 Forward contracts, Currency swaps
and Currency options
60
(61)
90
(66)
Interest rate risk \u2013 Interest rate swaps
51
(49)
110
(19)
Interest rate and currency risk \u2013 Combined interest rate
and currency swap
\u2014
(27)
\u2014
(17)
Commodity price risk \u2013 Commodity swaps
\u2014
\u2014
\u2014
(1)
Other
\u2014
\u2014
Total Cash flow hedges
111
(137)
200
(103)
Derivatives not designated as hedging instruments
Currency risks
47
(55)
82
(64)
Interest rates
27
(58)
26
(67)
Interest rate and currency risk \u2013 Combined interest rate and
currency swap
\u2014
\u2014
\u2014
\u2014
Equity
\u2014
(18)
\u2014
(34)
Total derivatives not designated as hedging instruments
74
(131)
108
(165)
Collateral deposits
\u2014
\u2014
\u2014
\u2014
Total other financial assets and other financial liabilities
205
(295)
308
(308)
Derivatives not designated as hedging instruments consist mainly of derivatives (mostly currency-based
derivatives) acquired to hedge receivables and payables subject to currency risk and/or interest rate risk which are
not formally designated as hedges at Group level.
The analysis of outstanding notional amounts of derivative financial instruments by due date, at 31\u00a0December\u00a02023
and 2022 is as follows:
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
At 31\u00a0December\u00a02023
Currency risk management
10,906
333
\u2014
11,239
Interest rate risk management
1,868
6,996
462
9,326
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
1
\u2014
(27)
(26)
Total notional amount
12,775
7,329
435
20,539
At 31\u00a0December\u00a02022
Currency risk management
10,363
568
\u2014
10,931
Interest rate risk management
1,271
5,027
780
7,078
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
9
\u2014
83
92
Total notional amount
11,643
5,595
863
18,101
Fair value hedges
The gains and losses arising from the valuation of outstanding interest rate derivatives (for managing interest rate
risk) and currency derivatives (for managing currency risk) are recognized in accordance with fair value hedge
accounting.
Gains and losses arising from respective hedged items at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Interest rate risk
Net gains (losses) on qualifying hedges
(6)
(99)
Fair value changes in hedged items
6
99
Net gains (losses) on fair value hedges recognized in the income statement
0
0
Cash flow hedges
The effects recognized in the income statement mainly relate to currency risk management and, to a lesser extent,
to hedges regarding commodity price risk management and cash flows that are exposed to interest rate risk and
sales exposed to the fluctuations in the Euro/US dollar exchange rate.
With respect to cash flow hedges, the Group reclassified losses of \u20ac56\u00a0million in 2023 (losses of \u20ac188\u00a0million in
2022), net of the tax effect, from Other comprehensive income to the Consolidated Income Statement. These
amounts are reported in the income statement as follows:
(\u20ac million)
At 31 December
2023
2022
Currency risk
Increase (Decrease) in net revenues
1
6
Decrease (Increase) in cost of sales
(83)
(241)
Result from investments
\u2014
\u2014
Financial income (expenses)
20
(5)
Interest rate risk
Interest rate derivatives - Cost of sales
6
28
Financial income (expenses)
\u2014
23
Net gains (losses) on cash flow hedges recognized in the income statement
(56)
(188)
Trade payables
The analysis of trade payables by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
7,830
7,843
Due between one and five years
97
40
Due beyond five years
3
5
Total payables
7,930
7,888
Qualitative and quantitative information on financial risks
The Group is exposed to the following financial risks connected with its operations:
\u2013 credit risk related to its financing activities;
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempt to actively manage these risks.
These risks could significantly affect the Group\u2019s financial position and results of operations and cash flows, and for
this reason, the Group identifies and monitors these risks in order to detect potential negative effects in advance
and take the necessary action to mitigate them, primarily through the Group's operating and financing activities and
if required, through the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following paragraphs does not have any predictive value. In
particular, the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction,
which may result from any changes that are assumed to take place.
Credit risk
The credit concentration risk differs in relation to the activities carried out by the segments and sales markets in
which the Group operates; in all cases, however, the risk is mitigated by the large number of counterparties and
customers. Considered from a global point of view, however, there is a concentration of credit risk in trade
receivables and receivables from financing activities, in particular dealer financing in the European Union market
and in North America, as well as in South America for Agriculture and Construction.
The maximum credit risk to which the Group is theoretically exposed at 31\u00a0December\u00a02023 is represented by the
carrying amounts stated for financial assets in the financial statements and the nominal value of the guarantees
provided on debt or commitments to third parties as discussed in Note 31 Guarantees granted, commitments and
contingent liabilities.
Dealers and final customers are generally subject to specific assessments of their creditworthiness under a
detailed scoring system. In addition to carrying out this evaluation process, the Group may also obtain financial and
non-financial guarantees for risks arising from credit granted for the sale of agricultural equipment and related
parts. These guarantees are further secured, where possible, by retention of title clauses or specific guarantees on
financed equipment sales to the distribution network and on equipment under finance or leasing agreements.
For further information regarding the exposure to credit risk and ECLs of trade receivables, other receivables and
financial receivables at 31\u00a0December\u00a02023, refer to Note 20 Trade receivables.
Liquidity risk
Liquidity risk represents the risk that the Group is unable to obtain the funds needed to carry out its operations and
meet its obligations. Any actual or perceived limitations on the Group\u2019s liquidity may affect the ability of
counterparties to do business with the Group or may require additional amounts of cash and cash equivalents to be
allocated as collateral for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Group operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity
risk.
Additionally, as part of the activities, the Group regularly carries out funding operations on the various financial
markets which may take on different technical forms and which are aimed at ensuring that it has an adequate level
of current and future liquidity.
Measures taken to generate financial resources through operations and to maintain an adequate level of available
liquidity are an important factor in ensuring normal operating conditions and addressing strategic challenges. The
Group therefore plans to meet its requirements to settle liabilities as they fall due and to cover expected capital
expenditures by using cash flows from operations and available liquidity, renewing or refinancing bank loans and
making recourse to the bond market and other forms of funding.
The two main factors that determine its liquidity situation are the funds generated by or used in operating and
investing activities and the debt lending period and its renewal features or the liquidity of the funds employed and
market terms and conditions.
The Group has adopted a series of policies and procedures whose purpose is to optimize the management of
funds and to reduce liquidity risk as follows:
\u2013 centralizing the management of receipts and payments where it may be economical in the context of the local
statutory, currency and fiscal regulations of the countries in which the Group is present;
\u2013 maintaining an adequate level of available liquidity;
\u2013 diversifying the means by which funds are obtained and maintaining a continuous and active presence in the
capital markets;
\u2013 obtaining adequate credit lines; and
\u2013 monitoring future liquidity on the basis of business planning.
Details of the repayment structure of the Group\u2019s financial assets and liabilities are provided in Note 20 Trade
receivables, Note 27 Financial debt and other financial liabilities, Note 28 Derivative assets and derivative liabilities,
Note 29 Trade payables and Note 30 Other liabilities.
Exor Group believes that the funds currently available, together with the funds that will be generated from operating
and financing activities, will enable the Group to satisfy its requirements resulting from its investing activities and its
working capital needs and to fulfil its obligations to repay its debt at the natural due date.
Financial markets risk
Due to the nature of its business, the Exor Group is exposed to a variety of financial market risks, including
fluctuations in foreign currency exchange rates and interest rates.
The Group\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Group\u2019s industrial activities compared to the markets in which it sells its products, and in relation
to the use of external borrowing denominated in foreign currencies.
The Group\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating activities
and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either
increasing or decreasing the Group\u2019s result, thereby indirectly affecting the costs and returns of financing and
investing transactions.
The Group regularly assesses its exposure to foreign currency and interest rate risk and manages those risks
through the use of derivative financial instruments in accordance with its established risk management policies.
The policies adopted by the Group permit derivatives to be used only for managing the exposure to fluctuations in
exchange and interest rates connected with future cash flows and assets and liabilities and not for speculative
purposes.
Derivative financial instruments designated as fair value hedges are utilized mainly to hedge:
\u2013 the currency risk on financial instruments denominated in foreign currency;
\u2013 the interest rate risk on fixed rate loans and borrowings.
The instruments used for these hedges are mainly currency swaps, forward contracts, interest rate swaps and
combined interest rate and currency financial instruments.
Derivative financial instruments as cash flow hedges are utilized for the purpose of pre-determining:
\u2013 the exchange rate at which forecasted transactions denominated in foreign currencies will be accounted for;
\u2013 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a pre-defined mix of floating versus fixed rate funding structured loans.
The exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps, forward
contracts and currency options. Interest rate exposures are usually hedged by interest rate swaps and, in limited
cases, by forward rate agreements. Counterparties to these agreements are major and diverse financial
institutions.
Information on the fair value of derivative financial instruments held at the balance sheet date is provided in
Note\u00a028 Other financial assets and other financial liabilities.
Currency risk
The Group is exposed to risk resulting from changes in exchange rates, which can affect its earnings and equity.
Where one of the subsidiaries of the Group incurs costs in a currency different from that of its revenues, any
change in exchange rates can affect the operating results of that company;
The principal exchange rates to which the Group is exposed are the following:
\u2013 EUR/USD, in relation to the production/purchases of Agriculture and Construction in the euro area;
\u2013 USD/BRL and EUR/BRL, in relation to production in Brazil and the respective import/export flows;
\u2013 AUD/USD, mainly in relation to sales made by Agriculture and Construction in Australia;
\u2013 EUR/GBP, mainly in relation to sales on the U.K. market;
\u2013 EUR/TRY, mainly in relation to sales on the Turkish market;
\u2013 EUR/PNL, mainly in relation to sales on the Polish market;
\u2013 EUR/CZK; predominately in relation to the production of Commercial and Specialty Vehicles (Bus) in Czech
Republic.
Trade flows of CNH Industrial exposed to changes in these exchange rates in 2023 made up approximately 73% of
the exposure to currency risk from trade transactions.
Trade flows of Iveco Group exposed to changes in these exchange rates in 2023 made up approximately 72% of
the exposure to currency risk from trade transactions.
Trade flows of Ferrari Group exposed to changes in these exchange rates in 2023 made up approximately 60% of
the exposure to currency risk from trade transactions.
It is the policy of CNH Industrial and Iveco Group to use derivative financial instruments to hedge a certain
percentage, on average between 55% and 85%, of the forecasted trading transaction exchange risk exposure for
the coming 12 months with additional flexibility to reach 0% or 100% (including forecasted risk exposure beyond
that timeframe where it is believed to be appropriate) and to hedge completely the exposure resulting from firm
commitments.
Certain subsidiaries may hold trade receivables or payables denominated in a currency different from the
subsidiary\u2019s functional currency. In addition, in a limited number of cases, subsidiaries may obtain financing or use
funds in a currency different from their functional currency. Changes in exchange rates may result in exchange
gains or losses arising from these situations. It is the policy of the Group to hedge fully, whenever possible, the
exposure resulting from receivables, payables, and securities denominated in currencies different from the
subsidiary\u2019s functional currency.
The Group monitors its principal exposure to translation exchange risk, although there was no specific hedging in
place at 31\u00a0December\u00a02023.
There were no substantial changes in 2023 in the nature or structure of exposure to currency risk or in the Group
hedging policies.
For CNH Industrial Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately $167\u00a0million
corresponding to \u20ac151\u00a0million ($276\u00a0million corresponding to \u20ac259\u00a0million at 31\u00a0December\u00a02022).
For Iveco Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately \u20ac276\u00a0million
(\u20ac291\u00a0million at 31\u00a0December\u00a02022).
For Ferrari Group, the potential loss in fair value of derivative financial instruments held for foreign currency
exchange rate risk management (currency swaps/forwards) at 31\u00a0December\u00a02023 resulting from a 10% change in
the exchange rates would have been approximately \u20ac191\u00a0million (\u20ac175\u00a0million at 31\u00a0December\u00a02022).
Receivables, payables and future trade flows whose hedging transactions have been analysed were not included in
this analysis. It is reasonable to assume that changes in market exchange rates will produce the opposite effect, of
an equal or greater amount, on the underlying transactions that have been hedged.
Interest rate risk
The industrial activities make use of external funds obtained in the form of financing and invest in monetary and
financial market instruments. In addition, Group companies sell receivables. Changes in market interest rates can
affect the cost of financing, including the sale of receivables, or the return on investments of funds, causing an
impact on the level of net financial expenses incurred by the Group.
In addition, the financial services companies provide loans (mainly to customers and dealers), financed primarily
using various forms of external borrowings or asset-backed financing (e.g., securitization of receivables). Where
the characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of
the cost of the financing/funding obtained, changes in the current level of interest rates can affect the profit/(loss).
In order to mitigate these risks, the Group uses interest rate derivative financial instruments, mainly interest rate
swaps and forward rate agreements.
Interest rate benchmark reform CNH Industrial
In September 2019 IASB amended IFRS 9 and IAS 39 by issuing \"Interest Rate Benchmark Reform\" to provide
specific exceptions to hedge accounting requirements in IFRS 9 and IAS 39 for (a) highly probable requirement; (b)
prospective assessments; (c) retrospective assessment (IAS 39 only); and (d) separately identifiable risk
components.
Interest Rate Benchmark Reform also amended IFRS 7 to add specific disclosure requirements for hedging
relationships to which an entity applies the exceptions in IFRS 9 or IAS 39.
In August 2020 the Board issued \"Interest Rate Benchmark Reform - Phase 2\" which amended requirements in
IFRS\u00a09, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to:
\u25aa changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease
liabilities;
\u25aa hedge accounting; and
\u25aa disclosures.
The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial
instruments and hedging relationships.
During the second quarter of 2023, as a result of the Interest Rate Benchmark Reform, CNH Industrial renegotiated
its contract terms on its interest rate derivatives, by changing the floating interest rate swap from LIBOR to SOFR.
In accordance with the EU-IFR amendments on this topic included in IFRS 9, these changes can be treated under
a practical expedient.
CNH Industrial elected to apply the practical expedient that enables the company to account for a change in the
contractual cash flows that are required by the reform, by updating the effective interest rate to reflect the change in
an interest rate benchmark, without de-designation and apply no change to the cumulative basis adjustment
reflected in earnings. The elections did not have a material impact on CNH Industrial consolidated financial
statements for the year ended 31\u00a0December\u00a02023.
Sensitivity analysis for CNH Industrial
In assessing the potential impact of changes in interest rates, CNH Industrial separates fixed rate financial
instruments (for which the impact is assessed in terms of fair value) from floating rate financial instruments (for
which the impact is assessed in terms of cash flows).
The fixed rate financial instruments used by CNH Industrial consist of retail receivables, debt, ABS securities, and
other instruments.
For CNH Industrial Group, the potential loss in fair value of fixed rate financial instruments (including the effect of
interest rate derivative financial instruments) held at 31\u00a0December\u00a02023, resulting from a hypothetical,
unfavourable and instantaneous change of 10% in market interest rates would have been approximately
$21\u00a0million (\u20ac19\u00a0million), approximately $29\u00a0million (\u20ac27\u00a0million) at 31 December 2022.
Floating rate financial instruments consist principally of cash and cash equivalents, wholesale receivables, debt
and ABS securities. The effect of the sale of receivables is also considered in the sensitivity analysis as well as the
effect of hedging derivative instruments.
For CNH Industrial Group, a hypothetical 10% change in short-term interest rates at 31\u00a0December\u00a02023, applied to
floating rate financial assets and liabilities, operations for the sale of receivables and derivative financial
instruments, would have caused increased net expenses before taxes, on an annual basis, of approximately
$10\u00a0million corresponding to approximately \u20ac9\u00a0million ($15\u00a0million at 31\u00a0December\u00a02022, approximately
\u20ac14\u00a0million).
This analysis is based on the assumption that there is a hypothetical change of 10% in interest rate across
homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial
assets and liabilities are denominated.
Interest rate benchmark reform Iveco Group
Certain existing benchmark InterBank Offered Rates (IBORs) have partly been reformed and continue the reform
process by the Authority and gradually replaced with alternative benchmark rates (SOFR). Despite the uncertainty
around the timing and precise nature of these changes, the existing benchmark interest rates were gradually
abolished and replaced with alternative risk-free reference rates.
Group Treasury has managed and closely monitored the IBOR plan. No impact has been derived from the reform
in term of renegotiation of contractual adjustment of financial instruments.
Sensitivity analysis for Iveco Group
For Iveco Group the potential loss in fair value of fixed rate financial instruments (including the effect of interest rate
derivative financial instruments) held at 31\u00a0December\u00a02023, resulting from a hypothetical unfavourable and
instantaneous change of 10% in market interest rates, would have been approximately \u20ac3\u00a0million (\u20ac1\u00a0million at
31\u00a0December\u00a02022).
Floating rate financial instruments consist principally of cash and cash equivalents, wholesale receivables, debt,
and asset-backed securitizations. The effect of the sale of receivables is also considered in the sensitivity analysis
as well as the effect of hedging derivative instruments. This analysis does not include cash and cash equivalents in
hyperinflationary countries which could have distorting effects on the results of the analysis and the change in fair
value of foreign exchange rate derivative instruments.
A hypothetical change of 10% in short-term interest rates at 31\u00a0December\u00a02023, applied to floating rate financial
assets and liabilities, operations for the sale of receivables and derivative financial instruments, would have caused
increased net expenses before taxes, on an annual basis, of approximately \u20ac12\u00a0million (\u20ac8\u00a0million at
31\u00a0December\u00a02022).
This analysis is based on the assumption that there is a hypothetical change of 10% in interest rates across
homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial
assets and liabilities are denominated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-551": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
Interest expenses and other financial expenses may be analysed as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Interest expenses on bonds
207
239
Interest expenses from banks
53
15
Interest on lease liabilities
23
15
Other interest and financial expenses
1,411
713
Total Interest expense and other financial expenses
1,694
982
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-550": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
Interest expenses and other financial expenses may be analysed as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Interest expenses on bonds
207
239
Interest expenses from banks
53
15
Interest on lease liabilities
23
15
Other interest and financial expenses
1,411
713
Total Interest expense and other financial expenses
1,694
982
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-549": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
Interest expenses and other financial expenses may be analysed as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Interest expenses on bonds
207
239
Interest expenses from banks
53
15
Interest on lease liabilities
23
15
Other interest and financial expenses
1,411
713
Total Interest expense and other financial expenses
1,694
982
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-547": { "value": "Net financial expenses
Net financial expenses for the years ended 31\u00a0December\u00a02023 and 2022 are as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Financial Income:
Interest and other financial income
339
156
Financial services income
1,300
909
Gains on disposal of securities
36
10
Total financial income
1,675
1,075
Related to:
Industrial companies (A)
376
166
Financial services companies (reported within net revenues)
1,300
909
Financial Expenses:
Interest expenses and other financial expenses
(1,694)
(982)
Write-downs and losses on financial assets and securities
(77)
(123)
Net interest expenses on employee benefits provisions
(32)
(10)
Total interest and other financial expenses
(1,803)
(1,115)
Net expenses from derivative financial instruments and exchange rate differences
224
(296)
Total financial expenses
(1,579)
(1,411)
Related to:
Industrial companies (B)
(416)
(786)
Financial services companies (reported within cost of revenues)
(1,163)
(624)
Net financial expenses relating to industrial companies (A+B)
(40)
(620)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-555": { "value": "Tax expense
Exor N.V. and its subsidiaries have substantial worldwide operations. The Company\u2019s subsidiaries incur tax
obligations in the jurisdictions in which they operate. Tax expense for the years ended 31\u00a0December\u00a02023 and
2022 is as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Current tax
1,578
1,189
Deferred tax
(479)
(101)
Tax (benefit) expense relating to prior periods
(4)
(28)
Total tax expense
1,095
1,060
Deferred tax assets and deferred tax liabilities recognized at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Deferred tax assets
1,671
1,258
Deferred tax liabilities
(271)
(361)
Total, net
1,400
897
The increase of \u20ac503\u00a0million in net deferred tax assets is mainly due to temporary addbacks increasing taxable
income in the current year and the recognition of \u20ac74 million of previously unrecognized assets in the U.K. by CNH
Industrial Group.
Deferred tax assets and liabilities at 31\u00a0December\u00a02023 and 2022 and the changes during the years then ended
are as follows:
(\u20ac million)
At 31
December
2022
Recognized
in Income
statement
Recognized in
Other
comprehensive
income
Change in
scope of
consolidation
Transferred
to Assets /
(Liabilities)
held for sale
Translation
differences
and other
changes
At 31
December
2023
Deferred tax assets arising
from:
Provisions
1,327
61
\u2014
\u2014
\u2014
(736)
652
Provision for
employee benefits
83
(6)
1
\u2014
\u2014
(41)
37
Inventories
248
95
\u2014
\u2014
\u2014
13
356
Allowances for
doubtful accounts
144
15
\u2014
\u2014
\u2014
1
160
Write-downs of
financial assets
2
\u2014
\u2014
\u2014
\u2014
(1)
1
Measurement of
derivative financial
instruments
23
19
\u2014
\u2014
\u2014
(2)
40
Other
796
290
\u2014
39
\u2014
647
1,772
Total deferred tax assets
2,623
474
1
39
(119)
3,018
Deferred tax assets
arising on tax loss carry-
forwards
943
18
\u2014
\u2014
\u2014
(21)
940
Unrecognized deferred
tax assets
(1,041)
(10)
\u2014
\u2014
\u2014
31
(1,020)
Deferred tax assets, net
(A)
2,525
482
1
39
\u2014
(109)
2,938
off which offset
1,267
1,267
Deferred tax liabilities
arising from:
Accelerated
depreciation
(450)
23
\u2014
\u2014
\u2014
20
(407)
Capitalisation of
development costs
(572)
(37)
\u2014
\u2014
\u2014
23
(586)
Inventories
(108)
12
\u2014
\u2014
\u2014
12
(84)
Intangible assets
(90)
4
\u2014
\u2014
\u2014
7
(79)
Provision for
employee benefits
(31)
1
32
\u2014
\u2014
3
5
Other
(377)
(17)
43
(71)
35
(387)
Total deferred tax
liabilities (B)
(1,628)
(14)
75
(71)
\u2014
100
(1,538)
Off which offset with tax
assets
(1,267)
(1,267)
Of which not offset
(361)
(271)
Total Net deferred tax
assets (C)= A-B
897
468
76
(32)
\u2014
(9)
1,400
(\u20ac million)
At 31
December
2021
Recognized
in Income
statement
Recognized in
Other
comprehensive
income
Change in
scope of
consolidation
Transferred
to Assets /
(Liabilities)
held for sale
Translation
differences
and other
changes
At 31
December
2022
Deferred tax assets arising
from:
Provisions
1,022
199
\u2014
\u2014
\u2014
106
1,327
Provision for
employee benefits
181
(21)
(12)
\u2014
\u2014
(65)
83
Inventories
185
67
\u2014
\u2014
\u2014
(4)
248
Allowances for
doubtful accounts
121
21
\u2014
\u2014
\u2014
2
144
Write-downs of
financial assets
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
Measurement of
derivative financial
instruments
32
(23)
7
\u2014
\u2014
7
23
Other
723
(17)
\u2014
90
796
Total deferred tax assets
2,266
226
(5)
\u2014
\u2014
136
2,623
Deferred tax assets
arising on tax loss carry-
forwards
881
10
\u2014
\u2014
\u2014
52
943
Unrecognized deferred
tax assets
(871)
(149)
\u2014
\u2014
\u2014
(21)
(1,041)
Deferred tax assets, net
(A)
2,276
87
(5)
\u2014
\u2014
167
2,525
off which offset
1,096
1,267
Deferred tax liabilities
arising from:
Accelerated
depreciation
(493)
54
\u2014
\u2014
\u2014
(11)
(450)
Capitalisation of
development costs
(530)
(39)
\u2014
\u2014
\u2014
(3)
(572)
Inventories
(95)
(4)
\u2014
\u2014
\u2014
(9)
(108)
Intangible assets
(101)
17
\u2014
\u2014
\u2014
(6)
(90)
Provision for
employee benefits
(13)
(4)
(14)
\u2014
\u2014
\u2014
(31)
Other
(237)
30
(57)
\u2014
(113)
(377)
Total deferred tax
liabilities (B)
(1,469)
54
(71)
\u2014
\u2014
(142)
(1,628)
Off which offset with tax
assets
(1,096)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,267)
Of which not offset
(373)
(361)
Total Net deferred tax
assets (C)= A-B
807
141
(76)
\u2014
\u2014
25
897
At 31\u00a0December\u00a02023 and 2022 the Group had the following recognized and unrecognized deferred tax assets:
(\u20ac million)
Deferred tax assets relating to
Deductible
temporary
differences
of which not
recognized
Tax loss
carry forward
of which not
recognized
At 31\u00a0December\u00a02023
3,018
114
940
906
At 31 December 2022
2,623
285
943
756
At 31\u00a0December\u00a02023 net deferred tax assets include the amount of \u20ac35\u00a0million (\u20ac 187\u00a0million at
31\u00a0December\u00a02022) in respect of benefits on unused tax loss carryforwards.
Total deductible and taxable temporary differences and accumulated tax losses at 31\u00a0December\u00a02023, together
with the amounts for which deferred tax assets have not been recognized, analysed by year of expiration, are as
follows:
\u00a0
\u00a0
Year of expiration
(\u20ac million)
At
31\u00a0December\u00a0
2023
2024
2025
2026
2027
Beyond
2027
Unlimited /
Indeterminable
Deductible temporary
differences
13,344
4,194
2,719
2,214
1,842
2,047
328
Taxable temporary differences
(6,846)
(1,190)
(1,386)
(1,428)
(1,375)
(1,423)
(44)
Tax losses and tax credits
4,341
171
50
37
38
740
3,305
Temporary differences and tax
losses for which deferred tax
assets have not been
recognized
(3,258)
(339)
(308)
(252)
(148)
(429)
(1,782)
Net temporary differences
and tax losses
7,581
2,836
1,075
571
357
935
1,807
Deferred tax liabilities have not been recognized on the undistributed earnings of subsidiaries except where it is
probable that distribution will occur in the foreseeable future.
At 31\u00a0December\u00a02023, undistributed earnings in certain CNH Industrial subsidiaries outside the U.K. totalled
approximately \u20ac2\u00a0billion (\u20ac8\u00a0billion at 31\u00a0December\u00a02022) for which no deferred tax liability has been recorded
because the remittance of earnings from those jurisdictions would incur no tax or such earnings are indefinitely
reinvested. CNH Industrial has determined the amount of unrecognized deferred tax liability relating to the \u20ac2\u00a0billion
undistributed earnings was approximately \u20ac203\u00a0million and was attributable to withholding taxes and incremental
local country income taxes in certain jurisdictions. Further, CNH Industrial evaluated the undistributed earnings
from its joint ventures in which it owned 50% or less and recorded \u20ac12\u00a0million of deferred tax liabilities at
31\u00a0December\u00a02023 . The repatriation of undistributed earnings to the U.K. is generally exempt from U.K. income
taxes and as such there is no deferred tax liability associated with undistributed earnings from non-U.K.
jurisdictions.
At 31\u00a0December\u00a02023, undistributed earnings in certain Iveco Group subsidiaries totalled approximately \u20ac3.7\u00a0billion
(\u20ac2.6\u00a0billion at 31\u00a0December\u00a02022) for which no deferred tax liability has been recorded because the remittance of
earnings from certain jurisdictions would incur no tax or such earnings are indefinitely reinvested. Iveco Group has
determined the amount of unrecognized deferred tax liability relating to the \u20ac3.7\u00a0billion undistributed earnings is
approximately \u20ac79\u00a0million and related to withholding taxes and incremental local country income taxes in certain
jurisdictions. Dividend income in Italy is generally exempt at 95% from income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "Tax expense
Exor N.V. and its subsidiaries have substantial worldwide operations. The Company\u2019s subsidiaries incur tax
obligations in the jurisdictions in which they operate. Tax expense for the years ended 31\u00a0December\u00a02023 and
2022 is as follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Current tax
1,578
1,189
Deferred tax
(479)
(101)
Tax (benefit) expense relating to prior periods
(4)
(28)
Total tax expense
1,095
1,060
The reconciliation between the income tax expenses recognized in the consolidated financial statements and the
theoretical income tax expense, calculated on the basis of the theoretical tax rate in effect in the\u00a0Netherlands, is as
follows:
\u00a0
Years ended 31 December
(\u20ac million)
2023
2022
Theoretical tax expense
2,031
1,474
Tax effect on:
Recognition and utilisation of previously unrecognized deferred tax assets
(2)
(36)
Permanent differences
(1,048)
(665)
Deferred tax assets not recognized and write-downs
35
119
Differences between foreign tax rates and the theoretical tax rate and tax
holidays
(18)
34
Taxes relating to prior years
(4)
(28)
Other differences
101
161
Total tax expense
1,095
1,060
Effective tax rate
13.91%
17.98%
The applicable tax rate used to determine the theoretical income expense are 25.8% in 2023 and 2022 which are
the tax rates applicable in the Netherlands. The effective tax rate is impacted by the operations of the main
subsidiaries (CNH Industrial, Iveco Group and Ferrari).
CNH Industrial\u2019s effective tax rates for 2023 and 2022 were 20.5% and 28.8%, respectively. The lower tax expense
in 2023, as compared to 2022, was largely attributable to items that reduced the tax rate in 2023, including
recognition of $80 million of previously unrecognized deferred tax assets in the United Kingdom, lower profitability
in high-tax jurisdictions as a percent of total profit, higher credits and incentives, and the tax benefit related to the
sale of CNH Industrial Russia, offset by increases in the tax rate due to discrete tax expense associated with prior
periods.
Iveco's effective tax rates for 2023 and 2022 were 39.5% and 38.8%, respectively. The effective tax rate is
substantially in line with 2022. The negative effect arising from Argentine deferred tax assets not recognized in
2023 was mostly offset by certain other discrete items and by a more favourable mix of tax rates.
Ferrari's effective tax rates for 2023 and 2022 were 21.5% and 20.2%, respectively.
Deferred tax assets and deferred tax liabilities recognized at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Deferred tax assets
1,671
1,258
Deferred tax liabilities
(271)
(361)
Total, net
1,400
897
The increase of \u20ac503\u00a0million in net deferred tax assets is mainly due to temporary addbacks increasing taxable
income in the current year and the recognition of \u20ac74 million of previously unrecognized assets in the U.K. by CNH
Industrial Group.
Deferred tax assets and liabilities at 31\u00a0December\u00a02023 and 2022 and the changes during the years then ended
are as follows:
(\u20ac million)
At 31
December
2022
Recognized
in Income
statement
Recognized in
Other
comprehensive
income
Change in
scope of
consolidation
Transferred
to Assets /
(Liabilities)
held for sale
Translation
differences
and other
changes
At 31
December
2023
Deferred tax assets arising
from:
Provisions
1,327
61
\u2014
\u2014
\u2014
(736)
652
Provision for
employee benefits
83
(6)
1
\u2014
\u2014
(41)
37
Inventories
248
95
\u2014
\u2014
\u2014
13
356
Allowances for
doubtful accounts
144
15
\u2014
\u2014
\u2014
1
160
Write-downs of
financial assets
2
\u2014
\u2014
\u2014
\u2014
(1)
1
Measurement of
derivative financial
instruments
23
19
\u2014
\u2014
\u2014
(2)
40
Other
796
290
\u2014
39
\u2014
647
1,772
Total deferred tax assets
2,623
474
1
39
(119)
3,018
Deferred tax assets
arising on tax loss carry-
forwards
943
18
\u2014
\u2014
\u2014
(21)
940
Unrecognized deferred
tax assets
(1,041)
(10)
\u2014
\u2014
\u2014
31
(1,020)
Deferred tax assets, net
(A)
2,525
482
1
39
\u2014
(109)
2,938
off which offset
1,267
1,267
Deferred tax liabilities
arising from:
Accelerated
depreciation
(450)
23
\u2014
\u2014
\u2014
20
(407)
Capitalisation of
development costs
(572)
(37)
\u2014
\u2014
\u2014
23
(586)
Inventories
(108)
12
\u2014
\u2014
\u2014
12
(84)
Intangible assets
(90)
4
\u2014
\u2014
\u2014
7
(79)
Provision for
employee benefits
(31)
1
32
\u2014
\u2014
3
5
Other
(377)
(17)
43
(71)
35
(387)
Total deferred tax
liabilities (B)
(1,628)
(14)
75
(71)
\u2014
100
(1,538)
Off which offset with tax
assets
(1,267)
(1,267)
Of which not offset
(361)
(271)
Total Net deferred tax
assets (C)= A-B
897
468
76
(32)
\u2014
(9)
1,400
(\u20ac million)
At 31
December
2021
Recognized
in Income
statement
Recognized in
Other
comprehensive
income
Change in
scope of
consolidation
Transferred
to Assets /
(Liabilities)
held for sale
Translation
differences
and other
changes
At 31
December
2022
Deferred tax assets arising
from:
Provisions
1,022
199
\u2014
\u2014
\u2014
106
1,327
Provision for
employee benefits
181
(21)
(12)
\u2014
\u2014
(65)
83
Inventories
185
67
\u2014
\u2014
\u2014
(4)
248
Allowances for
doubtful accounts
121
21
\u2014
\u2014
\u2014
2
144
Write-downs of
financial assets
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
Measurement of
derivative financial
instruments
32
(23)
7
\u2014
\u2014
7
23
Other
723
(17)
\u2014
90
796
Total deferred tax assets
2,266
226
(5)
\u2014
\u2014
136
2,623
Deferred tax assets
arising on tax loss carry-
forwards
881
10
\u2014
\u2014
\u2014
52
943
Unrecognized deferred
tax assets
(871)
(149)
\u2014
\u2014
\u2014
(21)
(1,041)
Deferred tax assets, net
(A)
2,276
87
(5)
\u2014
\u2014
167
2,525
off which offset
1,096
1,267
Deferred tax liabilities
arising from:
Accelerated
depreciation
(493)
54
\u2014
\u2014
\u2014
(11)
(450)
Capitalisation of
development costs
(530)
(39)
\u2014
\u2014
\u2014
(3)
(572)
Inventories
(95)
(4)
\u2014
\u2014
\u2014
(9)
(108)
Intangible assets
(101)
17
\u2014
\u2014
\u2014
(6)
(90)
Provision for
employee benefits
(13)
(4)
(14)
\u2014
\u2014
\u2014
(31)
Other
(237)
30
(57)
\u2014
(113)
(377)
Total deferred tax
liabilities (B)
(1,469)
54
(71)
\u2014
\u2014
(142)
(1,628)
Off which offset with tax
assets
(1,096)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,267)
Of which not offset
(373)
(361)
Total Net deferred tax
assets (C)= A-B
807
141
(76)
\u2014
\u2014
25
897
At 31\u00a0December\u00a02023 and 2022 the Group had the following recognized and unrecognized deferred tax assets:
(\u20ac million)
Deferred tax assets relating to
Deductible
temporary
differences
of which not
recognized
Tax loss
carry forward
of which not
recognized
At 31\u00a0December\u00a02023
3,018
114
940
906
At 31 December 2022
2,623
285
943
756
At 31\u00a0December\u00a02023 net deferred tax assets include the amount of \u20ac35\u00a0million (\u20ac 187\u00a0million at
31\u00a0December\u00a02022) in respect of benefits on unused tax loss carryforwards.
Total deductible and taxable temporary differences and accumulated tax losses at 31\u00a0December\u00a02023, together
with the amounts for which deferred tax assets have not been recognized, analysed by year of expiration, are as
follows:
\u00a0
\u00a0
Year of expiration
(\u20ac million)
At
31\u00a0December\u00a0
2023
2024
2025
2026
2027
Beyond
2027
Unlimited /
Indeterminable
Deductible temporary
differences
13,344
4,194
2,719
2,214
1,842
2,047
328
Taxable temporary differences
(6,846)
(1,190)
(1,386)
(1,428)
(1,375)
(1,423)
(44)
Tax losses and tax credits
4,341
171
50
37
38
740
3,305
Temporary differences and tax
losses for which deferred tax
assets have not been
recognized
(3,258)
(339)
(308)
(252)
(148)
(429)
(1,782)
Net temporary differences
and tax losses
7,581
2,836
1,075
571
357
935
1,807
Deferred tax liabilities have not been recognized on the undistributed earnings of subsidiaries except where it is
probable that distribution will occur in the foreseeable future.
At 31\u00a0December\u00a02023, undistributed earnings in certain CNH Industrial subsidiaries outside the U.K. totalled
approximately \u20ac2\u00a0billion (\u20ac8\u00a0billion at 31\u00a0December\u00a02022) for which no deferred tax liability has been recorded
because the remittance of earnings from those jurisdictions would incur no tax or such earnings are indefinitely
reinvested. CNH Industrial has determined the amount of unrecognized deferred tax liability relating to the \u20ac2\u00a0billion
undistributed earnings was approximately \u20ac203\u00a0million and was attributable to withholding taxes and incremental
local country income taxes in certain jurisdictions. Further, CNH Industrial evaluated the undistributed earnings
from its joint ventures in which it owned 50% or less and recorded \u20ac12\u00a0million of deferred tax liabilities at
31\u00a0December\u00a02023 . The repatriation of undistributed earnings to the U.K. is generally exempt from U.K. income
taxes and as such there is no deferred tax liability associated with undistributed earnings from non-U.K.
jurisdictions.
At 31\u00a0December\u00a02023, undistributed earnings in certain Iveco Group subsidiaries totalled approximately \u20ac3.7\u00a0billion
(\u20ac2.6\u00a0billion at 31\u00a0December\u00a02022) for which no deferred tax liability has been recorded because the remittance of
earnings from certain jurisdictions would incur no tax or such earnings are indefinitely reinvested. Iveco Group has
determined the amount of unrecognized deferred tax liability relating to the \u20ac3.7\u00a0billion undistributed earnings is
approximately \u20ac79\u00a0million and related to withholding taxes and incremental local country income taxes in certain
jurisdictions. Dividend income in Italy is generally exempt at 95% from income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "Other information by nature
In 2023 personnel costs for the Group\u2019s continuing operations amounted to \u20ac6,308 million (\u20ac5,838 million in 2022).
These amounts include costs that were capitalised mainly in connection with product development activities.
In 2023 the Group\u2019s continuing operations had an average number of employees of 83,773 (80,932 in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-556": { "value": "Other information by nature
In 2023 personnel costs for the Group\u2019s continuing operations amounted to \u20ac6,308 million (\u20ac5,838 million in 2022).
These amounts include costs that were capitalised mainly in connection with product development activities.
In 2023 the Group\u2019s continuing operations had an average number of employees of 83,773 (80,932 in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-558": { "value": "
Depreciation and amortization amounted to \u20ac2,302 million in 2023 (\u20ac2,198 million in 2022), detailed as follows:
(\u20ac million)
Years ended 31 December
2023
2022
Intangible assets
1,125
1,038
Property, plant and equipment
973
936
Leased assets
204
224
Depreciation and amortization
2,302
2,198
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-559": { "value": "Earnings per share
The following table is a reconciliation of basic and diluted earnings per share:
Years ended 31 December
2023
2022
Net profit/(loss) attributable to owners of the parent
\u20ac million
4,194
4,227
Net profit/(loss) attributable to owners of the parent from Continuing
Operations
\u20ac million
4,194
2,856
Net profit/(loss) attributable to owners of the parent from Discontinued
Operations
\u20ac million
\u2014
1,371
Basic earnings/(loss) per share attributable to common shareholders:
Weighted average common shares outstanding \u2013 basic
thousand
224,047
230,033
Continuing Operations
\u20ac
18.719
12.416
Discontinued Operations
\u20ac
\u2014
5.960
Basic earnings/(loss) per share attributable to owners of the parent
\u20ac
18.719
18.376
Diluted earnings/(loss) per share attributable to common shareholders:
Weighted average common shares outstanding \u2013 basic
thousand
224,047
230,033
Effect of dilutive potential shares (when dilutive):
Dilutive effect due to share based compensation plans granted by Exor
thousand
3,607
3,222
Weighted average common shares outstanding \u2013 diluted
thousand
227,654
233,255
Continuing Operations - diluted from Exor share based compensation plans
\u20ac
18.423
12.416
Dilutive effect due to share based compensation plans granted by Exor
subsidiaries
\u20ac
(0.040)
(0.191)
Continuing Operation - diluted
\u20ac
18.383
12.225
Discontinued Operations - diluted from Exor share based compensation plans
\u20ac
\u2014
5.960
Dilutive effect due to share based compensation plans granted by Exor
subsidiaries
\u20ac
\u2014
(0.082)
Discontinued Operations - diluted
\u20ac
\u2014
5.878
Diluted earnings/(loss) per share attributable to common shareholders
18.383
18.103
Diluted earning per share reflects the potential dilution that could occur on the conversion of all dilutive potential
common shares into common shares. Stock options, restricted stock units, and performance stock units deriving
from the Exor share based payment awards are considered dilutive potential common shares. In addition, in order
to calculate the diluted earnings per share, the profit attributable to owners of the parent was adjusted to take into
account the dilutive effects arising from the theoretical exercise of the share based compensation plans granted by
the subsidiaries using their own equity instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-562": { "value": "Intangible assets
Changes in 2023 are the following:
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
externally
acquired
Development
costs
internally
generated
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at
31\u00a0December\u00a02022
Original cost
5,160
593
4,410
5,132
1,316
1,928
793
19,332
Accumulated amortisation
and impairment
(1,116)
(63)
(3,294)
(2,985)
(1,169)
(1,023)
(389)
(10,039)
Net carrying amount
4,044
530
1,116
2,147
147
905
404
9,293
Changes during the year
(original cost)
Additions
\u2014
\u2014
573
556
76
208
52
1,465
Disposals
(2)
(45)
(13)
(231)
(3)
(10)
(168)
(472)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
(39)
\u2014
(39)
Change in scope of
consolidation
324
2
\u2014
\u2014
28
134
\u2014
488
Translation differences
(147)
(10)
(2)
(27)
(13)
(43)
\u2014
(242)
Other changes
(24)
3
(14)
(22)
36
(3)
\u2014
(24)
Total
151
(50)
544
276
124
247
(116)
1,176
Changes during the year
(accumulated
amortisation and
impairment)
Amortisation
\u2014
\u2014
(426)
(302)
(78)
(152)
(132)
(1,090)
Impairment losses
(2)
(24)
4
\u2014
\u2014
\u2014
(13)
(35)
Disposals
\u2014
\u2014
8
227
4
4
145
388
Change in scope of
consolidation
\u2014
\u2014
\u2014
\u2014
(1)
(1)
\u2014
(2)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
37
2
1
17
13
22
\u2014
92
Other changes
18
\u2014
16
26
5
\u2014
\u2014
65
Total
53
(22)
(397)
(32)
(57)
(127)
\u2014
(582)
Balance at
31\u00a0December\u00a02023
Original cost
5,311
543
4,954
5,408
1,440
2,175
677
20,508
Accumulated amortisation
and impairment
(1,063)
(85)
(3,691)
(3,017)
(1,226)
(1,150)
(389)
(10,621)
Net carrying amount
4,248
458
1,263
2,391
214
1,025
288
9,887
Impairment losses mainly refer to GEDI's publications. Considering its recent performance and the enduring
uncertainties around macroeconomic conditions which has resulted in an increase in the price of raw materials and
energy, with significant and adverse impacts on the advertising market, GEDI performed a detailed impairment test,
that determined impairment charges on the company\u2019s publications.
Changes in 2022 were the following:
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
externally
acquired
Development
costs
internally
generated
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at
31\u00a0December\u00a02021
Original cost
4,817
576
3,938
4,884
1,214
1,814
860
18,103
Accumulated amortisation
and impairment
(1,035)
(59)
(2,967)
(2,932)
(1,102)
(909)
(461)
(9,464)
Net carrying amount
3,782
517
971
1,952
112
905
399
8,639
Changes during the year
(original cost)
Additions
45
\u2014
510
461
63
180
233
1,492
Disposals
\u2014
\u2014
(35)
(292)
(16)
(40)
(301)
(684)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of
consolidation
43
(8)
4
(4)
6
(102)
\u2014
(62)
Translation differences
252
24
(1)
88
18
104
\u2014
485
Other changes
3
\u2014
(6)
(5)
31
(26)
1
(4)
Total
343
16
472
247
102
115
(67)
1,228
Changes during the year
(accumulated
amortisation and
impairment)
Amortisation
\u2014
(1)
(360)
(285)
(65)
(120)
(164)
(995)
Impairment losses
(20)
\u2014
(6)
(7)
\u2014
(10)
\u2014
(43)
Disposals
\u2014
\u2014
33
292
16
39
236
616
Change in scope of
consolidation
\u2014
\u2014
(3)
3
\u2014
30
\u2014
30
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
(61)
(3)
\u2014
(59)
(18)
(58)
\u2014
(199)
Other changes
\u2014
\u2014
8
4
\u2014
4
\u2014
17
Total
(81)
(4)
(327)
(53)
(67)
(115)
72
(574)
Balance at 31\u00a0December
2022
Original cost
5,160
593
4,410
5,132
1,316
1,928
793
19,332
Accumulated amortisation
and impairment
(1,116)
(63)
(3,294)
(2,985)
(1,169)
(1,024)
(389)
(10,039)
Net carrying amount
4,044
530
1,116
2,147
147
905
404
9,293
Goodwill
The analysis of goodwill by segment is as follows:
At 31 December
(\u20ac million)
2023
2022
Goodwill
Agricultural
3,140
2,980
Construction
43
43
Financial Services
104
108
CNH Industrial
3,287
3,131
Commercial and Specialty Vehicles
74
53
Powertrain
\u2014
4
Financial Services
12
12
Iveco Group
86
69
Ferrari
785
785
Shang Xia
28
29
Juventus
2
2
GEDI
41
9
Other
19
19
Total goodwill
4,248
4,044
During 2023, the acquisitions of Augmenta, Bennamann and Hemisphere by CNH Industrial Group led to an
increase in goodwill for Agriculture of \u20ac70\u00a0million, \u20ac109\u00a0million and \u20ac103\u00a0million, respectively, and to an increase in
other intangible assets of \u20ac32\u00a0million, \u20ac43\u00a0million and \u20ac47\u00a0million, respectively. The recorded intangibles comprised
developed technology, in-process R&D and customer relationships. Goodwill related to the acquisitions was
calculated as the excess of the consideration transferred over the net assets recognized and represents the future
economic benefits arising from the other assets acquired that could not be individually identified and separately
recognized. During the fiscal year 2023, measurement period adjustments were recorded reducing goodwill by
\u20ac13\u00a0million and \u20ac3\u00a0million for Augmenta and Bennamann, respectively and increasing other intangible assets by
\u20ac11\u00a0million and \u20ac5\u00a0million for Augmenta and Bennamann, respectively. The valuations of assets acquired and
liabilities assumed have not yet been finalized as of 31\u00a0December\u00a02023. Thus, goodwill and other intangible assets
associated with the acquisitions are subject to adjustment during the measurement period.
The acquisition of Specialty Enterprises LLC (Specialty) by CNH Industrial Group during 2022 led to the increase in
goodwill for Agriculture of \u20ac70\u00a0million.
Impairment testing
The impairment tests are performed by comparing the carrying amount (which mainly comprises property, plant and
equipment, goodwill, brands and capitalised development expenditures) with the recoverable amount of each CGU
or group of CGUs to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair
value less costs to sell and its value in use.
The assumptions used in the impairment test represent management\u2019s best estimate for the period under
consideration and reflect a number of underlying assumptions (for example volumes and sales mix, gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements) that are
considered reasonable and sustainable and represent the best estimate of expected conditions regarding market
trends over the period considered.
Expected cash flows used for the purposes of the impairment tests reflect the current expectations regarding
economic conditions and market trends as well as the Group\u2019s initiatives for the specific business plan periods.
Cash flows reflect the CGU\u2019s in their condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes.
Expected future cash flows include a normalised terminal period to estimate the future result beyond the time
period explicitly considered in the business plans of the respective Group companies. The terminal value growth
rate is a key assumption used in determining the terminal value as it represents the annual growth of all
subsequent cash flows into perpetuity.
Post-tax cash flows are discounted using a post-tax discount rate (WACC) which reflects the current market
assessment of the time value of money for the period being considered and the risks specific to the CGU under
consideration.
As well as determining the recoverable amount using the income approach, as described above, certain of the
Group companies perform additional analysis using a market approach based on multiples of comparable publicly
traded companies, such as revenue and EBITDA multiples, and for financial services CGUs, book value, tangible
book value and interest margin multiples, and by comparing to market capitalisation. Although it is clear no two
companies are entirely alike, the corporations selected as guideline companies must be engaged in the same, or a
similar, line of business or be subject to similar financial and business risks, including the opportunity for growth.
CNH Industrial impairment testing
At 31\u00a0December\u00a02023 and 2022, CNH Industrial completed its annual impairment assessment and concluded there
were no impairments to goodwill for any of the reporting units. CNH Industrial determines the recoverable amount
of these cash-generating units using multiple valuation methodologies, relying largely on an income approach but
also incorporating value indicators from a market approach, with reference to the cash-generating units with the
most significant allocated goodwill.
Under the income approach, CNH Industrial calculates the recoverable amount of a cash-generating unit based on
the present value of estimated future cash flows. The income approach is dependent on several critical
management assumptions, including estimates of future sales in the discrete future period, the weighted average
cost of capital (discount rate) and terminal value growth rates, and also less significant assumptions such as gross
margins, operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the respective
cash-generating units.
The following discount rates before taxes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 were selected:
2023
2022
Agricultural
13.9%
14.7%
Construction
n.a.
n.a.
Financial Services
20.7%
20.3%
Expected cash flows used under the income approach are developed in conjunction with CNH Industrial budgeting
and forecasting processes. CNH Industrial used nine years of expected cash flows for Agriculture, and five years of
expected cash flows for Financial Services, as management believes that these periods generally reflect the
underlying market cycles for its businesses. Under the market approach, CNH Industrial estimates the recoverable
amount of the Agriculture cash-generating unit, using earnings before interest, tax, depreciation and amortization
multiples, and estimates the recoverable amount of the Financial Services cash-generating unit using book value
multiples. The multiples are derived from comparable publicly-traded companies with similar operating and
investment characteristics as the respective cash-generating units. The guideline company method makes use of
market price data of corporations whose stock is actively traded in a public, free and open market, either on an
exchange or over-the-counter basis. Although it is clear no two companies are entirely alike, the corporations
selected as guideline companies must be engaged in the same, or a similar, line of business or be subject to
similar financial and business risks, including the opportunity for growth.
A terminal value is included at the end of the projection period used in the discounted cash flow analysis in order to
reflect the remaining value that each cash-generating unit is expected to generate. The terminal value represents
the present value in the last year of the projection period of all subsequent cash flows into perpetuity. The terminal
value growth rate is a key assumption used in determining the terminal value as it represents the annual growth of
all subsequent cash flows into perpetuity. The terminal value growth rate was 1.0% in 2023 and 2022 for the
Agriculture cash-generating unit, and 1.5% in 2023 and 2022 for Financial Services.
At 31\u00a0December\u00a02023, the estimated recoverable amounts, (excluding the balance of the 2022 acquisitions)
calculated using the above method, of the Agriculture and Financial Services cash-generating units exceeded the
carrying values by approximately 118.1% and 46.1%, respectively. Thus, CNH Industrial did not recognize an
impairment for these cash-generating units.
The CNH Industrial Group has conducted an analysis of the sensitivity of the impairment test to changes in key
assumptions used to determine the recoverable amount of each of the Group cash-generating units to which
goodwill is allocated. CNH believes that any reasonably possible change in key assumptions on which the
estimated recoverable amount of Agriculture and Financial Services is based, would not cause the aggregate
carrying amount to exceed the aggregate recoverable amount of the related cash-generating units.
At the beginning of the financial year the estimated recoverable amount of the Agriculture and Financial Services
cash-generating units exceeded the carrying value by approximately 294% and 75%, respectively.
A 16% underperformance against forecast sales growth rates for both Agriculture and Financial Services cash-
generating units is considered reasonably possible based on recent experience and would not result in an
impairment charge.
Trademarks and Other intangible assets with indefinite useful lives are mainly attributable to Agriculture and
Construction and consist of acquired trademarks and similar rights which have no legal, contractual, competitive or
economic factors that limit their useful lives. For the purposes of impairment testing, these assets were attributed to
the respective cash-generating units. No impairment loss was recognized.
Finally, the estimates and budget data to which the above-mentioned parameters have been applied are those
determined by management based on past performance and expectations of developments in the markets in which
CNH operates. Impairment assessments inherently involve management judgments regarding a number of
assumptions such as those described above. Due to the many variables inherent in the estimation of a cash
generating unit\u2019s recoverable amount, differences in assumptions could have a material effect on the estimated
recoverable amount and could result in a goodwill impairment loss in a future period. Circumstances and events,
which could potentially cause further impairment losses, are constantly monitored by CNH Industrial.
Iveco Group impairment testing
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently if a
triggering event occurs.
Goodwill impairment testing is performed at the cash generating unit level, the segment level, comparing the
recoverable amount of the cash generating unit to the carrying amount to determine if there is an impairment loss.
The results of the impairment tests obtained in 2023 and 2022 confirmed the absence of an impairment loss.
The vast majority of goodwill, representing approximately 86% of the total, related to Commercial and Specialty
Vehicles and, as such, the following discussion relates to the impairment testing performed at year-end for this
cash-generating unit.
The recoverable amount of the Commercial and Specialty Vehicles cash-generating unit is determined using an
income approach, based on the present value of estimated future cash flows. The income approach is dependent
on several critical management assumptions, including estimates of future sales in the discrete future period, the
weighted average cost of capital (discount rate), and also less significant assumptions such as gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the cash-
generating unit. The discount rate before taxes selected was approximately 18.9% 31\u00a0December\u00a02023 and 15.6%
at 31\u00a0December\u00a02022.
Expected cash flows used under the income approach are developed in conjunction with budgeting and forecasting
processes. Iveco Group used 5 years in both 2023 and 2022 of expected cash flows for Commercial and Specialty
Vehicles as the Company believes that these periods reflect the underlying market cycle for its business.
Furthermore, instead of including a terminal value, an additional 5-year discounted cash flow has been included at
the end of the projection period in order to conservatively reflect the remaining value that the cash-generating unit
is expected to generate.
The results of the impairment test indicate that a reasonably possible change in key assumptions would not cause
the carrying amount of any cash-generating unit to exceed its recoverable amount, however, circumstances and
events which could potentially cause further impairment losses are constantly monitored by Iveco Group.
Ferrari impairment testing
The assumptions used in this process represent management\u2019s best estimate for the period under consideration.
The expected future cash flows covering the period from 2024 through 2027 have been derived from the Ferrari
business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected capital
expenditure. These cash flows relate to the CGU in its condition when preparing the financial statements and
exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes
and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU over
the period considered.
The expected future cash flows include a normalized terminal period used to estimate the future results beyond the
time period explicitly considered, which were calculated by using the specific medium/long-term growth rate for the
sector equal to 2.0% in 2023 and in 2022.
The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 9.21% in 2023 (8.10% in 2022). The WACC
used reflects the current market assessment of the time value of money for the period being considered and the
risks specific to the CGU under consideration. The increase in the WACC in 2023 compared to 2022 is primarily the
result of a higher risk free rate drive by central banks raising interest rates in several regions where the Ferrari
Group operates, as well as a higher equity risk premium drive by market factors and conditions.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the
goodwill will continue to be recoverable, even in the event of difficult economic and market conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "value": "Intangible assets
Changes in 2023 are the following:
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
externally
acquired
Development
costs
internally
generated
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at
31\u00a0December\u00a02022
Original cost
5,160
593
4,410
5,132
1,316
1,928
793
19,332
Accumulated amortisation
and impairment
(1,116)
(63)
(3,294)
(2,985)
(1,169)
(1,023)
(389)
(10,039)
Net carrying amount
4,044
530
1,116
2,147
147
905
404
9,293
Changes during the year
(original cost)
Additions
\u2014
\u2014
573
556
76
208
52
1,465
Disposals
(2)
(45)
(13)
(231)
(3)
(10)
(168)
(472)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
(39)
\u2014
(39)
Change in scope of
consolidation
324
2
\u2014
\u2014
28
134
\u2014
488
Translation differences
(147)
(10)
(2)
(27)
(13)
(43)
\u2014
(242)
Other changes
(24)
3
(14)
(22)
36
(3)
\u2014
(24)
Total
151
(50)
544
276
124
247
(116)
1,176
Changes during the year
(accumulated
amortisation and
impairment)
Amortisation
\u2014
\u2014
(426)
(302)
(78)
(152)
(132)
(1,090)
Impairment losses
(2)
(24)
4
\u2014
\u2014
\u2014
(13)
(35)
Disposals
\u2014
\u2014
8
227
4
4
145
388
Change in scope of
consolidation
\u2014
\u2014
\u2014
\u2014
(1)
(1)
\u2014
(2)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
37
2
1
17
13
22
\u2014
92
Other changes
18
\u2014
16
26
5
\u2014
\u2014
65
Total
53
(22)
(397)
(32)
(57)
(127)
\u2014
(582)
Balance at
31\u00a0December\u00a02023
Original cost
5,311
543
4,954
5,408
1,440
2,175
677
20,508
Accumulated amortisation
and impairment
(1,063)
(85)
(3,691)
(3,017)
(1,226)
(1,150)
(389)
(10,621)
Net carrying amount
4,248
458
1,263
2,391
214
1,025
288
9,887
Impairment losses mainly refer to GEDI's publications. Considering its recent performance and the enduring
uncertainties around macroeconomic conditions which has resulted in an increase in the price of raw materials and
energy, with significant and adverse impacts on the advertising market, GEDI performed a detailed impairment test,
that determined impairment charges on the company\u2019s publications.
Changes in 2022 were the following:
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
externally
acquired
Development
costs
internally
generated
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at
31\u00a0December\u00a02021
Original cost
4,817
576
3,938
4,884
1,214
1,814
860
18,103
Accumulated amortisation
and impairment
(1,035)
(59)
(2,967)
(2,932)
(1,102)
(909)
(461)
(9,464)
Net carrying amount
3,782
517
971
1,952
112
905
399
8,639
Changes during the year
(original cost)
Additions
45
\u2014
510
461
63
180
233
1,492
Disposals
\u2014
\u2014
(35)
(292)
(16)
(40)
(301)
(684)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of
consolidation
43
(8)
4
(4)
6
(102)
\u2014
(62)
Translation differences
252
24
(1)
88
18
104
\u2014
485
Other changes
3
\u2014
(6)
(5)
31
(26)
1
(4)
Total
343
16
472
247
102
115
(67)
1,228
Changes during the year
(accumulated
amortisation and
impairment)
Amortisation
\u2014
(1)
(360)
(285)
(65)
(120)
(164)
(995)
Impairment losses
(20)
\u2014
(6)
(7)
\u2014
(10)
\u2014
(43)
Disposals
\u2014
\u2014
33
292
16
39
236
616
Change in scope of
consolidation
\u2014
\u2014
(3)
3
\u2014
30
\u2014
30
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
(61)
(3)
\u2014
(59)
(18)
(58)
\u2014
(199)
Other changes
\u2014
\u2014
8
4
\u2014
4
\u2014
17
Total
(81)
(4)
(327)
(53)
(67)
(115)
72
(574)
Balance at 31\u00a0December
2022
Original cost
5,160
593
4,410
5,132
1,316
1,928
793
19,332
Accumulated amortisation
and impairment
(1,116)
(63)
(3,294)
(2,985)
(1,169)
(1,024)
(389)
(10,039)
Net carrying amount
4,044
530
1,116
2,147
147
905
404
9,293
Impairment testing
The impairment tests are performed by comparing the carrying amount (which mainly comprises property, plant and
equipment, goodwill, brands and capitalised development expenditures) with the recoverable amount of each CGU
or group of CGUs to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair
value less costs to sell and its value in use.
The assumptions used in the impairment test represent management\u2019s best estimate for the period under
consideration and reflect a number of underlying assumptions (for example volumes and sales mix, gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements) that are
considered reasonable and sustainable and represent the best estimate of expected conditions regarding market
trends over the period considered.
Expected cash flows used for the purposes of the impairment tests reflect the current expectations regarding
economic conditions and market trends as well as the Group\u2019s initiatives for the specific business plan periods.
Cash flows reflect the CGU\u2019s in their condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes.
Expected future cash flows include a normalised terminal period to estimate the future result beyond the time
period explicitly considered in the business plans of the respective Group companies. The terminal value growth
rate is a key assumption used in determining the terminal value as it represents the annual growth of all
subsequent cash flows into perpetuity.
Post-tax cash flows are discounted using a post-tax discount rate (WACC) which reflects the current market
assessment of the time value of money for the period being considered and the risks specific to the CGU under
consideration.
As well as determining the recoverable amount using the income approach, as described above, certain of the
Group companies perform additional analysis using a market approach based on multiples of comparable publicly
traded companies, such as revenue and EBITDA multiples, and for financial services CGUs, book value, tangible
book value and interest margin multiples, and by comparing to market capitalisation. Although it is clear no two
companies are entirely alike, the corporations selected as guideline companies must be engaged in the same, or a
similar, line of business or be subject to similar financial and business risks, including the opportunity for growth.
CNH Industrial impairment testing
At 31\u00a0December\u00a02023 and 2022, CNH Industrial completed its annual impairment assessment and concluded there
were no impairments to goodwill for any of the reporting units. CNH Industrial determines the recoverable amount
of these cash-generating units using multiple valuation methodologies, relying largely on an income approach but
also incorporating value indicators from a market approach, with reference to the cash-generating units with the
most significant allocated goodwill.
Under the income approach, CNH Industrial calculates the recoverable amount of a cash-generating unit based on
the present value of estimated future cash flows. The income approach is dependent on several critical
management assumptions, including estimates of future sales in the discrete future period, the weighted average
cost of capital (discount rate) and terminal value growth rates, and also less significant assumptions such as gross
margins, operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the respective
cash-generating units.
The following discount rates before taxes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 were selected:
2023
2022
Agricultural
13.9%
14.7%
Construction
n.a.
n.a.
Financial Services
20.7%
20.3%
Expected cash flows used under the income approach are developed in conjunction with CNH Industrial budgeting
and forecasting processes. CNH Industrial used nine years of expected cash flows for Agriculture, and five years of
expected cash flows for Financial Services, as management believes that these periods generally reflect the
underlying market cycles for its businesses. Under the market approach, CNH Industrial estimates the recoverable
amount of the Agriculture cash-generating unit, using earnings before interest, tax, depreciation and amortization
multiples, and estimates the recoverable amount of the Financial Services cash-generating unit using book value
multiples. The multiples are derived from comparable publicly-traded companies with similar operating and
investment characteristics as the respective cash-generating units. The guideline company method makes use of
market price data of corporations whose stock is actively traded in a public, free and open market, either on an
exchange or over-the-counter basis. Although it is clear no two companies are entirely alike, the corporations
selected as guideline companies must be engaged in the same, or a similar, line of business or be subject to
similar financial and business risks, including the opportunity for growth.
A terminal value is included at the end of the projection period used in the discounted cash flow analysis in order to
reflect the remaining value that each cash-generating unit is expected to generate. The terminal value represents
the present value in the last year of the projection period of all subsequent cash flows into perpetuity. The terminal
value growth rate is a key assumption used in determining the terminal value as it represents the annual growth of
all subsequent cash flows into perpetuity. The terminal value growth rate was 1.0% in 2023 and 2022 for the
Agriculture cash-generating unit, and 1.5% in 2023 and 2022 for Financial Services.
At 31\u00a0December\u00a02023, the estimated recoverable amounts, (excluding the balance of the 2022 acquisitions)
calculated using the above method, of the Agriculture and Financial Services cash-generating units exceeded the
carrying values by approximately 118.1% and 46.1%, respectively. Thus, CNH Industrial did not recognize an
impairment for these cash-generating units.
The CNH Industrial Group has conducted an analysis of the sensitivity of the impairment test to changes in key
assumptions used to determine the recoverable amount of each of the Group cash-generating units to which
goodwill is allocated. CNH believes that any reasonably possible change in key assumptions on which the
estimated recoverable amount of Agriculture and Financial Services is based, would not cause the aggregate
carrying amount to exceed the aggregate recoverable amount of the related cash-generating units.
At the beginning of the financial year the estimated recoverable amount of the Agriculture and Financial Services
cash-generating units exceeded the carrying value by approximately 294% and 75%, respectively.
A 16% underperformance against forecast sales growth rates for both Agriculture and Financial Services cash-
generating units is considered reasonably possible based on recent experience and would not result in an
impairment charge.
Trademarks and Other intangible assets with indefinite useful lives are mainly attributable to Agriculture and
Construction and consist of acquired trademarks and similar rights which have no legal, contractual, competitive or
economic factors that limit their useful lives. For the purposes of impairment testing, these assets were attributed to
the respective cash-generating units. No impairment loss was recognized.
Finally, the estimates and budget data to which the above-mentioned parameters have been applied are those
determined by management based on past performance and expectations of developments in the markets in which
CNH operates. Impairment assessments inherently involve management judgments regarding a number of
assumptions such as those described above. Due to the many variables inherent in the estimation of a cash
generating unit\u2019s recoverable amount, differences in assumptions could have a material effect on the estimated
recoverable amount and could result in a goodwill impairment loss in a future period. Circumstances and events,
which could potentially cause further impairment losses, are constantly monitored by CNH Industrial.
Iveco Group impairment testing
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently if a
triggering event occurs.
Goodwill impairment testing is performed at the cash generating unit level, the segment level, comparing the
recoverable amount of the cash generating unit to the carrying amount to determine if there is an impairment loss.
The results of the impairment tests obtained in 2023 and 2022 confirmed the absence of an impairment loss.
The vast majority of goodwill, representing approximately 86% of the total, related to Commercial and Specialty
Vehicles and, as such, the following discussion relates to the impairment testing performed at year-end for this
cash-generating unit.
The recoverable amount of the Commercial and Specialty Vehicles cash-generating unit is determined using an
income approach, based on the present value of estimated future cash flows. The income approach is dependent
on several critical management assumptions, including estimates of future sales in the discrete future period, the
weighted average cost of capital (discount rate), and also less significant assumptions such as gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the cash-
generating unit. The discount rate before taxes selected was approximately 18.9% 31\u00a0December\u00a02023 and 15.6%
at 31\u00a0December\u00a02022.
Expected cash flows used under the income approach are developed in conjunction with budgeting and forecasting
processes. Iveco Group used 5 years in both 2023 and 2022 of expected cash flows for Commercial and Specialty
Vehicles as the Company believes that these periods reflect the underlying market cycle for its business.
Furthermore, instead of including a terminal value, an additional 5-year discounted cash flow has been included at
the end of the projection period in order to conservatively reflect the remaining value that the cash-generating unit
is expected to generate.
The results of the impairment test indicate that a reasonably possible change in key assumptions would not cause
the carrying amount of any cash-generating unit to exceed its recoverable amount, however, circumstances and
events which could potentially cause further impairment losses are constantly monitored by Iveco Group.
Ferrari impairment testing
The assumptions used in this process represent management\u2019s best estimate for the period under consideration.
The expected future cash flows covering the period from 2024 through 2027 have been derived from the Ferrari
business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected capital
expenditure. These cash flows relate to the CGU in its condition when preparing the financial statements and
exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes
and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU over
the period considered.
The expected future cash flows include a normalized terminal period used to estimate the future results beyond the
time period explicitly considered, which were calculated by using the specific medium/long-term growth rate for the
sector equal to 2.0% in 2023 and in 2022.
The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 9.21% in 2023 (8.10% in 2022). The WACC
used reflects the current market assessment of the time value of money for the period being considered and the
risks specific to the CGU under consideration. The increase in the WACC in 2023 compared to 2022 is primarily the
result of a higher risk free rate drive by central banks raising interest rates in several regions where the Ferrari
Group operates, as well as a higher equity risk premium drive by market factors and conditions.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the
goodwill will continue to be recoverable, even in the event of difficult economic and market conditions.
Trademark and Other intangible assets with indefinite useful lives
Other intangible assets with indefinite useful lives amounting to \u20ac458\u00a0million at 31\u00a0December\u00a02023 (\u20ac530\u00a0million at
31\u00a0December\u00a02022) mainly includes trademarks and other intangible assets of the CNH\u00a0Industrial Group
attributable to the segments Agriculture and Construction and consist of acquired trademarks and similar rights
which have no legal, contractual, competitive or economic factors that limit their useful lives.
For the purposes of impairment testing, the assets of CNH Industrial Group are attributed to the respective cash-
generating unit.
No impairment loss was recognized in 2023 and 2022.
Development costs and other intangible assets with finite useful lives
The amortization of development costs and impairment losses are reported in the income statement as Research
and development costs. Development costs are tested for impairment at the cash-generating unit level. Intangible
assets with finite useful lives are amortized over their estimated useful lives and tested for impairment if events or
changes in circumstances indicate that the asset may be impaired.
Impairment of development costs in 2022 primarily referred to the bus business of Iveco Group, as a consequence
of the acceleration of the emission-related technological transition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "value": "Intangible assets
Changes in 2023 are the following:
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
externally
acquired
Development
costs
internally
generated
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at
31\u00a0December\u00a02022
Original cost
5,160
593
4,410
5,132
1,316
1,928
793
19,332
Accumulated amortisation
and impairment
(1,116)
(63)
(3,294)
(2,985)
(1,169)
(1,023)
(389)
(10,039)
Net carrying amount
4,044
530
1,116
2,147
147
905
404
9,293
Changes during the year
(original cost)
Additions
\u2014
\u2014
573
556
76
208
52
1,465
Disposals
(2)
(45)
(13)
(231)
(3)
(10)
(168)
(472)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
(39)
\u2014
(39)
Change in scope of
consolidation
324
2
\u2014
\u2014
28
134
\u2014
488
Translation differences
(147)
(10)
(2)
(27)
(13)
(43)
\u2014
(242)
Other changes
(24)
3
(14)
(22)
36
(3)
\u2014
(24)
Total
151
(50)
544
276
124
247
(116)
1,176
Changes during the year
(accumulated
amortisation and
impairment)
Amortisation
\u2014
\u2014
(426)
(302)
(78)
(152)
(132)
(1,090)
Impairment losses
(2)
(24)
4
\u2014
\u2014
\u2014
(13)
(35)
Disposals
\u2014
\u2014
8
227
4
4
145
388
Change in scope of
consolidation
\u2014
\u2014
\u2014
\u2014
(1)
(1)
\u2014
(2)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
37
2
1
17
13
22
\u2014
92
Other changes
18
\u2014
16
26
5
\u2014
\u2014
65
Total
53
(22)
(397)
(32)
(57)
(127)
\u2014
(582)
Balance at
31\u00a0December\u00a02023
Original cost
5,311
543
4,954
5,408
1,440
2,175
677
20,508
Accumulated amortisation
and impairment
(1,063)
(85)
(3,691)
(3,017)
(1,226)
(1,150)
(389)
(10,621)
Net carrying amount
4,248
458
1,263
2,391
214
1,025
288
9,887
Impairment losses mainly refer to GEDI's publications. Considering its recent performance and the enduring
uncertainties around macroeconomic conditions which has resulted in an increase in the price of raw materials and
energy, with significant and adverse impacts on the advertising market, GEDI performed a detailed impairment test,
that determined impairment charges on the company\u2019s publications.
Changes in 2022 were the following:
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
externally
acquired
Development
costs
internally
generated
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at
31\u00a0December\u00a02021
Original cost
4,817
576
3,938
4,884
1,214
1,814
860
18,103
Accumulated amortisation
and impairment
(1,035)
(59)
(2,967)
(2,932)
(1,102)
(909)
(461)
(9,464)
Net carrying amount
3,782
517
971
1,952
112
905
399
8,639
Changes during the year
(original cost)
Additions
45
\u2014
510
461
63
180
233
1,492
Disposals
\u2014
\u2014
(35)
(292)
(16)
(40)
(301)
(684)
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of
consolidation
43
(8)
4
(4)
6
(102)
\u2014
(62)
Translation differences
252
24
(1)
88
18
104
\u2014
485
Other changes
3
\u2014
(6)
(5)
31
(26)
1
(4)
Total
343
16
472
247
102
115
(67)
1,228
Changes during the year
(accumulated
amortisation and
impairment)
Amortisation
\u2014
(1)
(360)
(285)
(65)
(120)
(164)
(995)
Impairment losses
(20)
\u2014
(6)
(7)
\u2014
(10)
\u2014
(43)
Disposals
\u2014
\u2014
33
292
16
39
236
616
Change in scope of
consolidation
\u2014
\u2014
(3)
3
\u2014
30
\u2014
30
Transfer to assets held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
(61)
(3)
\u2014
(59)
(18)
(58)
\u2014
(199)
Other changes
\u2014
\u2014
8
4
\u2014
4
\u2014
17
Total
(81)
(4)
(327)
(53)
(67)
(115)
72
(574)
Balance at 31\u00a0December
2022
Original cost
5,160
593
4,410
5,132
1,316
1,928
793
19,332
Accumulated amortisation
and impairment
(1,116)
(63)
(3,294)
(2,985)
(1,169)
(1,024)
(389)
(10,039)
Net carrying amount
4,044
530
1,116
2,147
147
905
404
9,293
Goodwill
The analysis of goodwill by segment is as follows:
At 31 December
(\u20ac million)
2023
2022
Goodwill
Agricultural
3,140
2,980
Construction
43
43
Financial Services
104
108
CNH Industrial
3,287
3,131
Commercial and Specialty Vehicles
74
53
Powertrain
\u2014
4
Financial Services
12
12
Iveco Group
86
69
Ferrari
785
785
Shang Xia
28
29
Juventus
2
2
GEDI
41
9
Other
19
19
Total goodwill
4,248
4,044
During 2023, the acquisitions of Augmenta, Bennamann and Hemisphere by CNH Industrial Group led to an
increase in goodwill for Agriculture of \u20ac70\u00a0million, \u20ac109\u00a0million and \u20ac103\u00a0million, respectively, and to an increase in
other intangible assets of \u20ac32\u00a0million, \u20ac43\u00a0million and \u20ac47\u00a0million, respectively. The recorded intangibles comprised
developed technology, in-process R&D and customer relationships. Goodwill related to the acquisitions was
calculated as the excess of the consideration transferred over the net assets recognized and represents the future
economic benefits arising from the other assets acquired that could not be individually identified and separately
recognized. During the fiscal year 2023, measurement period adjustments were recorded reducing goodwill by
\u20ac13\u00a0million and \u20ac3\u00a0million for Augmenta and Bennamann, respectively and increasing other intangible assets by
\u20ac11\u00a0million and \u20ac5\u00a0million for Augmenta and Bennamann, respectively. The valuations of assets acquired and
liabilities assumed have not yet been finalized as of 31\u00a0December\u00a02023. Thus, goodwill and other intangible assets
associated with the acquisitions are subject to adjustment during the measurement period.
The acquisition of Specialty Enterprises LLC (Specialty) by CNH Industrial Group during 2022 led to the increase in
goodwill for Agriculture of \u20ac70\u00a0million.
Impairment testing
The impairment tests are performed by comparing the carrying amount (which mainly comprises property, plant and
equipment, goodwill, brands and capitalised development expenditures) with the recoverable amount of each CGU
or group of CGUs to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair
value less costs to sell and its value in use.
The assumptions used in the impairment test represent management\u2019s best estimate for the period under
consideration and reflect a number of underlying assumptions (for example volumes and sales mix, gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements) that are
considered reasonable and sustainable and represent the best estimate of expected conditions regarding market
trends over the period considered.
Expected cash flows used for the purposes of the impairment tests reflect the current expectations regarding
economic conditions and market trends as well as the Group\u2019s initiatives for the specific business plan periods.
Cash flows reflect the CGU\u2019s in their condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes.
Expected future cash flows include a normalised terminal period to estimate the future result beyond the time
period explicitly considered in the business plans of the respective Group companies. The terminal value growth
rate is a key assumption used in determining the terminal value as it represents the annual growth of all
subsequent cash flows into perpetuity.
Post-tax cash flows are discounted using a post-tax discount rate (WACC) which reflects the current market
assessment of the time value of money for the period being considered and the risks specific to the CGU under
consideration.
As well as determining the recoverable amount using the income approach, as described above, certain of the
Group companies perform additional analysis using a market approach based on multiples of comparable publicly
traded companies, such as revenue and EBITDA multiples, and for financial services CGUs, book value, tangible
book value and interest margin multiples, and by comparing to market capitalisation. Although it is clear no two
companies are entirely alike, the corporations selected as guideline companies must be engaged in the same, or a
similar, line of business or be subject to similar financial and business risks, including the opportunity for growth.
CNH Industrial impairment testing
At 31\u00a0December\u00a02023 and 2022, CNH Industrial completed its annual impairment assessment and concluded there
were no impairments to goodwill for any of the reporting units. CNH Industrial determines the recoverable amount
of these cash-generating units using multiple valuation methodologies, relying largely on an income approach but
also incorporating value indicators from a market approach, with reference to the cash-generating units with the
most significant allocated goodwill.
Under the income approach, CNH Industrial calculates the recoverable amount of a cash-generating unit based on
the present value of estimated future cash flows. The income approach is dependent on several critical
management assumptions, including estimates of future sales in the discrete future period, the weighted average
cost of capital (discount rate) and terminal value growth rates, and also less significant assumptions such as gross
margins, operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the respective
cash-generating units.
The following discount rates before taxes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 were selected:
2023
2022
Agricultural
13.9%
14.7%
Construction
n.a.
n.a.
Financial Services
20.7%
20.3%
Expected cash flows used under the income approach are developed in conjunction with CNH Industrial budgeting
and forecasting processes. CNH Industrial used nine years of expected cash flows for Agriculture, and five years of
expected cash flows for Financial Services, as management believes that these periods generally reflect the
underlying market cycles for its businesses. Under the market approach, CNH Industrial estimates the recoverable
amount of the Agriculture cash-generating unit, using earnings before interest, tax, depreciation and amortization
multiples, and estimates the recoverable amount of the Financial Services cash-generating unit using book value
multiples. The multiples are derived from comparable publicly-traded companies with similar operating and
investment characteristics as the respective cash-generating units. The guideline company method makes use of
market price data of corporations whose stock is actively traded in a public, free and open market, either on an
exchange or over-the-counter basis. Although it is clear no two companies are entirely alike, the corporations
selected as guideline companies must be engaged in the same, or a similar, line of business or be subject to
similar financial and business risks, including the opportunity for growth.
A terminal value is included at the end of the projection period used in the discounted cash flow analysis in order to
reflect the remaining value that each cash-generating unit is expected to generate. The terminal value represents
the present value in the last year of the projection period of all subsequent cash flows into perpetuity. The terminal
value growth rate is a key assumption used in determining the terminal value as it represents the annual growth of
all subsequent cash flows into perpetuity. The terminal value growth rate was 1.0% in 2023 and 2022 for the
Agriculture cash-generating unit, and 1.5% in 2023 and 2022 for Financial Services.
At 31\u00a0December\u00a02023, the estimated recoverable amounts, (excluding the balance of the 2022 acquisitions)
calculated using the above method, of the Agriculture and Financial Services cash-generating units exceeded the
carrying values by approximately 118.1% and 46.1%, respectively. Thus, CNH Industrial did not recognize an
impairment for these cash-generating units.
The CNH Industrial Group has conducted an analysis of the sensitivity of the impairment test to changes in key
assumptions used to determine the recoverable amount of each of the Group cash-generating units to which
goodwill is allocated. CNH believes that any reasonably possible change in key assumptions on which the
estimated recoverable amount of Agriculture and Financial Services is based, would not cause the aggregate
carrying amount to exceed the aggregate recoverable amount of the related cash-generating units.
At the beginning of the financial year the estimated recoverable amount of the Agriculture and Financial Services
cash-generating units exceeded the carrying value by approximately 294% and 75%, respectively.
A 16% underperformance against forecast sales growth rates for both Agriculture and Financial Services cash-
generating units is considered reasonably possible based on recent experience and would not result in an
impairment charge.
Trademarks and Other intangible assets with indefinite useful lives are mainly attributable to Agriculture and
Construction and consist of acquired trademarks and similar rights which have no legal, contractual, competitive or
economic factors that limit their useful lives. For the purposes of impairment testing, these assets were attributed to
the respective cash-generating units. No impairment loss was recognized.
Finally, the estimates and budget data to which the above-mentioned parameters have been applied are those
determined by management based on past performance and expectations of developments in the markets in which
CNH operates. Impairment assessments inherently involve management judgments regarding a number of
assumptions such as those described above. Due to the many variables inherent in the estimation of a cash
generating unit\u2019s recoverable amount, differences in assumptions could have a material effect on the estimated
recoverable amount and could result in a goodwill impairment loss in a future period. Circumstances and events,
which could potentially cause further impairment losses, are constantly monitored by CNH Industrial.
Iveco Group impairment testing
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently if a
triggering event occurs.
Goodwill impairment testing is performed at the cash generating unit level, the segment level, comparing the
recoverable amount of the cash generating unit to the carrying amount to determine if there is an impairment loss.
The results of the impairment tests obtained in 2023 and 2022 confirmed the absence of an impairment loss.
The vast majority of goodwill, representing approximately 86% of the total, related to Commercial and Specialty
Vehicles and, as such, the following discussion relates to the impairment testing performed at year-end for this
cash-generating unit.
The recoverable amount of the Commercial and Specialty Vehicles cash-generating unit is determined using an
income approach, based on the present value of estimated future cash flows. The income approach is dependent
on several critical management assumptions, including estimates of future sales in the discrete future period, the
weighted average cost of capital (discount rate), and also less significant assumptions such as gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the cash-
generating unit. The discount rate before taxes selected was approximately 18.9% 31\u00a0December\u00a02023 and 15.6%
at 31\u00a0December\u00a02022.
Expected cash flows used under the income approach are developed in conjunction with budgeting and forecasting
processes. Iveco Group used 5 years in both 2023 and 2022 of expected cash flows for Commercial and Specialty
Vehicles as the Company believes that these periods reflect the underlying market cycle for its business.
Furthermore, instead of including a terminal value, an additional 5-year discounted cash flow has been included at
the end of the projection period in order to conservatively reflect the remaining value that the cash-generating unit
is expected to generate.
The results of the impairment test indicate that a reasonably possible change in key assumptions would not cause
the carrying amount of any cash-generating unit to exceed its recoverable amount, however, circumstances and
events which could potentially cause further impairment losses are constantly monitored by Iveco Group.
Ferrari impairment testing
The assumptions used in this process represent management\u2019s best estimate for the period under consideration.
The expected future cash flows covering the period from 2024 through 2027 have been derived from the Ferrari
business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected capital
expenditure. These cash flows relate to the CGU in its condition when preparing the financial statements and
exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes
and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU over
the period considered.
The expected future cash flows include a normalized terminal period used to estimate the future results beyond the
time period explicitly considered, which were calculated by using the specific medium/long-term growth rate for the
sector equal to 2.0% in 2023 and in 2022.
The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 9.21% in 2023 (8.10% in 2022). The WACC
used reflects the current market assessment of the time value of money for the period being considered and the
risks specific to the CGU under consideration. The increase in the WACC in 2023 compared to 2022 is primarily the
result of a higher risk free rate drive by central banks raising interest rates in several regions where the Ferrari
Group operates, as well as a higher equity risk premium drive by market factors and conditions.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the
goodwill will continue to be recoverable, even in the event of difficult economic and market conditions.
Trademark and Other intangible assets with indefinite useful lives
Other intangible assets with indefinite useful lives amounting to \u20ac458\u00a0million at 31\u00a0December\u00a02023 (\u20ac530\u00a0million at
31\u00a0December\u00a02022) mainly includes trademarks and other intangible assets of the CNH\u00a0Industrial Group
attributable to the segments Agriculture and Construction and consist of acquired trademarks and similar rights
which have no legal, contractual, competitive or economic factors that limit their useful lives.
For the purposes of impairment testing, the assets of CNH Industrial Group are attributed to the respective cash-
generating unit.
No impairment loss was recognized in 2023 and 2022.
Development costs and other intangible assets with finite useful lives
The amortization of development costs and impairment losses are reported in the income statement as Research
and development costs. Development costs are tested for impairment at the cash-generating unit level. Intangible
assets with finite useful lives are amortized over their estimated useful lives and tested for impairment if events or
changes in circumstances indicate that the asset may be impaired.
Impairment of development costs in 2022 primarily referred to the bus business of Iveco Group, as a consequence
of the acceleration of the emission-related technological transition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-563": { "value": "
Impairment testing
The impairment tests are performed by comparing the carrying amount (which mainly comprises property, plant and
equipment, goodwill, brands and capitalised development expenditures) with the recoverable amount of each CGU
or group of CGUs to which goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair
value less costs to sell and its value in use.
The assumptions used in the impairment test represent management\u2019s best estimate for the period under
consideration and reflect a number of underlying assumptions (for example volumes and sales mix, gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements) that are
considered reasonable and sustainable and represent the best estimate of expected conditions regarding market
trends over the period considered.
Expected cash flows used for the purposes of the impairment tests reflect the current expectations regarding
economic conditions and market trends as well as the Group\u2019s initiatives for the specific business plan periods.
Cash flows reflect the CGU\u2019s in their condition when preparing the financial statements and exclude the estimated
cash flows that might arise from restructuring plans or other structural changes.
Expected future cash flows include a normalised terminal period to estimate the future result beyond the time
period explicitly considered in the business plans of the respective Group companies. The terminal value growth
rate is a key assumption used in determining the terminal value as it represents the annual growth of all
subsequent cash flows into perpetuity.
Post-tax cash flows are discounted using a post-tax discount rate (WACC) which reflects the current market
assessment of the time value of money for the period being considered and the risks specific to the CGU under
consideration.
As well as determining the recoverable amount using the income approach, as described above, certain of the
Group companies perform additional analysis using a market approach based on multiples of comparable publicly
traded companies, such as revenue and EBITDA multiples, and for financial services CGUs, book value, tangible
book value and interest margin multiples, and by comparing to market capitalisation. Although it is clear no two
companies are entirely alike, the corporations selected as guideline companies must be engaged in the same, or a
similar, line of business or be subject to similar financial and business risks, including the opportunity for growth.
CNH Industrial impairment testing
At 31\u00a0December\u00a02023 and 2022, CNH Industrial completed its annual impairment assessment and concluded there
were no impairments to goodwill for any of the reporting units. CNH Industrial determines the recoverable amount
of these cash-generating units using multiple valuation methodologies, relying largely on an income approach but
also incorporating value indicators from a market approach, with reference to the cash-generating units with the
most significant allocated goodwill.
Under the income approach, CNH Industrial calculates the recoverable amount of a cash-generating unit based on
the present value of estimated future cash flows. The income approach is dependent on several critical
management assumptions, including estimates of future sales in the discrete future period, the weighted average
cost of capital (discount rate) and terminal value growth rates, and also less significant assumptions such as gross
margins, operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the respective
cash-generating units.
The following discount rates before taxes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 were selected:
2023
2022
Agricultural
13.9%
14.7%
Construction
n.a.
n.a.
Financial Services
20.7%
20.3%
Expected cash flows used under the income approach are developed in conjunction with CNH Industrial budgeting
and forecasting processes. CNH Industrial used nine years of expected cash flows for Agriculture, and five years of
expected cash flows for Financial Services, as management believes that these periods generally reflect the
underlying market cycles for its businesses. Under the market approach, CNH Industrial estimates the recoverable
amount of the Agriculture cash-generating unit, using earnings before interest, tax, depreciation and amortization
multiples, and estimates the recoverable amount of the Financial Services cash-generating unit using book value
multiples. The multiples are derived from comparable publicly-traded companies with similar operating and
investment characteristics as the respective cash-generating units. The guideline company method makes use of
market price data of corporations whose stock is actively traded in a public, free and open market, either on an
exchange or over-the-counter basis. Although it is clear no two companies are entirely alike, the corporations
selected as guideline companies must be engaged in the same, or a similar, line of business or be subject to
similar financial and business risks, including the opportunity for growth.
A terminal value is included at the end of the projection period used in the discounted cash flow analysis in order to
reflect the remaining value that each cash-generating unit is expected to generate. The terminal value represents
the present value in the last year of the projection period of all subsequent cash flows into perpetuity. The terminal
value growth rate is a key assumption used in determining the terminal value as it represents the annual growth of
all subsequent cash flows into perpetuity. The terminal value growth rate was 1.0% in 2023 and 2022 for the
Agriculture cash-generating unit, and 1.5% in 2023 and 2022 for Financial Services.
At 31\u00a0December\u00a02023, the estimated recoverable amounts, (excluding the balance of the 2022 acquisitions)
calculated using the above method, of the Agriculture and Financial Services cash-generating units exceeded the
carrying values by approximately 118.1% and 46.1%, respectively. Thus, CNH Industrial did not recognize an
impairment for these cash-generating units.
The CNH Industrial Group has conducted an analysis of the sensitivity of the impairment test to changes in key
assumptions used to determine the recoverable amount of each of the Group cash-generating units to which
goodwill is allocated. CNH believes that any reasonably possible change in key assumptions on which the
estimated recoverable amount of Agriculture and Financial Services is based, would not cause the aggregate
carrying amount to exceed the aggregate recoverable amount of the related cash-generating units.
At the beginning of the financial year the estimated recoverable amount of the Agriculture and Financial Services
cash-generating units exceeded the carrying value by approximately 294% and 75%, respectively.
A 16% underperformance against forecast sales growth rates for both Agriculture and Financial Services cash-
generating units is considered reasonably possible based on recent experience and would not result in an
impairment charge.
Trademarks and Other intangible assets with indefinite useful lives are mainly attributable to Agriculture and
Construction and consist of acquired trademarks and similar rights which have no legal, contractual, competitive or
economic factors that limit their useful lives. For the purposes of impairment testing, these assets were attributed to
the respective cash-generating units. No impairment loss was recognized.
Finally, the estimates and budget data to which the above-mentioned parameters have been applied are those
determined by management based on past performance and expectations of developments in the markets in which
CNH operates. Impairment assessments inherently involve management judgments regarding a number of
assumptions such as those described above. Due to the many variables inherent in the estimation of a cash
generating unit\u2019s recoverable amount, differences in assumptions could have a material effect on the estimated
recoverable amount and could result in a goodwill impairment loss in a future period. Circumstances and events,
which could potentially cause further impairment losses, are constantly monitored by CNH Industrial.
Iveco Group impairment testing
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently if a
triggering event occurs.
Goodwill impairment testing is performed at the cash generating unit level, the segment level, comparing the
recoverable amount of the cash generating unit to the carrying amount to determine if there is an impairment loss.
The results of the impairment tests obtained in 2023 and 2022 confirmed the absence of an impairment loss.
The vast majority of goodwill, representing approximately 86% of the total, related to Commercial and Specialty
Vehicles and, as such, the following discussion relates to the impairment testing performed at year-end for this
cash-generating unit.
The recoverable amount of the Commercial and Specialty Vehicles cash-generating unit is determined using an
income approach, based on the present value of estimated future cash flows. The income approach is dependent
on several critical management assumptions, including estimates of future sales in the discrete future period, the
weighted average cost of capital (discount rate), and also less significant assumptions such as gross margins,
operating costs, income tax rates, capital expenditures and changes in working capital requirements.
Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the cash-
generating unit. The discount rate before taxes selected was approximately 18.9% 31\u00a0December\u00a02023 and 15.6%
at 31\u00a0December\u00a02022.
Expected cash flows used under the income approach are developed in conjunction with budgeting and forecasting
processes. Iveco Group used 5 years in both 2023 and 2022 of expected cash flows for Commercial and Specialty
Vehicles as the Company believes that these periods reflect the underlying market cycle for its business.
Furthermore, instead of including a terminal value, an additional 5-year discounted cash flow has been included at
the end of the projection period in order to conservatively reflect the remaining value that the cash-generating unit
is expected to generate.
The results of the impairment test indicate that a reasonably possible change in key assumptions would not cause
the carrying amount of any cash-generating unit to exceed its recoverable amount, however, circumstances and
events which could potentially cause further impairment losses are constantly monitored by Iveco Group.
Ferrari impairment testing
The assumptions used in this process represent management\u2019s best estimate for the period under consideration.
The expected future cash flows covering the period from 2024 through 2027 have been derived from the Ferrari
business plan. In particular the estimate considers expected EBITDA adjusted to reflect the expected capital
expenditure. These cash flows relate to the CGU in its condition when preparing the financial statements and
exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes
and sales mix used for estimating the future cash flows are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends for the CGU over
the period considered.
The expected future cash flows include a normalized terminal period used to estimate the future results beyond the
time period explicitly considered, which were calculated by using the specific medium/long-term growth rate for the
sector equal to 2.0% in 2023 and in 2022.
The expected future cash flows have been estimated in Euro, and discounted using a post-tax discount rate
appropriate for that currency, determined by using a base WACC of 9.21% in 2023 (8.10% in 2022). The WACC
used reflects the current market assessment of the time value of money for the period being considered and the
risks specific to the CGU under consideration. The increase in the WACC in 2023 compared to 2022 is primarily the
result of a higher risk free rate drive by central banks raising interest rates in several regions where the Ferrari
Group operates, as well as a higher equity risk premium drive by market factors and conditions.
The recoverable amount of the CGU was significantly higher than its carrying amount. Furthermore, the exclusivity
of the business, its historical profitability and its future earnings prospects indicate that the carrying amount of the
goodwill will continue to be recoverable, even in the event of difficult economic and market conditions.
Trademark and Other intangible assets with indefinite useful lives
Other intangible assets with indefinite useful lives amounting to \u20ac458\u00a0million at 31\u00a0December\u00a02023 (\u20ac530\u00a0million at
31\u00a0December\u00a02022) mainly includes trademarks and other intangible assets of the CNH\u00a0Industrial Group
attributable to the segments Agriculture and Construction and consist of acquired trademarks and similar rights
which have no legal, contractual, competitive or economic factors that limit their useful lives.
For the purposes of impairment testing, the assets of CNH Industrial Group are attributed to the respective cash-
generating unit.
No impairment loss was recognized in 2023 and 2022.
Development costs and other intangible assets with finite useful lives
The amortization of development costs and impairment losses are reported in the income statement as Research
and development costs. Development costs are tested for impairment at the cash-generating unit level. Intangible
assets with finite useful lives are amortized over their estimated useful lives and tested for impairment if events or
changes in circumstances indicate that the asset may be impaired.
Impairment of development costs in 2022 primarily referred to the bus business of Iveco Group, as a consequence
of the acceleration of the emission-related technological transition.
Property, plant and equipment
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Other tangible assets
6,468
6,009
Right-of-use assets
593
530
Total Property, plant and equipment
7,061
6,539
Details of Property, plant and equipment at 31\u00a0December\u00a02023 and the related changes during the year are as
follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Assets sold
with a buy-
back
commitment
Other
tangible
assets
Advances
and tangible
assets in
progress
Total
Balance at 31\u00a0December\u00a02022
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Original cost
389
3,493
11,569
2,026
1,019
529
19,024
Accumulated depreciation and impairment
(4)
(2,139)
(9,364)
(671)
(836)
(1)
(13,015)
Net carrying amount
385
1,354
2,205
1,354
182
528
6,009
Changes during the year (original cost)
Additions
5
99
468
409
70
593
1,644
Disposals
(6)
(50)
(123)
(258)
(39)
(6)
(482)
Transfer to assets held for sale
6
(4)
\u2014
(26)
\u2014
\u2014
(24)
Business combination
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of consolidation
\u2014
(30)
3
\u2014
7
3
(17)
Translation differences
(3)
(39)
(66)
(1)
(29)
(5)
(143)
Other changes
16
89
306
(166)
35
(334)
(54)
Total
18
65
588
(42)
44
251
924
Changes during the year (accumulated
depreciation and impairment)
Depreciation
\u2014
(95)
(591)
(228)
(52)
\u2014
(966)
Impairment losses
\u2014
(3)
(1)
(3)
\u2014
\u2014
(7)
Disposals
\u2014
39
119
99
32
\u2014
289
Transfer to assets held for sale
(3)
2
\u2014
10
\u2014
\u2014
9
Business combination
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of consolidation
\u2014
24
6
\u2014
(3)
\u2014
27
Translation differences
(1)
25
54
1
12
\u2014
91
Other changes
\u2014
(5)
(11)
106
1
\u2014
91
Total
(4)
(13)
(424)
(15)
(10)
\u2014
(466)
Balance at 31\u00a0December\u00a02023
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Original cost
407
3,558
12,157
1,984
1,063
780
19,949
Accumulated depreciation and impairment
(8)
(2,152)
(9,788)
(686)
(846)
(1)
(13,481)
Net carrying amount
399
1,406
2,369
1,298
217
779
6,468
Property, plant and equipment at 31\u00a0December\u00a02022 and the related changes during the year are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Assets sold
with a buy-
back
commitment
Other
tangible
assets
Advances
and tangible
assets in
progress
Total
Balance at 31 December 2021
Original cost
302
3,362
10,917
1,973
983
495
18,033
Accumulated depreciation and impairment
(3)
(2,047)
(8,880)
(597)
(819)
(4)
(12,350)
Net carrying amount
299
1,315
2,037
1,376
165
491
5,683
Changes during the year (original cost)
Additions
17
109
445
412
65
412
1,460
Disposals
(6)
(44)
(82)
(190)
(26)
(5)
(353)
Transfer to assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Change in scope of consolidation
3
9
1
\u2014
4
(1)
16
Translation differences
2
53
95
1
6
3
160
Other changes
70
3
192
(171)
(13)
(378)
(295)
Total
86
130
652
53
35
34
990
Changes during the year (accumulated
depreciation and impairment)
Depreciation
\u2014
(106)
(546)
(215)
(48)
\u2014
(916)
Impairment losses
\u2014
(14)
(3)
(2)
(1)
\u2014
(20)
Disposals
\u2014
6
80
153
20
\u2014
259
Transfer to assets held for sale
\u2014
5
\u2014
\u2014
\u2014
\u2014
5
Change in scope of consolidation
\u2014
\u2014
3
\u2014
1
\u2014
4
Translation differences
\u2014
(33)
(75)
2
(7)
\u2014
(113)
Other changes
\u2014
50
58
(12)
16
3
116
Total
\u2014
(92)
(484)
(74)
(18)
3
(665)
Balance at 31 December 2022
Original cost
389
3,493
11,569
2,026
1,019
529
19,024
Accumulated depreciation and impairment
(4)
(2,139)
(9,364)
(671)
(836)
(1)
(13,015)
Net carrying amount
385
1,354
2,205
1,354
182
528
6,009
In 2023 impairment losses of \u20ac7\u00a0million mainly include \u20ac4\u00a0million related to the Iveco Group. In 2022 Impairment
losses of \u20ac20\u00a0million mainly included \u20ac16\u00a0million related to the CNH Industrial Group and \u20ac4\u00a0million of the Iveco
Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-565": { "value": "Property, plant and equipment
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Other tangible assets
6,468
6,009
Right-of-use assets
593
530
Total Property, plant and equipment
7,061
6,539
Changes in right-of-use assets are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Total
Balance at 31\u00a0December\u00a02022
21
355
70
84
530
Depreciation
(1)
(81)
(52)
(50)
(184)
Additions
\u2014
115
72
90
277
Disposals
\u2014
4
(2)
2
4
Change in scope of consolidation
\u2014
(1)
1
\u2014
\u2014
Translation differences
\u2014
(4)
\u2014
(4)
(8)
Other changes
\u2014
(12)
(2)
(12)
(26)
Balance at 31\u00a0December\u00a02023
20
376
87
110
593
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Total
Balance at 31 December 2021
15
333
32
122
502
Depreciation
\u2014
(77)
(48)
(42)
(168)
Additions
6
101
40
54
200
Disposals
\u2014
(20)
(4)
(3)
(27)
Change in scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
\u2014
2
1
1
3
Other changes
\u2014
16
51
(47)
19
Balance at 31 December 2022
21
355
70
84
530
Short-term and low-value leases are not recorded in the statement of financial position, but a charge is recorded in
the income statement for these leases on a straight-line basis over the lease term.
Leased assets
Changes in leased assets in 2023 and 2022 are as follows:
(\u20ac million)
At
31\u00a0December\u00a0
2022
Additions
Depreciation
Foreign
exchange
effects
Disposals
and other
changes
At
31\u00a0December
\u00a02023
Gross carrying amount
1,902
573
\u2014
(50)
(672)
1,753
Less: Depreciation and impairment
(424)
\u2014
(204)
11
221
(395)
Net carrying amount of Leased assets
1,478
573
(204)
(39)
(451)
1,358
(\u20ac million)
At 31
December
2021
Additions
Depreciation
Foreign
exchange
effects
Disposals
and other
changes
At 31
December
2022
Gross carrying amount
2,027
557
\u2014
89
(771)
1,902
Less: Depreciation and impairment
(434)
\u2014
(224)
(18)
252
(424)
Net carrying amount of Leased assets
1,592
557
(224)
71
(519)
1,478
Leased assets include equipment leased to retail customers by the Group's leasing companies.
At 31\u00a0December\u00a02023, minimum lease payments receivable for assets under non-cancelable operating leases
amount to \u20ac507\u00a0million ( \u20ac497\u00a0million at 31\u00a0December\u00a02022) and fall due as follows:
(\u20ac million)
At 31 December
2023
2022
Less than one year
216
216
One to two years
154
151
Two to three years
87
84
Three to four years
35
32
Four to five years
13
12
More than five years
2
2
Total Undiscounted lease payments
507
497
No leased assets have been pledged as security at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022.
Lease liabilities
Lease liabilities included in the Statement of financial position:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial
271
214
Iveco Group
196
185
Ferrari
73
57
GEDI
43
52
Juventus
15
18
Shang Xia
6
3
Exor Investments Limited
1
\u2014
Exor
1
4
Total lease liabilities
606
533
Maturity analysis of lease liabilities \u2013 contractual undiscounted cash flows:
(\u20ac million)
At 31 December 2023
\u00a0
Due within one
year
Due between
one and five
years
Due beyond
five years
Total
Contractual undiscounted cash flows
95
188
84
367
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-564": { "value": "Property, plant and equipment
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Other tangible assets
6,468
6,009
Right-of-use assets
593
530
Total Property, plant and equipment
7,061
6,539
Details of Property, plant and equipment at 31\u00a0December\u00a02023 and the related changes during the year are as
follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Assets sold
with a buy-
back
commitment
Other
tangible
assets
Advances
and tangible
assets in
progress
Total
Balance at 31\u00a0December\u00a02022
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Original cost
389
3,493
11,569
2,026
1,019
529
19,024
Accumulated depreciation and impairment
(4)
(2,139)
(9,364)
(671)
(836)
(1)
(13,015)
Net carrying amount
385
1,354
2,205
1,354
182
528
6,009
Changes during the year (original cost)
Additions
5
99
468
409
70
593
1,644
Disposals
(6)
(50)
(123)
(258)
(39)
(6)
(482)
Transfer to assets held for sale
6
(4)
\u2014
(26)
\u2014
\u2014
(24)
Business combination
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of consolidation
\u2014
(30)
3
\u2014
7
3
(17)
Translation differences
(3)
(39)
(66)
(1)
(29)
(5)
(143)
Other changes
16
89
306
(166)
35
(334)
(54)
Total
18
65
588
(42)
44
251
924
Changes during the year (accumulated
depreciation and impairment)
Depreciation
\u2014
(95)
(591)
(228)
(52)
\u2014
(966)
Impairment losses
\u2014
(3)
(1)
(3)
\u2014
\u2014
(7)
Disposals
\u2014
39
119
99
32
\u2014
289
Transfer to assets held for sale
(3)
2
\u2014
10
\u2014
\u2014
9
Business combination
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Change in scope of consolidation
\u2014
24
6
\u2014
(3)
\u2014
27
Translation differences
(1)
25
54
1
12
\u2014
91
Other changes
\u2014
(5)
(11)
106
1
\u2014
91
Total
(4)
(13)
(424)
(15)
(10)
\u2014
(466)
Balance at 31\u00a0December\u00a02023
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Original cost
407
3,558
12,157
1,984
1,063
780
19,949
Accumulated depreciation and impairment
(8)
(2,152)
(9,788)
(686)
(846)
(1)
(13,481)
Net carrying amount
399
1,406
2,369
1,298
217
779
6,468
Property, plant and equipment at 31\u00a0December\u00a02022 and the related changes during the year are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Assets sold
with a buy-
back
commitment
Other
tangible
assets
Advances
and tangible
assets in
progress
Total
Balance at 31 December 2021
Original cost
302
3,362
10,917
1,973
983
495
18,033
Accumulated depreciation and impairment
(3)
(2,047)
(8,880)
(597)
(819)
(4)
(12,350)
Net carrying amount
299
1,315
2,037
1,376
165
491
5,683
Changes during the year (original cost)
Additions
17
109
445
412
65
412
1,460
Disposals
(6)
(44)
(82)
(190)
(26)
(5)
(353)
Transfer to assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Change in scope of consolidation
3
9
1
\u2014
4
(1)
16
Translation differences
2
53
95
1
6
3
160
Other changes
70
3
192
(171)
(13)
(378)
(295)
Total
86
130
652
53
35
34
990
Changes during the year (accumulated
depreciation and impairment)
Depreciation
\u2014
(106)
(546)
(215)
(48)
\u2014
(916)
Impairment losses
\u2014
(14)
(3)
(2)
(1)
\u2014
(20)
Disposals
\u2014
6
80
153
20
\u2014
259
Transfer to assets held for sale
\u2014
5
\u2014
\u2014
\u2014
\u2014
5
Change in scope of consolidation
\u2014
\u2014
3
\u2014
1
\u2014
4
Translation differences
\u2014
(33)
(75)
2
(7)
\u2014
(113)
Other changes
\u2014
50
58
(12)
16
3
116
Total
\u2014
(92)
(484)
(74)
(18)
3
(665)
Balance at 31 December 2022
Original cost
389
3,493
11,569
2,026
1,019
529
19,024
Accumulated depreciation and impairment
(4)
(2,139)
(9,364)
(671)
(836)
(1)
(13,015)
Net carrying amount
385
1,354
2,205
1,354
182
528
6,009
In 2023 additions total \u20ac1,644\u00a0million and mainly refer to the CNH\u00a0Industrial Group for \u20ac 438\u00a0million, the Iveco
Group for \u20ac813\u00a0million, the Ferrari Group for \u20ac382\u00a0million and Juventus for \u20ac2\u00a0million. In 2022 additions were
1,460\u00a0million and mainly refer to the CNH\u00a0Industrial Group for \u20ac313\u00a0million, the Iveco Group for \u20ac731 million and
the Ferrari Group for \u20ac348\u00a0million.
In 2023, translation differences, a net negative of \u20ac53\u00a0million (a net positive of \u20ac47\u00a0million in 2022), primarily reflect
the foreign currency translation impacts of the US dollar in relation to the Euro.
In 2023 impairment losses of \u20ac7\u00a0million mainly include \u20ac4\u00a0million related to the Iveco Group. In 2022 Impairment
losses of \u20ac20\u00a0million mainly included \u20ac16\u00a0million related to the CNH Industrial Group and \u20ac4\u00a0million of the Iveco
Group.
Changes in right-of-use assets are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Total
Balance at 31\u00a0December\u00a02022
21
355
70
84
530
Depreciation
(1)
(81)
(52)
(50)
(184)
Additions
\u2014
115
72
90
277
Disposals
\u2014
4
(2)
2
4
Change in scope of consolidation
\u2014
(1)
1
\u2014
\u2014
Translation differences
\u2014
(4)
\u2014
(4)
(8)
Other changes
\u2014
(12)
(2)
(12)
(26)
Balance at 31\u00a0December\u00a02023
20
376
87
110
593
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Total
Balance at 31 December 2021
15
333
32
122
502
Depreciation
\u2014
(77)
(48)
(42)
(168)
Additions
6
101
40
54
200
Disposals
\u2014
(20)
(4)
(3)
(27)
Change in scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
\u2014
2
1
1
3
Other changes
\u2014
16
51
(47)
19
Balance at 31 December 2022
21
355
70
84
530
Short-term and low-value leases are not recorded in the statement of financial position, but a charge is recorded in
the income statement for these leases on a straight-line basis over the lease term.
At 31\u00a0December\u00a02023 the Group has contractual commitments for the acquisition of property, plant and equipment
amounting to \u20ac473 million (\u20ac421 \u00a0million at 31\u00a0December\u00a02022).
Leased assets
Changes in leased assets in 2023 and 2022 are as follows:
(\u20ac million)
At
31\u00a0December\u00a0
2022
Additions
Depreciation
Foreign
exchange
effects
Disposals
and other
changes
At
31\u00a0December
\u00a02023
Gross carrying amount
1,902
573
\u2014
(50)
(672)
1,753
Less: Depreciation and impairment
(424)
\u2014
(204)
11
221
(395)
Net carrying amount of Leased assets
1,478
573
(204)
(39)
(451)
1,358
(\u20ac million)
At 31
December
2021
Additions
Depreciation
Foreign
exchange
effects
Disposals
and other
changes
At 31
December
2022
Gross carrying amount
2,027
557
\u2014
89
(771)
1,902
Less: Depreciation and impairment
(434)
\u2014
(224)
(18)
252
(424)
Net carrying amount of Leased assets
1,592
557
(224)
71
(519)
1,478
Leased assets include equipment leased to retail customers by the Group's leasing companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-566": { "value": "
Investments in joint ventures
Investments in joint ventures at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million, except percentages)
At 31 December
2023
2022
Investments in joint ventures
\u00a0
\u00a0
Turk Traktor Ve Ziraat Makineleri A.S. (Turk Traktor\u201d)
37.50%
171
74
New Holland HFT Japan Inc.
50.00%
84
79
Nuo S.p.A.
50.00%
39
38
CNH de Mexico SA de CV
50.00%
52
33
Other
34
24
Total Investments in joint ventures
\u00a0
380
248
Summarized financial information relating to the material joint ventures is as follows:
(\u20ac million)
At 31 December
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Cash and cash equivalents
378
293
Non-current assets
228
134
Current assets
416
271
Total assets
1,022
698
Debt
185
202
Other liabilities
366
300
Total liabilities
551
502
Total equity
471
196
(\u20ac million)
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Net revenues
1,832
1,206
Depreciation and amortisation
13
12
Net financial income (expenses)
212
(30)
Profit (loss) before taxes
380
157
Income tax (expenses)
(87)
9
Profit (loss)
293
165
Total Other Comprehensive income, net of tax
\u2014
\u2014
Total Comprehensive income
293
165
This summarized financial information may be reconciled to the carrying amount of the % interest held in the
associate as follows:
(\u20ac million)
2023
2022
Turk Traktor
Ve Ziraat
Makineleri
Turk Traktor
Ve Ziraat
Makineleri
Total equity
472
196
CNH Group's interest (%)
37.5
37.5
Pro-quota equity
179
74
Adjustments made by using the equity method
(8)
\u2014
Carrying amount
171
74
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-567": { "value": "
Investments in associates
Investments in associates at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million, except percentages)
\u00a0
At 31 December
2023
2022
Investments in associates
Stellantis
14.29%
12,765
10,885
Christian Louboutin
24.00%
594
581
The Economist
43.40%
313
300
Institut Merieux
3.57%
277
278
CNH Capital Europe
49.90%
219
208
Welltec
47.61%
147
104
Tag Holding
34.85%
98
\u2014
Lifenet
44.67%
63
68
Casavo
18.68%
20
56
Other
92
113
Total Investments in associates
\u00a0
14,588
12,593
Summarized financial information relating to Stellantis, a material associate of the Group, is as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Non-current assets
110,608
101,380
Current assets
91,520
84,776
Total assets
202,128
186,156
Non-current liabilities
46,068
46,949
Current liabilities
73,940
66,825
Total liabilities
120,008
113,774
Total Equity
82,120
72,382
(\u20ac million)
FY 2023
FY 2022
Net revenues
189,544
179,592
Profit (loss) before taxes
22,418
19,508
Profit (loss) from continuing operations
18,625
16,779
Profit (loss) from discontinued operations
\u2014
\u2014
Profit (loss)
18,625
16,779
Total Other comprehensive income, net of tax
(2,941)
2,985
Total Comprehensive income
15,684
19,764
Exor's interest in the Stellantis Group at 31\u00a0December\u00a02023 is as follows:
\u20ac million
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Exor's Interest (%)
14.87
14.29
Share of the profit (loss) for the period
2,790
2,392
Dividend received1
602
467
Carrying amount
12,765
10,885
Market value
9,505
5,961
1) Eliminated from the income statement following the application of the equity method.
The market capitalization of Stellantis at 31\u00a0December\u00a02023, despite a significant improvement compared to last
year (+57%), was lower than the carrying amount. Exor management noted that no impairment indicators emerged
in Stellantis financial statements at 31\u00a0December\u00a02023; Stellantis recorded adjusted operating income, profit after
tax and industrial free cash flow for 2023 of \u20ac24.3\u00a0billion, \u20ac18.6\u00a0billion and \u20ac12.9\u00a0billion, respectively, showing
further improvements compared to 2022.
In addition Exor management, using an income approach based on the present value of estimated future cash
flows, developed with information publicly available, determined that the recoverable amount at 31\u00a0December\u00a02023
of the investment in Stellantis was significantly higher than the carrying amount.
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial associates accounted for
using the equity method were as follows:
(\u20ac million)
FY 2023
FY 2022
Profit (loss) from continuing operations
384
343
Profit (loss) from discontinued operations
\u2014
\u2014
Profit (loss)
384
343
Total Other comprehensive income, net of tax
(161)
(139)
Total Comprehensive income
223
204
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-569": { "value": "
17. Investments and other financial assets
Investment funds managed by Lingotto Management
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Non current investment funds at FVTPL
Public markets
2,802
1,069
Private markets
821
116
Total
3,623
1,185
In 2023, following the implementation of the asset management activities, certain funds managed by Lingotto have
been consolidated on a line-by-line basis beginning 1\u00a0January\u00a02023, with an increase of the financial assets and
the financial liabilities of \u20ac829\u00a0million related to the investments made by third parties, with no effects on net equity.
The amount at 31\u00a0December\u00a02023 includes the investments held by Exor (\u20ac2,099\u00a0million) and by third parties
(\u20ac1,524\u00a0million).
In 2023, the subscriptions by investors and the net positive fair value adjustments amounted to \u20ac1,051\u00a0million (Exor
quota \u20ac563\u00a0million) and \u20ac563\u00a0million (Exor quota \u20ac351\u00a0million), respectively.
Reinsurance vehicles
In 2022, as part of the sale of PartnerRe, the Company received $695.4\u00a0million (\u20ac622\u00a0million) as interest in
LorenzRe Ltd, a Bermuda-domiciled special purpose reinsurer who has entered into various reinsurance
arrangements with PartnerRe, providing outside investors in LorenzRe with exposure to PartnerRe\u2019s reinsurance
business. The increase in 2023 is due to the positive fair value adjustments recorded in the income statement.
Ventures
The item is related to the investments in early-stage to late-stage companies carried out by Exor Seeds and Exor
Ventures.The increase in 2023 is due to new investment (\u20ac85\u00a0million) and positive fair value adjustments recorded
in the income statement.
Assets and liabilities measured at fair value on a recurring basis
The following table shows the fair value hierarchy the assets and liabilities measured at fair value on a recurring
basis at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022:
(\u20ac million)
Note
Level 1
Level 2
Level 3
Fair value
Investments measured at fair value through other
comprehensive income
17
3,807
5
683
4,495
Debt securities and equity instruments measured
at FVTPL
17
187
\u2014
83
270
Investment funds managed by Lingotto
17
\u2014
2,802
821
3,623
Reinsurance vehicles
17
\u2014
\u2014
802
802
Ventures
17
\u2014
655
655
Other funds
17
169
\u2014
50
219
Derivative financial assets
17
\u2014
205
\u2014
205
Liquidity funds and money market securities
22
404
\u2014
\u2014
404
Total Assets at 31\u00a0December\u00a02023
4,567
3,012
3,094
10,673
Derivative financial liabilities
27
\u2014
(277)
(18)
(295)
Total Liabilities at 31\u00a0December\u00a02023
\u2014
(277)
(18)
(295)
Investments measured at fair value through other
comprehensive income
17
371
5
656
1,032
Debt securities and equity investments measured
at FVTPL
17
2,031
\u2014
85
2,116
Investment funds managed by Lingotto
17
\u2014
1,069
116
1,185
Reinsurance vehicles
17
\u2014
\u2014
622
622
Ventures
17
\u2014
\u2014
550
550
Other funds managed by third parties
17
47
47
Derivative financial assets
17
\u2014
308
\u2014
308
Liquidity funds and money market securities
22
1,573
\u2014
\u2014
1,573
Total Assets at 31\u00a0December\u00a02022
3,975
1,382
2,076
7,433
Derivative financial liabilities
27
\u2014
(274)
(34)
(308)
Total Liabilities at 31\u00a0December\u00a02022
\u2014
(274)
(34)
(308)
Investments classified as Level 3 include, among others: inactively traded fixed maturities including unlisted or
private equities, investment funds, derivative instruments and other invested assets. Fair value is determined using
valuation models widely accepted; the valuation technique generally used is discounted cash flow, considering
counterparty credit risk.
The fair value of derivative financial assets and liabilities, is measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business
environment.
The following table provides the reconciliation of the changes in items measured at fair value classified within
Level\u00a03 for the year 2023:
(\u20ac million)
Gains (losses)
recognized
At
31\u00a0December
\u00a02022
In the
income
statement
In other
compre-
hensive
income
Increase
(decrease)
Change in
scope of
consolidation
Net
transfers
into/(out of)
Level 3
At
31\u00a0December
\u00a02023
Investments measured at fair
value through other
comprehensive income
656
(20)
108
\u2014
(61)
683
Debt securities and equity
investments measured at FVTPL
85
\u2014
1
(3)
\u2014
\u2014
83
Investment fund managed by
Lingotto
116
14
\u2014
691
\u2014
\u2014
821
Reinsurance vehicles
622
206
\u2014
(26)
\u2014
\u2014
802
Ventures
550
45
\u2014
60
\u2014
\u2014
655
Other funds managed by third
parties
47
3
\u2014
\u2014
\u2014
\u2014
50
Total Assets
2,076
268
(19)
830
\u2014
(61)
3,094
Derivative financial liabilities
(34)
16
\u2014
\u2014
\u2014
\u2014
(18)
Total Liabilities
(34)
16
\u2014
\u2014
\u2014
\u2014
(18)
In 2023 the investment in Neumora (\u20ac61\u00a0million at 31\u00a0December\u00a02022) has been reclassified from Level 3 to Level
1 following the IPO of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-568": { "value": "
17. Investments and other financial assets
Derivative assets
Derivative assets represent the fair value of derivative financial instruments analysed in Note 28 Derivative assets
and derivative financial liabilities.
Financial debt and derivative liabilities
Total financial debt and other financial liabilities at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Financial debt
39,923
33,662
Derivative liabilities
295
308
Total financial debt and derivative liabilities
40,218
33,970
Derivative assets and derivative liabilities
The Group utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures.
Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are
designated as a hedge at the inception of the derivative contract. The Group does not hold or enter into derivative
or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced
through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral
support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy.
The fair value of the Group\u2019s derivative financial assets and liabilities at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Positive fair
value
Negative fair
value
Positive fair
value
Negative fair
value
Fair value hedges:
Interest rate risk \u2013 Interest rate swaps
20
(27)
\u2014
(40)
Currency risks
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
20
(27)
\u2014
(40)
Cash flow hedges:
Currency risks \u2013 Forward contracts, Currency swaps
and Currency options
60
(61)
90
(66)
Interest rate risk \u2013 Interest rate swaps
51
(49)
110
(19)
Interest rate and currency risk \u2013 Combined interest rate
and currency swap
\u2014
(27)
\u2014
(17)
Commodity price risk \u2013 Commodity swaps
\u2014
\u2014
\u2014
(1)
Other
\u2014
\u2014
Total Cash flow hedges
111
(137)
200
(103)
Derivatives not designated as hedging instruments
Currency risks
47
(55)
82
(64)
Interest rates
27
(58)
26
(67)
Interest rate and currency risk \u2013 Combined interest rate and
currency swap
\u2014
\u2014
\u2014
\u2014
Equity
\u2014
(18)
\u2014
(34)
Total derivatives not designated as hedging instruments
74
(131)
108
(165)
Collateral deposits
\u2014
\u2014
\u2014
\u2014
Total other financial assets and other financial liabilities
205
(295)
308
(308)
Derivatives not designated as hedging instruments consist mainly of derivatives (mostly currency-based
derivatives) acquired to hedge receivables and payables subject to currency risk and/or interest rate risk which are
not formally designated as hedges at Group level.
The analysis of outstanding notional amounts of derivative financial instruments by due date, at 31\u00a0December\u00a02023
and 2022 is as follows:
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
At 31\u00a0December\u00a02023
Currency risk management
10,906
333
\u2014
11,239
Interest rate risk management
1,868
6,996
462
9,326
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
1
\u2014
(27)
(26)
Total notional amount
12,775
7,329
435
20,539
At 31\u00a0December\u00a02022
Currency risk management
10,363
568
\u2014
10,931
Interest rate risk management
1,271
5,027
780
7,078
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
9
\u2014
83
92
Total notional amount
11,643
5,595
863
18,101
Fair value hedges
The gains and losses arising from the valuation of outstanding interest rate derivatives (for managing interest rate
risk) and currency derivatives (for managing currency risk) are recognized in accordance with fair value hedge
accounting.
Gains and losses arising from respective hedged items at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Interest rate risk
Net gains (losses) on qualifying hedges
(6)
(99)
Fair value changes in hedged items
6
99
Net gains (losses) on fair value hedges recognized in the income statement
0
0
Cash flow hedges
The effects recognized in the income statement mainly relate to currency risk management and, to a lesser extent,
to hedges regarding commodity price risk management and cash flows that are exposed to interest rate risk and
sales exposed to the fluctuations in the Euro/US dollar exchange rate.
With respect to cash flow hedges, the Group reclassified losses of \u20ac56\u00a0million in 2023 (losses of \u20ac188\u00a0million in
2022), net of the tax effect, from Other comprehensive income to the Consolidated Income Statement. These
amounts are reported in the income statement as follows:
(\u20ac million)
At 31 December
2023
2022
Currency risk
Increase (Decrease) in net revenues
1
6
Decrease (Increase) in cost of sales
(83)
(241)
Result from investments
\u2014
\u2014
Financial income (expenses)
20
(5)
Interest rate risk
Interest rate derivatives - Cost of sales
6
28
Financial income (expenses)
\u2014
23
Net gains (losses) on cash flow hedges recognized in the income statement
(56)
(188)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-570": { "value": "
Reinsurance vehicles
In 2022, as part of the sale of PartnerRe, the Company received $695.4\u00a0million (\u20ac622\u00a0million) as interest in
LorenzRe Ltd, a Bermuda-domiciled special purpose reinsurer who has entered into various reinsurance
arrangements with PartnerRe, providing outside investors in LorenzRe with exposure to PartnerRe\u2019s reinsurance
business. The increase in 2023 is due to the positive fair value adjustments recorded in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-571": { "value": "Inventories
Inventories at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Raw materials
2,519
2,668
Work-in progress
971
920
Finished goods
5,315
4,443
Total inventories
8,805
8,031
At 31\u00a0December\u00a02023 inventories included assets of the CNH Industrial Group which are no longer subject to
operating lease arrangements or buy-back commitments and were held for sale for a total amount of \u20ac40\u00a0million
(\u20ac 22\u00a0million at 31\u00a0December\u00a02022).
At 31\u00a0December\u00a02023, the amount of inventories of the CNH Industrial Group and Iveco Group measured at net
realizable value (estimated selling price less the estimated costs of completion and the estimated costs necessary
to make the sale) is \u20ac2,028\u00a0million and \u20ac1,176\u00a0million, respectively (at 31\u00a0December\u00a02022 \u20ac1,288\u00a0million and
\u20ac750\u00a0million, respectively).
There were no inventories pledged as security at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022.
In 2023 the amount of inventory write-downs recognized as an expense was \u20ac21\u00a0million (\u20ac42\u00a0million in 2022), while
amounts recognized as income from the reversal of write-downs on items sold during the year were not significant.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-574": { "value": "Trade receivables
The analysis of trade receivables by due date, at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
851
671
Due between one and five years
13
11
Due beyond five years
\u2014
67
Total trade receivables
864
749
The analysis of receivables from financing activities by due date, for the years ended 31\u00a0December\u00a02023 and 2022
is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
19,129
14,701
Due between one and five years
9,294
8,308
Due beyond five years
425
597
Total receivables from financing activities
28,848
23,606
Financial debt by due date
An analysis of financial debt by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
\u00a0
At 31 December
2023
2022
(\u20ac million)
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Notes
2,566
7,272
3,196
13,034
2,053
8,250
3,305
13,608
Borrowings from banks
2,771
2,609
786
6,166
1,524
2,032
435
3,991
Asset-backed financing
9,041
6,530
62
15,633
8,838
4,538
23
13,399
Payables represented by
securities
1,318
656
\u2014
1,974
811
362
\u2014
1,173
Lease liabilities
151
325
130
606
134
284
115
533
Other financial debt
887
1,623
\u2014
2,510
850
105
3
958
Total financial debt
16,734
19,015
4,174
39,923
14,210
15,571
3,881
33,662
The analysis of outstanding notional amounts of derivative financial instruments by due date, at 31\u00a0December\u00a02023
and 2022 is as follows:
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
At 31\u00a0December\u00a02023
Currency risk management
10,906
333
\u2014
11,239
Interest rate risk management
1,868
6,996
462
9,326
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
1
\u2014
(27)
(26)
Total notional amount
12,775
7,329
435
20,539
At 31\u00a0December\u00a02022
Currency risk management
10,363
568
\u2014
10,931
Interest rate risk management
1,271
5,027
780
7,078
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
9
\u2014
83
92
Total notional amount
11,643
5,595
863
18,101
Trade payables
The analysis of trade payables by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
7,830
7,843
Due between one and five years
97
40
Due beyond five years
3
5
Total payables
7,930
7,888
The analysis of other liabilities (excluding accrued expenses and deferred income) by due date at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Other liabilities (excluding accrued
expenses and deferred income)
3,263
220
88
3,571
3,242
345
70
3,657
Liquidity risk
Liquidity risk represents the risk that the Group is unable to obtain the funds needed to carry out its operations and
meet its obligations. Any actual or perceived limitations on the Group\u2019s liquidity may affect the ability of
counterparties to do business with the Group or may require additional amounts of cash and cash equivalents to be
allocated as collateral for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Group operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity
risk.
Additionally, as part of the activities, the Group regularly carries out funding operations on the various financial
markets which may take on different technical forms and which are aimed at ensuring that it has an adequate level
of current and future liquidity.
Measures taken to generate financial resources through operations and to maintain an adequate level of available
liquidity are an important factor in ensuring normal operating conditions and addressing strategic challenges. The
Group therefore plans to meet its requirements to settle liabilities as they fall due and to cover expected capital
expenditures by using cash flows from operations and available liquidity, renewing or refinancing bank loans and
making recourse to the bond market and other forms of funding.
The two main factors that determine its liquidity situation are the funds generated by or used in operating and
investing activities and the debt lending period and its renewal features or the liquidity of the funds employed and
market terms and conditions.
The Group has adopted a series of policies and procedures whose purpose is to optimize the management of
funds and to reduce liquidity risk as follows:
\u2013 centralizing the management of receipts and payments where it may be economical in the context of the local
statutory, currency and fiscal regulations of the countries in which the Group is present;
\u2013 maintaining an adequate level of available liquidity;
\u2013 diversifying the means by which funds are obtained and maintaining a continuous and active presence in the
capital markets;
\u2013 obtaining adequate credit lines; and
\u2013 monitoring future liquidity on the basis of business planning.
Details of the repayment structure of the Group\u2019s financial assets and liabilities are provided in Note 20 Trade
receivables, Note 27 Financial debt and other financial liabilities, Note 28 Derivative assets and derivative liabilities,
Note 29 Trade payables and Note 30 Other liabilities.
Exor Group believes that the funds currently available, together with the funds that will be generated from operating
and financing activities, will enable the Group to satisfy its requirements resulting from its investing activities and its
working capital needs and to fulfil its obligations to repay its debt at the natural due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-573": { "value": "Trade receivables
The analysis of trade receivables by due date, at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
851
671
Due between one and five years
13
11
Due beyond five years
\u2014
67
Total trade receivables
864
749
The following table shows the expected credit loss (ECL) allowance for trade receivables measured at amortised
cost at 31\u00a0December\u00a02023 and 2022:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Current and
less than 90
days past due
90 days or
more past due
Total
Current and
less than 90
days past due
90 days or
more past due
Total
Gross amount
863
91
954
725
91
816
ECL allowance
(43)
(47)
(90)
(14)
(53)
(67)
Carrying amount
820
44
864
711
38
749
The movement in the allowance for expected credit losses for trade receivables is as follows:
(\u20ac million)
2023
2022
At 1 January
67
86
Provision for expected credit losses
9
5
Change in scope of consolidation
(2)
(16)
Use and other changes
16
(8)
At 31 December
90
67
The analysis of receivables from financing activities by due date, for the years ended 31\u00a0December\u00a02023 and 2022
is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
19,129
14,701
Due between one and five years
9,294
8,308
Due beyond five years
425
597
Total receivables from financing activities
28,848
23,606
CNH Industrial and Iveco Group assess and monitor the credit quality of its financing receivables based on whether
a receivable is classified as performing or non-Performing. Financing receivables are considered past due if the
required principal and interest payments have not yet been received as of the date such payments were due.
Delinquency is reported on financing receivables greater than 30 days past due. Non-performing financing
receivables represent loans for which CNH Industrial has ceased accruing finance income. These receivables are
generally 90 days past due. Finance income for non-performing receivables is recognized on a cash basis. Accrued
interest is charged-off to interest income. Interest income charged-off was not material for the year ended
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022. Interest accrual is resumed if the receivable becomes contractually
current and collection becomes probable. Previously suspended income is recognized at that time.
CNH Industrial
The ageing of Receivables from financing activities of CNH Industrial at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 is as follows:
At 31\u00a0December\u00a02023
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
7,474
40
3
7,517
6
7,523
South America
3,647
20
\u2014
3,667
49
3,716
Asia Pacific
1,321
5
5
1,331
4
1,335
Europe, Middle East, Africa
5
\u2014
\u2014
5
10
15
Total Retail
12,448
64
8
12,520
69
12,589
Wholesale
North America
4,664
\u2014
\u2014
4,664
\u2014
4,664
South America
1,270
\u2014
\u2014
1,270
2
1,272
Asia Pacific
787
4
2
793
\u2014
793
Europe, Middle East, Africa
2,617
5
\u2014
2,622
\u2014
2,622
Total Wholesale
9,339
8
2
9,349
2
9,351
Other
\u2014
\u2014
\u2014
\u2014
\u2014
55
CNH Industrial
21,995
At 31 December 2022
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
6,874
39
11
6,924
\u2014
6,924
South America
2,564
11
\u2014
2,575
4
2,579
Asia Pacific
1,249
8
8
1,265
2
1,267
Europe, Middle East, Africa
3
\u2014
\u2014
3
10
13
Total Retail
10,690
58
19
10,767
16
10,783
Wholesale
North America
3,167
\u2014
\u2014
3,167
\u2014
3,167
South America
1,328
\u2014
\u2014
1,328
\u2014
1,328
Asia Pacific
463
\u2014
\u2014
463
\u2014
463
Europe, Middle East, Africa
2,333
7
2
2,341
\u2014
2,341
Total Wholesale
7,290
7
2
7,299
\u2014
7,299
Other
\u2014
\u2014
\u2014
\u2014
\u2014
26
CNH Industrial
18,108
Iveco Group
The ageing of Receivables from financing activities of Iveco Group at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02022 is
as follows:
At 31\u00a0December\u00a02023
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
82
\u2014
\u2014
82
23
105
(36)
69
Total Wholesale
5,266
13
1
5,280
157
5,437
(119)
5,318
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
5,552
(155)
5,397
At 31 December 2022
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
102
\u2014
1
103
26
129
(62)
67
Total Wholesale
4,063
7
5
4,075
60
4,135
(120)
4,015
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
4,274
(182)
4,092
Receivables from financing activities have significant concentrations of credit risk in the agriculture, construction
and truck business sectors, and in the Commercial and Specialty Vehicles segment. On a geographic basis, there
is not a disproportionate concentration of credit risk in any area. CNH Industrial and Iveco Group typically retain as
collateral a security interest in the equipment associated with retail notes, wholesale notes and finance leases.
A financial asset has experienced a significant increase in credit risk when the customer shows signs of operational
or financial weakness including past dues, which requires significant collection effort and monitoring and generally
occurs when the customer becomes past due greater than 30 days. The assessment considers available
information regarding the financial stability of the customer and other market/industry data; an account is typically
considered in default when it is 90 days past due.
CNH Industrial and Iveco Group utilize three categories for receivables from financing activities that reflect their
credit risk and how the loan provision is determined.
Internal risk grade
IFRS 9
classification
Definition
Basis for recognition of
expected credit loss
provision
Performing
Stage 1
Low risk of default; payments are generally less
than 30 days past due
12 month expected credit
losses
Performing
Stage 2
Significant increase in credit risk; payments
generally between 31 and 90 days past due
Lifetime expected credit losses
Non-performing
Stage 3
Accounts are credit impaired and/or a legal action
has been initiated; payments generally greater
than 90 days past due
Lifetime expected credit losses
Charge-off of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
estimated that amounts due are deemed uncollectible. CNH Industrial and Iveco Group continue to engage in
collection efforts to attempt to recover the receivables. When recoveries are collected, these are recognized as
income.
Allowance for Credit Losses
CNH Industrial and Iveco Group segregated their allowance for credit losses into two portfolio segments: retail and
wholesale. A portfolio segment is the level at which such companies develop a systematic methodology for
determining their allowance for credit losses. Further, CNH Industrial evaluates its retail and wholesale portfolio
segments by class of receivable: North America, Europe, Middle East, Africa, South America and Asia Pacific
regions. Typically, CNH Industrial\u2019s receivables within a geographic region have similar risk profiles and methods
for assessing and monitoring risk. These classes align with management reporting.
These companies account for their credit risk by appropriately providing for expected credit losses on a timely
basis. In calculating the expected credit loss rates, CNH Industrial and Iveco Group consider historical loss rates
for each category of customers and adjusts for forward looking macroeconomic data. The calculations depend also
on whether the receivable has been individually identified as being impaired. The first component of the allowance
for credit losses covers the receivables specifically reviewed by management for which companies have
determined it is probable that it will not collect all of the contractual principal and interest. Receivables are
individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior
collection history.
Expected credit losses are measured by considering: the unbiased and probability-weighted amount; the time value
of money; and reasonable and supportable information (available without undue costs or effort) at the reporting
date about past events, current conditions and forecasts of future economic conditions. Expected credit losses are
measured as the probability-weighted present value of all cash shortfalls over the expected life of each financial
asset.
The second component of the allowance for credit losses covers all receivables that have not been individually
reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations,
generally by financial product. The allowance for wholesale and retail credit losses is based on loss forecast
models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral
value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The
calculation is adjusted for forward looking macroeconomic factors. In addition, qualitative factors that are not fully
captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit
losses. These qualitative factors are subjective and require a degree of management judgment.
CNH Industrial
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
88
14
101
203
27
\u2014
33
60
Provision (benefit)
38
6
44
88
1
\u2014
(6)
(5)
Charge-off net of recoveries
(17)
\u2014
(18)
(35)
\u2014
\u2014
(5)
(5)
Transfers
6
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
(15)
\u2014
1
(14)
(1)
\u2014
(1)
(2)
Ending balance
100
14
128
242
27
\u2014
21
48
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
12,343
132
114
12,589
9,112
135
104
9,351
At 31\u00a0December\u00a02023, the allowance for credit losses included an increase in reserves due to reserve needs
primarily in South America, partially offset by a decrease in reserves of \u20ac14\u00a0million due to the sale of CNH Capital
Russia. CNH Industrial will update the macroeconomic factors and qualitative factors in future periods, as
warranted. Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
50
21
66
137
19
\u2014
38
57
Provision (benefit)
26
10
33
69
8
\u2014
(1)
7
Charge-off net of recoveries
2
\u2014
(18)
(16)
1
\u2014
(8)
(7)
Transfers
6
(20)
14
\u2014
1
\u2014
(1)
\u2014
Foreign currency translation
and other
4
3
6
13
(2)
\u2014
5
3
Ending balance
88
14
101
203
27
\u2014
33
60
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
10,568
131
83
10,782
7,190
20
89
7,299
At 31\u00a0December\u00a02022, the allowance for credit losses included an increase in reserves due to growth in the retail
portfolio and additionally included \u20ac14\u00a0million\u00a0for domestic Russian receivables, \u20ac9\u00a0million for the addition of
revolving charge accounts in North America and \u20ac7\u00a0million\u00a0in China related to Construction customers.
CNH\u00a0Industrial will update the macroeconomic factors and qualitative factors in future periods, as warranted.
Iveco Group
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
Year ended 31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
2
\u2014
60
62
25
\u2014
95
120
Provision (benefit)
\u2014
14
(35)
(21)
13
1
(9)
5
Charge-off net of recoveries
\u2014
\u2014
(5)
(5)
\u2014
\u2014
(6)
(6)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
2
14
20
36
38
1
80
119
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
51
15
3
69
5,279
145
117
5,541
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
Year ended 31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
3
\u2014
86
89
8
\u2014
90
98
Provision (benefit)
(1)
\u2014
(8)
(9)
17
\u2014
19
36
Charge-off net of recoveries
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(16)
(16)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Ending balance
2
\u2014
60
62
25
\u2014
95
120
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
13
\u2014
54
67
4,111
4
41
4,156
Finance lease receivables mainly relate to vehicles and equipment leased out under finance lease arrangements.
The interest rate implicit in the lease is determined at the commencement of the lease for the whole lease term.
The average interest rate implicit in total finance lease receivables varies depending on prevailing market interest
rates.
The item may be analysed as follows stated gross of an allowance of \u20ac50\u00a0million at 31\u00a0December\u00a02023 (\u20ac91\u00a0million
at 31\u00a0December\u00a02022):
(\u20ac million)
At 31 December
2023
2022
Less than one year
122
132
One to two years
85
81
Two to three years
68
73
Three to four years
50
56
Four to five years
27
33
More than five years
8
8
Total undiscounted receivables for future minimum lease payments
360
383
Unearned finance income
(46)
(45)
Present value of future minimum lease payments
314
338
Troubled Debt Restructuring
A restructuring of a receivable constitutes a troubled debt restructuring (\u201cTDR\u201d) when the lender grants a
concession it would not otherwise consider to a borrower that is experiencing financial difficulties. As a collateral-
based lender, CNH Industrial typically will repossess collateral in lieu of restructuring receivables. As such, for retail
receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables,
concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a
contractual interest rate to a below market interest rate and waiving of interest and principal.
TDRs are reviewed along with other receivables as part of management\u2019s ongoing evaluation of the adequacy of
the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable
source of repayment, which is normally the liquidation of the collateral. In determining collateral value, CNH
Industrial estimates the current fair market value of the equipment collateral and considers credit enhancements
such as additional collateral and third-party guarantees.
Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist
about the future ability of the borrower to meet its obligations based on a credit review, the TDR classification is not
removed from the receivable.
At 31\u00a0December\u00a02023, and 31\u00a0December\u00a02022, CNH Industrial\u2019s TDRs for retail and wholesale receivables were
immaterial
Financial debt by due date
An analysis of financial debt by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
\u00a0
At 31 December
2023
2022
(\u20ac million)
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Notes
2,566
7,272
3,196
13,034
2,053
8,250
3,305
13,608
Borrowings from banks
2,771
2,609
786
6,166
1,524
2,032
435
3,991
Asset-backed financing
9,041
6,530
62
15,633
8,838
4,538
23
13,399
Payables represented by
securities
1,318
656
\u2014
1,974
811
362
\u2014
1,173
Lease liabilities
151
325
130
606
134
284
115
533
Other financial debt
887
1,623
\u2014
2,510
850
105
3
958
Total financial debt
16,734
19,015
4,174
39,923
14,210
15,571
3,881
33,662
The analysis of outstanding notional amounts of derivative financial instruments by due date, at 31\u00a0December\u00a02023
and 2022 is as follows:
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
At 31\u00a0December\u00a02023
Currency risk management
10,906
333
\u2014
11,239
Interest rate risk management
1,868
6,996
462
9,326
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
1
\u2014
(27)
(26)
Total notional amount
12,775
7,329
435
20,539
At 31\u00a0December\u00a02022
Currency risk management
10,363
568
\u2014
10,931
Interest rate risk management
1,271
5,027
780
7,078
Interest rate and currency risk management
\u2014
\u2014
\u2014
\u2014
Commodity price risk management
9
\u2014
83
92
Total notional amount
11,643
5,595
863
18,101
Trade payables
The analysis of trade payables by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
7,830
7,843
Due between one and five years
97
40
Due beyond five years
3
5
Total payables
7,930
7,888
The analysis of other liabilities (excluding accrued expenses and deferred income) by due date at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Other liabilities (excluding accrued
expenses and deferred income)
3,263
220
88
3,571
3,242
345
70
3,657
Qualitative and quantitative information on financial risks
The Group is exposed to the following financial risks connected with its operations:
\u2013 credit risk related to its financing activities;
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempt to actively manage these risks.
These risks could significantly affect the Group\u2019s financial position and results of operations and cash flows, and for
this reason, the Group identifies and monitors these risks in order to detect potential negative effects in advance
and take the necessary action to mitigate them, primarily through the Group's operating and financing activities and
if required, through the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following paragraphs does not have any predictive value. In
particular, the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction,
which may result from any changes that are assumed to take place.
Credit risk
The credit concentration risk differs in relation to the activities carried out by the segments and sales markets in
which the Group operates; in all cases, however, the risk is mitigated by the large number of counterparties and
customers. Considered from a global point of view, however, there is a concentration of credit risk in trade
receivables and receivables from financing activities, in particular dealer financing in the European Union market
and in North America, as well as in South America for Agriculture and Construction.
The maximum credit risk to which the Group is theoretically exposed at 31\u00a0December\u00a02023 is represented by the
carrying amounts stated for financial assets in the financial statements and the nominal value of the guarantees
provided on debt or commitments to third parties as discussed in Note 31 Guarantees granted, commitments and
contingent liabilities.
Dealers and final customers are generally subject to specific assessments of their creditworthiness under a
detailed scoring system. In addition to carrying out this evaluation process, the Group may also obtain financial and
non-financial guarantees for risks arising from credit granted for the sale of agricultural equipment and related
parts. These guarantees are further secured, where possible, by retention of title clauses or specific guarantees on
financed equipment sales to the distribution network and on equipment under finance or leasing agreements.
For further information regarding the exposure to credit risk and ECLs of trade receivables, other receivables and
financial receivables at 31\u00a0December\u00a02023, refer to Note 20 Trade receivables.
Liquidity risk
Liquidity risk represents the risk that the Group is unable to obtain the funds needed to carry out its operations and
meet its obligations. Any actual or perceived limitations on the Group\u2019s liquidity may affect the ability of
counterparties to do business with the Group or may require additional amounts of cash and cash equivalents to be
allocated as collateral for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Group operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity
risk.
Additionally, as part of the activities, the Group regularly carries out funding operations on the various financial
markets which may take on different technical forms and which are aimed at ensuring that it has an adequate level
of current and future liquidity.
Measures taken to generate financial resources through operations and to maintain an adequate level of available
liquidity are an important factor in ensuring normal operating conditions and addressing strategic challenges. The
Group therefore plans to meet its requirements to settle liabilities as they fall due and to cover expected capital
expenditures by using cash flows from operations and available liquidity, renewing or refinancing bank loans and
making recourse to the bond market and other forms of funding.
The two main factors that determine its liquidity situation are the funds generated by or used in operating and
investing activities and the debt lending period and its renewal features or the liquidity of the funds employed and
market terms and conditions.
The Group has adopted a series of policies and procedures whose purpose is to optimize the management of
funds and to reduce liquidity risk as follows:
\u2013 centralizing the management of receipts and payments where it may be economical in the context of the local
statutory, currency and fiscal regulations of the countries in which the Group is present;
\u2013 maintaining an adequate level of available liquidity;
\u2013 diversifying the means by which funds are obtained and maintaining a continuous and active presence in the
capital markets;
\u2013 obtaining adequate credit lines; and
\u2013 monitoring future liquidity on the basis of business planning.
Details of the repayment structure of the Group\u2019s financial assets and liabilities are provided in Note 20 Trade
receivables, Note 27 Financial debt and other financial liabilities, Note 28 Derivative assets and derivative liabilities,
Note 29 Trade payables and Note 30 Other liabilities.
Exor Group believes that the funds currently available, together with the funds that will be generated from operating
and financing activities, will enable the Group to satisfy its requirements resulting from its investing activities and its
working capital needs and to fulfil its obligations to repay its debt at the natural due date.
Financial markets risk
Due to the nature of its business, the Exor Group is exposed to a variety of financial market risks, including
fluctuations in foreign currency exchange rates and interest rates.
The Group\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Group\u2019s industrial activities compared to the markets in which it sells its products, and in relation
to the use of external borrowing denominated in foreign currencies.
The Group\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating activities
and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either
increasing or decreasing the Group\u2019s result, thereby indirectly affecting the costs and returns of financing and
investing transactions.
The Group regularly assesses its exposure to foreign currency and interest rate risk and manages those risks
through the use of derivative financial instruments in accordance with its established risk management policies.
The policies adopted by the Group permit derivatives to be used only for managing the exposure to fluctuations in
exchange and interest rates connected with future cash flows and assets and liabilities and not for speculative
purposes.
Derivative financial instruments designated as fair value hedges are utilized mainly to hedge:
\u2013 the currency risk on financial instruments denominated in foreign currency;
\u2013 the interest rate risk on fixed rate loans and borrowings.
The instruments used for these hedges are mainly currency swaps, forward contracts, interest rate swaps and
combined interest rate and currency financial instruments.
Derivative financial instruments as cash flow hedges are utilized for the purpose of pre-determining:
\u2013 the exchange rate at which forecasted transactions denominated in foreign currencies will be accounted for;
\u2013 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a pre-defined mix of floating versus fixed rate funding structured loans.
The exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps, forward
contracts and currency options. Interest rate exposures are usually hedged by interest rate swaps and, in limited
cases, by forward rate agreements. Counterparties to these agreements are major and diverse financial
institutions.
Information on the fair value of derivative financial instruments held at the balance sheet date is provided in
Note\u00a028 Other financial assets and other financial liabilities.
Currency risk
The Group is exposed to risk resulting from changes in exchange rates, which can affect its earnings and equity.
Where one of the subsidiaries of the Group incurs costs in a currency different from that of its revenues, any
change in exchange rates can affect the operating results of that company;
The principal exchange rates to which the Group is exposed are the following:
\u2013 EUR/USD, in relation to the production/purchases of Agriculture and Construction in the euro area;
\u2013 USD/BRL and EUR/BRL, in relation to production in Brazil and the respective import/export flows;
\u2013 AUD/USD, mainly in relation to sales made by Agriculture and Construction in Australia;
\u2013 EUR/GBP, mainly in relation to sales on the U.K. market;
\u2013 EUR/TRY, mainly in relation to sales on the Turkish market;
\u2013 EUR/PNL, mainly in relation to sales on the Polish market;
\u2013 EUR/CZK; predominately in relation to the production of Commercial and Specialty Vehicles (Bus) in Czech
Republic.
Trade flows of CNH Industrial exposed to changes in these exchange rates in 2023 made up approximately 73% of
the exposure to currency risk from trade transactions.
Trade flows of Iveco Group exposed to changes in these exchange rates in 2023 made up approximately 72% of
the exposure to currency risk from trade transactions.
Trade flows of Ferrari Group exposed to changes in these exchange rates in 2023 made up approximately 60% of
the exposure to currency risk from trade transactions.
It is the policy of CNH Industrial and Iveco Group to use derivative financial instruments to hedge a certain
percentage, on average between 55% and 85%, of the forecasted trading transaction exchange risk exposure for
the coming 12 months with additional flexibility to reach 0% or 100% (including forecasted risk exposure beyond
that timeframe where it is believed to be appropriate) and to hedge completely the exposure resulting from firm
commitments.
Certain subsidiaries may hold trade receivables or payables denominated in a currency different from the
subsidiary\u2019s functional currency. In addition, in a limited number of cases, subsidiaries may obtain financing or use
funds in a currency different from their functional currency. Changes in exchange rates may result in exchange
gains or losses arising from these situations. It is the policy of the Group to hedge fully, whenever possible, the
exposure resulting from receivables, payables, and securities denominated in currencies different from the
subsidiary\u2019s functional currency.
The Group monitors its principal exposure to translation exchange risk, although there was no specific hedging in
place at 31\u00a0December\u00a02023.
There were no substantial changes in 2023 in the nature or structure of exposure to currency risk or in the Group
hedging policies.
For CNH Industrial Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately $167\u00a0million
corresponding to \u20ac151\u00a0million ($276\u00a0million corresponding to \u20ac259\u00a0million at 31\u00a0December\u00a02022).
For Iveco Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately \u20ac276\u00a0million
(\u20ac291\u00a0million at 31\u00a0December\u00a02022).
For Ferrari Group, the potential loss in fair value of derivative financial instruments held for foreign currency
exchange rate risk management (currency swaps/forwards) at 31\u00a0December\u00a02023 resulting from a 10% change in
the exchange rates would have been approximately \u20ac191\u00a0million (\u20ac175\u00a0million at 31\u00a0December\u00a02022).
Receivables, payables and future trade flows whose hedging transactions have been analysed were not included in
this analysis. It is reasonable to assume that changes in market exchange rates will produce the opposite effect, of
an equal or greater amount, on the underlying transactions that have been hedged.
Interest rate risk
The industrial activities make use of external funds obtained in the form of financing and invest in monetary and
financial market instruments. In addition, Group companies sell receivables. Changes in market interest rates can
affect the cost of financing, including the sale of receivables, or the return on investments of funds, causing an
impact on the level of net financial expenses incurred by the Group.
In addition, the financial services companies provide loans (mainly to customers and dealers), financed primarily
using various forms of external borrowings or asset-backed financing (e.g., securitization of receivables). Where
the characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of
the cost of the financing/funding obtained, changes in the current level of interest rates can affect the profit/(loss).
In order to mitigate these risks, the Group uses interest rate derivative financial instruments, mainly interest rate
swaps and forward rate agreements.
Interest rate benchmark reform CNH Industrial
In September 2019 IASB amended IFRS 9 and IAS 39 by issuing \"Interest Rate Benchmark Reform\" to provide
specific exceptions to hedge accounting requirements in IFRS 9 and IAS 39 for (a) highly probable requirement; (b)
prospective assessments; (c) retrospective assessment (IAS 39 only); and (d) separately identifiable risk
components.
Interest Rate Benchmark Reform also amended IFRS 7 to add specific disclosure requirements for hedging
relationships to which an entity applies the exceptions in IFRS 9 or IAS 39.
In August 2020 the Board issued \"Interest Rate Benchmark Reform - Phase 2\" which amended requirements in
IFRS\u00a09, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to:
\u25aa changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease
liabilities;
\u25aa hedge accounting; and
\u25aa disclosures.
The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial
instruments and hedging relationships.
During the second quarter of 2023, as a result of the Interest Rate Benchmark Reform, CNH Industrial renegotiated
its contract terms on its interest rate derivatives, by changing the floating interest rate swap from LIBOR to SOFR.
In accordance with the EU-IFR amendments on this topic included in IFRS 9, these changes can be treated under
a practical expedient.
CNH Industrial elected to apply the practical expedient that enables the company to account for a change in the
contractual cash flows that are required by the reform, by updating the effective interest rate to reflect the change in
an interest rate benchmark, without de-designation and apply no change to the cumulative basis adjustment
reflected in earnings. The elections did not have a material impact on CNH Industrial consolidated financial
statements for the year ended 31\u00a0December\u00a02023.
Sensitivity analysis for CNH Industrial
In assessing the potential impact of changes in interest rates, CNH Industrial separates fixed rate financial
instruments (for which the impact is assessed in terms of fair value) from floating rate financial instruments (for
which the impact is assessed in terms of cash flows).
The fixed rate financial instruments used by CNH Industrial consist of retail receivables, debt, ABS securities, and
other instruments.
For CNH Industrial Group, the potential loss in fair value of fixed rate financial instruments (including the effect of
interest rate derivative financial instruments) held at 31\u00a0December\u00a02023, resulting from a hypothetical,
unfavourable and instantaneous change of 10% in market interest rates would have been approximately
$21\u00a0million (\u20ac19\u00a0million), approximately $29\u00a0million (\u20ac27\u00a0million) at 31 December 2022.
Floating rate financial instruments consist principally of cash and cash equivalents, wholesale receivables, debt
and ABS securities. The effect of the sale of receivables is also considered in the sensitivity analysis as well as the
effect of hedging derivative instruments.
For CNH Industrial Group, a hypothetical 10% change in short-term interest rates at 31\u00a0December\u00a02023, applied to
floating rate financial assets and liabilities, operations for the sale of receivables and derivative financial
instruments, would have caused increased net expenses before taxes, on an annual basis, of approximately
$10\u00a0million corresponding to approximately \u20ac9\u00a0million ($15\u00a0million at 31\u00a0December\u00a02022, approximately
\u20ac14\u00a0million).
This analysis is based on the assumption that there is a hypothetical change of 10% in interest rate across
homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial
assets and liabilities are denominated.
Interest rate benchmark reform Iveco Group
Certain existing benchmark InterBank Offered Rates (IBORs) have partly been reformed and continue the reform
process by the Authority and gradually replaced with alternative benchmark rates (SOFR). Despite the uncertainty
around the timing and precise nature of these changes, the existing benchmark interest rates were gradually
abolished and replaced with alternative risk-free reference rates.
Group Treasury has managed and closely monitored the IBOR plan. No impact has been derived from the reform
in term of renegotiation of contractual adjustment of financial instruments.
Sensitivity analysis for Iveco Group
For Iveco Group the potential loss in fair value of fixed rate financial instruments (including the effect of interest rate
derivative financial instruments) held at 31\u00a0December\u00a02023, resulting from a hypothetical unfavourable and
instantaneous change of 10% in market interest rates, would have been approximately \u20ac3\u00a0million (\u20ac1\u00a0million at
31\u00a0December\u00a02022).
Floating rate financial instruments consist principally of cash and cash equivalents, wholesale receivables, debt,
and asset-backed securitizations. The effect of the sale of receivables is also considered in the sensitivity analysis
as well as the effect of hedging derivative instruments. This analysis does not include cash and cash equivalents in
hyperinflationary countries which could have distorting effects on the results of the analysis and the change in fair
value of foreign exchange rate derivative instruments.
A hypothetical change of 10% in short-term interest rates at 31\u00a0December\u00a02023, applied to floating rate financial
assets and liabilities, operations for the sale of receivables and derivative financial instruments, would have caused
increased net expenses before taxes, on an annual basis, of approximately \u20ac12\u00a0million (\u20ac8\u00a0million at
31\u00a0December\u00a02022).
This analysis is based on the assumption that there is a hypothetical change of 10% in interest rates across
homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial
assets and liabilities are denominated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-572": { "value": "Trade receivables
The analysis of trade receivables by due date, at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
851
671
Due between one and five years
13
11
Due beyond five years
\u2014
67
Total trade receivables
864
749
The following table shows the expected credit loss (ECL) allowance for trade receivables measured at amortised
cost at 31\u00a0December\u00a02023 and 2022:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Current and
less than 90
days past due
90 days or
more past due
Total
Current and
less than 90
days past due
90 days or
more past due
Total
Gross amount
863
91
954
725
91
816
ECL allowance
(43)
(47)
(90)
(14)
(53)
(67)
Carrying amount
820
44
864
711
38
749
The movement in the allowance for expected credit losses for trade receivables is as follows:
(\u20ac million)
2023
2022
At 1 January
67
86
Provision for expected credit losses
9
5
Change in scope of consolidation
(2)
(16)
Use and other changes
16
(8)
At 31 December
90
67
Receivables from financing activities
Receivables from financing activities at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Retail
Retail financing
13,528
11,678
Finance leases
581
562
Total Retail
14,109
12,240
Wholesale
Dealer financing
14,633
11,324
Total Wholesale
14,633
11,324
Other
106
42
Total receivables from financing activities
28,848
23,606
The analysis of receivables from financing activities by due date, for the years ended 31\u00a0December\u00a02023 and 2022
is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
19,129
14,701
Due between one and five years
9,294
8,308
Due beyond five years
425
597
Total receivables from financing activities
28,848
23,606
The detail of the receivables from financing activities is as follows:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial
21,995
18,108
Iveco Group
5,397
4,092
Ferrari
1,456
1,406
Total receivables from financing activities
28,848
23,606
Receivables from financing activities mainly refer to CNH Industrial and Iveco Group which account for credit risk
by appropriately providing for expected credit losses on a timely basis.
CNH Industrial and Iveco Group provide and administer financing for retail purchases of new and used equipment
and vehicles sold through their dealer networks. The terms of retail and other notes and finance leases generally
range from two to six years, and interest rates on retail and other notes and finance leases vary depending on
prevailing market interest rates and certain incentive programs offered by Industrial Activities.
Wholesale receivables arise primarily from the sale of goods to dealers and distributors and, to a lesser extent, the
financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these
receivables typically have \u201cinterest-free\u201d periods of up to twelve months and stated original maturities of up to
twenty-four months, with repayment accelerated upon the sale of the underlying equipment by the dealer.
During the \u201cinterest-free\u201d period, Financial Services is compensated by Industrial Activities based on market
interest rates. After the expiration of any \u201cinterest-free\u201d period, interest is charged to dealers on outstanding
balances until CNH Industrial and Iveco Group receive payment in full. The \u201cinterest-free\u201d periods are determined
based on the type of equipment sold and the time of year of the sale. CNH Industrial and Iveco Group evaluate and
assesses dealers on an ongoing basis as to their credit worthiness. CNH Industrial and Iveco Group may be
obligated to repurchase the dealer\u2019s equipment upon cancellation or termination of the dealer\u2019s contract for such
causes as change in ownership, closeout of the business, or default. There were no significant losses in 2023 and
2022 relating to the termination of dealer contracts.
CNH Industrial and Iveco Group assess and monitor the credit quality of its financing receivables based on whether
a receivable is classified as performing or non-Performing. Financing receivables are considered past due if the
required principal and interest payments have not yet been received as of the date such payments were due.
Delinquency is reported on financing receivables greater than 30 days past due. Non-performing financing
receivables represent loans for which CNH Industrial has ceased accruing finance income. These receivables are
generally 90 days past due. Finance income for non-performing receivables is recognized on a cash basis. Accrued
interest is charged-off to interest income. Interest income charged-off was not material for the year ended
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022. Interest accrual is resumed if the receivable becomes contractually
current and collection becomes probable. Previously suspended income is recognized at that time.
CNH Industrial
The ageing of Receivables from financing activities of CNH Industrial at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 is as follows:
At 31\u00a0December\u00a02023
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
7,474
40
3
7,517
6
7,523
South America
3,647
20
\u2014
3,667
49
3,716
Asia Pacific
1,321
5
5
1,331
4
1,335
Europe, Middle East, Africa
5
\u2014
\u2014
5
10
15
Total Retail
12,448
64
8
12,520
69
12,589
Wholesale
North America
4,664
\u2014
\u2014
4,664
\u2014
4,664
South America
1,270
\u2014
\u2014
1,270
2
1,272
Asia Pacific
787
4
2
793
\u2014
793
Europe, Middle East, Africa
2,617
5
\u2014
2,622
\u2014
2,622
Total Wholesale
9,339
8
2
9,349
2
9,351
Other
\u2014
\u2014
\u2014
\u2014
\u2014
55
CNH Industrial
21,995
At 31 December 2022
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
6,874
39
11
6,924
\u2014
6,924
South America
2,564
11
\u2014
2,575
4
2,579
Asia Pacific
1,249
8
8
1,265
2
1,267
Europe, Middle East, Africa
3
\u2014
\u2014
3
10
13
Total Retail
10,690
58
19
10,767
16
10,783
Wholesale
North America
3,167
\u2014
\u2014
3,167
\u2014
3,167
South America
1,328
\u2014
\u2014
1,328
\u2014
1,328
Asia Pacific
463
\u2014
\u2014
463
\u2014
463
Europe, Middle East, Africa
2,333
7
2
2,341
\u2014
2,341
Total Wholesale
7,290
7
2
7,299
\u2014
7,299
Other
\u2014
\u2014
\u2014
\u2014
\u2014
26
CNH Industrial
18,108
Iveco Group
The ageing of Receivables from financing activities of Iveco Group at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02022 is
as follows:
At 31\u00a0December\u00a02023
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
82
\u2014
\u2014
82
23
105
(36)
69
Total Wholesale
5,266
13
1
5,280
157
5,437
(119)
5,318
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
5,552
(155)
5,397
At 31 December 2022
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
102
\u2014
1
103
26
129
(62)
67
Total Wholesale
4,063
7
5
4,075
60
4,135
(120)
4,015
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
4,274
(182)
4,092
Receivables from financing activities have significant concentrations of credit risk in the agriculture, construction
and truck business sectors, and in the Commercial and Specialty Vehicles segment. On a geographic basis, there
is not a disproportionate concentration of credit risk in any area. CNH Industrial and Iveco Group typically retain as
collateral a security interest in the equipment associated with retail notes, wholesale notes and finance leases.
A financial asset has experienced a significant increase in credit risk when the customer shows signs of operational
or financial weakness including past dues, which requires significant collection effort and monitoring and generally
occurs when the customer becomes past due greater than 30 days. The assessment considers available
information regarding the financial stability of the customer and other market/industry data; an account is typically
considered in default when it is 90 days past due.
CNH Industrial and Iveco Group utilize three categories for receivables from financing activities that reflect their
credit risk and how the loan provision is determined.
Internal risk grade
IFRS 9
classification
Definition
Basis for recognition of
expected credit loss
provision
Performing
Stage 1
Low risk of default; payments are generally less
than 30 days past due
12 month expected credit
losses
Performing
Stage 2
Significant increase in credit risk; payments
generally between 31 and 90 days past due
Lifetime expected credit losses
Non-performing
Stage 3
Accounts are credit impaired and/or a legal action
has been initiated; payments generally greater
than 90 days past due
Lifetime expected credit losses
Charge-off of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
estimated that amounts due are deemed uncollectible. CNH Industrial and Iveco Group continue to engage in
collection efforts to attempt to recover the receivables. When recoveries are collected, these are recognized as
income.
Allowance for Credit Losses
CNH Industrial and Iveco Group segregated their allowance for credit losses into two portfolio segments: retail and
wholesale. A portfolio segment is the level at which such companies develop a systematic methodology for
determining their allowance for credit losses. Further, CNH Industrial evaluates its retail and wholesale portfolio
segments by class of receivable: North America, Europe, Middle East, Africa, South America and Asia Pacific
regions. Typically, CNH Industrial\u2019s receivables within a geographic region have similar risk profiles and methods
for assessing and monitoring risk. These classes align with management reporting.
These companies account for their credit risk by appropriately providing for expected credit losses on a timely
basis. In calculating the expected credit loss rates, CNH Industrial and Iveco Group consider historical loss rates
for each category of customers and adjusts for forward looking macroeconomic data. The calculations depend also
on whether the receivable has been individually identified as being impaired. The first component of the allowance
for credit losses covers the receivables specifically reviewed by management for which companies have
determined it is probable that it will not collect all of the contractual principal and interest. Receivables are
individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior
collection history.
Expected credit losses are measured by considering: the unbiased and probability-weighted amount; the time value
of money; and reasonable and supportable information (available without undue costs or effort) at the reporting
date about past events, current conditions and forecasts of future economic conditions. Expected credit losses are
measured as the probability-weighted present value of all cash shortfalls over the expected life of each financial
asset.
The second component of the allowance for credit losses covers all receivables that have not been individually
reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations,
generally by financial product. The allowance for wholesale and retail credit losses is based on loss forecast
models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral
value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The
calculation is adjusted for forward looking macroeconomic factors. In addition, qualitative factors that are not fully
captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit
losses. These qualitative factors are subjective and require a degree of management judgment.
CNH Industrial
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
88
14
101
203
27
\u2014
33
60
Provision (benefit)
38
6
44
88
1
\u2014
(6)
(5)
Charge-off net of recoveries
(17)
\u2014
(18)
(35)
\u2014
\u2014
(5)
(5)
Transfers
6
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
(15)
\u2014
1
(14)
(1)
\u2014
(1)
(2)
Ending balance
100
14
128
242
27
\u2014
21
48
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
12,343
132
114
12,589
9,112
135
104
9,351
At 31\u00a0December\u00a02023, the allowance for credit losses included an increase in reserves due to reserve needs
primarily in South America, partially offset by a decrease in reserves of \u20ac14\u00a0million due to the sale of CNH Capital
Russia. CNH Industrial will update the macroeconomic factors and qualitative factors in future periods, as
warranted. Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
50
21
66
137
19
\u2014
38
57
Provision (benefit)
26
10
33
69
8
\u2014
(1)
7
Charge-off net of recoveries
2
\u2014
(18)
(16)
1
\u2014
(8)
(7)
Transfers
6
(20)
14
\u2014
1
\u2014
(1)
\u2014
Foreign currency translation
and other
4
3
6
13
(2)
\u2014
5
3
Ending balance
88
14
101
203
27
\u2014
33
60
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
10,568
131
83
10,782
7,190
20
89
7,299
At 31\u00a0December\u00a02022, the allowance for credit losses included an increase in reserves due to growth in the retail
portfolio and additionally included \u20ac14\u00a0million\u00a0for domestic Russian receivables, \u20ac9\u00a0million for the addition of
revolving charge accounts in North America and \u20ac7\u00a0million\u00a0in China related to Construction customers.
CNH\u00a0Industrial will update the macroeconomic factors and qualitative factors in future periods, as warranted.
Iveco Group
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
Year ended 31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
2
\u2014
60
62
25
\u2014
95
120
Provision (benefit)
\u2014
14
(35)
(21)
13
1
(9)
5
Charge-off net of recoveries
\u2014
\u2014
(5)
(5)
\u2014
\u2014
(6)
(6)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
2
14
20
36
38
1
80
119
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
51
15
3
69
5,279
145
117
5,541
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
Year ended 31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
3
\u2014
86
89
8
\u2014
90
98
Provision (benefit)
(1)
\u2014
(8)
(9)
17
\u2014
19
36
Charge-off net of recoveries
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(16)
(16)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Ending balance
2
\u2014
60
62
25
\u2014
95
120
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
13
\u2014
54
67
4,111
4
41
4,156
Finance lease receivables mainly relate to vehicles and equipment leased out under finance lease arrangements.
The interest rate implicit in the lease is determined at the commencement of the lease for the whole lease term.
The average interest rate implicit in total finance lease receivables varies depending on prevailing market interest
rates.
The item may be analysed as follows stated gross of an allowance of \u20ac50\u00a0million at 31\u00a0December\u00a02023 (\u20ac91\u00a0million
at 31\u00a0December\u00a02022):
(\u20ac million)
At 31 December
2023
2022
Less than one year
122
132
One to two years
85
81
Two to three years
68
73
Three to four years
50
56
Four to five years
27
33
More than five years
8
8
Total undiscounted receivables for future minimum lease payments
360
383
Unearned finance income
(46)
(45)
Present value of future minimum lease payments
314
338
Troubled Debt Restructuring
A restructuring of a receivable constitutes a troubled debt restructuring (\u201cTDR\u201d) when the lender grants a
concession it would not otherwise consider to a borrower that is experiencing financial difficulties. As a collateral-
based lender, CNH Industrial typically will repossess collateral in lieu of restructuring receivables. As such, for retail
receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables,
concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a
contractual interest rate to a below market interest rate and waiving of interest and principal.
TDRs are reviewed along with other receivables as part of management\u2019s ongoing evaluation of the adequacy of
the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable
source of repayment, which is normally the liquidation of the collateral. In determining collateral value, CNH
Industrial estimates the current fair market value of the equipment collateral and considers credit enhancements
such as additional collateral and third-party guarantees.
Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist
about the future ability of the borrower to meet its obligations based on a credit review, the TDR classification is not
removed from the receivable.
At 31\u00a0December\u00a02023, and 31\u00a0December\u00a02022, CNH Industrial\u2019s TDRs for retail and wholesale receivables were
immaterial
Transfers of financial receivables
CNH Industrial and Iveco Group transfer a number of their financial receivables to securitization programs or
factoring transactions. A securitization transaction entails the sale of a portfolio of receivables to a securitization
vehicle. This structured entity finances the purchase of the receivables by issuing asset-backed securities (i.e.
securities whose repayment and interest flow depend upon the cash flow generated by the portfolio). Asset-backed
securities are divided into classes according to their degree of seniority and rating: the most senior classes are
placed with investors on the market; the junior class, whose repayment is subordinated to the senior classes, is
normally subscribed for by the seller.
The residual interest in the receivables retained by the seller is therefore limited to the junior securities it has
subscribed for. In accordance with IFRS 10 \u2013 Consolidated Financial Statements, all securitization vehicles are
included in the scope of consolidation because the subscription of the junior asset-backed securities by the seller
implies its control in substance over the structured entity. Furthermore, factoring transactions may be either with
recourse or without recourse; certain without recourse transfers include deferred payment clauses (for example,
when the payment by the factor of a minor part of the purchase price is dependent on the total amount collected
from the receivables), requiring first loss cover, meaning that the transferor takes priority participation in the losses,
or require a significant exposure to the cash flows arising from the transferred receivables to be retained. These
types of transactions do not comply with the requirements of IFRS 9 \u2013 Financial Instruments for the derecognition
of the assets, since the risks and rewards connected with collection are not substantially transferred and,
accordingly, the Group continues to recognize the receivables transferred by this means in its consolidated
statement of financial position and recognizes a financial liability of the same amount under Asset-backed financing
(see Note 19 Financial Debt and derivative liabilities). The gains and losses arising from the transfer of these
assets are only recognized when the assets are derecognized.
At 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the carrying amount of CNH Industrial transferred financial assets
not derecognized and the related liability and the respective fair values were as follows:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Receivables
from
financing
activities
transferred
Other
financial
assets
transferred
Total
Receivables
from
financing
activities
transferred
Other
financial
assets
transferred
Total
Carrying amount of assets
12,749
941
13,690
10,639
632
11,271
Carrying amount of the related liabilities
(9,689)
(919)
(10,608)
(8,494)
(650)
(9,144)
Liabilities for which the counterparty has the
right to obtain relief on the transferred
assets:
Fair value of the assets
12,521
941
13,462
10,344
632
10,976
Fair value of the liabilities
(9,645)
(918)
(10,563)
(8,299)
(649)
(8,948)
Net position
2,876
23
2,899
2,045
(17)
2,028
Other financial assets transferred also include the cash with a pre-determined use restricted to the repayment of
the securitization debt.
CNH Industrial has discounted receivables and bills without recourse having due dates beyond 31\u00a0December\u00a02023
amounting to \u20ac27\u00a0million which refer to trade receivables and other receivables. At 31\u00a0December\u00a02022 , the amount
of discounted receivables and bills without recourse with due dates beyond that date, was \u20ac16\u00a0million, of which,
\u20ac167\u00a0million referred to trade receivables and other receivables and \u20ac13\u00a0million referred to receivables from
financing activities.
At 31\u00a0December\u00a02023, the carrying amount of Iveco Group transferred financial assets not derecognized and the
related liability and the respective fair values were as follows:
At 31 December
(\u20ac million)
2023
2022
Carrying amount of assets
3,649
3,353
Carrying amount of the related liabilities
(3,649)
(3,145)
Liabilities for which the counterparty has the right to obtain relief on the transferred assets:
Fair value of the assets
3,649
3,353
Fair value of the liabilities
(3,649)
(3,145)
Total restricted receivables
\u2014
208
Other financial assets transferred also include the cash with a pre-determined use restricted to the repayment of
the securitization debt.
Iveco Group has discounted receivables and bills without recourse having due dates beyond 31\u00a0December\u00a02023
amounting to \u20ac274\u00a0million (\u20ac183\u00a0million at 31\u00a0December\u00a02022, with due dates beyond that date), which refer to
trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-576": { "value": "
The following table shows the expected credit loss (ECL) allowance for trade receivables measured at amortised
cost at 31\u00a0December\u00a02023 and 2022:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Current and
less than 90
days past due
90 days or
more past due
Total
Current and
less than 90
days past due
90 days or
more past due
Total
Gross amount
863
91
954
725
91
816
ECL allowance
(43)
(47)
(90)
(14)
(53)
(67)
Carrying amount
820
44
864
711
38
749
The movement in the allowance for expected credit losses for trade receivables is as follows:
(\u20ac million)
2023
2022
At 1 January
67
86
Provision for expected credit losses
9
5
Change in scope of consolidation
(2)
(16)
Use and other changes
16
(8)
At 31 December
90
67
CNH Industrial and Iveco Group assess and monitor the credit quality of its financing receivables based on whether
a receivable is classified as performing or non-Performing. Financing receivables are considered past due if the
required principal and interest payments have not yet been received as of the date such payments were due.
Delinquency is reported on financing receivables greater than 30 days past due. Non-performing financing
receivables represent loans for which CNH Industrial has ceased accruing finance income. These receivables are
generally 90 days past due. Finance income for non-performing receivables is recognized on a cash basis. Accrued
interest is charged-off to interest income. Interest income charged-off was not material for the year ended
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022. Interest accrual is resumed if the receivable becomes contractually
current and collection becomes probable. Previously suspended income is recognized at that time.
CNH Industrial
The ageing of Receivables from financing activities of CNH Industrial at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 is as follows:
At 31\u00a0December\u00a02023
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
7,474
40
3
7,517
6
7,523
South America
3,647
20
\u2014
3,667
49
3,716
Asia Pacific
1,321
5
5
1,331
4
1,335
Europe, Middle East, Africa
5
\u2014
\u2014
5
10
15
Total Retail
12,448
64
8
12,520
69
12,589
Wholesale
North America
4,664
\u2014
\u2014
4,664
\u2014
4,664
South America
1,270
\u2014
\u2014
1,270
2
1,272
Asia Pacific
787
4
2
793
\u2014
793
Europe, Middle East, Africa
2,617
5
\u2014
2,622
\u2014
2,622
Total Wholesale
9,339
8
2
9,349
2
9,351
Other
\u2014
\u2014
\u2014
\u2014
\u2014
55
CNH Industrial
21,995
At 31 December 2022
\u20ac million
Total current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Retail
North America
6,874
39
11
6,924
\u2014
6,924
South America
2,564
11
\u2014
2,575
4
2,579
Asia Pacific
1,249
8
8
1,265
2
1,267
Europe, Middle East, Africa
3
\u2014
\u2014
3
10
13
Total Retail
10,690
58
19
10,767
16
10,783
Wholesale
North America
3,167
\u2014
\u2014
3,167
\u2014
3,167
South America
1,328
\u2014
\u2014
1,328
\u2014
1,328
Asia Pacific
463
\u2014
\u2014
463
\u2014
463
Europe, Middle East, Africa
2,333
7
2
2,341
\u2014
2,341
Total Wholesale
7,290
7
2
7,299
\u2014
7,299
Other
\u2014
\u2014
\u2014
\u2014
\u2014
26
CNH Industrial
18,108
Iveco Group
The ageing of Receivables from financing activities of Iveco Group at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02022 is
as follows:
At 31\u00a0December\u00a02023
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
82
\u2014
\u2014
82
23
105
(36)
69
Total Wholesale
5,266
13
1
5,280
157
5,437
(119)
5,318
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
5,552
(155)
5,397
At 31 December 2022
(\u20ac million)
Total
current
31-60 Days
Past Due
61-90 Days
Past Due
Total
Performing
Non-
Performing
Total
Allowance
Total net
allowance
Total Retail
102
\u2014
1
103
26
129
(62)
67
Total Wholesale
4,063
7
5
4,075
60
4,135
(120)
4,015
Other
\u2014
\u2014
\u2014
\u2014
\u2014
10
\u2014
10
Iveco Group
4,274
(182)
4,092
Receivables from financing activities have significant concentrations of credit risk in the agriculture, construction
and truck business sectors, and in the Commercial and Specialty Vehicles segment. On a geographic basis, there
is not a disproportionate concentration of credit risk in any area. CNH Industrial and Iveco Group typically retain as
collateral a security interest in the equipment associated with retail notes, wholesale notes and finance leases.
A financial asset has experienced a significant increase in credit risk when the customer shows signs of operational
or financial weakness including past dues, which requires significant collection effort and monitoring and generally
occurs when the customer becomes past due greater than 30 days. The assessment considers available
information regarding the financial stability of the customer and other market/industry data; an account is typically
considered in default when it is 90 days past due.
CNH Industrial and Iveco Group utilize three categories for receivables from financing activities that reflect their
credit risk and how the loan provision is determined.
Internal risk grade
IFRS 9
classification
Definition
Basis for recognition of
expected credit loss
provision
Performing
Stage 1
Low risk of default; payments are generally less
than 30 days past due
12 month expected credit
losses
Performing
Stage 2
Significant increase in credit risk; payments
generally between 31 and 90 days past due
Lifetime expected credit losses
Non-performing
Stage 3
Accounts are credit impaired and/or a legal action
has been initiated; payments generally greater
than 90 days past due
Lifetime expected credit losses
Charge-off of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
estimated that amounts due are deemed uncollectible. CNH Industrial and Iveco Group continue to engage in
collection efforts to attempt to recover the receivables. When recoveries are collected, these are recognized as
income.
Allowance for Credit Losses
CNH Industrial and Iveco Group segregated their allowance for credit losses into two portfolio segments: retail and
wholesale. A portfolio segment is the level at which such companies develop a systematic methodology for
determining their allowance for credit losses. Further, CNH Industrial evaluates its retail and wholesale portfolio
segments by class of receivable: North America, Europe, Middle East, Africa, South America and Asia Pacific
regions. Typically, CNH Industrial\u2019s receivables within a geographic region have similar risk profiles and methods
for assessing and monitoring risk. These classes align with management reporting.
These companies account for their credit risk by appropriately providing for expected credit losses on a timely
basis. In calculating the expected credit loss rates, CNH Industrial and Iveco Group consider historical loss rates
for each category of customers and adjusts for forward looking macroeconomic data. The calculations depend also
on whether the receivable has been individually identified as being impaired. The first component of the allowance
for credit losses covers the receivables specifically reviewed by management for which companies have
determined it is probable that it will not collect all of the contractual principal and interest. Receivables are
individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior
collection history.
Expected credit losses are measured by considering: the unbiased and probability-weighted amount; the time value
of money; and reasonable and supportable information (available without undue costs or effort) at the reporting
date about past events, current conditions and forecasts of future economic conditions. Expected credit losses are
measured as the probability-weighted present value of all cash shortfalls over the expected life of each financial
asset.
The second component of the allowance for credit losses covers all receivables that have not been individually
reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations,
generally by financial product. The allowance for wholesale and retail credit losses is based on loss forecast
models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral
value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The
calculation is adjusted for forward looking macroeconomic factors. In addition, qualitative factors that are not fully
captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit
losses. These qualitative factors are subjective and require a degree of management judgment.
CNH Industrial
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
88
14
101
203
27
\u2014
33
60
Provision (benefit)
38
6
44
88
1
\u2014
(6)
(5)
Charge-off net of recoveries
(17)
\u2014
(18)
(35)
\u2014
\u2014
(5)
(5)
Transfers
6
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
(15)
\u2014
1
(14)
(1)
\u2014
(1)
(2)
Ending balance
100
14
128
242
27
\u2014
21
48
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
12,343
132
114
12,589
9,112
135
104
9,351
At 31\u00a0December\u00a02023, the allowance for credit losses included an increase in reserves due to reserve needs
primarily in South America, partially offset by a decrease in reserves of \u20ac14\u00a0million due to the sale of CNH Capital
Russia. CNH Industrial will update the macroeconomic factors and qualitative factors in future periods, as
warranted. Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
50
21
66
137
19
\u2014
38
57
Provision (benefit)
26
10
33
69
8
\u2014
(1)
7
Charge-off net of recoveries
2
\u2014
(18)
(16)
1
\u2014
(8)
(7)
Transfers
6
(20)
14
\u2014
1
\u2014
(1)
\u2014
Foreign currency translation
and other
4
3
6
13
(2)
\u2014
5
3
Ending balance
88
14
101
203
27
\u2014
33
60
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
10,568
131
83
10,782
7,190
20
89
7,299
At 31\u00a0December\u00a02022, the allowance for credit losses included an increase in reserves due to growth in the retail
portfolio and additionally included \u20ac14\u00a0million\u00a0for domestic Russian receivables, \u20ac9\u00a0million for the addition of
revolving charge accounts in North America and \u20ac7\u00a0million\u00a0in China related to Construction customers.
CNH\u00a0Industrial will update the macroeconomic factors and qualitative factors in future periods, as warranted.
Iveco Group
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
Year ended 31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
2
\u2014
60
62
25
\u2014
95
120
Provision (benefit)
\u2014
14
(35)
(21)
13
1
(9)
5
Charge-off net of recoveries
\u2014
\u2014
(5)
(5)
\u2014
\u2014
(6)
(6)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
2
14
20
36
38
1
80
119
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
51
15
3
69
5,279
145
117
5,541
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
Year ended 31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
3
\u2014
86
89
8
\u2014
90
98
Provision (benefit)
(1)
\u2014
(8)
(9)
17
\u2014
19
36
Charge-off net of recoveries
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(16)
(16)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Ending balance
2
\u2014
60
62
25
\u2014
95
120
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
13
\u2014
54
67
4,111
4
41
4,156
Finance lease receivables mainly relate to vehicles and equipment leased out under finance lease arrangements.
The interest rate implicit in the lease is determined at the commencement of the lease for the whole lease term.
The average interest rate implicit in total finance lease receivables varies depending on prevailing market interest
rates.
The item may be analysed as follows stated gross of an allowance of \u20ac50\u00a0million at 31\u00a0December\u00a02023 (\u20ac91\u00a0million
at 31\u00a0December\u00a02022):
(\u20ac million)
At 31 December
2023
2022
Less than one year
122
132
One to two years
85
81
Two to three years
68
73
Three to four years
50
56
Four to five years
27
33
More than five years
8
8
Total undiscounted receivables for future minimum lease payments
360
383
Unearned finance income
(46)
(45)
Present value of future minimum lease payments
314
338
Troubled Debt Restructuring
A restructuring of a receivable constitutes a troubled debt restructuring (\u201cTDR\u201d) when the lender grants a
concession it would not otherwise consider to a borrower that is experiencing financial difficulties. As a collateral-
based lender, CNH Industrial typically will repossess collateral in lieu of restructuring receivables. As such, for retail
receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables,
concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a
contractual interest rate to a below market interest rate and waiving of interest and principal.
TDRs are reviewed along with other receivables as part of management\u2019s ongoing evaluation of the adequacy of
the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable
source of repayment, which is normally the liquidation of the collateral. In determining collateral value, CNH
Industrial estimates the current fair market value of the equipment collateral and considers credit enhancements
such as additional collateral and third-party guarantees.
Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist
about the future ability of the borrower to meet its obligations based on a credit review, the TDR classification is not
removed from the receivable.
At 31\u00a0December\u00a02023, and 31\u00a0December\u00a02022, CNH Industrial\u2019s TDRs for retail and wholesale receivables were
immaterial
Credit risk
The credit concentration risk differs in relation to the activities carried out by the segments and sales markets in
which the Group operates; in all cases, however, the risk is mitigated by the large number of counterparties and
customers. Considered from a global point of view, however, there is a concentration of credit risk in trade
receivables and receivables from financing activities, in particular dealer financing in the European Union market
and in North America, as well as in South America for Agriculture and Construction.
The maximum credit risk to which the Group is theoretically exposed at 31\u00a0December\u00a02023 is represented by the
carrying amounts stated for financial assets in the financial statements and the nominal value of the guarantees
provided on debt or commitments to third parties as discussed in Note 31 Guarantees granted, commitments and
contingent liabilities.
Dealers and final customers are generally subject to specific assessments of their creditworthiness under a
detailed scoring system. In addition to carrying out this evaluation process, the Group may also obtain financial and
non-financial guarantees for risks arising from credit granted for the sale of agricultural equipment and related
parts. These guarantees are further secured, where possible, by retention of title clauses or specific guarantees on
financed equipment sales to the distribution network and on equipment under finance or leasing agreements.
For further information regarding the exposure to credit risk and ECLs of trade receivables, other receivables and
financial receivables at 31\u00a0December\u00a02023, refer to Note 20 Trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-575": { "value": "
The following table shows the expected credit loss (ECL) allowance for trade receivables measured at amortised
cost at 31\u00a0December\u00a02023 and 2022:
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Current and
less than 90
days past due
90 days or
more past due
Total
Current and
less than 90
days past due
90 days or
more past due
Total
Gross amount
863
91
954
725
91
816
ECL allowance
(43)
(47)
(90)
(14)
(53)
(67)
Carrying amount
820
44
864
711
38
749
The movement in the allowance for expected credit losses for trade receivables is as follows:
(\u20ac million)
2023
2022
At 1 January
67
86
Provision for expected credit losses
9
5
Change in scope of consolidation
(2)
(16)
Use and other changes
16
(8)
At 31 December
90
67
Allowance for Credit Losses
CNH Industrial and Iveco Group segregated their allowance for credit losses into two portfolio segments: retail and
wholesale. A portfolio segment is the level at which such companies develop a systematic methodology for
determining their allowance for credit losses. Further, CNH Industrial evaluates its retail and wholesale portfolio
segments by class of receivable: North America, Europe, Middle East, Africa, South America and Asia Pacific
regions. Typically, CNH Industrial\u2019s receivables within a geographic region have similar risk profiles and methods
for assessing and monitoring risk. These classes align with management reporting.
These companies account for their credit risk by appropriately providing for expected credit losses on a timely
basis. In calculating the expected credit loss rates, CNH Industrial and Iveco Group consider historical loss rates
for each category of customers and adjusts for forward looking macroeconomic data. The calculations depend also
on whether the receivable has been individually identified as being impaired. The first component of the allowance
for credit losses covers the receivables specifically reviewed by management for which companies have
determined it is probable that it will not collect all of the contractual principal and interest. Receivables are
individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior
collection history.
Expected credit losses are measured by considering: the unbiased and probability-weighted amount; the time value
of money; and reasonable and supportable information (available without undue costs or effort) at the reporting
date about past events, current conditions and forecasts of future economic conditions. Expected credit losses are
measured as the probability-weighted present value of all cash shortfalls over the expected life of each financial
asset.
The second component of the allowance for credit losses covers all receivables that have not been individually
reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations,
generally by financial product. The allowance for wholesale and retail credit losses is based on loss forecast
models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral
value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The
calculation is adjusted for forward looking macroeconomic factors. In addition, qualitative factors that are not fully
captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit
losses. These qualitative factors are subjective and require a degree of management judgment.
CNH Industrial
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
88
14
101
203
27
\u2014
33
60
Provision (benefit)
38
6
44
88
1
\u2014
(6)
(5)
Charge-off net of recoveries
(17)
\u2014
(18)
(35)
\u2014
\u2014
(5)
(5)
Transfers
6
(6)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
(15)
\u2014
1
(14)
(1)
\u2014
(1)
(2)
Ending balance
100
14
128
242
27
\u2014
21
48
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
12,343
132
114
12,589
9,112
135
104
9,351
At 31\u00a0December\u00a02023, the allowance for credit losses included an increase in reserves due to reserve needs
primarily in South America, partially offset by a decrease in reserves of \u20ac14\u00a0million due to the sale of CNH Capital
Russia. CNH Industrial will update the macroeconomic factors and qualitative factors in future periods, as
warranted. Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
50
21
66
137
19
\u2014
38
57
Provision (benefit)
26
10
33
69
8
\u2014
(1)
7
Charge-off net of recoveries
2
\u2014
(18)
(16)
1
\u2014
(8)
(7)
Transfers
6
(20)
14
\u2014
1
\u2014
(1)
\u2014
Foreign currency translation
and other
4
3
6
13
(2)
\u2014
5
3
Ending balance
88
14
101
203
27
\u2014
33
60
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
10,568
131
83
10,782
7,190
20
89
7,299
At 31\u00a0December\u00a02022, the allowance for credit losses included an increase in reserves due to growth in the retail
portfolio and additionally included \u20ac14\u00a0million\u00a0for domestic Russian receivables, \u20ac9\u00a0million for the addition of
revolving charge accounts in North America and \u20ac7\u00a0million\u00a0in China related to Construction customers.
CNH\u00a0Industrial will update the macroeconomic factors and qualitative factors in future periods, as warranted.
Iveco Group
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02023 is as follows:
Year ended 31\u00a0December\u00a02023
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
2
\u2014
60
62
25
\u2014
95
120
Provision (benefit)
\u2014
14
(35)
(21)
13
1
(9)
5
Charge-off net of recoveries
\u2014
\u2014
(5)
(5)
\u2014
\u2014
(6)
(6)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
2
14
20
36
38
1
80
119
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
51
15
3
69
5,279
145
117
5,541
Allowance for credit losses activity for the year ended 31\u00a0December\u00a02022 is as follows:
Year ended 31 December 2022
Retail
Wholesale
(\u20ac million)
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Stage 1
12
months
ECL
Stage 2
Lifetime
ECL
Stage 3
Lifetime
ECL
Total
Opening balance
3
\u2014
86
89
8
\u2014
90
98
Provision (benefit)
(1)
\u2014
(8)
(9)
17
\u2014
19
36
Charge-off net of recoveries
\u2014
\u2014
(18)
(18)
\u2014
\u2014
(16)
(16)
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign currency translation
and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Ending balance
2
\u2014
60
62
25
\u2014
95
120
Receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ending balance
13
\u2014
54
67
4,111
4
41
4,156
Finance lease receivables mainly relate to vehicles and equipment leased out under finance lease arrangements.
The interest rate implicit in the lease is determined at the commencement of the lease for the whole lease term.
The average interest rate implicit in total finance lease receivables varies depending on prevailing market interest
rates.
The item may be analysed as follows stated gross of an allowance of \u20ac50\u00a0million at 31\u00a0December\u00a02023 (\u20ac91\u00a0million
at 31\u00a0December\u00a02022):
(\u20ac million)
At 31 December
2023
2022
Less than one year
122
132
One to two years
85
81
Two to three years
68
73
Three to four years
50
56
Four to five years
27
33
More than five years
8
8
Total undiscounted receivables for future minimum lease payments
360
383
Unearned finance income
(46)
(45)
Present value of future minimum lease payments
314
338
Troubled Debt Restructuring
A restructuring of a receivable constitutes a troubled debt restructuring (\u201cTDR\u201d) when the lender grants a
concession it would not otherwise consider to a borrower that is experiencing financial difficulties. As a collateral-
based lender, CNH Industrial typically will repossess collateral in lieu of restructuring receivables. As such, for retail
receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables,
concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a
contractual interest rate to a below market interest rate and waiving of interest and principal.
TDRs are reviewed along with other receivables as part of management\u2019s ongoing evaluation of the adequacy of
the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable
source of repayment, which is normally the liquidation of the collateral. In determining collateral value, CNH
Industrial estimates the current fair market value of the equipment collateral and considers credit enhancements
such as additional collateral and third-party guarantees.
Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist
about the future ability of the borrower to meet its obligations based on a credit review, the TDR classification is not
removed from the receivable.
At 31\u00a0December\u00a02023, and 31\u00a0December\u00a02022, CNH Industrial\u2019s TDRs for retail and wholesale receivables were
immaterial
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-578": { "value": "Cash and cash equivalents
Cash and cash equivalents at 31\u00a0December\u00a02023 and at 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Cash at banks
7,200
8,885
Money market securities at FVTPL
338
459
Money market securities at amortized cost
186
173
Liquidity funds
66
1,114
Restricted cash
888
946
Total cash and cash equivalents
8,678
11,577
Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible
into cash and are subject to an insignificant risk of changes in value.
Restricted cash mainly includes bank deposits that may be used exclusively for the repayment of the debt relating
to securitizations classified as Asset-backed financing.
The credit risk associated with cash and cash equivalents is considered not significant, because these consist
mainly of deposits spread across primary international financial institutions.
The Ferrari Group may be subject to restrictions which limit its ability to use cash in relation to its interest in Ferrari
International Cars Trading (Shanghai) Co. Ltd. In particular, cash held in China is subject to certain repatriation
restrictions and may only be repatriated as a repayment of payables or debt, or through a payment of dividends or
capital distributions. The Ferrari Group does not believe that such transfer restrictions have any adverse impacts on
its ability to meet liquidity requirements. Cash held in China by Ferrari Group at 31\u00a0December\u00a02023 amounted to
\u20ac81\u00a0million (\u20ac97\u00a0million at 31\u00a0December\u00a02022).
Cash collected from the settlement of receivables under securitization programs of Ferrari Group is subject to
certain restrictions regarding its use and is principally applied to repay principal and interest of the related funding.
Such cash amounted to \u20ac32\u00a0million at 31\u00a0December\u00a02023 (\u20ac44\u00a0million at 31\u00a0December\u00a02022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-577": { "value": "Cash and cash equivalents
Cash and cash equivalents at 31\u00a0December\u00a02023 and at 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Cash at banks
7,200
8,885
Money market securities at FVTPL
338
459
Money market securities at amortized cost
186
173
Liquidity funds
66
1,114
Restricted cash
888
946
Total cash and cash equivalents
8,678
11,577
Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible
into cash and are subject to an insignificant risk of changes in value.
Restricted cash mainly includes bank deposits that may be used exclusively for the repayment of the debt relating
to securitizations classified as Asset-backed financing.
The credit risk associated with cash and cash equivalents is considered not significant, because these consist
mainly of deposits spread across primary international financial institutions.
The Ferrari Group may be subject to restrictions which limit its ability to use cash in relation to its interest in Ferrari
International Cars Trading (Shanghai) Co. Ltd. In particular, cash held in China is subject to certain repatriation
restrictions and may only be repatriated as a repayment of payables or debt, or through a payment of dividends or
capital distributions. The Ferrari Group does not believe that such transfer restrictions have any adverse impacts on
its ability to meet liquidity requirements. Cash held in China by Ferrari Group at 31\u00a0December\u00a02023 amounted to
\u20ac81\u00a0million (\u20ac97\u00a0million at 31\u00a0December\u00a02022).
Cash collected from the settlement of receivables under securitization programs of Ferrari Group is subject to
certain restrictions regarding its use and is principally applied to repay principal and interest of the related funding.
Such cash amounted to \u20ac32\u00a0million at 31\u00a0December\u00a02023 (\u20ac44\u00a0million at 31\u00a0December\u00a02022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-579": { "value": "Equity
Share capital
In March 2023, Exor completed the cancellation of 7,007,464 ordinary shares held as treasury stock, which had
been acquired as part of the 2018-2020 share buyback program and the first tranche of the 2022-2024 share
buyback program. This cancellation, in line with the intention announced at the launch of the buyback program,
was conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders held on
24\u00a0May\u00a02022.
At 31\u00a0December\u00a02023 the total issued capital of Exor N.V. was equal to Euro\u00a07,328,612, divided into
no.\u00a0233,992,536 ordinary shares each with a nominal value of Euro 0.01 and no.124,717,163 Special Voting
Shares A each with a nominal value of Euro 0.04.
At 31\u00a0December\u00a02023 Giovanni Agnelli B.V. owns 86.86% of the voting rights on Exor\u2019s outstanding capital.
Exor N.V. adopted a loyalty voting structure designed to incentivize long-term share ownership, on the basis of
which for each Exor N.V. ordinary share held without interruption for a period of five years, shareholders will be
entitled to five voting rights at the end of that period, and for each Exor N.V. ordinary share held without interruption
for a period of ten years, shareholders will be entitled to ten voting rights at the end of that period.
AGM resolution
The Exor Annual General Meeting held on 31\u00a0May\u00a02023 adopted the 2022 Annual Report, expressed a positive
advice with respect to the 2022 remuneration report and approved the dividend distribution of \u20ac0.44 per
outstanding share, for a distribution of \u20ac99\u00a0million. The AGM also authorized the Board of Directors to repurchase
the Company\u2019s shares on the market up to a maximum number of shares equal to 10% of the Company\u2019s issued
common shares and for 18 months from authorization, all in accordance with Dutch law and with the Company\u2019s
Articles of Association. The AGM further authorized the Board of Directors to cancel any ordinary shares held, or to
be held, as treasury stock, in order to optimise the capital structure of the Company and to create more flexibility to
manage its capital.
Treasury stock
At 31\u00a0December\u00a02023 Exor holds the following treasury stock:
Amount
% of class
No. of shares
Per share
(\u20ac)
Total
(\u20ac thousand)
Balance at 31 December 2021
9,291,244
32.03
297,572
3.860
Buyback of Exor shares
3,862,624
65.94
254,707
Exercise of stock options
(27,249)
0.00
0
Balance at 31 December 2022
13,126,619
42.07
552,279
5.450
Buyback of Exor shares
3,174,389
77.41
245,723
Buyback of Exor shares - tender offer
8,873,452
84.52
749,999
Cancellation of treasury shares
(7,007,464)
56.76
(397,719)
Exercise of stock options
(144,149)
0.00
(2)
Balance at 31 December 2023
18,022,847
63.82
1,150,280
7.700
1. Considering only the treasury shares bought back in the context of the different programs, the average carrying value per share is \u20ac79.99.
At 31\u00a0December\u00a02023, the company held in total 18,022,847 ordinary shares in treasury (7.7% of ordinary issued
share capital).
In February 2024, Exor completed the cancellation of 13,008,289 ordinary shares held in treasury, which had been
acquired as part of the Tender Offer announced in September 2023 (for a total of 8,873,452 ordinary shares) and
the 2022-2024 share buyback program (for a total of 4,131,837 ordinary shares), bringing the total number of
ordinary shares in the share capital of Exor to 220,984,247.
Other comprehensive income
Other comprehensive income for the years ended 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Items that will not be reclassified to the Consolidated Income Statement in subsequent periods:
Gains (losses) on remeasurement of defined benefit plans
(68)
200
Share of gains (losses) on remeasurement of defined benefit plans for equity method
investees
(28)
214
Gains (losses) on financial assets at FVTOCI
228
(414)
Gains (losses) on financial assets at FVTOCI for equity method investees
5
(2)
Items relating to discontinued operations
\u2014
\u2014
Total items that will not be reclassified to the Consolidated Income Statement in
subsequent periods, before tax effect (B1)
137
(2)
Items that may be reclassified to the Consolidated Income Statements in subsequent periods:
Gains (losses) on cash flow hedging instruments arising during the period
(111)
(81)
Gains (losses) on cash flow hedging instruments reclassified to the income
Statement
(23)
255
Gains (losses) on cash flow hedging instruments
(134)
174
Foreign exchange translation gains (losses) arising during the period
(609)
1,042
Foreign exchange translation gains (losses) reclassified to the income
Statement
11
\u2014
Foreign exchange translation gains (losses)
(598)
1,042
Share of other comprehensive income of equity method investees arising during the period
(380)
159
Share of other comprehensive income (loss) of equity method investees
reclassified to the income statement
\u2014
\u2014
Share of other comprehensive income (loss) of equity method investees
(380)
159
Items relating to discontinued operations
\u2014
135
Total Items that may be reclassified to the Consolidated Income Statement in subsequent
periods, before tax effect (B2)
(1,112)
1,510
Total Other Comprehensive Income, before tax effect (B1)+(B2)=(B)
(975)
1,508
Tax effect
74
(61)
Tax effect - discontinued operations
\u2014
\u2014
Total Other Comprehensive Income (Loss), net of tax
(901)
1,447
With reference to the defined benefit plans of the Group, the gains and losses arising from the remeasurement
mainly include actuarial gains and losses arising during the period, the return on plan assets (net of interest income
recognized in the income statement) and any changes in the effect of the asset ceiling.
The tax effect relating to other comprehensive income for the years ended 31\u00a0December\u00a02023 and 2022 is as
follows:
\u00a0
At 31 December
2023
2022
(\u20ac million)
Pre-tax
balance
Tax benefit
(expense)
Net-of-tax
balance
Pre-tax
balance
Tax benefit
(expense)
Net-of-tax
balance
Gains (losses) on remeasurement
of defined benefit plans
(68)
33
(35)
200
(26)
174
Gains (losses) on financial assets at
FVTOCI
228
\u2014
228
(414)
\u2014
(414)
Gains (losses) on cash flow
hedging instruments
(134)
41
(93)
174
(33)
141
Foreign exchange translation gains
(losses)
(598)
\u2014
(598)
1,042
\u2014
1,042
Share of other comprehensive
income (loss) of equity method
investees
(403)
(403)
371
(2)
369
Items relating to discontinued
operations
\u2014
\u2014
135
135
Total Other Comprehensive
Income (Loss)
(975)
74
(901)
1,508
(61)
1,447
Non-controlling interests
Non-controlling interests at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
Attributable to non-controlling interests
%
Net Result
Equity
At 31\u00a0December\u00a02023
CNH Industrial
71.58%
1,541
5,752
Ferrari
75.37%
949
2,317
Iveco Group
72.33%
174
1,739
GEDI Gruppo Editoriale
10.38%
(10)
13
Shang Xia Trading
17.70%
(6)
(8)
Juventus
36.23%
(69)
(19)
Exor Seeds
12.20%
3
70
Total
2,583
9,864
At 31\u00a0December\u00a02022
CNH Industrial
72.70%
1,264
5,180
Ferrari
75.58%
712
1,969
Iveco Group
72.94%
119
1,754
GEDI Gruppo Editoriale
10.38%
(1)
23
Shang Xia Trading
17.70%
(4)
2
Juventus
36.23%
(57)
49
Exor Seeds
12.36%
(61)
67
PartnerRe1
\u2014
4
\u2014
Total
1,976
9,044
(1) Related to preferred shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-580": { "value": "
Share capital
In March 2023, Exor completed the cancellation of 7,007,464 ordinary shares held as treasury stock, which had
been acquired as part of the 2018-2020 share buyback program and the first tranche of the 2022-2024 share
buyback program. This cancellation, in line with the intention announced at the launch of the buyback program,
was conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders held on
24\u00a0May\u00a02022.
At 31\u00a0December\u00a02023 the total issued capital of Exor N.V. was equal to Euro\u00a07,328,612, divided into
no.\u00a0233,992,536 ordinary shares each with a nominal value of Euro 0.01 and no.124,717,163 Special Voting
Shares A each with a nominal value of Euro 0.04.
At 31\u00a0December\u00a02023 Giovanni Agnelli B.V. owns 86.86% of the voting rights on Exor\u2019s outstanding capital.
Exor N.V. adopted a loyalty voting structure designed to incentivize long-term share ownership, on the basis of
which for each Exor N.V. ordinary share held without interruption for a period of five years, shareholders will be
entitled to five voting rights at the end of that period, and for each Exor N.V. ordinary share held without interruption
for a period of ten years, shareholders will be entitled to ten voting rights at the end of that period.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-581": { "value": "
AGM resolution
The Exor Annual General Meeting held on 31\u00a0May\u00a02023 adopted the 2022 Annual Report, expressed a positive
advice with respect to the 2022 remuneration report and approved the dividend distribution of \u20ac0.44 per
outstanding share, for a distribution of \u20ac99\u00a0million. The AGM also authorized the Board of Directors to repurchase
the Company\u2019s shares on the market up to a maximum number of shares equal to 10% of the Company\u2019s issued
common shares and for 18 months from authorization, all in accordance with Dutch law and with the Company\u2019s
Articles of Association. The AGM further authorized the Board of Directors to cancel any ordinary shares held, or to
be held, as treasury stock, in order to optimise the capital structure of the Company and to create more flexibility to
manage its capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-582": { "value": "0.44", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-583": { "value": "
Treasury stock
At 31\u00a0December\u00a02023 Exor holds the following treasury stock:
Amount
% of class
No. of shares
Per share
(\u20ac)
Total
(\u20ac thousand)
Balance at 31 December 2021
9,291,244
32.03
297,572
3.860
Buyback of Exor shares
3,862,624
65.94
254,707
Exercise of stock options
(27,249)
0.00
0
Balance at 31 December 2022
13,126,619
42.07
552,279
5.450
Buyback of Exor shares
3,174,389
77.41
245,723
Buyback of Exor shares - tender offer
8,873,452
84.52
749,999
Cancellation of treasury shares
(7,007,464)
56.76
(397,719)
Exercise of stock options
(144,149)
0.00
(2)
Balance at 31 December 2023
18,022,847
63.82
1,150,280
7.700
1. Considering only the treasury shares bought back in the context of the different programs, the average carrying value per share is \u20ac79.99.
At 31\u00a0December\u00a02023, the company held in total 18,022,847 ordinary shares in treasury (7.7% of ordinary issued
share capital).
In February 2024, Exor completed the cancellation of 13,008,289 ordinary shares held in treasury, which had been
acquired as part of the Tender Offer announced in September 2023 (for a total of 8,873,452 ordinary shares) and
the 2022-2024 share buyback program (for a total of 4,131,837 ordinary shares), bringing the total number of
ordinary shares in the share capital of Exor to 220,984,247.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-584": { "value": "
Non-controlling interests
Non-controlling interests at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
Attributable to non-controlling interests
%
Net Result
Equity
At 31\u00a0December\u00a02023
CNH Industrial
71.58%
1,541
5,752
Ferrari
75.37%
949
2,317
Iveco Group
72.33%
174
1,739
GEDI Gruppo Editoriale
10.38%
(10)
13
Shang Xia Trading
17.70%
(6)
(8)
Juventus
36.23%
(69)
(19)
Exor Seeds
12.20%
3
70
Total
2,583
9,864
At 31\u00a0December\u00a02022
CNH Industrial
72.70%
1,264
5,180
Ferrari
75.58%
712
1,969
Iveco Group
72.94%
119
1,754
GEDI Gruppo Editoriale
10.38%
(1)
23
Shang Xia Trading
17.70%
(4)
2
Juventus
36.23%
(57)
49
Exor Seeds
12.36%
(61)
67
PartnerRe1
\u2014
4
\u2014
Total
1,976
9,044
(1) Related to preferred shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-585": { "value": "Share-based compensation
Exor and the subsidiaries of the Group have several equity incentive plans which, amongst others, include a
combination of performance share units (\u201cPSU\u201d) and retention restricted share units (\u201cRSU\u201d). The PSU and RSU
represent the right to receive one common share of the relevant entity. PSU awards have financial performance
targets whilst the RSU awards have a service condition only. The total number of shares that will be issued may
therefore vary from the original award.
Exor
Stock Option Plan Exor 2016
The Stock Option Plan Exor 2016 has a maximum of 3,500,000 options corresponding to the same number of
shares. The number of stock options outstanding at 31\u00a0December\u00a02023, of which 2,183,903 exercisable, is
2,771,722 (average exercise price of \u20ac32.38 per share).
Changes during 2023 and 2022 were as follows:
2023
2022
Number of
options
Weighted
average
exercise
price
(\u20ac)
Number of
options
Weighted
average
exercise
price
(\u20ac)
Outstanding at the beginning of the year
2,909,886
32.38
2,937,135
32.38
Granted during the year
\u2014
\u2014
\u2014
\u2014
Forfeited during the year
\u2014
\u2014
\u2014
\u2014
Exercised
(138,164)
32.38
(27,249)
32.38
Expired
\u2014
\u2014
\u2014
\u2014
Outstanding at the end of the year
2,771,722
32.38
2,909,886
32.38
Exercisable at the end of the year
2,183,903
\u2014
1,734,248
\u2014
No costs have been recognized in 2023 and 2022 on Stock Option Plan Exor 2016.
Exor LTI PLAN
In 2022 a long-term incentive plan (\"Plan\") was implemented in favour of the Chief Executive Officer, selected
employees of companies in the Holdings System and selected suppliers, under which performance share units
(\u201cPSUs\u201d) and restricted share units (\"RSUs\") are granted, being conditional rights to receive one Exor ordinary
share for each vested PSU and RSU. With the introduction of the Plan in 2022, the first PSU vesting will take place
in 2025 and 2026, while the RSUs vest upon a time-based service requirement in 3 tranches from 30\u00a0June\u00a02023 to
30\u00a0June\u00a02026. The total number of shares that will eventually be issued may vary from the original estimate due to
forfeiture or the level of achievement of the performance goals. The grant dates of the awards were 1\u00a0July\u00a0and
1\u00a0November\u00a02022.
The performance conditions attached to the PSUs granted are (i) the cumulative annual growth rate (\u201cCAGR\u201d) of
the total shareholder return (\u201cTSR\u201d) target and (ii) the CAGR of the net asset value (\u201cNAV\u201d) relative to the MSCI
World Index target. These performance conditions apply during the three-year performance period. More details in
relation to the application of these performance conditions are set out below.
TSR
\u2022 Initial TSR value: the average closing price of the Exor shares during the 30-day period ending on
30\u00a0June\u00a02022, being Euro\u00a064.68.
\u2022 End value TSR: the average closing price of the Exor shares during the 30-day period ending on
30\u00a0June\u00a02025.
\u2022 In the aforementioned calculations (i) the Exor share price will be adjusted for any dividend paid by the
Company, (ii) any variation of the Company\u2019s share capital and (iii) dividends are assumed to be reinvested at
the ex-dividend date.
NAV
\u2022 Initial NAV value: the net asset value of the Company, being the total value of the Company\u2019s assets less the
total value of its liabilities, calculated using the net asset value at 30\u00a0June\u00a02022, being Euro\u00a0109.6 per share.
\u2022 End value NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the
total value of its liabilities, calculated using the net asset value at 30\u00a0June\u00a02025.
\u2022 The aforementioned calculations are (to be) (i) made in accordance with the methodology as set in the
Company\u2019s most recent half-year financial report and (ii) verified by a third party (including the consistency of
such calculation).
MSCI World Index
\u2022 Initial MSCI World Index value: calculated using the closing price of the MSCI World Index at 30\u00a0June\u00a02022,
being Euro\u00a0248.7 per share.
\u2022 End value MSCI World Index: calculated using the closing price of the MSCI World Index at 30\u00a0June\u00a02025.
\u2022 In the aforementioned calculations, the MSCI World Index is the market cap weighted stock market index of
companies throughout the world, maintained by MSCI (formerly Morgan Stanley Capital International) with
ticker symbol WORLD:MSCI.
The target levels and performance levels are set out below. Linear vesting will apply between performance levels.
Performance level
TSR (CAGR)
NAV (CAGR) vs MSCI-WI
Threshold
4%
Not applicable*
Target
8%
\u2014
Maximum
20%
10%
* For NAV, the target level is the same as the threshold level. When NAV growth falls short of MSCI World Index growth, no vesting takes place.
Performance level
Executive Directors
Below threshold
\u2014
TSR Threshold (0.5 x target)
50%
Target
100%
Maximum
300%
The weighted average fair value of the awards that were issued in 2022 was \u20ac71 for the PSUs and \u20ac59.45 for the
RSUs.
The weighted average fair value of the awards that were issued in 2023 was \u20ac96.3 for the PSUs and \u20ac80.8 for the
RSUs.
Exor LTI 2022
Changes during 2023 and 2022 were as follows:
2023
2022
Outstanding
PSU Awards
Outstanding
RSU Awards
Outstanding
PSU Awards
Outstanding
RSU Awards
Balance at the beginning of the year
581,597
25,401
\u2014
\u2014
Granted
398
399
581,597
25,401
Forfeited
(632)
(632)
\u2014
\u2014
Vested
\u2014
(8,387)
\u2014
\u2014
Balance at the end of the year
581,363
16,781
581,597
25,401
The following table sets forth information related to the income statement expense recognized and to be
recognized in relation to the PSU and RSU awards:
(\u20ac million)
Years ended 31 December
2023
2022
Total expense
43
43
Expense recognized in the year
14
7
Unrecognized expense
21
36
Exor LTI 2023
Changes during 2023 were as follows:
Outstanding PSU
Awards
Outstanding RSU
Awards
Balance at 31 December 2022
\u2014
\u2014
Granted
167,648
10,846
Forfeited
\u2014
\u2014
Vested
\u2014
\u2014
Balance at 31\u00a0December\u00a02023
167,648
10,846
The following table sets forth information related to the income statement expense recognized and to be
recognized in relation to the PSU and RSU awards:
(\u20ac million)
Years ended 31 December
2023
Total expense
17
Expense recognized in the year
3
Unrecognized expense
14
CNH Industrial
CNH Industrial\u2019s equity awards are governed by several plans: i) CNH Industrial N.V. Equity Incentive Plan (\u201cCNH
Industrial EIP\u201d) and CNH Industrial N.V. Directors\u2019 Compensation Plan (\u201cCNH Industrial DCP\u201d).
Performance Share Units
2021-2023 Long-Term Incentive Plan
In December 2020, CNH Industrial issued a new grant of PSUs to its key executive officers and select employees
with the financial performance goals covering a three-year period culminating with a cliff vest date of
28\u00a0February\u00a02024. Two internal financial metrics: Industrial ROIC (the ratio of Industrial Activities Adjusted EBIT
(after-tax) over Average Industrial Invested Capital) and Adjusted EPS (the net profit (loss) excluding any non-
recurring items (after-tax), divided by the weighted average outstanding number of common shares on a fully
diluted basis), weighted 50% each, and a multiplier-based on CNH Industrial\u2019s percentile ranking of Total
Shareholder Return among a comparator group, will determine the total PSUs earned. The internal financial
metrics have a payout factor of up to 200% and the market based TSR determinant has a payout factor of 125%.
These metrics are considered performance vesting conditions. As such, compensation cost will be accrued based
on whether it is considered probable that the performance conditions will be satisfied. The fair value of the PSU
awards issued under this plan will be calculated by using the CNH Industrial N.V. stock price on the grant date
adjusted for the present value of future dividends that would not be received during the vesting period.
At 31\u00a0December\u00a02020 CNH Industrial issued 5 million PSUs. The total number of shares that will eventually be
issued may vary from the original estimate due to forfeiture or the level of achievement of the performance goals.
The weighted average fair value of the awards that were issued in 2020 was $10.83 per share. The 2020 PSU
awards distributed under this plan were issued on 4\u00a0December\u00a02020 to key executive officers and select
employees and on 14\u00a0December\u00a02020 to the Chair of CNH Industrial.
During 2021, CNH Industrial issued an additional 3\u00a0million\u00a0PSUs to key executive officers and select employees.
The weighted average fair value of the awards that were issued in 2021 was $13.13 per share.
Effective 1\u00a0January\u00a02022, the Iveco Group Business was separated from CNH Industrial N.V. by way of a legal
statutory demerger to Iveco Group N.V. (the Demerger) and Iveco Group became a public listed company
independent from CNH Industrial. As part of the Demerger, any awards outstanding under the CNH Industrial
Equity Incentive Plan (or \u201cCNH Industrial EIP\u201d), and held by directors, officers and other employees vesting in April
2022 were accelerated in December 2021 and the related equity incentives were issued by CNH Industrial in CNH
Industrial stock. Further, as a result of the Demerger, remaining outstanding awards vesting in 2023 and 2024 were
converted to the entity the participant is employed with post Demerger. The conversion of the CNH Industrial EIP
includes appropriate adjustment mechanisms to ensure that the value of the unvested awards granted to all the
beneficiaries under such plan remain unchanged pre and post demerger for employees in both the Iveco Group
N.V. and CNH Industrial N.V.
2022-2024 Long-Term Incentive Plan
In 2022 and 2023, the CNH Industrial board of directors approved the 2022-2024 Long-Term Incentive Plan and the
2023-2025 Long Term Incentive Plan, respectively, under the EIP. Just as the previous 2021-2023 EIP, both the
2022 and 2023 Long Term Incentive Plans feature the same three year vesting period. Additionally the two internal
financial metrics and financial multipliers are calculated as specified in the 2021 Long Term Incentive plan.
However, differences between all plans exist in regards to the performance achievement threshold for both ROIC
and EPS. Furthermore, the 2022 and 2023 plans feature a smaller list of comparator groups for its TSR percentile
ranking when compared to the 2021 plan. In 2024 the CNH Industrial board of directors approved the 2024-2026
Long-Term Incentive Plan under the EIP.
In 2022 and 2023 CNH Industrial issued 2.5\u00a0million\u00a0and 2.8 million PSUs, respectively. The total number of shares
that will eventually be issued may vary from the original estimate due to forfeiture or the level of achievement of the
performance goals. The weighted average fair value of the awards that were issued in 2022 and 2023 was $14.04
and $12.29 per share, respectively.
The following table reflects the activity of PSUs under the CNH Long-Term Incentive Plan for the years ended
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022.
\u00a0
2023
2022
Number of
shares
Weighted
average fair
value at grant
date ($)
Number of
shares
Weighted
average fair
value at grant
date ($)
Outstanding shares unvested at the beginning of the
year
10,847,408
8.81
9,421,225
11.55
Less:
Awards transferred to Iveco Group
\u2014
\u2014
(1,950,170)
10.87
Plus: Adjustments to awards for continuing employees
\u2014
\u2014
1,093,025
n.a.
Outstanding shares unvested at 5 January 2022
10,847,408
8.81
8,564,080
7.31
Granted
2,789,887
12.29
2,456,659
14.04
Forfeited/cancelled
(257,808)
9.67
(173,331)
8.89
Vested
\u2014
\u2014
\u2014
\u2014
Outstanding shares unvested at the end of the year
13,379,487
9.52
10,847,408
8.81
Restricted Share Units
In 2021, 2022 and 2023 CNH Industrial issued approximately 1\u00a0million, 2\u00a0million and 2\u00a0million restricted share units
(\u201cRSUs\u201d) to key executive officers and select employees with a weighted average fair value of $14.39, $13.90 and
$11.87 per share, respectively. The fair value of the award is measured using the CNH Industrial N.V. stock price
on the grant date adjusted for the present value of future dividends that employees will not receive during the
vesting period. The RSUs vest upon a time-based service requirement.
2021-2023 Long-Term Incentive Plan
On 4\u00a0December\u00a02020, CNH Industrial issued two separate RSU grants to key executive officers and select
employees. Under the first RSU grant, 1.1\u00a0million\u00a0RSUs were awarded to select employees with a weighted
average fair value of $11.43. These awards vested on 31\u00a0December\u00a02020. Under the second RSU grant,
3.3\u00a0million\u00a0RSUs were awarded to select employees and are set to vest in three equal instalments over a three-
year period. The first tranche which consisted of 1.1\u00a0million\u00a0RSUs is set to vest on 30\u00a0April\u00a02022. The second and
third tranches are set to vest on 30\u00a0April\u00a02023 and 30\u00a0April\u00a02024, respectively. The weighted average fair values for
the December\u00a02020 three tranche award group are $11.23, $11.02, and $10.82, respectively.
On 14\u00a0December\u00a02020, CNH Industrial issued 120 thousand RSUs to the Chair of CNH Industrial, of which
17\u00a0thousand vested on 31\u00a0December\u00a02020. The weighted average fair value for these awards is $10.96. The
remaining 103\u00a0thousand\u00a0RSUs vest in three equal instalments on 30\u00a0April\u00a02022, 2023, and 2024, respectively. The
fair values for these awards are $10.76, $10.55 and $10.35, respectively.
During 2021, CNH Industrial issued an additional 1.5\u00a0million\u00a0RSUs to select employees and key executive officers.
Of the awards that were issued, 1.2\u00a0million are set to vest in three equal instalments over a three year period. The
first tranche, which consists of 0.4\u00a0million\u00a0RSUs, was set to vest on 30\u00a0April\u00a02022. The second and third tranches
are set to vest on 30\u00a0April\u00a02023 and 30\u00a0April\u00a02024, respectively. The weighted average fair value of these awards
are $14.04 per share for the first tranche, $13.84 per share for the second tranche, and $13.66 per share for the
third tranche. The remaining awards issued in 2021 had a cumulative weighted average fair value of $16.73. In
2021, CNH Industrial, in anticipation of the Demerger, accelerated the vesting of awards with a vest date of
30\u00a0April\u00a02022, to 1\u00a0December\u00a02021, excluding shares awarded to the CEO and Chairperson. As a result, CNH
Industrial recorded $5\u00a0million of expense due to the acceleration of these awards. The weighted average fair value
of the shares vested during 2021 was $11.75 per share.
2022-2024 Long-Term Incentive Plan
In 2022 CNH Industrial issued 2.3\u00a0million\u00a0PSUs. The total number of shares that will eventually be issued may vary
from the original estimate due to forfeiture or the level of achievement of the performance goals. The weighted
average fair value of the awards that were issued in 2022 was $13.90 per share.
The following table reflects the activity of RSUs under the Long-Term Incentive Plan for the years ended
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022.
2023
2022
Restricted
shares
Weighted
average grant-
date fair value
($)
Restricted
shares
Weighted
average grant-
date fair value
($)
Outstanding shares unvested at the beginning of
the year
5,423,895
9.66
4,370,079
11.72
Less:
Awards transferred to Iveco Group
\u2014
\u2014
(1,039,271)
10.98
Plus: Adjustments to awards for continuing employees
\u2014
\u2014
485,692
n.a.
Outstanding shares unvested at 5 January 2022
5,423,895
9.66
3,816,500
6.76
Granted
2,091,819
11.87
2,275,329
13.90
Forfeited
(199,208)
11.58
(143,410)
10.96
Vested
(1,893,449)
7.44
(524,524)
6.62
Outstanding shares unvested at the end of the year
5,423,057
11.21
5,423,895
9.66
The following table sets forth information related to the income statement expense recognized and to be
recognized in relation to the CNH Industrial\u2019s equity awards:
(\u20ac million)
Years ended 31 December
2023
2022
Total expense
92
83
Unrecognized expense
93
135
Weighted average remaining period over which expense will be recognized (years)
1.6
1.6
Iveco Group
As part of the Demerger, any awards outstanding under the CNH Industrial Equity Incentive Plan (\"CNH Industrial
EIP\"), and held by directors, officers and other employees vesting in 2022, were accelerated in December 2021
and the related equity incentives were issued by CNH Industrial in CNH Industrial N.V. stock. As a result of the
Demerger, remaining outstanding awards vesting in 2023 and 2024 were converted to the entity the participant is
employed with post spin. As such, for Iveco Group employees, the underlying stock awards under the CNH
Industrial EIP vesting in 2023 and 2024 were converted at the effective date of the Demerger, subject to its terms,
to Common Shares of Iveco Group N.V. The conversion of the CNH Industrial EIP included appropriate adjustment
mechanisms to ensure that the value of the unvested awards granted to all the beneficiaries under such plan
remained unchanged pre and post Demerger for employees in both Iveco Group and CNH Industrial. No
incremental cost has been recognized as a consequence of the conversion.
On 25\u00a0February\u00a02022, the Iveco Group board of directors adopted the Equity Incentive Plan (\u201cthe EIP\u201d or \u201cthe
Plan\u201d). The EIP relates to the grant of stock-based awards to eligible top performers and key leaders of the
Company and its subsidiaries. The EIP is an umbrella programme defining the terms and conditions for any
subsequent long term incentive programme.
The Iveco Group board of directors also approved a new long-term incentive programme (\u201cLTIP\u201d), tied to the
Company\u2019s five-year Strategic Business Plan which spans in total over a five-year performance period, 2022
through 2026. Shareholders at the 13\u00a0April\u00a02022 AGM voted in favour to allow up to a maximum of 16\u00a0million
common shares which may be issued under the LTIP, of which 4\u00a0million (rights to subscribe for) common shares
are reserved for issuance to the Executive Directors.
Under the LTIP, performance share rights (\u201cPSUs\u201d) representing the right to receive one common share in the
capital of the Company, will be awarded to the Chairman and to the Chief Executive Officer. A combination of PSUs
and restricted share rights (\u201cRSUs\u201d), each representing the right to receive one common share in the capital of the
Company, will be awarded to members of the Senior Leadership Team (\u201cSLT\u201d) and other key members of the
Group. The PSUs will be subject to the achievement of certain performance targets while the RSUs will be subject
only to the participant\u2019s continuing service as officer, director or employee of the Company; both PSUs and RSUs
are also subject to acceptable individual performance.
Performance Share Units
2021-2023 LTIP Awards from the Demerger
Under the CNH Industrial EIP, 1.9 million of non-vested PSUs on CNH Industrial N.V.'s shares related to Iveco
Group key executive officers and select employees were outstanding at 31\u00a0December\u00a02021. As a result of the
Demerger, such non-vested outstanding PSUs were converted to 3.0 million awards on Iveco Group N.V.'s shares.
The PSUs vested on 28 February 2024, based on the achievement of each target of Adjusted diluted EPS and
Industrial ROIC (the ratio of Adjusted EBIT (after-tax) over Average Industrial Invested Capital), weighted 50%
each, determined independently, and adjusted according to the TSR multiplier. The payout of the two independent
metrics ranges from 50% at threshold results to a cap of 200% at or above outstanding results. These metrics are
considered performance vesting conditions. As such, compensation cost was accrued based on whether it is
considered probable that the performance conditions would have been satisfied.
2022-2024 LTIP Awards
In February 2022, the board of directors approved the equity incentive plan in which employees and executive
directors may participate. In May 2022, Iveco Group issued approximately 2 million PSUs to its key executive
officers and select employees. The Executive Directors (CEO and Chairperson) have only been awarded PSUs.
The PSUs will vest on 28\u00a0February\u00a02025 after the end of the performance period, based on the achievement of
each target determined independently related to: (i) 3 years average of the Adjusted EBIT Margin %, weighted
40%; (ii) Relative Total Shareholder Return (\u201cRelative TSR\u201d is the annualised rate of return, reflecting stock price
performance, and compared to a pre-selected comparator group), weighted 40% and (iii) CO2 Reduction % over
the 3 years compared to 2019, weighted 20%. The payout ranges from 50% of target award to a cap of 200% of
target award. The Adjusted EBIT Margin % and CO2 Reduction % metrics payout 50% of target award at threshold,
100% at target achievement and capped at 200% of target award for outstanding performance. No payout below
threshold results. Relative TSR only pays out at or above target (median ranking) and is also capped at 200% of
target award for 1st place ranking among the comparator companies.
The fair values of the awards are calculated using the Monte Carlo Simulation model. As almost all the awards
issued during 2022 were issued on 5 May 2022, the key assumptions utilized to calculate the grant-date fair values
for awards issued on this grant date are listed below:
Key Assumptions for awards
issued on 5 May 2022
Grant date stock price (in \u20ac)
5.4
Expected Volatility
42
Dividend yield
3
Risk-free rate
0.47
The expected volatility is backed up by the comparator group average due to a limited historic volatility data prior to
the grant date. Dividend yield was based on comparison between the management assumption and the external
expected dividend yield. The risk-free interest rate was based on the ECB risk-free rate yield curve.
In October 2022, Iveco Group issued 19 thousand PSUs to select employees, set to vest on 28 February 2025.
2023-2025 LTIP Awards
In May 2023, following the same framework of the 2022-2024 LTIP Awards, the Company issued approximately 1.3
million PSUs to its key executive officers and select employees. The Executive Directors (CEO and Chairperson)
have only been awarded PSUs.
The PSUs will vest on 28 February 2026 after the end of the performance period, based on the achievement of
each target determined independently related to: (i) 3 years average of the Adjusted EBIT Margin %, weighted
40%; (ii) Relative Total Shareholder Return (\u201cRelative TSR\u201d is the annualised rate of return, reflecting stock price
performance, and compared to a pre-selected comparator group), weighted 40% and (iii) CO2% reduction over the
3 years compared to 2019, weighted 20%. The payout ranges from 50% of target award to a cap of 200% of target
award. The Adjusted EBIT Margin % and CO2 Reduction % metrics payout 50% of target award at threshold, 100%
at target achievement and capped at 200% of target award for outstanding performance. No payout below
threshold results. Relative TSR only pays out at or above target (median ranking) and is also capped at 200% of
target award for 1st place ranking among the comparator companies.
The fair values of the awards are calculated using the Monte Carlo Simulation model. As almost all the awards
issued during 2023 were issued on 15 May 2023, the key assumptions utilized to calculate the grant-date fair
values for awards issued on this grant date are listed below:
Key Assumptions for awards
issued on 15 May 2023
Grant date stock price (in \u20ac)
7.33
Expected Volatility
38
Dividend yield
3
Risk-free rate
2.39
The expected volatility is backed up by the comparator group average due to a limited historic volatility data prior to
the grant date. Dividend yield was based on comparison between the management assumption and the external
expected dividend yield. The risk-free interest rate was based on the ECB risk-free rate yield curve.
In September and December 2023, Iveco Group issued total 38 thousand PSUs to select employees, set to vest on
28 February 2026.
The following table reflects the activity of PSUs under the 2021-2023 LTIP Awards from the Demerger, the
2022-2024 LTIP Awards and the 2023-2025 LTIP Awards during the year ended 31\u00a0December\u00a02023 and 2022:
2023
2022
Performance
shares
Weighted
average grant
date fair value
(in \u20ac)
Performance
shares
Weighted average
grant date fair
value
(in \u20ac)
Outstanding shares unvested at the beginning of
the year
4,493,472
4.17
3,037,764
4.29
Granted
1,376,028
7.61
1,907,289
3.99
Forfeited/Cancelled
(287,978)
4.79
(451,581)
4.12
Vested
\u2014
\u2014
\u2014
\u2014
Outstanding shares unvested at the end of the
year
5,581,522
4.98
4,493,472
4.18
Restricted Share Units
2021-2023 LTIP Awards from the Demerger
Under the CNH Industrial EIP, 1.0\u00a0million of non-vested RSUs on CNH Industrial N.V.'s shares related to Iveco
Group key executive officers and select employees where outstanding at 31\u00a0December\u00a02021. As a result of the
Demerger, such non-vested RSUs outstanding were converted to 1.6 million awards on Iveco Group N.V.'s shares.
The first tranche of RSUs (0.8 million) vested on 30\u00a0April\u00a02023 and the second tranche will vest on 30 April 2024.
The RSUs vest upon a time-based service requirement.
2022-2024 LTIP Awards
In February 2022, the board of directors approved the equity incentive plan in which employees and executive
directors may participate. In May 2022, Iveco Group issued 1 million RSUs to its key executive officers and select
employees.
The RSUs will vest on 28\u00a0February\u00a02025, subject only to the participant\u2019s continuing service as officer, director or
employee of the company. The fair value of the award is measured using the stock price on the grant date adjusted
for the present value of future dividends that employees will not receive during the vesting period.
In October and November 2022, Iveco Group issued in total 80 thousands RSUs to select employees, set to vest
on 28\u00a0February\u00a02025.
2023-2025 LTIP Awards
In May 2023, following the same framework of the 2022-2024 LTIP Awards, the Company issued 0.7 million RSUs
to its key executive officers and select employees.
The RSUs will vest on 28 February 2026, subject only to the participant\u2019s continuing service as officer, director or
employee of the Company. The fair value of the award is measured using the stock price on the grant date adjusted
for the present value of future dividends that employees will not receive during the vesting period.
In September and December 2023, Iveco Group issued total 87 thousand RSUs to select employees, set to vest on
28 February 2026.
The following table reflects the activity of RSUs under the 2021-2023 LTIP Awards from the Demerger, the
2022-2024 LTIP Awards and the 2023-2025 LTIP Awards during the years ended 31 December 2023 and 2022:
2023
2022
Restricted
shares
Weighted
average grant
date fair value
(in \u20ac)
Restricted
shares
Weighted average
grant date fair value
(in \u20ac)
Outstanding shares unvested at the
beginning of the year
2,589,523
4.45
1,618,878
4.06
Granted
862,126
6.79
1,142,039
4.99
Forfeited/Cancelled
(162,232)
4.96
(171,394)
4.27
Vested
(788,276)
4.18
\u2014
\u2014
Outstanding shares unvested at the end of
the year
2,501,141
5.30
2,589,523
4.46
The following table sets forth information related to the income statement expense recognized and to be
recognized in relation to the Iveco Group\u2019s equity awards:
(\u20ac million)
Years ended 31 December
2023
2022
Total expense
19
17
Unrecognized expense
22
25
Weighted average remaining period over which expense will be recognized (years)
1.7
1.5
Ferrari
Ferrari has several equity incentive plans under which a combination of performance share units (\u201cPSUs\u201d) and
retention restricted share units (\u201cRSUs\u201d), which each represent the right to receive one Ferrari common share,
have been awarded to the Executive Chairman, the Chief Executive Officer (\u201cCEO\u201d), members of the Ferrari
Leadership Team (\"FLT\"), formerly Senior Management Team (\u201cSMT\u201d) and other key employees of the Group.
Equity Incentive Plan 2020-2022
Under the Equity Incentive Plan 2020-2022 approved in 2020, Ferrari awarded approximately 60 thousand
2020-2022 PSUs and approximately 48 thousand 2020-2022 RSUs to the Executive Chairman, members of the
FLT and other key employees of the Group. These PSUs and RSUs cover the three-year performance and service
periods from 2020 to 2022 and vest in 2023.
In the first quarter of 2023, 36,090 2020-2022 PSUs awards vested (representing 95 percent of the target PSU
awards) as a result of the achievement of the related performance conditions and 32,339 2020-2022 RSUs awards
vested upon achievement of the related service conditions. As a result, 68,429 common shares, which were
previously held in treasury, were assigned to participants of the plan in the first quarter of 2023. There are no
further awards outstanding for the Equity Incentive Plan 2020-2022.
2020-2022 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
i. TSR Target - 50 percent vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eight;
ii. EBITDA Target - 30 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the business plan;
iii. Innovation Target - 20 percent vest based on the achievement of defined objectives for technological
innovation and the development of the new model pipeline over the performance period.
Each target is settled independently of the other targets.
Equity Incentive Plan 2021-2023
Under the Equity Incentive Plan 2021-2023 approved in 2021, Ferrari awarded approximately 50 thousand
2021-2023 PSUs and approximately 41 thousand 2021-2023 RSUs to the Executive Chairman, members of the
FLT and other key employees of the Group. The PSUs and RSUs cover the three-year performance and service
periods from 2021 to 2023.
2021-2023 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
i. TSR Target - 50 percent vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eight;
ii. EBITDA Target - 30 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
iii. Innovation Target - 20 percent vest based on the achievement of defined objectives for technological
innovation and the development of the new model pipeline over the performance period.
Each target is settled independently of the other targets. The awards vest in 2024 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
In March 2024, 41,338 2021-2023 PSUs awards are expected to vest (representing approximately 122 percent of
the target PSUs awards) as a result of the achievement of the related performance conditions (described above)
and an equal number of common shares held in treasury will be assigned to participants of the plan, following
which there will be no further 2021-2023 PSUs awards outstanding.
2021-2023 RSU awards
In March 2024, 29,550 2021-2023 RSUs awards are expected to vest as a result of the achievement of the related
service condition, which is the recipient\u2019s continued employment with the Company at the time of vesting, and an
equal number of common shares held in treasury will be assigned to participants of the plan, following which there
will be no further 2021-2023 RSUs awards outstanding.
Equity Incentive Plan 2022-2024
Under a new Equity Incentive Plan 2022-2024 approved in 2022, Ferrari awarded approximately 72 thousand
2022-2024 PSUs to the Executive Chairman, the CEO, the remaining members of the FLT and other employees of
the Group, and approximately 26 thousand 2022-2024 RSUs to members of the FLT and other employees of the
Group. These PSUs and RSUs cover the three-year performance and service periods from 2022 to 2024.
2022-2024 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
i. TSR Target - 40 percent vest based on the achievement of the TSR ranking of Ferrari compared to an
industry specific Peer Group of eleven;
ii. EBITDA Target - 40 percent vest based on the achievement of an EBITDA target determined by comparing
Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
iii. ESG Target - 20 percent vest based on the achievement of defined objectives relating to environmental
and social factors. In particular, 50 percent of the ESG Target is based on the reduction of CO2 carbon
emission and 50 percent is based on the maintenance of the equity salary certification.
Each target is settled independently of the other targets. The awards vest in 2025 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2022-2024 RSU awards
The awards vest in 2025, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
Equity Incentive Plan 2023-2025
Under the Equity Incentive Plan 2023-2025 approved in 2023, Ferrari awarded approximately 58 thousand
2023-2025 PSUs to the Executive Chairman, the CEO, the remaining members of the FLT and other employees of
the Group, and approximately 22 thousand 2023-2025 RSUs to members of the FLT and other employees of the
Group. These PSUs and RSUs cover the three-year performance and service periods from 2023 to 2025.
2023-2025 PSU awards
The vesting of the awards is based on the achievement of defined key performance indicators as follows:
i. TSR Target - 40 percent of the awards vest based on the achievement of the TSR ranking of Ferrari
compared to an industry specific Peer Group of eleven;
ii. EBITDA Target - 40 percent of the awards vest based on the achievement of an EBITDA target determined
by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business plan;
iii. ESG Target - 20 percent of the awards vest based on the achievement of defined objectives relating to
environmental and social factors. In particular, 50 percent of the ESG Target is based on the reduction of
CO2 carbon emissions and 50 percent is based on the maintenance of the equal salary certification.
Each target is settled independently of the other targets. The awards vest in 2026 and the total number of shares
assigned upon vesting depends on the level of achievement of the targets.
2023-2025 RSU awards
The awards vest in 2026, subject to the recipient\u2019s continued employment with the Company at the time of vesting.
TSR Target
The number of 2023-2025 PSUs with a TSR Target that vest under the Equity Incentive Plan 2023-2025 is based
on Ferrari\u2019s TSR performance over the relevant performance period compared to an industry-specific Peer Group
as summarized below.
Ferrari TSR Ranking
1
2
3
4
5
6
>6
% of Target Awards that Vest(1)
175%
150%
125%
100%
75%
50%
0
The defined peer groups (including Ferrari) for the TSR Target are presented below.
Equity Incentive Plan 2023-2025
Ferrari
Aston Martin
Burberry
Estee Lauder
Hermes
Kering
LVMH
Mercedes Benz
Moncler
Prada
Richemont
EBITDA Target
The number of 2023-2025 PSUs with an EBITDA Target that vest under the Equity Incentive Plan 2023-2025 is
determined by comparing Adjusted EBITDA to the Adjusted EBITDA targets derived from the Group\u2019s business
plan, as summarized below.
Actual Adjusted EBITDA Compared to Business Plan
% of Awards that Vest
+15%
175%
+10%
150%
+5%
125%
Business Plan Target
100%
-5
75%
<-5%
0%
Fair values and key assumptions
The fair value of the PSUs and RSUs that were awarded under the Equity Incentive Plan 2023-2025, which is
determined based on actuarial calculations that apply certain assumptions and take into consideration the specific
characteristics of the awards granted, is summarized in the following table.
Equity Incentive Plan 2023-2025
PSUs
\u20ac236.30
RSUs
\u20ac253.76
The fair value of the 2023-2025 PSU awards was measured at the grant date using a Monte Carlo Simulation
model. The fair value of the 2023-2025 RSU awards was measured using the share price at the grant date
adjusted for the present value of future distributions which the recipients will not receive during the vesting period.
The key assumptions utilized to calculate the grant-date fair values of the PSUs that were awarded under the
Equity Incentive Plan 2023-2025 are summarized below:
Equity Incentive Plan 2023-2025
Grant date share price
\u20ac259.60
Expected volatility
27.9%
Dividend yield
0.75%
Risk-free rate
2.90%
The expected volatility was based on the observed volatility of the defined peer group. The risk-free rate was based
on the iBoxx sovereign Eurozone yield.
Broad-based employee share ownership plan
In November 2023 Ferrari announced that it would launch a broad-based employee share ownership plan in the
early months of 2024 under which each employee will be given the option to become a shareholder of the
Company, receiving a one-off grant of shares worth up to a maximum of approximately \u20ac2 thousand. If the
employee holds the shares for at least 36 months, the Company will grant them an additional tranche of shares
worth up to 15 percent of the value of the first allocation.
Other share awards
During 2022, Ferrari awarded 15,271 share awards, which each represent the right to receive one Ferrari common
share, to certain employees, of which 6,643 share awards vested immediately at the grant date. In 2023 6,838
share awards vested and 1,309 share awards were forfeited. At 31 December 2023, 481 share awards remained
outstanding and will vest in 2024, subject to the recipient\u2019s continued employment with the Company at the time of
vesting. The fair value of the awards was equal to \u20ac203 per award, measured using the share price at the grant
date adjusted for the present value of future distributions which the recipients will not receive during the vesting
period.
The Company also provides share-based payments for services received as part of commercial agreements with
certain suppliers.
Changes in the outstanding number of PSU and RSU share awards under all the Ferrari equity incentive plans are
as follows:
Outstanding PSU
Awards
Outstanding RSU
Awards
Other Awards
Total Awards
Balance at 31 December 2021
152,172
123,661
\u2014
275,833
Granted
72,373
26,574
64,048
162,995
Forfeited
(16,327)
(8,934)
\u2014
(25,261)
Vested
(68,013)
(54,112)
(6,643)
(128,768)
Balance at 31 December 2022
140,205
87,189
57,405
284,799
Granted
58,381
21,939
63,217
143,537
Forfeited
(8,117)
(3,544)
(1,309)
(12,970)
Vested
(36,090)
(32,339)
(55,614)
(124,043)
Balance at 31 December 2023
154,379
73,245
63,699
291,323
The following table presents the share based compensation expense recognized for the years ended 31 December
2023 and 2022, as well as the unrecognized share-based compensation at 31 December 2023 and 2022.
(\u20ac million)
Years ended 31 December
2023
2022
Equity incentive plans and other share-based awards
15
16
Broad-based employee share ownership plan
10
\u2014
Commercial agreements with suppliers
5
5
Total expense
30
21
Unrecognized expense
13
16
Period over which expense will be recognized
over the
remaining
vesting periods
through 2025
over the
remaining
vesting periods
through 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-587": { "value": "Provisions for employee benefits
The Group\u2019s provisions and net assets for employee benefits are as follows:
(\u20ac million)
At 31 December
2023
2022
Present value of defined benefit obligations:
Pension plans
1,573
1,489
Healthcare and life insurance plans
157
163
Other post-employment benefits
278
271
Total present value of defined benefit obligations
2,008
1,923
\u00a0
Fair value of plan assets on pension plan
(1,246)
(1,191)
Fair value of plan assets of healthcare and life insurance plans
(52)
(54)
Asset ceiling
49
60
Total net defined benefits plan
759
738
of which:
Net defined benefit liability (A)
769
750
(Defined benefit plan assets)
(10)
(12)
Other provisions for employees (B)
552
555
Total provisions for employee benefits (A) + (B)
1,321
1,305
The Group provides post-employment benefits for certain of its active employees and retirees, either directly or by
contributing to independently administered funds. The way these benefits are provided varies according to the
legal, fiscal and economic conditions of each country in which the Group operates.
The Group provides post-employment benefits under defined contribution and defined benefit plans. The plans are
classified by the Group on the basis of the type of benefit provided as follows: pension benefits, healthcare plans,
life insurance plans, and other post-employment benefits. Moreover, the Group provides post-employment benefits,
such as pension or healthcare benefits, to its employees under defined contribution plans. In this case, the Group
pays contributions to the publicly or privately administered insurance plans on a legally mandatory, contractual, or
voluntary basis. By paying these contributions the Group fulfils all of its obligations. The Group recognises the cost
for defined contribution plans over the period in which the employee renders service. In 2023 this cost amounts to
\u20ac696\u00a0million (\u20ac876\u00a0million in 2022).
Pension benefits
Group companies in the United States and Canada sponsor both non-contributory and contributory defined benefit
pension plans. Liabilities arising from these plans are usually funded by contributions made by the Group and, at
times by their employees, into legally separate trusts which independently manage the assets servicing the plan
from which the employee benefits are paid.
The Group\u2019s funding policy for defined benefit pension plans is to contribute the minimum amounts required by
applicable laws and regulations. Occasionally, additional discretionary contributions in excess of these legally
required are made to achieve certain desired funding levels.
To the extent that a fund is over funded, the Group is not required to make further contribution to the plan in respect
of minimum performance requirements so long as the fund is in surplus. In the U.S. these excess amounts are
tracked, and the resulting credit balance can be used to satisfy minimum funding requirements in future years.
The expected benefit payments for pension plans are as follows:
(\u20ac million)
2024
2025
2026
2027
2028
2028-2032
Expected benefit payments
(12)
(14)
(15)
(14)
(15)
(76)
Potential outflows in the years after 2023 are subject to a number of uncertainties, including future asset
performance and changes in assumptions.
Changes in pension plans are the following:
(\u20ac million)
At 31 December
2023
2022
Defined
benefit
obligation
Fair
value of
plan
assets
Asset
ceiling
(Net asset)
Net
liability
obligation
Defined
benefit
obligation
Fair
value of
plan
assets
Asset
ceiling
(Net asset)
Net
liability
obligation
Amounts at
1\u00a0January
1,489
(1,191)
60
358
2,155
(1,626)
17
546
Included in the
income statement
83
(52)
\u2014
31
48
(25)
\u2014
23
Included in Other
comprehensive
income:
Actuarial (gains)
losses from:
- demographic
assumptions
(21)
\u2014
\u2014
(21)
\u2014
\u2014
\u2014
\u2014
- financial
assumptions
76
\u2014
\u2014
76
(631)
\u2014
\u2014
(631)
- other
22
\u2014
\u2014
22
46
\u2014
6
52
Return on assets
\u2014
(14)
\u2014
(14)
\u2014
419
\u2014
419
Change in the
effect of limiting net
assets
\u2014
\u2014
(15)
(15)
\u2014
\u2014
33
33
Exchange
differences
(30)
21
1
(7)
(36)
26
\u2014
(10)
Other changes:
Contribution by
employer
\u2014
(46)
\u2014
(46)
\u2014
(57)
\u2014
(57)
Contribution by plan
participants
3
(3)
\u2014
\u2014
3
(3)
\u2014
\u2014
Benefits paid
(102)
82
\u2014
(20)
(96)
76
\u2014
(20)
Transfer to
Liabilities held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other changes
54
(43)
2
13
(1)
4
3
Amounts at
31\u00a0December
1,573
(1,246)
49
376
1,489
(1,191)
60
358
Amounts recognized in the income statement is as follows:
(\u20ac million)
At 31 December
2023
2022
Current service cost
11
16
Interest expenses
64
30
Interest income
(52)
(25)
Other administrative costs
4
2
Past service costs (income) and (gains) losses arising from settlements
4
\u2014
Total recognized in the Consolidated Income Statement
31
23
The fair value of plan assets by class is as follows:
(\u20ac million)
At 31 December
2023
2022
Amount
of which have
a
quoted market
price in an
active market
Amount
of which have
a
quoted market
price in an
active market
Cash and cash equivalents
36
27
42
33
US equity securities
\u2014
\u2014
38
38
Non-US equity securities
44
35
\u2014
\u2014
Equity instruments
44
35
38
38
Government securities
118
49
78
78
Corporate bonds (including convertible
and high-yield bonds)
49
\u2014
45
13
Fixed income securities
167
49
124
91
Mutual funds
854
\u2014
826
\u2014
Real estate funds
46
\u2014
52
\u2014
Investment funds
900
\u2014
878
\u2014
Insurance contracts and other
99
16
109
62
Total fair value of plan assets
1,246
127
1,191
223
Non-U.S. equity securities are invested broadly in developed international and emerging markets. Debt instruments
are fixed income securities which comprise primarily long-term U.S. Treasury and global government bonds, as
well as U.S., developed international and emerging market companies\u2019 debt securities diversified by sector,
geography and through a wide range of market capitalisation. Commingled funds include common collective trust
funds, mutual funds and other investment entities. Private equity funds include those in limited partnerships that
invest primarily in operating companies that are not publicly traded on a stock exchange. Real estate investments
include those in limited partnerships that invest in various commercial and residential real estate projects both
domestically and internationally. Hedge fund investments include those seeking to maximise absolute return using
a broad range of strategies to enhance returns and provide additional diversification.
The investment strategies and objectives for pension assets reflect a balance of liability-hedging and return-
seeking investment considerations. The investment objectives are to minimise the volatility of the value of the
pension assets relative to the pension liabilities and to ensure assets are sufficient to pay plan obligations. The
objective of minimising the volatility of assets relative to liabilities is addressed primarily through asset
diversification, partial asset-liability matching and hedging. Assets are broadly diversified across many asset
classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in
order to minimise pension asset volatility relative to the pension liabilities, a portion of the pension plan assets are
allocated to fixed income securities. The Group policy for these plans ensures actual allocations are in line with
target allocations as appropriate.
Assets are actively managed, primarily, by external investment managers. Investment managers are not permitted
to invest outside of the asset class or strategy for which they have been appointed. The Group uses investment
guidelines to ensure investment managers invest solely within the mandated investment strategy. Certain
investment managers use derivative financial instruments to mitigate the risk of changes in interest rates and
foreign currencies impacting the fair values of certain investments. Derivative financial instruments may also be
used in place of physical securities when it is more cost effective and/or efficient to do so.
Plan assets do not include shares of CNH Industrial, or properties occupied by Group companies.
Sources of potential risk in the pension plan assets measurements relate to market risk, interest rate risk and
operating risk. Market risk is mitigated by diversification strategies and as a result, there are no significant
concentrations of risk in terms of sector, industry, geography, market capitalisation, or counterparty. Interest rate
risk is mitigated by partial asset-liability matching.
The fixed income target asset allocation partially matches the bond-like and long-dated nature of the pension
liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed income
securities and the present value of the obligations. Conversely, interest rate decreases generally will increase the
fair value of the investments in fixed income securities and the present value of the obligations.
The weighted average assumptions used to determine the defined benefit obligations of the pension plans are as
follows:
(in %)
At 31 December
2023
2022
CNH Industrial
Discount rate
4.22
4.64
Future salary increase rate
2.91
3.02
Average duration (years)
11
11
Iveco group
Discount rate
3.08
3.63
Future salary increase rate
2.07
2.08
Average duration (years)
12
11
CNH Industrial reviews annually mortality assumptions and demographic characteristics of its U.S. pension plan
participants. In 2023 and 2022 CNH continued to use the adopted the MP-2021 mortality improvement scale as it
continues to be the most current. At this time, CNH is not making adjustments to the MP-2021 for any short-term or
long-term impacts COVID may have on mortality improvements scales issued in the future.
The effect of an increase or decrease in the assumed discount rate, holding all other assumptions constant, would
be as follows:
(\u20ac million)
At 31 December
2023
2022
Increase
Decrease
Increase
Decrease
CNH Industrial(1)
(115)
139
(112)
136
Iveco Group(1)
(44)
51
(40)
48
(1) The effect of an increase or decrease of 1.0% in the assumed discount rate was considered.
Discount rates are used in measuring the obligation and the interest expense (income) of net period cost.
Weighted-average discount rates are used in measurements of pension, healthcare and other post-retirement
benefit obligations and net interest on the net defined benefit liability/asset. The weighted-average discount rates
are based on a benefit cash flow-matching approach and represent the rates at which the benefit obligations could
effectively be settled at the measurement date. The benefit cash flow-matching approach involves analysing the
Group\u2019s projected cash flows against a high quality bond yield curve, mainly calculated using a wide population of
AA-yield corporate bonds subject to minimum amounts outstanding and meeting other defined selection criteria.
Healthcare and life insurance plans
Liabilities arising from these plans comprise obligations such as healthcare and life insurance granted to a number
of employees and retirees in the U.S. and Canada.
These plans generally cover a number of employees retiring on or after reaching the age of 55 who have
completed at least 10 years of employment. These benefits may be subject to deductibles, co-payment provisions
and other limitations, and the Group has reserved the right to change or terminate these benefits, subject to the
provisions of any collective bargaining agreement. These plans are not required to be funded. However, beginning
in 2007, the Group began making contributions on a voluntary basis to a separate and independently managed
fund established to finance the North American healthcare plans.
The expected benefits for healthcare and life insurance plans are the following:
2024
2025
2026
2027
2028
2028-2032
Expected benefit payments
14
14
13
13
12
55
Changes in healthcare and life insurance plans are as follows:
(\u20ac million)
At 31 December
2023
2022
Defined
benefit
obligation
Fair value
of plan
assets
(Net asset)
Net liability
obligation
Defined
benefit
obligation
Fair value
of plan
assets
(Net asset)
Net liability
obligation
Present value of obligations at 1\u00a0January
163
(54)
109
255
(115)
140
Included in income statement
12
(3)
9
(22)
23
1
Included in Other comprehensive
income:
Actuarial (gains) losses from:
- demographic assumptions
\u2014
\u2014
\u2014
(1)
\u2014
(1)
- financial assumptions
3
\u2014
3
(41)
\u2014
(41)
- other
6
\u2014
6
(9)
\u2014
(9)
Return on assets
\u2014
(3)
(3)
\u2014
22
22
Exchange differences
(5)
2
(3)
15
(8)
7
Other:
Contribution by employer
\u2014
\u2014
\u2014
\u2014
14
14
Contribution by plan participants
3
\u2014
3
4
\u2014
4
Benefits paid
(27)
6
(21)
(26)
9
(17)
Transfer to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other changes
2
\u2014
2
(12)
1
(11)
Present value of obligation at
31\u00a0December
157
(52)
105
163
(54)
109
Amounts recognized in the Consolidated Income Statement were as follows:
(\u20ac million)
At 31 December
2023
2022
Current service cost
3
4
Interest expenses
8
6
Interest income
(3)
(3)
Past service costs (income) and (gains) losses arising from settlements/curtailments
1
(6)
Total recognized in the Consolidated Income Statement
9
1
Healthcare and life insurance plans are accounted for on an actuarial basis, which requires the selection of various
assumptions. In particular, it requires the use of estimates of the present value of the projected future payments to
all participants, taking into consideration the likelihood of potential future events such as healthcare cost increases
and demographic experience.
The fair value of plan assets by class is as follows:
(\u20ac million)
At 31 December
2023
2022
Amount
of which have a
quoted market
price in an active
market
Amount
of which have a
quoted market
price in an active
market
Cash and cash equivalents
1
\u2014
5
\u2014
Government securities
11
11
25
20
Corporate bonds (including convertible
and high-yield bonds)
15
12
\u2014
\u2014
Other fixed income
4
\u2014
6
\u2014
Debt instruments
30
23
31
20
Insurance contracts and others
21
\u2014
18
\u2014
Total fair value of plan assets
52
23
54
20
The weighted average assumptions used to determine the defined benefit obligations are as follows:
(in %)
At 31 December
2023
2022
CNH Industrial
Discount rate
4.97
5.28
Future salary increase rate
4.00
4.00
Weighted average initial healthcare cost trend rate
4.70
5.12
Weighted average ultimate healthcare cost trend rate
3.74
4.00
Average duration (years)
7
7
Assumed discount rates are used in measurements of pension, healthcare and other post-employment benefit
obligations and net interest on the net defined benefit liability/asset. The Group selects its assumed discount rates
based on the consideration of equivalent yields on high-quality fixed income investments at the measurement date.
The assumed discount rate is used to discount future benefit obligations back to today\u2019s dollars. The discount rates
for the U.S., European, U.K. and Canadian obligations are based on a benefit cash flow-matching approach and
represent the rates at which the benefit obligations could effectively be settled on the measurement date,
31\u00a0December. The benefit cash flow-matching approach involves analysing the Group\u2019s projected cash flows
against a high-quality bond yield curve, mainly calculated using a wide population of AA-grade corporate bonds
subject to minimum amounts outstanding and meeting other defined selection criteria.
The discount rates for the Group\u2019s remaining obligations are based on benchmark yield data of high-quality fixed
income investments for which the timing and amounts of payments approximate the timing and amounts of
projected benefit payments.
The assumed healthcare trend rate represents the rate at which healthcare costs are assumed to increase. Rates
are determined based on the Group\u2019s specific experience, consultation with actuaries and outside consultants, and
various trend factors including general and healthcare sector-specific inflation projections from the United States
Department of Health and Human Services Healthcare Financing Administration.
The initial trend is a short-term assumption based on recent experience and prevailing market conditions. The
ultimate trend is a long-term assumption of healthcare cost inflation based on general inflation, incremental medical
inflation, technology, new medicine, government cost-shifting, utilisation changes, an ageing population, and a
changing mix of medical services.
The Group uses the spot yield curve approach to estimate the service cost and net interest components by
applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected
cash outflows. Historically, the service and net interest costs were determined using a single weighted-average
discount rate based on hypothetical AA yield curves used to measure the benefit obligation at the beginning of the
period.
For the CNH Industrial Group, the effect of an increase or decrease of one percentage point in the assumed
healthcare cost trend rates would be an increase of \u20ac7\u00a0million and decrease of \u20ac6\u00a0million, respectively, in the
defined healthcare benefit obligations at 31\u00a0December\u00a02023.
Other post-employment benefits
Other post-employment benefits include employee benefits granted to Group employees in Europe and comprise,
among others, Italian employee leaving entitlements \u2013 TFR (obligation amounting to \u20ac141\u00a0million at
31\u00a0December\u00a02023 and \u20ac145\u00a0million at 31\u00a0December\u00a02022), consisting of the residual obligation for the benefit
accrued to employees of Italian companies until 31\u00a0December\u00a02007, having more than 50 employees, and accrued
over the employee\u2019s working life for the others, and settled when an employee leaves the Group. The schemes
included in this item are unfunded.
Changes in the obligations for other post-employment benefits are the following:
(\u20ac million)
At 31 December
2023
2022
Present value of obligation at 1 January
271
321
Included in income statement:
\u00a0
Current service cost
6
7
Interest (income) expenses
9
1
Past service costs (income) and (gains) losses arising from settlements
(1)
\u2014
Included in Other comprehensive income:
Actuarial (gains) losses from:
- demographic assumptions
(1)
(2)
- financial assumptions
8
(52)
- other
8
7
Exchange differences
\u2014
\u2014
Other changes:
Benefits paid
(18)
(19)
Other changes
(4)
8
Present value of obligation at 31 December
278
271
The main assumptions used in developing the required estimates for other post-employment benefits include the
discount rate, the retirement or employee leaving rate and mortality rates.
The discount rates used for the measurement of the Italian leaving entitlement obligation are based on yields of
high-quality (AA rated) fixed income securities for which the timing and amounts of payments match the timing and
amounts of the projected benefit payments. Retirement or employee leaving rates are developed to reflect actual
and projected Group experience and the legal requirements for retirement in Italy.
As for the Ferrari Group, at 31\u00a0December\u00a02023 the weighted average discount rates that reflect the estimated
timing and amount of the scheme future benefit payments was 4.1% (3.8% in 2022). The average duration of the
Italian leaving entitlement was approximately 6 years.
Other provisions for employees
Other provisions for employees primarily include long-term disability benefits, supplemental unemployment
benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-586": { "value": "Provisions for employee benefits
The Group\u2019s provisions and net assets for employee benefits are as follows:
(\u20ac million)
At 31 December
2023
2022
Present value of defined benefit obligations:
Pension plans
1,573
1,489
Healthcare and life insurance plans
157
163
Other post-employment benefits
278
271
Total present value of defined benefit obligations
2,008
1,923
\u00a0
Fair value of plan assets on pension plan
(1,246)
(1,191)
Fair value of plan assets of healthcare and life insurance plans
(52)
(54)
Asset ceiling
49
60
Total net defined benefits plan
759
738
of which:
Net defined benefit liability (A)
769
750
(Defined benefit plan assets)
(10)
(12)
Other provisions for employees (B)
552
555
Total provisions for employee benefits (A) + (B)
1,321
1,305
The Group provides post-employment benefits for certain of its active employees and retirees, either directly or by
contributing to independently administered funds. The way these benefits are provided varies according to the
legal, fiscal and economic conditions of each country in which the Group operates.
The Group provides post-employment benefits under defined contribution and defined benefit plans. The plans are
classified by the Group on the basis of the type of benefit provided as follows: pension benefits, healthcare plans,
life insurance plans, and other post-employment benefits. Moreover, the Group provides post-employment benefits,
such as pension or healthcare benefits, to its employees under defined contribution plans. In this case, the Group
pays contributions to the publicly or privately administered insurance plans on a legally mandatory, contractual, or
voluntary basis. By paying these contributions the Group fulfils all of its obligations. The Group recognises the cost
for defined contribution plans over the period in which the employee renders service. In 2023 this cost amounts to
\u20ac696\u00a0million (\u20ac876\u00a0million in 2022).
Pension benefits
Group companies in the United States and Canada sponsor both non-contributory and contributory defined benefit
pension plans. Liabilities arising from these plans are usually funded by contributions made by the Group and, at
times by their employees, into legally separate trusts which independently manage the assets servicing the plan
from which the employee benefits are paid.
The Group\u2019s funding policy for defined benefit pension plans is to contribute the minimum amounts required by
applicable laws and regulations. Occasionally, additional discretionary contributions in excess of these legally
required are made to achieve certain desired funding levels.
To the extent that a fund is over funded, the Group is not required to make further contribution to the plan in respect
of minimum performance requirements so long as the fund is in surplus. In the U.S. these excess amounts are
tracked, and the resulting credit balance can be used to satisfy minimum funding requirements in future years.
The expected benefit payments for pension plans are as follows:
(\u20ac million)
2024
2025
2026
2027
2028
2028-2032
Expected benefit payments
(12)
(14)
(15)
(14)
(15)
(76)
Potential outflows in the years after 2023 are subject to a number of uncertainties, including future asset
performance and changes in assumptions.
Changes in pension plans are the following:
(\u20ac million)
At 31 December
2023
2022
Defined
benefit
obligation
Fair
value of
plan
assets
Asset
ceiling
(Net asset)
Net
liability
obligation
Defined
benefit
obligation
Fair
value of
plan
assets
Asset
ceiling
(Net asset)
Net
liability
obligation
Amounts at
1\u00a0January
1,489
(1,191)
60
358
2,155
(1,626)
17
546
Included in the
income statement
83
(52)
\u2014
31
48
(25)
\u2014
23
Included in Other
comprehensive
income:
Actuarial (gains)
losses from:
- demographic
assumptions
(21)
\u2014
\u2014
(21)
\u2014
\u2014
\u2014
\u2014
- financial
assumptions
76
\u2014
\u2014
76
(631)
\u2014
\u2014
(631)
- other
22
\u2014
\u2014
22
46
\u2014
6
52
Return on assets
\u2014
(14)
\u2014
(14)
\u2014
419
\u2014
419
Change in the
effect of limiting net
assets
\u2014
\u2014
(15)
(15)
\u2014
\u2014
33
33
Exchange
differences
(30)
21
1
(7)
(36)
26
\u2014
(10)
Other changes:
Contribution by
employer
\u2014
(46)
\u2014
(46)
\u2014
(57)
\u2014
(57)
Contribution by plan
participants
3
(3)
\u2014
\u2014
3
(3)
\u2014
\u2014
Benefits paid
(102)
82
\u2014
(20)
(96)
76
\u2014
(20)
Transfer to
Liabilities held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other changes
54
(43)
2
13
(1)
4
3
Amounts at
31\u00a0December
1,573
(1,246)
49
376
1,489
(1,191)
60
358
Amounts recognized in the income statement is as follows:
(\u20ac million)
At 31 December
2023
2022
Current service cost
11
16
Interest expenses
64
30
Interest income
(52)
(25)
Other administrative costs
4
2
Past service costs (income) and (gains) losses arising from settlements
4
\u2014
Total recognized in the Consolidated Income Statement
31
23
The fair value of plan assets by class is as follows:
(\u20ac million)
At 31 December
2023
2022
Amount
of which have
a
quoted market
price in an
active market
Amount
of which have
a
quoted market
price in an
active market
Cash and cash equivalents
36
27
42
33
US equity securities
\u2014
\u2014
38
38
Non-US equity securities
44
35
\u2014
\u2014
Equity instruments
44
35
38
38
Government securities
118
49
78
78
Corporate bonds (including convertible
and high-yield bonds)
49
\u2014
45
13
Fixed income securities
167
49
124
91
Mutual funds
854
\u2014
826
\u2014
Real estate funds
46
\u2014
52
\u2014
Investment funds
900
\u2014
878
\u2014
Insurance contracts and other
99
16
109
62
Total fair value of plan assets
1,246
127
1,191
223
Non-U.S. equity securities are invested broadly in developed international and emerging markets. Debt instruments
are fixed income securities which comprise primarily long-term U.S. Treasury and global government bonds, as
well as U.S., developed international and emerging market companies\u2019 debt securities diversified by sector,
geography and through a wide range of market capitalisation. Commingled funds include common collective trust
funds, mutual funds and other investment entities. Private equity funds include those in limited partnerships that
invest primarily in operating companies that are not publicly traded on a stock exchange. Real estate investments
include those in limited partnerships that invest in various commercial and residential real estate projects both
domestically and internationally. Hedge fund investments include those seeking to maximise absolute return using
a broad range of strategies to enhance returns and provide additional diversification.
The investment strategies and objectives for pension assets reflect a balance of liability-hedging and return-
seeking investment considerations. The investment objectives are to minimise the volatility of the value of the
pension assets relative to the pension liabilities and to ensure assets are sufficient to pay plan obligations. The
objective of minimising the volatility of assets relative to liabilities is addressed primarily through asset
diversification, partial asset-liability matching and hedging. Assets are broadly diversified across many asset
classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in
order to minimise pension asset volatility relative to the pension liabilities, a portion of the pension plan assets are
allocated to fixed income securities. The Group policy for these plans ensures actual allocations are in line with
target allocations as appropriate.
Assets are actively managed, primarily, by external investment managers. Investment managers are not permitted
to invest outside of the asset class or strategy for which they have been appointed. The Group uses investment
guidelines to ensure investment managers invest solely within the mandated investment strategy. Certain
investment managers use derivative financial instruments to mitigate the risk of changes in interest rates and
foreign currencies impacting the fair values of certain investments. Derivative financial instruments may also be
used in place of physical securities when it is more cost effective and/or efficient to do so.
Plan assets do not include shares of CNH Industrial, or properties occupied by Group companies.
Sources of potential risk in the pension plan assets measurements relate to market risk, interest rate risk and
operating risk. Market risk is mitigated by diversification strategies and as a result, there are no significant
concentrations of risk in terms of sector, industry, geography, market capitalisation, or counterparty. Interest rate
risk is mitigated by partial asset-liability matching.
The fixed income target asset allocation partially matches the bond-like and long-dated nature of the pension
liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed income
securities and the present value of the obligations. Conversely, interest rate decreases generally will increase the
fair value of the investments in fixed income securities and the present value of the obligations.
The weighted average assumptions used to determine the defined benefit obligations of the pension plans are as
follows:
(in %)
At 31 December
2023
2022
CNH Industrial
Discount rate
4.22
4.64
Future salary increase rate
2.91
3.02
Average duration (years)
11
11
Iveco group
Discount rate
3.08
3.63
Future salary increase rate
2.07
2.08
Average duration (years)
12
11
CNH Industrial reviews annually mortality assumptions and demographic characteristics of its U.S. pension plan
participants. In 2023 and 2022 CNH continued to use the adopted the MP-2021 mortality improvement scale as it
continues to be the most current. At this time, CNH is not making adjustments to the MP-2021 for any short-term or
long-term impacts COVID may have on mortality improvements scales issued in the future.
The effect of an increase or decrease in the assumed discount rate, holding all other assumptions constant, would
be as follows:
(\u20ac million)
At 31 December
2023
2022
Increase
Decrease
Increase
Decrease
CNH Industrial(1)
(115)
139
(112)
136
Iveco Group(1)
(44)
51
(40)
48
(1) The effect of an increase or decrease of 1.0% in the assumed discount rate was considered.
Discount rates are used in measuring the obligation and the interest expense (income) of net period cost.
Weighted-average discount rates are used in measurements of pension, healthcare and other post-retirement
benefit obligations and net interest on the net defined benefit liability/asset. The weighted-average discount rates
are based on a benefit cash flow-matching approach and represent the rates at which the benefit obligations could
effectively be settled at the measurement date. The benefit cash flow-matching approach involves analysing the
Group\u2019s projected cash flows against a high quality bond yield curve, mainly calculated using a wide population of
AA-yield corporate bonds subject to minimum amounts outstanding and meeting other defined selection criteria.
Healthcare and life insurance plans
Liabilities arising from these plans comprise obligations such as healthcare and life insurance granted to a number
of employees and retirees in the U.S. and Canada.
These plans generally cover a number of employees retiring on or after reaching the age of 55 who have
completed at least 10 years of employment. These benefits may be subject to deductibles, co-payment provisions
and other limitations, and the Group has reserved the right to change or terminate these benefits, subject to the
provisions of any collective bargaining agreement. These plans are not required to be funded. However, beginning
in 2007, the Group began making contributions on a voluntary basis to a separate and independently managed
fund established to finance the North American healthcare plans.
The expected benefits for healthcare and life insurance plans are the following:
2024
2025
2026
2027
2028
2028-2032
Expected benefit payments
14
14
13
13
12
55
Changes in healthcare and life insurance plans are as follows:
(\u20ac million)
At 31 December
2023
2022
Defined
benefit
obligation
Fair value
of plan
assets
(Net asset)
Net liability
obligation
Defined
benefit
obligation
Fair value
of plan
assets
(Net asset)
Net liability
obligation
Present value of obligations at 1\u00a0January
163
(54)
109
255
(115)
140
Included in income statement
12
(3)
9
(22)
23
1
Included in Other comprehensive
income:
Actuarial (gains) losses from:
- demographic assumptions
\u2014
\u2014
\u2014
(1)
\u2014
(1)
- financial assumptions
3
\u2014
3
(41)
\u2014
(41)
- other
6
\u2014
6
(9)
\u2014
(9)
Return on assets
\u2014
(3)
(3)
\u2014
22
22
Exchange differences
(5)
2
(3)
15
(8)
7
Other:
Contribution by employer
\u2014
\u2014
\u2014
\u2014
14
14
Contribution by plan participants
3
\u2014
3
4
\u2014
4
Benefits paid
(27)
6
(21)
(26)
9
(17)
Transfer to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other changes
2
\u2014
2
(12)
1
(11)
Present value of obligation at
31\u00a0December
157
(52)
105
163
(54)
109
Amounts recognized in the Consolidated Income Statement were as follows:
(\u20ac million)
At 31 December
2023
2022
Current service cost
3
4
Interest expenses
8
6
Interest income
(3)
(3)
Past service costs (income) and (gains) losses arising from settlements/curtailments
1
(6)
Total recognized in the Consolidated Income Statement
9
1
Healthcare and life insurance plans are accounted for on an actuarial basis, which requires the selection of various
assumptions. In particular, it requires the use of estimates of the present value of the projected future payments to
all participants, taking into consideration the likelihood of potential future events such as healthcare cost increases
and demographic experience.
The fair value of plan assets by class is as follows:
(\u20ac million)
At 31 December
2023
2022
Amount
of which have a
quoted market
price in an active
market
Amount
of which have a
quoted market
price in an active
market
Cash and cash equivalents
1
\u2014
5
\u2014
Government securities
11
11
25
20
Corporate bonds (including convertible
and high-yield bonds)
15
12
\u2014
\u2014
Other fixed income
4
\u2014
6
\u2014
Debt instruments
30
23
31
20
Insurance contracts and others
21
\u2014
18
\u2014
Total fair value of plan assets
52
23
54
20
The weighted average assumptions used to determine the defined benefit obligations are as follows:
(in %)
At 31 December
2023
2022
CNH Industrial
Discount rate
4.97
5.28
Future salary increase rate
4.00
4.00
Weighted average initial healthcare cost trend rate
4.70
5.12
Weighted average ultimate healthcare cost trend rate
3.74
4.00
Average duration (years)
7
7
Assumed discount rates are used in measurements of pension, healthcare and other post-employment benefit
obligations and net interest on the net defined benefit liability/asset. The Group selects its assumed discount rates
based on the consideration of equivalent yields on high-quality fixed income investments at the measurement date.
The assumed discount rate is used to discount future benefit obligations back to today\u2019s dollars. The discount rates
for the U.S., European, U.K. and Canadian obligations are based on a benefit cash flow-matching approach and
represent the rates at which the benefit obligations could effectively be settled on the measurement date,
31\u00a0December. The benefit cash flow-matching approach involves analysing the Group\u2019s projected cash flows
against a high-quality bond yield curve, mainly calculated using a wide population of AA-grade corporate bonds
subject to minimum amounts outstanding and meeting other defined selection criteria.
The discount rates for the Group\u2019s remaining obligations are based on benchmark yield data of high-quality fixed
income investments for which the timing and amounts of payments approximate the timing and amounts of
projected benefit payments.
The assumed healthcare trend rate represents the rate at which healthcare costs are assumed to increase. Rates
are determined based on the Group\u2019s specific experience, consultation with actuaries and outside consultants, and
various trend factors including general and healthcare sector-specific inflation projections from the United States
Department of Health and Human Services Healthcare Financing Administration.
The initial trend is a short-term assumption based on recent experience and prevailing market conditions. The
ultimate trend is a long-term assumption of healthcare cost inflation based on general inflation, incremental medical
inflation, technology, new medicine, government cost-shifting, utilisation changes, an ageing population, and a
changing mix of medical services.
The Group uses the spot yield curve approach to estimate the service cost and net interest components by
applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected
cash outflows. Historically, the service and net interest costs were determined using a single weighted-average
discount rate based on hypothetical AA yield curves used to measure the benefit obligation at the beginning of the
period.
For the CNH Industrial Group, the effect of an increase or decrease of one percentage point in the assumed
healthcare cost trend rates would be an increase of \u20ac7\u00a0million and decrease of \u20ac6\u00a0million, respectively, in the
defined healthcare benefit obligations at 31\u00a0December\u00a02023.
Other post-employment benefits
Other post-employment benefits include employee benefits granted to Group employees in Europe and comprise,
among others, Italian employee leaving entitlements \u2013 TFR (obligation amounting to \u20ac141\u00a0million at
31\u00a0December\u00a02023 and \u20ac145\u00a0million at 31\u00a0December\u00a02022), consisting of the residual obligation for the benefit
accrued to employees of Italian companies until 31\u00a0December\u00a02007, having more than 50 employees, and accrued
over the employee\u2019s working life for the others, and settled when an employee leaves the Group. The schemes
included in this item are unfunded.
Changes in the obligations for other post-employment benefits are the following:
(\u20ac million)
At 31 December
2023
2022
Present value of obligation at 1 January
271
321
Included in income statement:
\u00a0
Current service cost
6
7
Interest (income) expenses
9
1
Past service costs (income) and (gains) losses arising from settlements
(1)
\u2014
Included in Other comprehensive income:
Actuarial (gains) losses from:
- demographic assumptions
(1)
(2)
- financial assumptions
8
(52)
- other
8
7
Exchange differences
\u2014
\u2014
Other changes:
Benefits paid
(18)
(19)
Other changes
(4)
8
Present value of obligation at 31 December
278
271
The main assumptions used in developing the required estimates for other post-employment benefits include the
discount rate, the retirement or employee leaving rate and mortality rates.
The discount rates used for the measurement of the Italian leaving entitlement obligation are based on yields of
high-quality (AA rated) fixed income securities for which the timing and amounts of payments match the timing and
amounts of the projected benefit payments. Retirement or employee leaving rates are developed to reflect actual
and projected Group experience and the legal requirements for retirement in Italy.
As for the Ferrari Group, at 31\u00a0December\u00a02023 the weighted average discount rates that reflect the estimated
timing and amount of the scheme future benefit payments was 4.1% (3.8% in 2022). The average duration of the
Italian leaving entitlement was approximately 6 years.
Other provisions for employees
Other provisions for employees primarily include long-term disability benefits, supplemental unemployment
benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Group.
Other provisions
Changes in Other provisions during the 2023 are as follows:
(\u20ac million)
At 31 December
2022
Charge
Utilisation
Translation
differences
Other
changes
At 31\u00a0December\u00a0
2023
Warranty recall campaigns and
technical assistance
1,066
999
(814)
(14)
(56)
1,181
Restructuring provisions
77
78
(68)
(1)
(11)
75
Investment provisions
5
\u2014
\u2014
\u2014
\u2014
5
Other charges and risks
2,897
4,656
(3,627)
(69)
(83)
3,774
Total other provisions
4,045
5,733
(4,509)
(84)
(150)
5,035
The warranty recall campaigns and technical assistance provision represent management\u2019s best estimate of
commitments given by the Group for contractual, legal or constructive obligations arising from product warranties
given for a specified period of time which begins at the date of delivery to the customer. This estimate has been
calculated considering past experience and specific contractual terms. This provision also includes management\u2019s
best estimate of the costs that are expected to be incurred in connection with product defects that could result in a
larger recall of vehicles. This provision for risks is developed through an assessment of reported damages or
returns on a case-by-case basis.
At 31\u00a0December\u00a02023, the restructuring provision includes the estimated amount of benefits payable to employees
by CNH Industrial Group on termination in connection with restructuring plans, amounting to \u20ac34\u00a0million.
The provision for other charges and risks represents the amounts provided by the individual companies of the
Group in connection mainly with sales incentives and contractual, commercial and tax risks and disputes.
The detail is as follows:
(\u20ac million)
At 31 December
2023
2022
Marketing and sales incentives programs
2,624
1,843
Legal proceedings and other disputes
203
226
Commercial risks
521
383
Environmental risks
48
55
Other provisions for risks and charges
378
390
Total other risks
3,774
2,897
In particular, the provision refers to:
\u2022 marketing and sales incentives program: relating to the estimated amount of sales consideration to be reversed
to the Group\u2019s dealer networks if the dealers achieve a specific cumulative level of sales transactions during
the calendar year;
\u2022 legal proceedings and other disputes: relating to legal proceedings arising in the ordinary course of business
with dealers, customers, suppliers or regulators (such as contractual or patent disputes), legal proceedings
involving claims with active and former employees and legal proceedings involving different tax authorities;
\u2022 commercial risks: relating to sale of products and services such as onerous maintenance contracts and as a
result of certain regulatory emission requirements;
\u2022 environmental risks: this provision represents management's best estimate of the Group's probable
environmental obligations. Amounts included in the estimate comprise direct costs to be incurred in connection
with environmental obligations associated with current or formerly owned facilities and sites. This provision also
includes costs related to claims on environmental matters;
\u2022 other provisions for risks and charges: these include indemnities, provisions for disputes with suppliers,
provision for product liabilities, contract related disputes or other disputes not subject to legal proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-588": { "value": "Other provisions
Changes in Other provisions during the 2023 are as follows:
(\u20ac million)
At 31 December
2022
Charge
Utilisation
Translation
differences
Other
changes
At 31\u00a0December\u00a0
2023
Warranty recall campaigns and
technical assistance
1,066
999
(814)
(14)
(56)
1,181
Restructuring provisions
77
78
(68)
(1)
(11)
75
Investment provisions
5
\u2014
\u2014
\u2014
\u2014
5
Other charges and risks
2,897
4,656
(3,627)
(69)
(83)
3,774
Total other provisions
4,045
5,733
(4,509)
(84)
(150)
5,035
The warranty recall campaigns and technical assistance provision represent management\u2019s best estimate of
commitments given by the Group for contractual, legal or constructive obligations arising from product warranties
given for a specified period of time which begins at the date of delivery to the customer. This estimate has been
calculated considering past experience and specific contractual terms. This provision also includes management\u2019s
best estimate of the costs that are expected to be incurred in connection with product defects that could result in a
larger recall of vehicles. This provision for risks is developed through an assessment of reported damages or
returns on a case-by-case basis.
At 31\u00a0December\u00a02023, the restructuring provision includes the estimated amount of benefits payable to employees
by CNH Industrial Group on termination in connection with restructuring plans, amounting to \u20ac34\u00a0million.
The provision for other charges and risks represents the amounts provided by the individual companies of the
Group in connection mainly with sales incentives and contractual, commercial and tax risks and disputes.
The detail is as follows:
(\u20ac million)
At 31 December
2023
2022
Marketing and sales incentives programs
2,624
1,843
Legal proceedings and other disputes
203
226
Commercial risks
521
383
Environmental risks
48
55
Other provisions for risks and charges
378
390
Total other risks
3,774
2,897
In particular, the provision refers to:
\u2022 marketing and sales incentives program: relating to the estimated amount of sales consideration to be reversed
to the Group\u2019s dealer networks if the dealers achieve a specific cumulative level of sales transactions during
the calendar year;
\u2022 legal proceedings and other disputes: relating to legal proceedings arising in the ordinary course of business
with dealers, customers, suppliers or regulators (such as contractual or patent disputes), legal proceedings
involving claims with active and former employees and legal proceedings involving different tax authorities;
\u2022 commercial risks: relating to sale of products and services such as onerous maintenance contracts and as a
result of certain regulatory emission requirements;
\u2022 environmental risks: this provision represents management's best estimate of the Group's probable
environmental obligations. Amounts included in the estimate comprise direct costs to be incurred in connection
with environmental obligations associated with current or formerly owned facilities and sites. This provision also
includes costs related to claims on environmental matters;
\u2022 other provisions for risks and charges: these include indemnities, provisions for disputes with suppliers,
provision for product liabilities, contract related disputes or other disputes not subject to legal proceedings.
Guarantees granted, commitments and contingent liabilities
Pending litigation and contingent liabilities
As a global group with a diverse business portfolio, Exor Group is exposed to numerous legal risks, particularly in
the areas of product liability, competition and antitrust law, environmental risks and tax matters, dealer and supplier
relationships, product warranty and defective product claims, emission and/or fuel economy regulatory and
contractual issues, competition law, intellectual property rights and environmental claims. The outcome of any
current or future proceedings, claims or investigations cannot be predicted with certainty. These risks arise from
pending legal proceedings or requests received by the Group seeking recovery for damage to property, personal
injuries and in some cases include a claim for exemplary or punitive damages. It is therefore possible that legal
judgments could give rise to expenses that are not covered, or not fully covered, by insurers\u2019 compensation
payments and could affect the Group\u2019s financial position and results.
In addition to claims litigation, the Group may be subject to lawsuits and regulatory actions in the normal course of
business that do not arise from or directly relate to claims. This category of business litigation typically involves,
among other things, allegations of omissions, employment claims or regulatory activity. While the outcome of
business litigation cannot be predicted with certainty, the Group will dispute all allegations against the Group and/or
its subsidiaries that management believes are without merit.
Contingent liabilities of the CNH Industrial Group
At 31\u00a0December\u00a02023, contingent liabilities estimated by the CNH Industrial Group amount to approximately
\u20ac25\u00a0million (approximately \u20ac40\u00a0million at 31\u00a0December\u00a02022), for which no provisions have been recognized since
an outflow of resources is not considered probable at the present time.
Contingent liabilities of the Iveco Group
Follow-up on Damages Claims
In 2011 Iveco S.p.A. and Iveco Magirus AG (together \"Iveco\"), which, following the Demerger, are now part of Iveco
Group N.V., and their competitors in the European Union were subject to an investigation by the European
Commission (the \u201cCommission\u201d) into certain business practices in the European Union in the period 1997-2011, in
relation to Medium & Heavy trucks. On 19 July 2016, the Commission announced a settlement with CNH Industrial
(\"the Decision\") including a settlement with Iveco. In particular, Iveco received a reduction in its fine for cooperating
with the European Commission throughout the investigation, and received a fine of \u20ac494.6\u00a0million. Similar
decisions were taken, by the Commission, with reference to the other competitors. Following the Decision, Iveco
S.p.A. and Iveco Magirus AG have been named as defendants in many proceedings across Europe and Israel.
These damage claims could result in substantial liabilities for the Group as well as incurring significant defense
costs, which may have a material adverse effect on its operations and financial condition. The extent and outcome
of these claims cannot be reliably predicted at this time and, therefore, the Group did not recognise any specific
provision for these claims. In 2023, Iveco Group recognised a cost of \u20ac12\u00a0million related to certain claims for which
it was possible to make a reliable estimate. This current position will be reassessed on a regular basis and updated
as necessary, based on the evolution of cases. In accordance with IAS 37 \u2013 Provisions, Contingent Liabilities and
Contingent Assets (paragraph 92), no further information is disclosed so as not to prejudice the Group\u2019s position.
FPT Emissions Investigation
On 22\u00a0July\u00a02020, a number of CNH Industrial's offices in Europe were visited by investigators in the context of a
request for assistance by the public prosecutors of Frankfurt am Main, Germany (later transferred to the public
prosecutor's office in Stuttgart, Germany) and Turin, Italy, in relation to alleged noncompliance of two engine
models produced by FPT Industrial S.p.A., which is now part of the Iveco Group. The Italian criminal investigation
was concluded in 2023. As a result of the full cooperation and discussions with the investigative authorities, the
German criminal investigation was also concluded in December 2023. The Iveco Group are also defending
individual civil claims alleging emissions' non-compliance in Germany and Austria. The Iveco Group cannot predict
at this time the extent and outcome of these individual claims and therefore Iveco Group did not recognise any
specific related provision.
Pending litigations of the Juventus Group
Juventus/Victoria 2000 S.r.l. - Supreme Court of Cassation
On 2 December 2015 Victoria 2000 S.r.l., already sole shareholder of Bologna Football Club 1909 S.p.A., had
summarised before the Court of Appeal of Naples, pursuant to Article 622 of the Italian Code of Criminal
Procedure, the judgement reached by the Supreme Court of Cassation with sentence 36350/2015 of 9 September
2015, which had referred to the civil judge competent for the value of appeal the decision regarding the
compensation claims of the civil parties constituted against Luciano Moggi, and had sued Diego and Andrea Della
Valle, Sandro Mencucci, Luciano Moggi, Massimo De Santis, Innocenzo Mazzini, Pier Luigi Pairetto, A.C.F.
Fiorentina S.p.A. and Juventus in order to hear them condemned, jointly and severally, to compensation for
damages, financial or otherwise, allegedly suffered by Victoria 2000 S.r.l. as a result of the criminal offences
ascertained in criminal proceedings and the relegation of Bologna Football Club 1909 S.p.A. at the end of the
2004/2005 Serie A Championship, allegedly falsified, according to the applicant, by the defendants in the criminal
proceedings.
Juventus had been sued as civil party, pursuant to Article 2049 of the Italian Civil Code, as a consequence of the
actions of Luciano Moggi and Antonio Giraudo.
With sentence no. 326/2019 of 24 January 2019 the Court of Appeal of Naples, definitively ruling following a
referral pursuant to Article 622 of the Italian Code of Criminal Procedure of criminal sentence no. 36350/2015 of the
Supreme Court of Cassation has: (i) declared the summary judgements by Brescia Calcio S.p.A. and Bologna
Football Club 1909 S.p.A. closed; (ii) rejected the claims for damages made by Victoria 2000 S.r.l. against the
defendants and shared the costs of the proceedings between the parties.
Against sentence 326/2019 of the Court of Appeal of Naples, on 16 July 2019 Victoria 2000 notified Juventus and
Diego and Andrea Della Valle, Sandro Mencucci, Luciano Moggi, Massimo De Santis, Innocenzo Mazzini, Pier
Luigi Pairetto, A.C.F. Fiorentina S.p.A. of the appeal to the Supreme Court of Cassation for its revision.
On 26 September 2019, Juventus notified Victoria 2000 and the other counterparties of the appeal to the Supreme
Court of Cassation asking for confirmation of the contested sentence and, by way of cross-appeal, to ascertain that
the ruling of the trial judge who had excluded Juventus' liability towards Victoria 2000 as civilly liable for the
unlawful facts charged to Luciano Moggi have become final, with a consequent request for a declaration of
inadmissibility of all the applications proposed by Victoria 2000 against Juventus.
The other counterparties - other than Massimo De Santis, in default - have notified Juventus of their responses to
the Supreme Court of Cassation.
The date of the hearing for the discussion of the appeal is awaited.
Criminal proceedings pending before the Turin Judicial Authority (now before the Rome Judicial Authority)
On 26\u00a0November\u00a02021 and 1\u00a0December\u00a02021, Juventus was notified of search and seizure orders and, on those
dates, Juventus became aware of the existence of an investigation initiated by the Public Prosecutor's Office of the
Court of Turin (\"the Public Prosecutor's Office\"), against Juventus itself as well as some of its current and former
representatives, concerning the \u201cRevenues from players' registration rights\u201d item recorded in the financial
statements at 30\u00a0June\u00a02019,\u00a02020 and 2021 for the offences referred to in Article 2622 of the Italian Civil Code and
Article 8 of Italian Legislative Decree No. 74/2000 and, as regard Juventus, the offence set forth in Article 5 and 25-
ter of Italian Legislative Decree No. 231/2001. Within the context of the aforementioned investigation, a hand-over
request for documents concerning payment of the players' salaries during the 2019/2020 and 2020/2021 football
seasons was served to Juventus by the Public Prosecutor's Office on 23\u00a0March\u00a02022.
On 24\u00a0October\u00a02022, the Public Prosecutor's Office sent to Juventus \u2013 as well as some of its current and previous
representatives \u2013 the notice regarding the conclusion of preliminary investigations (the \u201cTurin Notice\u201d) in connection
with the above-mentioned criminal proceedings. The Turin Notice alleges the offences against natural persons set
forth in Article 2622 of the Italian Civil Code, Article 185 of the Consolidated Law on Finance (\u201cTUF\u201d), Article 2 of
Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil Code, while Juventus was under investigation
for the offences referred to in Articles 5, 25-ter, 25-sexies and 25-quinquesdecies of Italian Legislative Decree
231/2001. The facts covered by Turin Notice pertain to the financial statements at 30\u00a0June\u00a02019, 30\u00a0June\u00a02020 and
30\u00a0June\u00a02021 and relate to improperly named transactions of \u201cexchange\u201d of players' registration rights and
agreements to reduce and supplement the compensation of registered personnel concluded in the 2019/2020 and
2020/2021 financial years. Juventus viewed and took a copy of the investigative documents in order to exercise its
defence rights. The Turin Notice did not mention the offence pursuant to Article 8 of Italian Legislative Decree
74/2000, for which separate proceedings had been initiated in the meantime, later dismissed by the Turin
Preliminary Investigations Judge through a dismissal order issued on 25\u00a0May 2023, pronounced following the
request for dismissal submitted by the Public Prosecutor on 14 March 2023.
On 20\u00a0November\u00a02022, as part of the information made public through the second press release pursuant to Article
154-ter of the Consolidated Law on Finance, outlined below, Juventus, in order to provide the market with the most
extensive disclosure possible, provided additional information on the Turin Notice referred to above, in the
Appendix to the above-mentioned press release, with particular reference to the quantitative outcomes of the
effects on the financial statements arising from the content of the provisional charges.
Following the request for committal to trial signed by the Public Prosecutors on 30\u00a0November\u00a02022, the
proceedings were assigned to the Judge of the Preliminary Hearing at the Court of Turin. Before the latter, in
addition to the first hearing held on 27\u00a0March\u00a02023, for the appearance of parties and the summons of Juventus as
a civil liability party in proceedings, a second preliminary hearing was held on 10\u00a0May\u00a02023. The latter ended with
the transmission of the acts to the Supreme Court of Cassation, called to decide the issue of territorial jurisdiction
objected by the defence (see below).
Juventus points out that a number of current and past managers of Juventus were also charged with the alleged
crime of fraudulent tax returns, pursuant to Article 2 of Italian Legislative Decree 74/2000, allegedly committed
using invoices issued by sports agents and referring in whole and/or in part to non-existent transactions. In relation
to this alleged offence, Juventus is under indictment as an entity pursuant to Article 25-quinquesdecies of Italian
Legislative Decree 231/2001. On 21\u00a0December\u00a02022, a hearing was held in chambers in relation to the appeal filed
by the Public Prosecutors against the order of rejection of the request for the precautionary seizure of
\u20ac437\u00a0thousand against Juventus, as alleged profit of the tax offences mentioned above. However, on
12\u00a0December\u00a02022, the Public Prosecutors announced their waiver of the aforementioned appeal; consequently, at
the precautionary hearing, the Court of Review declared the appeal inadmissible on 21\u00a0December\u00a02022.
On 19\u00a0December\u00a02022, Juventus received a \u201cHand-over request\u201d for various documents, including accounting
statements related to the transactions and the balance of certain items of the statement of financial position and
income statement, the minutes of the Board of Directors, of the Board of Statutory Auditors and of the \"Leadership
Team\" Committee, documents relating to emoluments/fees/indemnities paid to certain registered or former
registered players and technical staff, and any other documentation considered relevant. Juventus promptly
complied with the request.
On 27\u00a0February, 21\u00a0March and 3\u00a0May\u00a02023, the Public Prosecutor's Office at the Court of Turin filed further
investigative documents, including additional consultancy prepared by the consultant of the Public Prosecutors in
relation to certain transactions involving the purchase and sale of players' registration rights carried out with football
clubs allegedly linked to Juventus by \"partnership relations\". Following this further investigation, the Public
Prosecutors did not decide to modify or add to the charges. Juventus has also analysed this additional
documentation with the support of its legal and accounting consultants, also in order to verify the presence of any
documents which might have, even if only potentially, any accounting effects on the economic, equity and financial
position as at 31\u00a0December\u00a02022 and/or the comparative data of the previous period, determining that the
accounting effects of said documents on its financial position and shareholders' equity at 30\u00a0June\u00a02023 would be
zero. For more information on the analyses and assessments carried out by Juventus with the support of its
consultants, as well as for qualitative and quantitative information on the ongoing criminal proceedings, please refer
to the note 57 of the financial statements and note 58 of the consolidated financial statement where, with a view to
a fully transparent and exhaustive disclosure and on a voluntary basis, Juventus will provide a representation - as
was already the case in note 57 to the Consolidated Half-Yearly Financial Report as at 31\u00a0December\u00a02022 - of the
potential accounting effects that the documents relating to certain transactions could theoretically have had on the
economic, equity and financial positions for the 2022/2023 financial year and the previous 2021/2022 financial year,
where they were considered susceptible of generating enforceable rights and obligations between the parties and
therefore qualify as \"contracts\" pursuant to IFRS 15.
During the course of the second preliminary hearing, on 10 May 2023, the Preliminary Hearing Judge at the Court
of Turin ordered the transmission of documents to the Supreme Court of Cassation, called to rule on the issue of
territorial jurisdiction challenged by the defence. At the outcome of the hearing of 6 September 2023, the Supreme
Court of Cassation declared that the Court of Turin lacked territorial jurisdiction and ordered the forwarding of the
documents to the Public Prosecutor at the Court of Rome.
On 6 December 2023, after the transmission of the documents of the criminal proceedings pending before the Turin
Judicial Authority, Juventus received a request from the Public Prosecutor's Office of Rome for the acquisition of
documents relating, in particular, to the financial statements as at 30\u00a0June\u00a02022. In this context, Juventus has
learned that investigations are pending at the Public Prosecutor's Office of Rome in relation to company
representatives for the case referred to in Article 2622 of the Italian Civil Code with regard to the financial
statements as at 30\u00a0June\u00a02022. To the best of its knowledge, Juventus is not under investigation in these
proceedings. On 16 January 2024, the Company received a further request for the acquisition of documents
relating to the financial statements as at 30 June 2023.
On 22 December 2023, the Company received notification of the conclusion of the preliminary investigations from
the Public Prosecutor's Office of the Court of Rome (the \"Rome Notice\") in connection with the above-mentioned
criminal proceedings. In line with the allegations raised by the Public Prosecutor's Office of Turin, the Rome notice
alleges the offences against natural persons set forth in Article 2622 of the Italian Civil Code, Article 185 of the
Consolidated Law on Finance, Article 2 of Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil
Code, while the Company was under investigation for the offences referred to in Articles 5, 25-ter, 25-sexies and
25-quinquesdecies of Italian Legislative Decree 231/2001. The facts covered by the Rome Notice pertain to the
financial statements as of 30 June 2019, 2020 and 2021 and are related to improperly named transactions of
\u201cexchange\u201d of players' registration rights and agreements to reduce and supplement the compensation of
registered personnel concluded in the 2019/2020, 2020/2021 and 2021/2022 sporting seasons, already covered by
the Turin Notice, as well as the \"buyback agreements\", relating to certain transfer market transactions dating back
to the years 2017/2018, 2018/2019 and 2019/2020.
Appeal before the Lazio Regional Administrative Court against CONSOB Resolution no. 22482/2022 and the
request pursuant to art. 114 of the Consolidated Law on Finance of 19 October 2022
On 16\u00a0December\u00a02022, Juventus filed an appeal before the Lazio Regional Administrative Court against CONSOB
Resolution no. 22482/2022, adopted on 19\u00a0October\u00a02022, and the request made by CONSOB pursuant to art. 114
Consolidated Law on Finance vis-\u00e0-vis Juventus on the same date. At the date of its consolidated half-yearly
financial report at 31\u00a0December\u00a02023, Juventus is waiting for the hearing to be scheduled.
Arbitration proceedings with a former registered player
On 19\u00a0June\u00a02023, Cristiano Ronaldo dos Santos Aveiro (\u201cFormer Registered Player\u201d), notified Juventus a request
for arbitration (\u201cFirst Application\u201d), requesting the company to be ordered to pay approximately \u20ac19.5\u00a0million, for
facts connected to the second salary manoeuvre (2020/21 football season), complaining, for the following reasons:
(a) primarily, due to the alleged invalidity of the compensation reduction agreement that the Former Registered
Player had signed in relation to the 2020/21 football season, (b) alternatively, as a consequence of the cancellation
of the aforementioned reduction agreement due to wilful misconduct; (c) in the further alternative, by way of
fulfilment of the provisions of an alleged supplementing agreement, if a similar agreement not concluded in
compliance with the requirements established by the applicable regulations can be considered valid and effective;
and (d) in the final alternative, by way of non-contractual or pre-contractual liability. On 29\u00a0June\u00a02023, Juventus
sent its response to the lawyers of the Former Registered Player and the appointed arbitrators, raising interlocutory
and preliminary objections and disputing, in fact and in law, the statements made by the Former Registered Player.
On 24\u00a0July\u00a02023, the first hearing of the arbitration proceedings was held, as part of which the terms of the
proceedings were assigned. In the subsequent hearing of 21\u00a0November\u00a02023, the Arbitration Board assigned the
terms for the filing of the closing documents and set the hearing for the oral discussion \"in the event that even only
one of the parties makes a request to the Arbitration Board and by means of a communication to the counterparty
by 29\u00a0January\u00a02024\u201d.
On 29\u00a0January\u00a02024, having regard to the ruling of the Arbitration Board dated 21\u00a0November\u00a02023, Juventus
requested the holding of the oral discussion hearing, on the date indicated by the ruling of the Arbitration Board of
18\u00a0January2024, and therefore on 5\u00a0February\u00a02024.
On 5\u00a0February\u00a02024, the oral discussion hearing was held, at the end of which the case was adjourned for a
decision by the Arbitration Board, with the deadline for the filing of the award on 22\u00a0April\u00a02024.
As a result of the investigations carried out, also with the support of its consultants, Juventus deems the claims
made by the Former Registered Player to be unfounded and, therefore, did not deem it necessary to set aside any
provision for risks.
On 30\u00a0June 2023, the day following the transmission of Juventus' response to the First Application, by means of
which the company noted the presence of formal defects in the power of attorney for litigation that could result in
the inadmissibility of the First Application, the Former Registered Player notified Juventus of a second request for
arbitration, identical to the First Application, except that the new application was accompanied by a new and
different power of attorney (\u201cSecond Application\u201d). On 10\u00a0July\u00a02023, Juventus sent the response to the Second
Application to the defenders of the Former Registered Player and to the appointed arbitrators, also raising
prerequisite and preliminary objections and contesting, in fact and in law, the statements of the Former Registered
Player. The first hearing was held on 4\u00a0September\u00a02023 and the hearing for the discussion of the case was held on
4\u00a0October\u00a02023. With its award of 30\u00a0October\u00a02023, the arbitration board declared the lack of its own potestas
iudicandi on the merits of the dispute referred to in the Second Application.
Consob proceedings pursuant to Article 154-ter, paragraph 7, of Legislative Decree no. 58/1998
On 31\u00a0July\u00a02023, Consob sent Juventus a notification of initiation of the proceedings aimed at adopting the
measure referred to in Article 154-ter, paragraph 7, of the Consolidated Law on Finance (the \"2023 Notice of
Initiation of Proceedings\"), specifying that Consob had found certain critical issues with reference to the recognition
by Juventus of certain transactions and management events related to (a) the financial statements and
consolidated financial statements as at 30\u00a0June\u00a02022 and (b) the consolidated half-yearly financial statements as at
31\u00a0December\u00a02022, and formally initiated the administrative proceedings aimed at asking the Company to make
public the critical issues identified and publishing the necessary supplementary information (the \"2023 Proceedings
pursuant to Article 154-ter\").
The critical issues identified by Consob and the subject of the 2023 Notice of Initiation of Proceedings specifically
concerned (i) the accounting of 16 \"cross-transactions\" for the disposal and simultaneous purchase of players'
registration rights, of which 15 dating back to the 2019/2020 and 2020/2021 financial years, which were already
included in the previous proceedings initiated by Consob pursuant to Article 154-ter, paragraph 7 of the
Consolidated Law on Finance during the 2022/2023 financial year, and 1 \"cross-transaction\" pertaining to the
2022/2023 financial year (together the \u201c16 Cross-Transactions\u201d), (ii) the recognition of liabilities and the cost
accounting criterion following the conclusion of agreements with registered players and technical staff as part of the
'salary manoeuvres' carried out during the 2019/2020 and 2020/2021 football seasons (the \"First Manoeuvre\" and
the \"Second Manoeuvre\", together referred to as \"the Manoeuvres\"), as well as (iii) the accounting effects
attributable to certain 'memos' or 'memoranda', related to certain transfer market transactions, dating back to the
2017/2018, 2018/2019 and 2019/2020 financial years, which led to the recognition of capital gains in the related
financial statements, in relation to agreements contained in said documents, whereby Juventus reserved the right
to repurchase the transferred players\u2019 registration rights, or undertook to repurchase the transferred players\u2019
registration rights at certain future dates and at certain amounts (\"Buyback Agreements\"), in addition to alleged
debt relations with other clubs.
On 21\u00a0September\u00a02023, Juventus filed its observations and deductions with Consob, disputing, in addition to some
defects in the Proceedings and an interpretation of international accounting standards not consistent with the
practices in the football industry, (i) with regard to the 16 \u201ccross-transactions\u201d, the erroneousness of the
requalification as exchanges of separate and autonomous transactions involving the purchase and sale of players'
registration rights, and, in any case - also to apply the accounting standard relating to exchanges of assets - the
correctness of the accounting treatment applied by Juventus; (ii) with regard to the \u201csalary manoeuvres\u201d, the
correctness of the accounting treatment applied by Juventus with regard to the reductions and supplementing of
the registered players' and technical staff remuneration of the First Team in the 2019/2020 and 2020/2021 financial
years; and (iii) with regard to the third dispute profile, the correctness of the accounting of the operations for the
transfer of players\u2019 registration rights and the non-existence of debt relations, as these \u201cmemos\u201d or \u201cmemoranda\u201d
are not susceptible of generating enforceable rights and obligations between the parties.
On 4 October 2023, Juventus' hearing was held at Consob.
On conclusion of the 2023 Proceedings pursuant to Article 154-ter, with resolution no. 22858 of 25\u00a0October\u00a02023
(the \"Resolution no. 22858/2023\"), Consob passed the resolution regarding the assessment, according to the
terms illustrated below, of the non-compliance of the financial statements as at 30\u00a0June\u00a02022 and the consolidated
half-yearly financial statements as at 31\u00a0December\u00a02022 of Juventus with the regulations governing the drafting
thereof and asked the Company, pursuant to Article 154-ter, paragraph 7 of the Consolidated Law on Finance, to
disclose the following information to the market:
A. \"the shortcomings and critical issues identified by Consob regarding the accounting accuracy of the
financial statements as at 30\u00a0June\u00a02022 and the consolidated half-yearly financial statements as at
31\u00a0December\u00a02022\";
B. \"the applicable international accounting standards and the violations identified in this regard\";
C. \"the description, in a dedicated pro-forma consolidated economic, equity and financial position \u2013
accompanied by comparative data \u2013 of the effects that accounting compliant with the rules would have had
on the statement of financial position, income statement and shareholders' equity for the year and for the
half year for which an incorrect disclosure was provided\".
The Consob findings contained in Resolution no. 22858/2023, relating to the financial statements as at
30\u00a0June\u00a02022 and the consolidated half-yearly financial statements as at 31\u00a0December\u00a02022, concerned (i) the 16
Cross-Transactions, (ii) the Manoeuvres and (iii) the Buyback Agreements.
Therefore, the adoption by Consob of the provision pursuant to Article 154-ter, paragraph 7 of the Consolidated
Law on Finance would not affect the validity of the financial statements to which it refers, as the provision does not,
in fact, result in \"real\" effects but is relevant only at an information level.
Likewise, on 25\u00a0October\u00a02023, pursuant to Article 114, paragraph 5 of the Consolidated Law on Finance, making
reference to the Shareholders' Meeting called for 23\u00a0November\u00a02023 for the approval of the financial statements for
the year ended 30\u00a0June\u00a02023 and the presentation of the consolidated financial statements as at 30\u00a0June\u00a02023,
Consob asked Juventus to make public, by means of a press release, to be distributed in due time prior to its
shareholders\u2019 meeting and in any case no later than 10\u00a0November\u00a02023: (i) \u201cthe considerations of the Directors
regarding the correctness of the 2023 financial statements;\u201d and (ii) \u201can estimation regarding the economic, equity
and financial impacts, adequately commented on, suitable to represent the accounting of the profiles subject to
Consob's measure on the consolidated situation of the Issuer as at 30\u00a0June\u00a02023\u201d (the \u201cRequest pursuant to Article
114 of the Consolidated Law on Finance - 2023\u201d).
With a press release dated 27\u00a0October\u00a02023, in order to comply with Resolution no. 22858/2023, Juventus
disclosed to the market, with reference to the 16 Cross Transactions, the Salary Manoeuvres and the Buyback
Agreements, the information pursuant to Resolution 22858/2023, indicated above in sections A and B, reserving
the right to describe, in a dedicated press release, subject to a resolution by the competent bodies of Juventus, the
information indicated above in section C.
On 9\u00a0November\u00a02023, by means of a specific press release, Juventus disclosed to the public the information
referred to in Resolution 22858/2023, indicated in point C above.
In addition, also on 9\u00a0November\u00a02023, Juventus also fulfilled the request pursuant to Article 114 of the Consolidated
Law on Finance - 2023, by means of a specific press release.
On 22\u00a0December\u00a02023, Juventus challenged Resolution 22858/2023 and the Request pursuant to Article 114 of the
Consolidated Law on Finance - 2023 before the Lazio Regional Administrative Court.
Appeal before the Lazio Regional Administrative Court against Consob Resolution no. 22858/2023 and the request
pursuant to Article 114 of the Consolidated Law on Finance of 25 October 2023
On 22\u00a0December\u00a02023, Juventus filed an appeal before the Lazio Regional Administrative Court against Consob
Resolution no. 22858/2023, adopted on 25\u00a0October\u00a02023, and the request made by Consob pursuant to Article 114
of the Consolidated Law on Finance vis-\u00e0-vis Juventus on the same date. At the date of Juventus consolidated
half-yearly financial report at 31\u00a0December\u00a02023, Juventus is waiting for the hearing to be scheduled.
Juventus believes, also taking into account the legal and accounting analyses performed by Juventus on the basis
of the opinions issued by independent experts in the light of the relevant documentation concerning the
investigation by the Public Prosecutor, that it has acted in compliance with the laws and regulations governing the
drafting of financial reports, with the applicable accounting standards and the relative application criteria and in line
with international practice in the football industry.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-590": { "value": "Financial debt and derivative liabilities
Total financial debt and other financial liabilities at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Financial debt
39,923
33,662
Derivative liabilities
295
308
Total financial debt and derivative liabilities
40,218
33,970
The composition of financial debt is as follows:
(\u20ac million)
At 31 December
2023
2022
Asset-backed financing
15,633
13,399
Notes
13,034
13,608
Borrowings from banks
6,166
3,991
Payables represented by securities
1,974
1,173
Lease liabilities
606
533
Derivative liabilities
295
308
Other financial debt
2,510
958
Total financial debt and derivative liabilities
40,218
33,970
The composition of financial debt by entity is as follows:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial1
25,633
22,222
Iveco Group1
5,808
4,201
Exor
4,286
4,233
Ferrari
2,491
2,832
Juventus
340
376
GEDI2
130
102
Shang Xia
6
4
Other and adjustments
1,524
\u2014
Total financial debt and derivative liabilities
40,218
33,970
1. Net of intercompany between CNH Industrial and Iveco Group.
2. Net of intercompany with Exor N.V.
Notes
The composition of notes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
Issuer
Currency
Face value
outstanding
(in million)
Coupon
Maturity
2023
2022
Outstanding amount
(in \u20ac million)
Exor
Exor
\u20ac
500
2.50%
Oct 2024
503
503
Exor
\u20ac
100
5.25%
Jan 2025
105
104
Exor
\u20ac
450
2.875%
Dec 2025
451
451
Exor
$
170
4.398% 6 months
May 2026
154
160
Exor
\u20ac
500
1.75%
Jan 2028
504
503
Exor
\u20ac
200
3.125\u2019%
Feb 2038
202
202
Exor
\u20ac
500
2.25%
Apr 2030
502
501
Exor
\u20ac
500
0.875%
Jan 2031
500
499
Exor
Yen
10,000
2.80% 6 months
May 2031
65
72
Exor
\u20ac
500
1.75%
Oct 2034
482
480
Total Exor notes
3,467
3,475
Euro Medium Term Note Programme (MTNP)
CNH Industrial
Euro
3,200
1.625% - 3.875%
Apr 24 - Jul 2039
3,201
4,579
Total Euro Medium Term Notes
3,201
4,579
Other notes
CNH Industrial
USD
4,159
0.00% - 5.50%
Jan 2024 - Jan 2029
3,764
2,935
CNH Industrial
AUD
425
1.75% -5.8%
2024-2026
262
150
CNH Industrial
CAD
700
1.5%-5.5%
Oct 2024 - Aug 2026
478
208
CNH Industrial
BRL
3,212
12.610%% -
13.440%
2024-2028
663
552
Ferrari
\u20ac
902
0.91-1.5%
May 2025- Jan 2032
904
1,490
Juventus
\u20ac
175
3.35%
Feb 24
180
180
Total Other notes
6,250
5,516
Hedging effect and amortised cost valuation
116
38
Total notes
13,034
13,608
The notes of CNH Industrial under the Euro Medium Note Programme have been issued by CNH Industrial
Finance Europe S.A. and are guaranteed by CNH Industrial N.V.
Notes issued by CNH Industrial under the Euro Medium Note Programme are generally listed on either the Irish or
Swiss stock exchanges and New York Stock Exchange.
The new notes issued and notes repaid during the 2023 were as follows:
New Issues
Currency
Nominal
Amount
(in million)
Coupon
Issue Date
Maturity
Company
\u00a0
\u00a0
\u00a0
\u00a0
CNH Industrial Capital LLC
USD
600
4.55%
April 2023
April 2028
CNH Industrial Capital Argentina
USD
36
\u2014%
May 2023
45778
Banco CNH Industrial Capital SA
BRL
500
CDI+1.40%/
CDI+1.60%
May 2023
2025/2026
CNH Industrial Capital Australia Pty
AUD
175
5.800%
July 2023
2026
CNH Industrial Capital Canada Ltd
CAD
400
5.500%
August 2023
2026
CNH Industrial Capital LLC
USD
500
5.500%
Sept 2023
2029
Banco CNH Industrial Capital SA
BRL
600
CDI+0.9%/
CDI+1%/
CDI+1.30
October 2023
2025/2027
Repayments
Name of Notes
Currency
Amount
(in million)
Repayment date
Company
\u00a0
\u00a0
\u00a0
\u00a0
Ferrari
Other notes
Euro
390
Mar 2023
Ferrari
Other notes
Euro
199
Jul 2023
Payables represented by securities
At 31\u00a0December\u00a02023 payables represented by securities amount to \u20ac1,974\u00a0million (\u20ac1,173\u00a0million at
31\u00a0December\u00a02022).
With the purpose of further diversifying its funding structure, CNH Industrial has established various commercial
paper programs. CNH Industrial Capital LLC outstanding commercial paper totalled \u20ac318\u00a0million as of
31\u00a0December 2023 (\u20ac280 million at 31\u00a0December\u00a02022). Banco CNH Industrial SA outstanding commercial paper
totalled \u20ac442\u00a0million outstanding at 31\u00a0December\u00a02023 (\u20ac216\u00a0million at 31\u00a0December\u00a02022).
With the purpose of further diversifying its funding structure, Iveco Group has established a commercial paper
program. IC Financial Services S.A. in Europe issued commercial paper under the program which had an amount
of \u20ac38\u00a0million outstanding at 31\u00a0December\u00a02023 (\u20ac66\u00a0million outstanding at 31\u00a0December\u00a02022).
Financial debt by due date
An analysis of financial debt by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
\u00a0
At 31 December
2023
2022
(\u20ac million)
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Notes
2,566
7,272
3,196
13,034
2,053
8,250
3,305
13,608
Borrowings from banks
2,771
2,609
786
6,166
1,524
2,032
435
3,991
Asset-backed financing
9,041
6,530
62
15,633
8,838
4,538
23
13,399
Payables represented by
securities
1,318
656
\u2014
1,974
811
362
\u2014
1,173
Lease liabilities
151
325
130
606
134
284
115
533
Other financial debt
887
1,623
\u2014
2,510
850
105
3
958
Total financial debt
16,734
19,015
4,174
39,923
14,210
15,571
3,881
33,662
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-589": { "value": "Financial debt and derivative liabilities
Total financial debt and other financial liabilities at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Financial debt
39,923
33,662
Derivative liabilities
295
308
Total financial debt and derivative liabilities
40,218
33,970
The composition of financial debt is as follows:
(\u20ac million)
At 31 December
2023
2022
Asset-backed financing
15,633
13,399
Notes
13,034
13,608
Borrowings from banks
6,166
3,991
Payables represented by securities
1,974
1,173
Lease liabilities
606
533
Derivative liabilities
295
308
Other financial debt
2,510
958
Total financial debt and derivative liabilities
40,218
33,970
The composition of financial debt by entity is as follows:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial1
25,633
22,222
Iveco Group1
5,808
4,201
Exor
4,286
4,233
Ferrari
2,491
2,832
Juventus
340
376
GEDI2
130
102
Shang Xia
6
4
Other and adjustments
1,524
\u2014
Total financial debt and derivative liabilities
40,218
33,970
1. Net of intercompany between CNH Industrial and Iveco Group.
2. Net of intercompany with Exor N.V.
Notes
The composition of notes at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
Issuer
Currency
Face value
outstanding
(in million)
Coupon
Maturity
2023
2022
Outstanding amount
(in \u20ac million)
Exor
Exor
\u20ac
500
2.50%
Oct 2024
503
503
Exor
\u20ac
100
5.25%
Jan 2025
105
104
Exor
\u20ac
450
2.875%
Dec 2025
451
451
Exor
$
170
4.398% 6 months
May 2026
154
160
Exor
\u20ac
500
1.75%
Jan 2028
504
503
Exor
\u20ac
200
3.125\u2019%
Feb 2038
202
202
Exor
\u20ac
500
2.25%
Apr 2030
502
501
Exor
\u20ac
500
0.875%
Jan 2031
500
499
Exor
Yen
10,000
2.80% 6 months
May 2031
65
72
Exor
\u20ac
500
1.75%
Oct 2034
482
480
Total Exor notes
3,467
3,475
Euro Medium Term Note Programme (MTNP)
CNH Industrial
Euro
3,200
1.625% - 3.875%
Apr 24 - Jul 2039
3,201
4,579
Total Euro Medium Term Notes
3,201
4,579
Other notes
CNH Industrial
USD
4,159
0.00% - 5.50%
Jan 2024 - Jan 2029
3,764
2,935
CNH Industrial
AUD
425
1.75% -5.8%
2024-2026
262
150
CNH Industrial
CAD
700
1.5%-5.5%
Oct 2024 - Aug 2026
478
208
CNH Industrial
BRL
3,212
12.610%% -
13.440%
2024-2028
663
552
Ferrari
\u20ac
902
0.91-1.5%
May 2025- Jan 2032
904
1,490
Juventus
\u20ac
175
3.35%
Feb 24
180
180
Total Other notes
6,250
5,516
Hedging effect and amortised cost valuation
116
38
Total notes
13,034
13,608
The notes of CNH Industrial under the Euro Medium Note Programme have been issued by CNH Industrial
Finance Europe S.A. and are guaranteed by CNH Industrial N.V.
Notes issued by CNH Industrial under the Euro Medium Note Programme are generally listed on either the Irish or
Swiss stock exchanges and New York Stock Exchange.
The new notes issued and notes repaid during the 2023 were as follows:
New Issues
Currency
Nominal
Amount
(in million)
Coupon
Issue Date
Maturity
Company
\u00a0
\u00a0
\u00a0
\u00a0
CNH Industrial Capital LLC
USD
600
4.55%
April 2023
April 2028
CNH Industrial Capital Argentina
USD
36
\u2014%
May 2023
45778
Banco CNH Industrial Capital SA
BRL
500
CDI+1.40%/
CDI+1.60%
May 2023
2025/2026
CNH Industrial Capital Australia Pty
AUD
175
5.800%
July 2023
2026
CNH Industrial Capital Canada Ltd
CAD
400
5.500%
August 2023
2026
CNH Industrial Capital LLC
USD
500
5.500%
Sept 2023
2029
Banco CNH Industrial Capital SA
BRL
600
CDI+0.9%/
CDI+1%/
CDI+1.30
October 2023
2025/2027
Repayments
Name of Notes
Currency
Amount
(in million)
Repayment date
Company
\u00a0
\u00a0
\u00a0
\u00a0
Ferrari
Other notes
Euro
390
Mar 2023
Ferrari
Other notes
Euro
199
Jul 2023
Borrowings from banks
Borrowings from banks at 31\u00a0December 2023 amount to \u20ac6,166\u00a0million (\u20ac3,991\u00a0million at 31\u00a0December 2022). The
composition is as follows:
(\u20ac million)
At 31 December
2023
2022
Exor
215
150
CNH Industrial
3,978
2,965
Iveco Group
1,631
721
Ferrari
291
113
Juventus
45
42
GEDI
6
\u2014
Total borrowings from banks
6,166
3,991
Exor
At 31\u00a0December 2023 Exor has a \u20ac150\u00a0million term loan with maturity 2024 (unchanged compared
31\u00a0December\u00a02022), fully repaid in February 2024.
In addition, it has committed undrawn credit lines of \u20ac450\u00a0million of which \u20ac350\u00a0million expiring after
31\u00a0December\u00a02024, as well as uncommitted credit lines of \u20ac515\u00a0million, drawn for \u20ac65\u00a0million. At
31\u00a0December\u00a02022 Exor had undrawn committed credit lines of \u20ac385\u00a0million, of which \u20ac200\u00a0million expiring after
31\u00a0December\u00a02022, as well as uncommitted credit lines of \u20ac545\u00a0million.
CNH Industrial
CNH Industrial's borrowings consist primarily of borrowings from banks which are at various terms and rates.
In March 2019, CNH Industrial signed a five-year committed revolving credit facility for \u20ac4\u00a0billion ($4.5\u00a0billion at
31\u00a0March 2019 exchange rate) due to mature in 2024 with two extension options of 1-year each, exercisable on the
first and second anniversary of the signing date. CNH Industrial exercised the first of the two extension options at
28\u00a0February\u00a02020 and the second extension option at 26\u00a0February\u00a02021. The facility is now due to mature in March
2026 for \u20ac3,950.5\u00a0million; \u20ac49.5\u00a0million within the facility will mature in March 2025.
The credit facility replaced the existing five-year \u20ac1.75 billion credit facility due to mature in 2021. The \u20ac4\u00a0billion
facility is guaranteed by the parent company with cross-guarantees from each of the borrowers (i.e., CNH Industrial
Finance S.p.A., CNH Industrial Finance Europe S.A. and CNH Industrial Finance North America Inc.), and includes
typical provisions for contracts of this type and size, such as: customary covenants mainly relating to Industrial
Activities including negative pledge, a status (or pari passu) covenant, restrictions on the incurrence of
indebtedness by certain subsidiaries, customary events of default (some of which are subject to minimum
thresholds and customary mitigants) including cross-default, failure to pay amounts due or to comply with certain
provisions under the loan agreement, the occurrence of certain bankruptcy-related events and mandatory
obligations upon a change in control of CNH or the borrower and a financial covenant (Net Debt/EBITDA ration
relating to Industrial Activities) that is not applicable with the current ratings levels. The failure to comply with these
provisions, in certain cases if not suitably remedied, can lead to the requirement to make early repayment of the
outstanding advances. At 31\u00a0December 2023, CNH was in compliance with all covenants in the revolving credit
facility.
At 31\u00a0December 2023, Financial Services\u2019 committed asset-backed facilities expiring after twelve months amounted
to \u20ac3.3\u00a0billion (\u20ac2.7\u00a0billion at 31\u00a0December\u00a02022), of which \u20ac3.3\u00a0billion was utilized at 31\u00a0December\u00a02023, (\u20ac2\u00a0billion
at 31 December 2022).
CNH Industrial entered into an 18-month committed unsecured credit facility on 19\u00a0December\u00a02023, was undrawn
at 31 December 2023 and was fully drawn on 12 January 2024.
Iveco Group
On 4\u00a0January\u00a02022, Iveco Group signed a \u20ac1.9\u00a0billion syndicated facility, which included a \u20ac1.4\u00a0billion committed
revolving credit facility with a 5-year tenor with two extension options of 1-year each (subject to the bank\u2019s
approval), as well as a \u20ac0.5 billion committed term facility with a 12-months tenor, extendable for up to an additional
12 months at the Company\u2019s sole option. In October 2022, Iveco Group signed a new \u20ac400 million syndicated term
facility with a 2-year tenor extendable for up to an additional 12 months at the Company\u2019s sole option. The
proceeds have been used to refinance the existing term facility. The \u20ac1.4\u00a0billion revolving credit facility has been
extended for two additional years with all lenders, by exercising the first and the second one-year extension option.
The facility is now due to mature in January 2029.
On 27\u00a0November\u00a02023, Iveco Group signed a \u20ac450\u00a0million term loan facility with the European Investment Bank
with an 8-year amortization profile, which represents the first tranche of the \u20ac500\u00a0million total approved by the
European Investment Bank. The proceeds of the loan facility, which have been drawdown in full in December 2023,
will be applied, over a period of three years, to enable Iveco Group to develop innovative technologies and
architectures in the field of electric propulsion and to increase efficiency, safety, driving comfort and productivity by
further developing solutions for autonomous driving, digitalization and vehicle connectivity.
At 31\u00a0December\u00a02023 and 2022, Iveco Group had available committed unsecured facilities expiring after twelve
months amounting to \u20ac2\u00a0billion.
Ferrari
Bank borrowings of Ferrari include a term loan of \u20ac130 million and of \u20ac75 million borrowed by Ferrari N.V. and a
term loan of \u20ac13\u00a0million (\u20ac 38 million at 31\u00a0December 2022) borrowed by Ferrari S.p.A. and a US dollars loan of
\u20ac73 million (\u20ac76 million at 31\u00a0December 2022).
At 31\u00a0December\u00a02023 Ferrari had total committed credit lines available and undrawn amounting to \u20ac600\u00a0million
(\u20ac669\u00a0million at 31\u00a0December\u00a02022).
Juventus
Bank borrowings of Juventus at 31\u00a0December\u00a02023 mainly relate to \u20ac45\u00a0million drawn down under revocable credit
lines (\u20ac14\u00a0million at 31\u00a0December\u00a02022).
Covenants
Financial liabilities and the revolving credit facility agreements may impose covenants on the borrower and in
certain cases on the guarantor, which are typical of international practice for similar liabilities.
The covenants vary from facility to facility and may include among others: (i) negative pledge clauses which require
that, in case any security interest in assets of the issuer is granted in connection with other notes or debt securities
having the same ranking, such security should be equally and ratably extended to the outstanding notes, subject to
certain permitted exceptions; (ii) pari passu clauses, under which the debt rank and will rank pari passu with all
other present and future unsubordinated and unsecured obligations of the issuer; (iii) periodic disclosure
obligations; (iv) cross-default clauses which require immediate repayment of the debt under certain events of
default on other financial instruments of the relevant issuer, (v) limitation of new real guarantees and asset sales on
certain company assets without the consent of the creditor (vi) limitation on incurrence of liens (vii) limitations on
incurrence, repayment and prepayment of indebtedness and (iv)\u00a0other clauses that are generally applicable to
securities of a similar type. A breach of these covenants may require the early repayment of the underlying
indebtedness.
At 31\u00a0December\u00a02023 and 2022 the Group was in compliance with all covenants under its debt agreements.
Asset-backed financing
Asset-backed financing represents the amount of financing received through factoring transactions which do not
meet the asset derecognition requirements and which are recognized as assets for the same amount in the
Consolidated Statement of Financial Position. The composition of Asset-backed financing is as follows:
\u00a0
At 31 December
(\u20ac million)
2023
2022
CNH Industrial
10,607
9,144
Iveco Group
3,860
3,149
Ferrari
1,166
1,105
Total asset-backed financing
15,633
13,399
Cash collected from the settlement of receivables or lines of credit pledged as collateral for asset-backed financing
is subject to certain restrictions regarding its use and is principally applied to repay principal and interest of the
funding.
Lease liabilities
Lease liabilities included in the Statement of financial position:
(\u20ac million)
At 31 December
2023
2022
CNH Industrial
271
214
Iveco Group
196
185
Ferrari
73
57
GEDI
43
52
Juventus
15
18
Shang Xia
6
3
Exor Investments Limited
1
\u2014
Exor
1
4
Total lease liabilities
606
533
Maturity analysis of lease liabilities \u2013 contractual undiscounted cash flows:
(\u20ac million)
At 31 December 2023
\u00a0
Due within one
year
Due between
one and five
years
Due beyond
five years
Total
Contractual undiscounted cash flows
95
188
84
367
Payables represented by securities
At 31\u00a0December\u00a02023 payables represented by securities amount to \u20ac1,974\u00a0million (\u20ac1,173\u00a0million at
31\u00a0December\u00a02022).
With the purpose of further diversifying its funding structure, CNH Industrial has established various commercial
paper programs. CNH Industrial Capital LLC outstanding commercial paper totalled \u20ac318\u00a0million as of
31\u00a0December 2023 (\u20ac280 million at 31\u00a0December\u00a02022). Banco CNH Industrial SA outstanding commercial paper
totalled \u20ac442\u00a0million outstanding at 31\u00a0December\u00a02023 (\u20ac216\u00a0million at 31\u00a0December\u00a02022).
With the purpose of further diversifying its funding structure, Iveco Group has established a commercial paper
program. IC Financial Services S.A. in Europe issued commercial paper under the program which had an amount
of \u20ac38\u00a0million outstanding at 31\u00a0December\u00a02023 (\u20ac66\u00a0million outstanding at 31\u00a0December\u00a02022).
Financial debt by due date
An analysis of financial debt by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
\u00a0
At 31 December
2023
2022
(\u20ac million)
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Due
within
one year
Due
between
one and
five years
Due
beyond
five years
Total
Notes
2,566
7,272
3,196
13,034
2,053
8,250
3,305
13,608
Borrowings from banks
2,771
2,609
786
6,166
1,524
2,032
435
3,991
Asset-backed financing
9,041
6,530
62
15,633
8,838
4,538
23
13,399
Payables represented by
securities
1,318
656
\u2014
1,974
811
362
\u2014
1,173
Lease liabilities
151
325
130
606
134
284
115
533
Other financial debt
887
1,623
\u2014
2,510
850
105
3
958
Total financial debt
16,734
19,015
4,174
39,923
14,210
15,571
3,881
33,662
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-591": { "value": "
Asset-backed financing
Asset-backed financing represents the amount of financing received through factoring transactions which do not
meet the asset derecognition requirements and which are recognized as assets for the same amount in the
Consolidated Statement of Financial Position. The composition of Asset-backed financing is as follows:
\u00a0
At 31 December
(\u20ac million)
2023
2022
CNH Industrial
10,607
9,144
Iveco Group
3,860
3,149
Ferrari
1,166
1,105
Total asset-backed financing
15,633
13,399
Cash collected from the settlement of receivables or lines of credit pledged as collateral for asset-backed financing
is subject to certain restrictions regarding its use and is principally applied to repay principal and interest of the
funding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-592": { "value": "Trade payables
The analysis of trade payables by due date at 31\u00a0December\u00a02023 and 2022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due within one year
7,830
7,843
Due between one and five years
97
40
Due beyond five years
3
5
Total payables
7,930
7,888
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-595": { "value": "Other liabilities
Other liabilities at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Contract liabilities
1,551
1,552
Indirect tax payables
550
556
Payables to personnel
458
434
Social security payables
209
208
Accrued expenses and deferred income
2,372
2,215
Other
803
907
Total other liabilities
5,943
5,872
Payable for buy-back agreements refers to buy-back agreements entered into by the Group and includes the price
received for the product recognized as an advance at the date of the sale and subsequently the repurchase price
and the remaining lease instalments yet to be recognized.
Accrued expenses and deferred income include the remaining portion of government grants that will be recognized
as income in the Consolidated Income Statement over the same periods as the related costs which they are
intended to offset.
The analysis of other liabilities (excluding accrued expenses and deferred income) by due date at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Other liabilities (excluding accrued
expenses and deferred income)
3,263
220
88
3,571
3,242
345
70
3,657
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-594": { "value": "Other liabilities
Other liabilities at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Contract liabilities
1,551
1,552
Indirect tax payables
550
556
Payables to personnel
458
434
Social security payables
209
208
Accrued expenses and deferred income
2,372
2,215
Other
803
907
Total other liabilities
5,943
5,872
Payable for buy-back agreements refers to buy-back agreements entered into by the Group and includes the price
received for the product recognized as an advance at the date of the sale and subsequently the repurchase price
and the remaining lease instalments yet to be recognized.
Accrued expenses and deferred income include the remaining portion of government grants that will be recognized
as income in the Consolidated Income Statement over the same periods as the related costs which they are
intended to offset.
The analysis of other liabilities (excluding accrued expenses and deferred income) by due date at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Other liabilities (excluding accrued
expenses and deferred income)
3,263
220
88
3,571
3,242
345
70
3,657
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-593": { "value": "Other liabilities
Other liabilities at 31\u00a0December\u00a02023 and 2022 are as follows:
(\u20ac million)
At 31 December
2023
2022
Contract liabilities
1,551
1,552
Indirect tax payables
550
556
Payables to personnel
458
434
Social security payables
209
208
Accrued expenses and deferred income
2,372
2,215
Other
803
907
Total other liabilities
5,943
5,872
Payable for buy-back agreements refers to buy-back agreements entered into by the Group and includes the price
received for the product recognized as an advance at the date of the sale and subsequently the repurchase price
and the remaining lease instalments yet to be recognized.
Accrued expenses and deferred income include the remaining portion of government grants that will be recognized
as income in the Consolidated Income Statement over the same periods as the related costs which they are
intended to offset.
The analysis of other liabilities (excluding accrued expenses and deferred income) by due date at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 is as follows:
(\u20ac million)
At 31 December
2023
2022
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Due
within
one year
Due
between
one and
five
years
Due
beyond
five
years
Total
Other liabilities (excluding accrued
expenses and deferred income)
3,263
220
88
3,571
3,242
345
70
3,657
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-596": { "value": "
Accrued expenses and deferred income include the remaining portion of government grants that will be recognized
as income in the Consolidated Income Statement over the same periods as the related costs which they are
intended to offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-598": { "value": "Guarantees granted, commitments and contingent liabilities
Pending litigation and contingent liabilities
As a global group with a diverse business portfolio, Exor Group is exposed to numerous legal risks, particularly in
the areas of product liability, competition and antitrust law, environmental risks and tax matters, dealer and supplier
relationships, product warranty and defective product claims, emission and/or fuel economy regulatory and
contractual issues, competition law, intellectual property rights and environmental claims. The outcome of any
current or future proceedings, claims or investigations cannot be predicted with certainty. These risks arise from
pending legal proceedings or requests received by the Group seeking recovery for damage to property, personal
injuries and in some cases include a claim for exemplary or punitive damages. It is therefore possible that legal
judgments could give rise to expenses that are not covered, or not fully covered, by insurers\u2019 compensation
payments and could affect the Group\u2019s financial position and results.
In addition to claims litigation, the Group may be subject to lawsuits and regulatory actions in the normal course of
business that do not arise from or directly relate to claims. This category of business litigation typically involves,
among other things, allegations of omissions, employment claims or regulatory activity. While the outcome of
business litigation cannot be predicted with certainty, the Group will dispute all allegations against the Group and/or
its subsidiaries that management believes are without merit.
Contingent liabilities of the CNH Industrial Group
At 31\u00a0December\u00a02023, contingent liabilities estimated by the CNH Industrial Group amount to approximately
\u20ac25\u00a0million (approximately \u20ac40\u00a0million at 31\u00a0December\u00a02022), for which no provisions have been recognized since
an outflow of resources is not considered probable at the present time.
Contingent liabilities of the Iveco Group
Follow-up on Damages Claims
In 2011 Iveco S.p.A. and Iveco Magirus AG (together \"Iveco\"), which, following the Demerger, are now part of Iveco
Group N.V., and their competitors in the European Union were subject to an investigation by the European
Commission (the \u201cCommission\u201d) into certain business practices in the European Union in the period 1997-2011, in
relation to Medium & Heavy trucks. On 19 July 2016, the Commission announced a settlement with CNH Industrial
(\"the Decision\") including a settlement with Iveco. In particular, Iveco received a reduction in its fine for cooperating
with the European Commission throughout the investigation, and received a fine of \u20ac494.6\u00a0million. Similar
decisions were taken, by the Commission, with reference to the other competitors. Following the Decision, Iveco
S.p.A. and Iveco Magirus AG have been named as defendants in many proceedings across Europe and Israel.
These damage claims could result in substantial liabilities for the Group as well as incurring significant defense
costs, which may have a material adverse effect on its operations and financial condition. The extent and outcome
of these claims cannot be reliably predicted at this time and, therefore, the Group did not recognise any specific
provision for these claims. In 2023, Iveco Group recognised a cost of \u20ac12\u00a0million related to certain claims for which
it was possible to make a reliable estimate. This current position will be reassessed on a regular basis and updated
as necessary, based on the evolution of cases. In accordance with IAS 37 \u2013 Provisions, Contingent Liabilities and
Contingent Assets (paragraph 92), no further information is disclosed so as not to prejudice the Group\u2019s position.
FPT Emissions Investigation
On 22\u00a0July\u00a02020, a number of CNH Industrial's offices in Europe were visited by investigators in the context of a
request for assistance by the public prosecutors of Frankfurt am Main, Germany (later transferred to the public
prosecutor's office in Stuttgart, Germany) and Turin, Italy, in relation to alleged noncompliance of two engine
models produced by FPT Industrial S.p.A., which is now part of the Iveco Group. The Italian criminal investigation
was concluded in 2023. As a result of the full cooperation and discussions with the investigative authorities, the
German criminal investigation was also concluded in December 2023. The Iveco Group are also defending
individual civil claims alleging emissions' non-compliance in Germany and Austria. The Iveco Group cannot predict
at this time the extent and outcome of these individual claims and therefore Iveco Group did not recognise any
specific related provision.
Pending litigations of the Juventus Group
Juventus/Victoria 2000 S.r.l. - Supreme Court of Cassation
On 2 December 2015 Victoria 2000 S.r.l., already sole shareholder of Bologna Football Club 1909 S.p.A., had
summarised before the Court of Appeal of Naples, pursuant to Article 622 of the Italian Code of Criminal
Procedure, the judgement reached by the Supreme Court of Cassation with sentence 36350/2015 of 9 September
2015, which had referred to the civil judge competent for the value of appeal the decision regarding the
compensation claims of the civil parties constituted against Luciano Moggi, and had sued Diego and Andrea Della
Valle, Sandro Mencucci, Luciano Moggi, Massimo De Santis, Innocenzo Mazzini, Pier Luigi Pairetto, A.C.F.
Fiorentina S.p.A. and Juventus in order to hear them condemned, jointly and severally, to compensation for
damages, financial or otherwise, allegedly suffered by Victoria 2000 S.r.l. as a result of the criminal offences
ascertained in criminal proceedings and the relegation of Bologna Football Club 1909 S.p.A. at the end of the
2004/2005 Serie A Championship, allegedly falsified, according to the applicant, by the defendants in the criminal
proceedings.
Juventus had been sued as civil party, pursuant to Article 2049 of the Italian Civil Code, as a consequence of the
actions of Luciano Moggi and Antonio Giraudo.
With sentence no. 326/2019 of 24 January 2019 the Court of Appeal of Naples, definitively ruling following a
referral pursuant to Article 622 of the Italian Code of Criminal Procedure of criminal sentence no. 36350/2015 of the
Supreme Court of Cassation has: (i) declared the summary judgements by Brescia Calcio S.p.A. and Bologna
Football Club 1909 S.p.A. closed; (ii) rejected the claims for damages made by Victoria 2000 S.r.l. against the
defendants and shared the costs of the proceedings between the parties.
Against sentence 326/2019 of the Court of Appeal of Naples, on 16 July 2019 Victoria 2000 notified Juventus and
Diego and Andrea Della Valle, Sandro Mencucci, Luciano Moggi, Massimo De Santis, Innocenzo Mazzini, Pier
Luigi Pairetto, A.C.F. Fiorentina S.p.A. of the appeal to the Supreme Court of Cassation for its revision.
On 26 September 2019, Juventus notified Victoria 2000 and the other counterparties of the appeal to the Supreme
Court of Cassation asking for confirmation of the contested sentence and, by way of cross-appeal, to ascertain that
the ruling of the trial judge who had excluded Juventus' liability towards Victoria 2000 as civilly liable for the
unlawful facts charged to Luciano Moggi have become final, with a consequent request for a declaration of
inadmissibility of all the applications proposed by Victoria 2000 against Juventus.
The other counterparties - other than Massimo De Santis, in default - have notified Juventus of their responses to
the Supreme Court of Cassation.
The date of the hearing for the discussion of the appeal is awaited.
Criminal proceedings pending before the Turin Judicial Authority (now before the Rome Judicial Authority)
On 26\u00a0November\u00a02021 and 1\u00a0December\u00a02021, Juventus was notified of search and seizure orders and, on those
dates, Juventus became aware of the existence of an investigation initiated by the Public Prosecutor's Office of the
Court of Turin (\"the Public Prosecutor's Office\"), against Juventus itself as well as some of its current and former
representatives, concerning the \u201cRevenues from players' registration rights\u201d item recorded in the financial
statements at 30\u00a0June\u00a02019,\u00a02020 and 2021 for the offences referred to in Article 2622 of the Italian Civil Code and
Article 8 of Italian Legislative Decree No. 74/2000 and, as regard Juventus, the offence set forth in Article 5 and 25-
ter of Italian Legislative Decree No. 231/2001. Within the context of the aforementioned investigation, a hand-over
request for documents concerning payment of the players' salaries during the 2019/2020 and 2020/2021 football
seasons was served to Juventus by the Public Prosecutor's Office on 23\u00a0March\u00a02022.
On 24\u00a0October\u00a02022, the Public Prosecutor's Office sent to Juventus \u2013 as well as some of its current and previous
representatives \u2013 the notice regarding the conclusion of preliminary investigations (the \u201cTurin Notice\u201d) in connection
with the above-mentioned criminal proceedings. The Turin Notice alleges the offences against natural persons set
forth in Article 2622 of the Italian Civil Code, Article 185 of the Consolidated Law on Finance (\u201cTUF\u201d), Article 2 of
Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil Code, while Juventus was under investigation
for the offences referred to in Articles 5, 25-ter, 25-sexies and 25-quinquesdecies of Italian Legislative Decree
231/2001. The facts covered by Turin Notice pertain to the financial statements at 30\u00a0June\u00a02019, 30\u00a0June\u00a02020 and
30\u00a0June\u00a02021 and relate to improperly named transactions of \u201cexchange\u201d of players' registration rights and
agreements to reduce and supplement the compensation of registered personnel concluded in the 2019/2020 and
2020/2021 financial years. Juventus viewed and took a copy of the investigative documents in order to exercise its
defence rights. The Turin Notice did not mention the offence pursuant to Article 8 of Italian Legislative Decree
74/2000, for which separate proceedings had been initiated in the meantime, later dismissed by the Turin
Preliminary Investigations Judge through a dismissal order issued on 25\u00a0May 2023, pronounced following the
request for dismissal submitted by the Public Prosecutor on 14 March 2023.
On 20\u00a0November\u00a02022, as part of the information made public through the second press release pursuant to Article
154-ter of the Consolidated Law on Finance, outlined below, Juventus, in order to provide the market with the most
extensive disclosure possible, provided additional information on the Turin Notice referred to above, in the
Appendix to the above-mentioned press release, with particular reference to the quantitative outcomes of the
effects on the financial statements arising from the content of the provisional charges.
Following the request for committal to trial signed by the Public Prosecutors on 30\u00a0November\u00a02022, the
proceedings were assigned to the Judge of the Preliminary Hearing at the Court of Turin. Before the latter, in
addition to the first hearing held on 27\u00a0March\u00a02023, for the appearance of parties and the summons of Juventus as
a civil liability party in proceedings, a second preliminary hearing was held on 10\u00a0May\u00a02023. The latter ended with
the transmission of the acts to the Supreme Court of Cassation, called to decide the issue of territorial jurisdiction
objected by the defence (see below).
Juventus points out that a number of current and past managers of Juventus were also charged with the alleged
crime of fraudulent tax returns, pursuant to Article 2 of Italian Legislative Decree 74/2000, allegedly committed
using invoices issued by sports agents and referring in whole and/or in part to non-existent transactions. In relation
to this alleged offence, Juventus is under indictment as an entity pursuant to Article 25-quinquesdecies of Italian
Legislative Decree 231/2001. On 21\u00a0December\u00a02022, a hearing was held in chambers in relation to the appeal filed
by the Public Prosecutors against the order of rejection of the request for the precautionary seizure of
\u20ac437\u00a0thousand against Juventus, as alleged profit of the tax offences mentioned above. However, on
12\u00a0December\u00a02022, the Public Prosecutors announced their waiver of the aforementioned appeal; consequently, at
the precautionary hearing, the Court of Review declared the appeal inadmissible on 21\u00a0December\u00a02022.
On 19\u00a0December\u00a02022, Juventus received a \u201cHand-over request\u201d for various documents, including accounting
statements related to the transactions and the balance of certain items of the statement of financial position and
income statement, the minutes of the Board of Directors, of the Board of Statutory Auditors and of the \"Leadership
Team\" Committee, documents relating to emoluments/fees/indemnities paid to certain registered or former
registered players and technical staff, and any other documentation considered relevant. Juventus promptly
complied with the request.
On 27\u00a0February, 21\u00a0March and 3\u00a0May\u00a02023, the Public Prosecutor's Office at the Court of Turin filed further
investigative documents, including additional consultancy prepared by the consultant of the Public Prosecutors in
relation to certain transactions involving the purchase and sale of players' registration rights carried out with football
clubs allegedly linked to Juventus by \"partnership relations\". Following this further investigation, the Public
Prosecutors did not decide to modify or add to the charges. Juventus has also analysed this additional
documentation with the support of its legal and accounting consultants, also in order to verify the presence of any
documents which might have, even if only potentially, any accounting effects on the economic, equity and financial
position as at 31\u00a0December\u00a02022 and/or the comparative data of the previous period, determining that the
accounting effects of said documents on its financial position and shareholders' equity at 30\u00a0June\u00a02023 would be
zero. For more information on the analyses and assessments carried out by Juventus with the support of its
consultants, as well as for qualitative and quantitative information on the ongoing criminal proceedings, please refer
to the note 57 of the financial statements and note 58 of the consolidated financial statement where, with a view to
a fully transparent and exhaustive disclosure and on a voluntary basis, Juventus will provide a representation - as
was already the case in note 57 to the Consolidated Half-Yearly Financial Report as at 31\u00a0December\u00a02022 - of the
potential accounting effects that the documents relating to certain transactions could theoretically have had on the
economic, equity and financial positions for the 2022/2023 financial year and the previous 2021/2022 financial year,
where they were considered susceptible of generating enforceable rights and obligations between the parties and
therefore qualify as \"contracts\" pursuant to IFRS 15.
During the course of the second preliminary hearing, on 10 May 2023, the Preliminary Hearing Judge at the Court
of Turin ordered the transmission of documents to the Supreme Court of Cassation, called to rule on the issue of
territorial jurisdiction challenged by the defence. At the outcome of the hearing of 6 September 2023, the Supreme
Court of Cassation declared that the Court of Turin lacked territorial jurisdiction and ordered the forwarding of the
documents to the Public Prosecutor at the Court of Rome.
On 6 December 2023, after the transmission of the documents of the criminal proceedings pending before the Turin
Judicial Authority, Juventus received a request from the Public Prosecutor's Office of Rome for the acquisition of
documents relating, in particular, to the financial statements as at 30\u00a0June\u00a02022. In this context, Juventus has
learned that investigations are pending at the Public Prosecutor's Office of Rome in relation to company
representatives for the case referred to in Article 2622 of the Italian Civil Code with regard to the financial
statements as at 30\u00a0June\u00a02022. To the best of its knowledge, Juventus is not under investigation in these
proceedings. On 16 January 2024, the Company received a further request for the acquisition of documents
relating to the financial statements as at 30 June 2023.
On 22 December 2023, the Company received notification of the conclusion of the preliminary investigations from
the Public Prosecutor's Office of the Court of Rome (the \"Rome Notice\") in connection with the above-mentioned
criminal proceedings. In line with the allegations raised by the Public Prosecutor's Office of Turin, the Rome notice
alleges the offences against natural persons set forth in Article 2622 of the Italian Civil Code, Article 185 of the
Consolidated Law on Finance, Article 2 of Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil
Code, while the Company was under investigation for the offences referred to in Articles 5, 25-ter, 25-sexies and
25-quinquesdecies of Italian Legislative Decree 231/2001. The facts covered by the Rome Notice pertain to the
financial statements as of 30 June 2019, 2020 and 2021 and are related to improperly named transactions of
\u201cexchange\u201d of players' registration rights and agreements to reduce and supplement the compensation of
registered personnel concluded in the 2019/2020, 2020/2021 and 2021/2022 sporting seasons, already covered by
the Turin Notice, as well as the \"buyback agreements\", relating to certain transfer market transactions dating back
to the years 2017/2018, 2018/2019 and 2019/2020.
Appeal before the Lazio Regional Administrative Court against CONSOB Resolution no. 22482/2022 and the
request pursuant to art. 114 of the Consolidated Law on Finance of 19 October 2022
On 16\u00a0December\u00a02022, Juventus filed an appeal before the Lazio Regional Administrative Court against CONSOB
Resolution no. 22482/2022, adopted on 19\u00a0October\u00a02022, and the request made by CONSOB pursuant to art. 114
Consolidated Law on Finance vis-\u00e0-vis Juventus on the same date. At the date of its consolidated half-yearly
financial report at 31\u00a0December\u00a02023, Juventus is waiting for the hearing to be scheduled.
Arbitration proceedings with a former registered player
On 19\u00a0June\u00a02023, Cristiano Ronaldo dos Santos Aveiro (\u201cFormer Registered Player\u201d), notified Juventus a request
for arbitration (\u201cFirst Application\u201d), requesting the company to be ordered to pay approximately \u20ac19.5\u00a0million, for
facts connected to the second salary manoeuvre (2020/21 football season), complaining, for the following reasons:
(a) primarily, due to the alleged invalidity of the compensation reduction agreement that the Former Registered
Player had signed in relation to the 2020/21 football season, (b) alternatively, as a consequence of the cancellation
of the aforementioned reduction agreement due to wilful misconduct; (c) in the further alternative, by way of
fulfilment of the provisions of an alleged supplementing agreement, if a similar agreement not concluded in
compliance with the requirements established by the applicable regulations can be considered valid and effective;
and (d) in the final alternative, by way of non-contractual or pre-contractual liability. On 29\u00a0June\u00a02023, Juventus
sent its response to the lawyers of the Former Registered Player and the appointed arbitrators, raising interlocutory
and preliminary objections and disputing, in fact and in law, the statements made by the Former Registered Player.
On 24\u00a0July\u00a02023, the first hearing of the arbitration proceedings was held, as part of which the terms of the
proceedings were assigned. In the subsequent hearing of 21\u00a0November\u00a02023, the Arbitration Board assigned the
terms for the filing of the closing documents and set the hearing for the oral discussion \"in the event that even only
one of the parties makes a request to the Arbitration Board and by means of a communication to the counterparty
by 29\u00a0January\u00a02024\u201d.
On 29\u00a0January\u00a02024, having regard to the ruling of the Arbitration Board dated 21\u00a0November\u00a02023, Juventus
requested the holding of the oral discussion hearing, on the date indicated by the ruling of the Arbitration Board of
18\u00a0January2024, and therefore on 5\u00a0February\u00a02024.
On 5\u00a0February\u00a02024, the oral discussion hearing was held, at the end of which the case was adjourned for a
decision by the Arbitration Board, with the deadline for the filing of the award on 22\u00a0April\u00a02024.
As a result of the investigations carried out, also with the support of its consultants, Juventus deems the claims
made by the Former Registered Player to be unfounded and, therefore, did not deem it necessary to set aside any
provision for risks.
On 30\u00a0June 2023, the day following the transmission of Juventus' response to the First Application, by means of
which the company noted the presence of formal defects in the power of attorney for litigation that could result in
the inadmissibility of the First Application, the Former Registered Player notified Juventus of a second request for
arbitration, identical to the First Application, except that the new application was accompanied by a new and
different power of attorney (\u201cSecond Application\u201d). On 10\u00a0July\u00a02023, Juventus sent the response to the Second
Application to the defenders of the Former Registered Player and to the appointed arbitrators, also raising
prerequisite and preliminary objections and contesting, in fact and in law, the statements of the Former Registered
Player. The first hearing was held on 4\u00a0September\u00a02023 and the hearing for the discussion of the case was held on
4\u00a0October\u00a02023. With its award of 30\u00a0October\u00a02023, the arbitration board declared the lack of its own potestas
iudicandi on the merits of the dispute referred to in the Second Application.
Consob proceedings pursuant to Article 154-ter, paragraph 7, of Legislative Decree no. 58/1998
On 31\u00a0July\u00a02023, Consob sent Juventus a notification of initiation of the proceedings aimed at adopting the
measure referred to in Article 154-ter, paragraph 7, of the Consolidated Law on Finance (the \"2023 Notice of
Initiation of Proceedings\"), specifying that Consob had found certain critical issues with reference to the recognition
by Juventus of certain transactions and management events related to (a) the financial statements and
consolidated financial statements as at 30\u00a0June\u00a02022 and (b) the consolidated half-yearly financial statements as at
31\u00a0December\u00a02022, and formally initiated the administrative proceedings aimed at asking the Company to make
public the critical issues identified and publishing the necessary supplementary information (the \"2023 Proceedings
pursuant to Article 154-ter\").
The critical issues identified by Consob and the subject of the 2023 Notice of Initiation of Proceedings specifically
concerned (i) the accounting of 16 \"cross-transactions\" for the disposal and simultaneous purchase of players'
registration rights, of which 15 dating back to the 2019/2020 and 2020/2021 financial years, which were already
included in the previous proceedings initiated by Consob pursuant to Article 154-ter, paragraph 7 of the
Consolidated Law on Finance during the 2022/2023 financial year, and 1 \"cross-transaction\" pertaining to the
2022/2023 financial year (together the \u201c16 Cross-Transactions\u201d), (ii) the recognition of liabilities and the cost
accounting criterion following the conclusion of agreements with registered players and technical staff as part of the
'salary manoeuvres' carried out during the 2019/2020 and 2020/2021 football seasons (the \"First Manoeuvre\" and
the \"Second Manoeuvre\", together referred to as \"the Manoeuvres\"), as well as (iii) the accounting effects
attributable to certain 'memos' or 'memoranda', related to certain transfer market transactions, dating back to the
2017/2018, 2018/2019 and 2019/2020 financial years, which led to the recognition of capital gains in the related
financial statements, in relation to agreements contained in said documents, whereby Juventus reserved the right
to repurchase the transferred players\u2019 registration rights, or undertook to repurchase the transferred players\u2019
registration rights at certain future dates and at certain amounts (\"Buyback Agreements\"), in addition to alleged
debt relations with other clubs.
On 21\u00a0September\u00a02023, Juventus filed its observations and deductions with Consob, disputing, in addition to some
defects in the Proceedings and an interpretation of international accounting standards not consistent with the
practices in the football industry, (i) with regard to the 16 \u201ccross-transactions\u201d, the erroneousness of the
requalification as exchanges of separate and autonomous transactions involving the purchase and sale of players'
registration rights, and, in any case - also to apply the accounting standard relating to exchanges of assets - the
correctness of the accounting treatment applied by Juventus; (ii) with regard to the \u201csalary manoeuvres\u201d, the
correctness of the accounting treatment applied by Juventus with regard to the reductions and supplementing of
the registered players' and technical staff remuneration of the First Team in the 2019/2020 and 2020/2021 financial
years; and (iii) with regard to the third dispute profile, the correctness of the accounting of the operations for the
transfer of players\u2019 registration rights and the non-existence of debt relations, as these \u201cmemos\u201d or \u201cmemoranda\u201d
are not susceptible of generating enforceable rights and obligations between the parties.
On 4 October 2023, Juventus' hearing was held at Consob.
On conclusion of the 2023 Proceedings pursuant to Article 154-ter, with resolution no. 22858 of 25\u00a0October\u00a02023
(the \"Resolution no. 22858/2023\"), Consob passed the resolution regarding the assessment, according to the
terms illustrated below, of the non-compliance of the financial statements as at 30\u00a0June\u00a02022 and the consolidated
half-yearly financial statements as at 31\u00a0December\u00a02022 of Juventus with the regulations governing the drafting
thereof and asked the Company, pursuant to Article 154-ter, paragraph 7 of the Consolidated Law on Finance, to
disclose the following information to the market:
A. \"the shortcomings and critical issues identified by Consob regarding the accounting accuracy of the
financial statements as at 30\u00a0June\u00a02022 and the consolidated half-yearly financial statements as at
31\u00a0December\u00a02022\";
B. \"the applicable international accounting standards and the violations identified in this regard\";
C. \"the description, in a dedicated pro-forma consolidated economic, equity and financial position \u2013
accompanied by comparative data \u2013 of the effects that accounting compliant with the rules would have had
on the statement of financial position, income statement and shareholders' equity for the year and for the
half year for which an incorrect disclosure was provided\".
The Consob findings contained in Resolution no. 22858/2023, relating to the financial statements as at
30\u00a0June\u00a02022 and the consolidated half-yearly financial statements as at 31\u00a0December\u00a02022, concerned (i) the 16
Cross-Transactions, (ii) the Manoeuvres and (iii) the Buyback Agreements.
Therefore, the adoption by Consob of the provision pursuant to Article 154-ter, paragraph 7 of the Consolidated
Law on Finance would not affect the validity of the financial statements to which it refers, as the provision does not,
in fact, result in \"real\" effects but is relevant only at an information level.
Likewise, on 25\u00a0October\u00a02023, pursuant to Article 114, paragraph 5 of the Consolidated Law on Finance, making
reference to the Shareholders' Meeting called for 23\u00a0November\u00a02023 for the approval of the financial statements for
the year ended 30\u00a0June\u00a02023 and the presentation of the consolidated financial statements as at 30\u00a0June\u00a02023,
Consob asked Juventus to make public, by means of a press release, to be distributed in due time prior to its
shareholders\u2019 meeting and in any case no later than 10\u00a0November\u00a02023: (i) \u201cthe considerations of the Directors
regarding the correctness of the 2023 financial statements;\u201d and (ii) \u201can estimation regarding the economic, equity
and financial impacts, adequately commented on, suitable to represent the accounting of the profiles subject to
Consob's measure on the consolidated situation of the Issuer as at 30\u00a0June\u00a02023\u201d (the \u201cRequest pursuant to Article
114 of the Consolidated Law on Finance - 2023\u201d).
With a press release dated 27\u00a0October\u00a02023, in order to comply with Resolution no. 22858/2023, Juventus
disclosed to the market, with reference to the 16 Cross Transactions, the Salary Manoeuvres and the Buyback
Agreements, the information pursuant to Resolution 22858/2023, indicated above in sections A and B, reserving
the right to describe, in a dedicated press release, subject to a resolution by the competent bodies of Juventus, the
information indicated above in section C.
On 9\u00a0November\u00a02023, by means of a specific press release, Juventus disclosed to the public the information
referred to in Resolution 22858/2023, indicated in point C above.
In addition, also on 9\u00a0November\u00a02023, Juventus also fulfilled the request pursuant to Article 114 of the Consolidated
Law on Finance - 2023, by means of a specific press release.
On 22\u00a0December\u00a02023, Juventus challenged Resolution 22858/2023 and the Request pursuant to Article 114 of the
Consolidated Law on Finance - 2023 before the Lazio Regional Administrative Court.
Appeal before the Lazio Regional Administrative Court against Consob Resolution no. 22858/2023 and the request
pursuant to Article 114 of the Consolidated Law on Finance of 25 October 2023
On 22\u00a0December\u00a02023, Juventus filed an appeal before the Lazio Regional Administrative Court against Consob
Resolution no. 22858/2023, adopted on 25\u00a0October\u00a02023, and the request made by Consob pursuant to Article 114
of the Consolidated Law on Finance vis-\u00e0-vis Juventus on the same date. At the date of Juventus consolidated
half-yearly financial report at 31\u00a0December\u00a02023, Juventus is waiting for the hearing to be scheduled.
Juventus believes, also taking into account the legal and accounting analyses performed by Juventus on the basis
of the opinions issued by independent experts in the light of the relevant documentation concerning the
investigation by the Public Prosecutor, that it has acted in compliance with the laws and regulations governing the
drafting of financial reports, with the applicable accounting standards and the relative application criteria and in line
with international practice in the football industry.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-597": { "value": "Guarantees granted, commitments and contingent liabilities
Pending litigation and contingent liabilities
As a global group with a diverse business portfolio, Exor Group is exposed to numerous legal risks, particularly in
the areas of product liability, competition and antitrust law, environmental risks and tax matters, dealer and supplier
relationships, product warranty and defective product claims, emission and/or fuel economy regulatory and
contractual issues, competition law, intellectual property rights and environmental claims. The outcome of any
current or future proceedings, claims or investigations cannot be predicted with certainty. These risks arise from
pending legal proceedings or requests received by the Group seeking recovery for damage to property, personal
injuries and in some cases include a claim for exemplary or punitive damages. It is therefore possible that legal
judgments could give rise to expenses that are not covered, or not fully covered, by insurers\u2019 compensation
payments and could affect the Group\u2019s financial position and results.
In addition to claims litigation, the Group may be subject to lawsuits and regulatory actions in the normal course of
business that do not arise from or directly relate to claims. This category of business litigation typically involves,
among other things, allegations of omissions, employment claims or regulatory activity. While the outcome of
business litigation cannot be predicted with certainty, the Group will dispute all allegations against the Group and/or
its subsidiaries that management believes are without merit.
Contingent liabilities of the CNH Industrial Group
At 31\u00a0December\u00a02023, contingent liabilities estimated by the CNH Industrial Group amount to approximately
\u20ac25\u00a0million (approximately \u20ac40\u00a0million at 31\u00a0December\u00a02022), for which no provisions have been recognized since
an outflow of resources is not considered probable at the present time.
Contingent liabilities of the Iveco Group
Follow-up on Damages Claims
In 2011 Iveco S.p.A. and Iveco Magirus AG (together \"Iveco\"), which, following the Demerger, are now part of Iveco
Group N.V., and their competitors in the European Union were subject to an investigation by the European
Commission (the \u201cCommission\u201d) into certain business practices in the European Union in the period 1997-2011, in
relation to Medium & Heavy trucks. On 19 July 2016, the Commission announced a settlement with CNH Industrial
(\"the Decision\") including a settlement with Iveco. In particular, Iveco received a reduction in its fine for cooperating
with the European Commission throughout the investigation, and received a fine of \u20ac494.6\u00a0million. Similar
decisions were taken, by the Commission, with reference to the other competitors. Following the Decision, Iveco
S.p.A. and Iveco Magirus AG have been named as defendants in many proceedings across Europe and Israel.
These damage claims could result in substantial liabilities for the Group as well as incurring significant defense
costs, which may have a material adverse effect on its operations and financial condition. The extent and outcome
of these claims cannot be reliably predicted at this time and, therefore, the Group did not recognise any specific
provision for these claims. In 2023, Iveco Group recognised a cost of \u20ac12\u00a0million related to certain claims for which
it was possible to make a reliable estimate. This current position will be reassessed on a regular basis and updated
as necessary, based on the evolution of cases. In accordance with IAS 37 \u2013 Provisions, Contingent Liabilities and
Contingent Assets (paragraph 92), no further information is disclosed so as not to prejudice the Group\u2019s position.
FPT Emissions Investigation
On 22\u00a0July\u00a02020, a number of CNH Industrial's offices in Europe were visited by investigators in the context of a
request for assistance by the public prosecutors of Frankfurt am Main, Germany (later transferred to the public
prosecutor's office in Stuttgart, Germany) and Turin, Italy, in relation to alleged noncompliance of two engine
models produced by FPT Industrial S.p.A., which is now part of the Iveco Group. The Italian criminal investigation
was concluded in 2023. As a result of the full cooperation and discussions with the investigative authorities, the
German criminal investigation was also concluded in December 2023. The Iveco Group are also defending
individual civil claims alleging emissions' non-compliance in Germany and Austria. The Iveco Group cannot predict
at this time the extent and outcome of these individual claims and therefore Iveco Group did not recognise any
specific related provision.
Pending litigations of the Juventus Group
Juventus/Victoria 2000 S.r.l. - Supreme Court of Cassation
On 2 December 2015 Victoria 2000 S.r.l., already sole shareholder of Bologna Football Club 1909 S.p.A., had
summarised before the Court of Appeal of Naples, pursuant to Article 622 of the Italian Code of Criminal
Procedure, the judgement reached by the Supreme Court of Cassation with sentence 36350/2015 of 9 September
2015, which had referred to the civil judge competent for the value of appeal the decision regarding the
compensation claims of the civil parties constituted against Luciano Moggi, and had sued Diego and Andrea Della
Valle, Sandro Mencucci, Luciano Moggi, Massimo De Santis, Innocenzo Mazzini, Pier Luigi Pairetto, A.C.F.
Fiorentina S.p.A. and Juventus in order to hear them condemned, jointly and severally, to compensation for
damages, financial or otherwise, allegedly suffered by Victoria 2000 S.r.l. as a result of the criminal offences
ascertained in criminal proceedings and the relegation of Bologna Football Club 1909 S.p.A. at the end of the
2004/2005 Serie A Championship, allegedly falsified, according to the applicant, by the defendants in the criminal
proceedings.
Juventus had been sued as civil party, pursuant to Article 2049 of the Italian Civil Code, as a consequence of the
actions of Luciano Moggi and Antonio Giraudo.
With sentence no. 326/2019 of 24 January 2019 the Court of Appeal of Naples, definitively ruling following a
referral pursuant to Article 622 of the Italian Code of Criminal Procedure of criminal sentence no. 36350/2015 of the
Supreme Court of Cassation has: (i) declared the summary judgements by Brescia Calcio S.p.A. and Bologna
Football Club 1909 S.p.A. closed; (ii) rejected the claims for damages made by Victoria 2000 S.r.l. against the
defendants and shared the costs of the proceedings between the parties.
Against sentence 326/2019 of the Court of Appeal of Naples, on 16 July 2019 Victoria 2000 notified Juventus and
Diego and Andrea Della Valle, Sandro Mencucci, Luciano Moggi, Massimo De Santis, Innocenzo Mazzini, Pier
Luigi Pairetto, A.C.F. Fiorentina S.p.A. of the appeal to the Supreme Court of Cassation for its revision.
On 26 September 2019, Juventus notified Victoria 2000 and the other counterparties of the appeal to the Supreme
Court of Cassation asking for confirmation of the contested sentence and, by way of cross-appeal, to ascertain that
the ruling of the trial judge who had excluded Juventus' liability towards Victoria 2000 as civilly liable for the
unlawful facts charged to Luciano Moggi have become final, with a consequent request for a declaration of
inadmissibility of all the applications proposed by Victoria 2000 against Juventus.
The other counterparties - other than Massimo De Santis, in default - have notified Juventus of their responses to
the Supreme Court of Cassation.
The date of the hearing for the discussion of the appeal is awaited.
Criminal proceedings pending before the Turin Judicial Authority (now before the Rome Judicial Authority)
On 26\u00a0November\u00a02021 and 1\u00a0December\u00a02021, Juventus was notified of search and seizure orders and, on those
dates, Juventus became aware of the existence of an investigation initiated by the Public Prosecutor's Office of the
Court of Turin (\"the Public Prosecutor's Office\"), against Juventus itself as well as some of its current and former
representatives, concerning the \u201cRevenues from players' registration rights\u201d item recorded in the financial
statements at 30\u00a0June\u00a02019,\u00a02020 and 2021 for the offences referred to in Article 2622 of the Italian Civil Code and
Article 8 of Italian Legislative Decree No. 74/2000 and, as regard Juventus, the offence set forth in Article 5 and 25-
ter of Italian Legislative Decree No. 231/2001. Within the context of the aforementioned investigation, a hand-over
request for documents concerning payment of the players' salaries during the 2019/2020 and 2020/2021 football
seasons was served to Juventus by the Public Prosecutor's Office on 23\u00a0March\u00a02022.
On 24\u00a0October\u00a02022, the Public Prosecutor's Office sent to Juventus \u2013 as well as some of its current and previous
representatives \u2013 the notice regarding the conclusion of preliminary investigations (the \u201cTurin Notice\u201d) in connection
with the above-mentioned criminal proceedings. The Turin Notice alleges the offences against natural persons set
forth in Article 2622 of the Italian Civil Code, Article 185 of the Consolidated Law on Finance (\u201cTUF\u201d), Article 2 of
Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil Code, while Juventus was under investigation
for the offences referred to in Articles 5, 25-ter, 25-sexies and 25-quinquesdecies of Italian Legislative Decree
231/2001. The facts covered by Turin Notice pertain to the financial statements at 30\u00a0June\u00a02019, 30\u00a0June\u00a02020 and
30\u00a0June\u00a02021 and relate to improperly named transactions of \u201cexchange\u201d of players' registration rights and
agreements to reduce and supplement the compensation of registered personnel concluded in the 2019/2020 and
2020/2021 financial years. Juventus viewed and took a copy of the investigative documents in order to exercise its
defence rights. The Turin Notice did not mention the offence pursuant to Article 8 of Italian Legislative Decree
74/2000, for which separate proceedings had been initiated in the meantime, later dismissed by the Turin
Preliminary Investigations Judge through a dismissal order issued on 25\u00a0May 2023, pronounced following the
request for dismissal submitted by the Public Prosecutor on 14 March 2023.
On 20\u00a0November\u00a02022, as part of the information made public through the second press release pursuant to Article
154-ter of the Consolidated Law on Finance, outlined below, Juventus, in order to provide the market with the most
extensive disclosure possible, provided additional information on the Turin Notice referred to above, in the
Appendix to the above-mentioned press release, with particular reference to the quantitative outcomes of the
effects on the financial statements arising from the content of the provisional charges.
Following the request for committal to trial signed by the Public Prosecutors on 30\u00a0November\u00a02022, the
proceedings were assigned to the Judge of the Preliminary Hearing at the Court of Turin. Before the latter, in
addition to the first hearing held on 27\u00a0March\u00a02023, for the appearance of parties and the summons of Juventus as
a civil liability party in proceedings, a second preliminary hearing was held on 10\u00a0May\u00a02023. The latter ended with
the transmission of the acts to the Supreme Court of Cassation, called to decide the issue of territorial jurisdiction
objected by the defence (see below).
Juventus points out that a number of current and past managers of Juventus were also charged with the alleged
crime of fraudulent tax returns, pursuant to Article 2 of Italian Legislative Decree 74/2000, allegedly committed
using invoices issued by sports agents and referring in whole and/or in part to non-existent transactions. In relation
to this alleged offence, Juventus is under indictment as an entity pursuant to Article 25-quinquesdecies of Italian
Legislative Decree 231/2001. On 21\u00a0December\u00a02022, a hearing was held in chambers in relation to the appeal filed
by the Public Prosecutors against the order of rejection of the request for the precautionary seizure of
\u20ac437\u00a0thousand against Juventus, as alleged profit of the tax offences mentioned above. However, on
12\u00a0December\u00a02022, the Public Prosecutors announced their waiver of the aforementioned appeal; consequently, at
the precautionary hearing, the Court of Review declared the appeal inadmissible on 21\u00a0December\u00a02022.
On 19\u00a0December\u00a02022, Juventus received a \u201cHand-over request\u201d for various documents, including accounting
statements related to the transactions and the balance of certain items of the statement of financial position and
income statement, the minutes of the Board of Directors, of the Board of Statutory Auditors and of the \"Leadership
Team\" Committee, documents relating to emoluments/fees/indemnities paid to certain registered or former
registered players and technical staff, and any other documentation considered relevant. Juventus promptly
complied with the request.
On 27\u00a0February, 21\u00a0March and 3\u00a0May\u00a02023, the Public Prosecutor's Office at the Court of Turin filed further
investigative documents, including additional consultancy prepared by the consultant of the Public Prosecutors in
relation to certain transactions involving the purchase and sale of players' registration rights carried out with football
clubs allegedly linked to Juventus by \"partnership relations\". Following this further investigation, the Public
Prosecutors did not decide to modify or add to the charges. Juventus has also analysed this additional
documentation with the support of its legal and accounting consultants, also in order to verify the presence of any
documents which might have, even if only potentially, any accounting effects on the economic, equity and financial
position as at 31\u00a0December\u00a02022 and/or the comparative data of the previous period, determining that the
accounting effects of said documents on its financial position and shareholders' equity at 30\u00a0June\u00a02023 would be
zero. For more information on the analyses and assessments carried out by Juventus with the support of its
consultants, as well as for qualitative and quantitative information on the ongoing criminal proceedings, please refer
to the note 57 of the financial statements and note 58 of the consolidated financial statement where, with a view to
a fully transparent and exhaustive disclosure and on a voluntary basis, Juventus will provide a representation - as
was already the case in note 57 to the Consolidated Half-Yearly Financial Report as at 31\u00a0December\u00a02022 - of the
potential accounting effects that the documents relating to certain transactions could theoretically have had on the
economic, equity and financial positions for the 2022/2023 financial year and the previous 2021/2022 financial year,
where they were considered susceptible of generating enforceable rights and obligations between the parties and
therefore qualify as \"contracts\" pursuant to IFRS 15.
During the course of the second preliminary hearing, on 10 May 2023, the Preliminary Hearing Judge at the Court
of Turin ordered the transmission of documents to the Supreme Court of Cassation, called to rule on the issue of
territorial jurisdiction challenged by the defence. At the outcome of the hearing of 6 September 2023, the Supreme
Court of Cassation declared that the Court of Turin lacked territorial jurisdiction and ordered the forwarding of the
documents to the Public Prosecutor at the Court of Rome.
On 6 December 2023, after the transmission of the documents of the criminal proceedings pending before the Turin
Judicial Authority, Juventus received a request from the Public Prosecutor's Office of Rome for the acquisition of
documents relating, in particular, to the financial statements as at 30\u00a0June\u00a02022. In this context, Juventus has
learned that investigations are pending at the Public Prosecutor's Office of Rome in relation to company
representatives for the case referred to in Article 2622 of the Italian Civil Code with regard to the financial
statements as at 30\u00a0June\u00a02022. To the best of its knowledge, Juventus is not under investigation in these
proceedings. On 16 January 2024, the Company received a further request for the acquisition of documents
relating to the financial statements as at 30 June 2023.
On 22 December 2023, the Company received notification of the conclusion of the preliminary investigations from
the Public Prosecutor's Office of the Court of Rome (the \"Rome Notice\") in connection with the above-mentioned
criminal proceedings. In line with the allegations raised by the Public Prosecutor's Office of Turin, the Rome notice
alleges the offences against natural persons set forth in Article 2622 of the Italian Civil Code, Article 185 of the
Consolidated Law on Finance, Article 2 of Italian Legislative Decree 74/2000 and Article 2638 of the Italian Civil
Code, while the Company was under investigation for the offences referred to in Articles 5, 25-ter, 25-sexies and
25-quinquesdecies of Italian Legislative Decree 231/2001. The facts covered by the Rome Notice pertain to the
financial statements as of 30 June 2019, 2020 and 2021 and are related to improperly named transactions of
\u201cexchange\u201d of players' registration rights and agreements to reduce and supplement the compensation of
registered personnel concluded in the 2019/2020, 2020/2021 and 2021/2022 sporting seasons, already covered by
the Turin Notice, as well as the \"buyback agreements\", relating to certain transfer market transactions dating back
to the years 2017/2018, 2018/2019 and 2019/2020.
Appeal before the Lazio Regional Administrative Court against CONSOB Resolution no. 22482/2022 and the
request pursuant to art. 114 of the Consolidated Law on Finance of 19 October 2022
On 16\u00a0December\u00a02022, Juventus filed an appeal before the Lazio Regional Administrative Court against CONSOB
Resolution no. 22482/2022, adopted on 19\u00a0October\u00a02022, and the request made by CONSOB pursuant to art. 114
Consolidated Law on Finance vis-\u00e0-vis Juventus on the same date. At the date of its consolidated half-yearly
financial report at 31\u00a0December\u00a02023, Juventus is waiting for the hearing to be scheduled.
Arbitration proceedings with a former registered player
On 19\u00a0June\u00a02023, Cristiano Ronaldo dos Santos Aveiro (\u201cFormer Registered Player\u201d), notified Juventus a request
for arbitration (\u201cFirst Application\u201d), requesting the company to be ordered to pay approximately \u20ac19.5\u00a0million, for
facts connected to the second salary manoeuvre (2020/21 football season), complaining, for the following reasons:
(a) primarily, due to the alleged invalidity of the compensation reduction agreement that the Former Registered
Player had signed in relation to the 2020/21 football season, (b) alternatively, as a consequence of the cancellation
of the aforementioned reduction agreement due to wilful misconduct; (c) in the further alternative, by way of
fulfilment of the provisions of an alleged supplementing agreement, if a similar agreement not concluded in
compliance with the requirements established by the applicable regulations can be considered valid and effective;
and (d) in the final alternative, by way of non-contractual or pre-contractual liability. On 29\u00a0June\u00a02023, Juventus
sent its response to the lawyers of the Former Registered Player and the appointed arbitrators, raising interlocutory
and preliminary objections and disputing, in fact and in law, the statements made by the Former Registered Player.
On 24\u00a0July\u00a02023, the first hearing of the arbitration proceedings was held, as part of which the terms of the
proceedings were assigned. In the subsequent hearing of 21\u00a0November\u00a02023, the Arbitration Board assigned the
terms for the filing of the closing documents and set the hearing for the oral discussion \"in the event that even only
one of the parties makes a request to the Arbitration Board and by means of a communication to the counterparty
by 29\u00a0January\u00a02024\u201d.
On 29\u00a0January\u00a02024, having regard to the ruling of the Arbitration Board dated 21\u00a0November\u00a02023, Juventus
requested the holding of the oral discussion hearing, on the date indicated by the ruling of the Arbitration Board of
18\u00a0January2024, and therefore on 5\u00a0February\u00a02024.
On 5\u00a0February\u00a02024, the oral discussion hearing was held, at the end of which the case was adjourned for a
decision by the Arbitration Board, with the deadline for the filing of the award on 22\u00a0April\u00a02024.
As a result of the investigations carried out, also with the support of its consultants, Juventus deems the claims
made by the Former Registered Player to be unfounded and, therefore, did not deem it necessary to set aside any
provision for risks.
On 30\u00a0June 2023, the day following the transmission of Juventus' response to the First Application, by means of
which the company noted the presence of formal defects in the power of attorney for litigation that could result in
the inadmissibility of the First Application, the Former Registered Player notified Juventus of a second request for
arbitration, identical to the First Application, except that the new application was accompanied by a new and
different power of attorney (\u201cSecond Application\u201d). On 10\u00a0July\u00a02023, Juventus sent the response to the Second
Application to the defenders of the Former Registered Player and to the appointed arbitrators, also raising
prerequisite and preliminary objections and contesting, in fact and in law, the statements of the Former Registered
Player. The first hearing was held on 4\u00a0September\u00a02023 and the hearing for the discussion of the case was held on
4\u00a0October\u00a02023. With its award of 30\u00a0October\u00a02023, the arbitration board declared the lack of its own potestas
iudicandi on the merits of the dispute referred to in the Second Application.
Consob proceedings pursuant to Article 154-ter, paragraph 7, of Legislative Decree no. 58/1998
On 31\u00a0July\u00a02023, Consob sent Juventus a notification of initiation of the proceedings aimed at adopting the
measure referred to in Article 154-ter, paragraph 7, of the Consolidated Law on Finance (the \"2023 Notice of
Initiation of Proceedings\"), specifying that Consob had found certain critical issues with reference to the recognition
by Juventus of certain transactions and management events related to (a) the financial statements and
consolidated financial statements as at 30\u00a0June\u00a02022 and (b) the consolidated half-yearly financial statements as at
31\u00a0December\u00a02022, and formally initiated the administrative proceedings aimed at asking the Company to make
public the critical issues identified and publishing the necessary supplementary information (the \"2023 Proceedings
pursuant to Article 154-ter\").
The critical issues identified by Consob and the subject of the 2023 Notice of Initiation of Proceedings specifically
concerned (i) the accounting of 16 \"cross-transactions\" for the disposal and simultaneous purchase of players'
registration rights, of which 15 dating back to the 2019/2020 and 2020/2021 financial years, which were already
included in the previous proceedings initiated by Consob pursuant to Article 154-ter, paragraph 7 of the
Consolidated Law on Finance during the 2022/2023 financial year, and 1 \"cross-transaction\" pertaining to the
2022/2023 financial year (together the \u201c16 Cross-Transactions\u201d), (ii) the recognition of liabilities and the cost
accounting criterion following the conclusion of agreements with registered players and technical staff as part of the
'salary manoeuvres' carried out during the 2019/2020 and 2020/2021 football seasons (the \"First Manoeuvre\" and
the \"Second Manoeuvre\", together referred to as \"the Manoeuvres\"), as well as (iii) the accounting effects
attributable to certain 'memos' or 'memoranda', related to certain transfer market transactions, dating back to the
2017/2018, 2018/2019 and 2019/2020 financial years, which led to the recognition of capital gains in the related
financial statements, in relation to agreements contained in said documents, whereby Juventus reserved the right
to repurchase the transferred players\u2019 registration rights, or undertook to repurchase the transferred players\u2019
registration rights at certain future dates and at certain amounts (\"Buyback Agreements\"), in addition to alleged
debt relations with other clubs.
On 21\u00a0September\u00a02023, Juventus filed its observations and deductions with Consob, disputing, in addition to some
defects in the Proceedings and an interpretation of international accounting standards not consistent with the
practices in the football industry, (i) with regard to the 16 \u201ccross-transactions\u201d, the erroneousness of the
requalification as exchanges of separate and autonomous transactions involving the purchase and sale of players'
registration rights, and, in any case - also to apply the accounting standard relating to exchanges of assets - the
correctness of the accounting treatment applied by Juventus; (ii) with regard to the \u201csalary manoeuvres\u201d, the
correctness of the accounting treatment applied by Juventus with regard to the reductions and supplementing of
the registered players' and technical staff remuneration of the First Team in the 2019/2020 and 2020/2021 financial
years; and (iii) with regard to the third dispute profile, the correctness of the accounting of the operations for the
transfer of players\u2019 registration rights and the non-existence of debt relations, as these \u201cmemos\u201d or \u201cmemoranda\u201d
are not susceptible of generating enforceable rights and obligations between the parties.
On 4 October 2023, Juventus' hearing was held at Consob.
On conclusion of the 2023 Proceedings pursuant to Article 154-ter, with resolution no. 22858 of 25\u00a0October\u00a02023
(the \"Resolution no. 22858/2023\"), Consob passed the resolution regarding the assessment, according to the
terms illustrated below, of the non-compliance of the financial statements as at 30\u00a0June\u00a02022 and the consolidated
half-yearly financial statements as at 31\u00a0December\u00a02022 of Juventus with the regulations governing the drafting
thereof and asked the Company, pursuant to Article 154-ter, paragraph 7 of the Consolidated Law on Finance, to
disclose the following information to the market:
A. \"the shortcomings and critical issues identified by Consob regarding the accounting accuracy of the
financial statements as at 30\u00a0June\u00a02022 and the consolidated half-yearly financial statements as at
31\u00a0December\u00a02022\";
B. \"the applicable international accounting standards and the violations identified in this regard\";
C. \"the description, in a dedicated pro-forma consolidated economic, equity and financial position \u2013
accompanied by comparative data \u2013 of the effects that accounting compliant with the rules would have had
on the statement of financial position, income statement and shareholders' equity for the year and for the
half year for which an incorrect disclosure was provided\".
The Consob findings contained in Resolution no. 22858/2023, relating to the financial statements as at
30\u00a0June\u00a02022 and the consolidated half-yearly financial statements as at 31\u00a0December\u00a02022, concerned (i) the 16
Cross-Transactions, (ii) the Manoeuvres and (iii) the Buyback Agreements.
Therefore, the adoption by Consob of the provision pursuant to Article 154-ter, paragraph 7 of the Consolidated
Law on Finance would not affect the validity of the financial statements to which it refers, as the provision does not,
in fact, result in \"real\" effects but is relevant only at an information level.
Likewise, on 25\u00a0October\u00a02023, pursuant to Article 114, paragraph 5 of the Consolidated Law on Finance, making
reference to the Shareholders' Meeting called for 23\u00a0November\u00a02023 for the approval of the financial statements for
the year ended 30\u00a0June\u00a02023 and the presentation of the consolidated financial statements as at 30\u00a0June\u00a02023,
Consob asked Juventus to make public, by means of a press release, to be distributed in due time prior to its
shareholders\u2019 meeting and in any case no later than 10\u00a0November\u00a02023: (i) \u201cthe considerations of the Directors
regarding the correctness of the 2023 financial statements;\u201d and (ii) \u201can estimation regarding the economic, equity
and financial impacts, adequately commented on, suitable to represent the accounting of the profiles subject to
Consob's measure on the consolidated situation of the Issuer as at 30\u00a0June\u00a02023\u201d (the \u201cRequest pursuant to Article
114 of the Consolidated Law on Finance - 2023\u201d).
With a press release dated 27\u00a0October\u00a02023, in order to comply with Resolution no. 22858/2023, Juventus
disclosed to the market, with reference to the 16 Cross Transactions, the Salary Manoeuvres and the Buyback
Agreements, the information pursuant to Resolution 22858/2023, indicated above in sections A and B, reserving
the right to describe, in a dedicated press release, subject to a resolution by the competent bodies of Juventus, the
information indicated above in section C.
On 9\u00a0November\u00a02023, by means of a specific press release, Juventus disclosed to the public the information
referred to in Resolution 22858/2023, indicated in point C above.
In addition, also on 9\u00a0November\u00a02023, Juventus also fulfilled the request pursuant to Article 114 of the Consolidated
Law on Finance - 2023, by means of a specific press release.
On 22\u00a0December\u00a02023, Juventus challenged Resolution 22858/2023 and the Request pursuant to Article 114 of the
Consolidated Law on Finance - 2023 before the Lazio Regional Administrative Court.
Appeal before the Lazio Regional Administrative Court against Consob Resolution no. 22858/2023 and the request
pursuant to Article 114 of the Consolidated Law on Finance of 25 October 2023
On 22\u00a0December\u00a02023, Juventus filed an appeal before the Lazio Regional Administrative Court against Consob
Resolution no. 22858/2023, adopted on 25\u00a0October\u00a02023, and the request made by Consob pursuant to Article 114
of the Consolidated Law on Finance vis-\u00e0-vis Juventus on the same date. At the date of Juventus consolidated
half-yearly financial report at 31\u00a0December\u00a02023, Juventus is waiting for the hearing to be scheduled.
Juventus believes, also taking into account the legal and accounting analyses performed by Juventus on the basis
of the opinions issued by independent experts in the light of the relevant documentation concerning the
investigation by the Public Prosecutor, that it has acted in compliance with the laws and regulations governing the
drafting of financial reports, with the applicable accounting standards and the relative application criteria and in line
with international practice in the football industry.
Commitments of the Ferrari Group arising from contractual arrangements
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these
arrangements contain unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or
services with fixed and determinable price provisions.
Arrangements with sponsors
Certain of the Ferrari Group\u2019s sponsorship contracts include terms whereby the Ferrari Group is obligated to
purchase a minimum quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these arrangements at 31\u00a0December\u00a02023 were as follows for the
Ferrari Group\u2019s continuing operations:
(\u20ac million)
Due within one year
24
Due between one and three years
9
Due between three and five years
3
Due beyond five years
\u2014
Total
36
Commitments of CNH Industrial
At 31\u00a0December\u00a02023, CNH Industrial (financial services business) has various agreements to extend credit for the
following financing arrangements:
(\u20ac million)
At 31\u00a0December\u00a02023
Total Credit Limit
Utilized
Not utilized
Facility
Wholesale and dealer financing
8,031
5,172
2,859
Revolving charge accounts
2,314
190
2,124
Guarantees granted by the CNH Industrial
At 31\u00a0December\u00a02023 the CNH Industrial provided guarantees on the debt or commitments of third parties and
performance guarantees on non-consolidated affiliates totalling \u20ac33\u00a0million (\u20ac18\u00a0million at 31\u00a0December\u00a02022).
Guarantees granted by the Iveco Group
At 31\u00a0December\u00a02023 the Iveco Group provided guarantees on the debt or commitments of third parties and
performance guarantees mainly in the interest of a joint venture related to commercial commitments on defence
vehicles totalling \u20ac422\u00a0million (\u20ac452\u00a0million at 31\u00a0December\u00a02022).
Guarantees granted by the Ferrari Group
At 31\u00a0December\u00a02023, the Ferrari Group had provided guarantees through third parties amounting to \u20ac237\u00a0million
(\u20ac225\u00a0million at 31\u00a0December\u00a02022), principally to banks for a US dollar denominated credit facility of FFS Inc., tax
authorities for VAT reimbursements according to Italian legislation and customs authorities for duties on import and
export activities.
Guarantees granted by Juventus
The guarantees granted by Juventus at 31\u00a0December\u00a02023 amount to \u20ac64\u00a0million (\u20ac147\u00a0million at
31\u00a0December\u00a02022) and are mainly related to the payables arising from the acquisition of players\u2019 registration rights
(\u20ac63\u00a0million)", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-599": { "value": "
Commitments of the Ferrari Group arising from contractual arrangements
Arrangements with key suppliers
From time to time, in the ordinary course of business, the Group enters into various arrangements with key third
party suppliers in order to establish strategic and technological advantages. A limited number of these
arrangements contain unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or
services with fixed and determinable price provisions.
Arrangements with sponsors
Certain of the Ferrari Group\u2019s sponsorship contracts include terms whereby the Ferrari Group is obligated to
purchase a minimum quantity of goods and/or services from its sponsors.
Future minimum purchase obligations under these arrangements at 31\u00a0December\u00a02023 were as follows for the
Ferrari Group\u2019s continuing operations:
(\u20ac million)
Due within one year
24
Due between one and three years
9
Due between three and five years
3
Due beyond five years
\u2014
Total
36
Commitments of CNH Industrial
At 31\u00a0December\u00a02023, CNH Industrial (financial services business) has various agreements to extend credit for the
following financing arrangements:
(\u20ac million)
At 31\u00a0December\u00a02023
Total Credit Limit
Utilized
Not utilized
Facility
Wholesale and dealer financing
8,031
5,172
2,859
Revolving charge accounts
2,314
190
2,124
Guarantees granted by the CNH Industrial
At 31\u00a0December\u00a02023 the CNH Industrial provided guarantees on the debt or commitments of third parties and
performance guarantees on non-consolidated affiliates totalling \u20ac33\u00a0million (\u20ac18\u00a0million at 31\u00a0December\u00a02022).
Guarantees granted by the Iveco Group
At 31\u00a0December\u00a02023 the Iveco Group provided guarantees on the debt or commitments of third parties and
performance guarantees mainly in the interest of a joint venture related to commercial commitments on defence
vehicles totalling \u20ac422\u00a0million (\u20ac452\u00a0million at 31\u00a0December\u00a02022).
Guarantees granted by the Ferrari Group
At 31\u00a0December\u00a02023, the Ferrari Group had provided guarantees through third parties amounting to \u20ac237\u00a0million
(\u20ac225\u00a0million at 31\u00a0December\u00a02022), principally to banks for a US dollar denominated credit facility of FFS Inc., tax
authorities for VAT reimbursements according to Italian legislation and customs authorities for duties on import and
export activities.
Guarantees granted by Juventus
The guarantees granted by Juventus at 31\u00a0December\u00a02023 amount to \u20ac64\u00a0million (\u20ac147\u00a0million at
31\u00a0December\u00a02022) and are mainly related to the payables arising from the acquisition of players\u2019 registration rights
(\u20ac63\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-600": { "value": "Fair value measurement by hierarchy
Fair value measurements are categorized within the fair value hierarchy, described as follows, based on the degree
to which the inputs to the fair value measurements are observable and the significance of the inputs to the entire
measurement:
\u2013 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date;
\u2013 Level 2 \u2014 Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly;
\u2013 Level 3 \u2014 Unobservable inputs for the asset or liability.
This hierarchy requires the use of observable market data when available.
Assets and liabilities measured at fair value on a recurring basis
The following table shows the fair value hierarchy the assets and liabilities measured at fair value on a recurring
basis at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022:
(\u20ac million)
Note
Level 1
Level 2
Level 3
Fair value
Investments measured at fair value through other
comprehensive income
17
3,807
5
683
4,495
Debt securities and equity instruments measured
at FVTPL
17
187
\u2014
83
270
Investment funds managed by Lingotto
17
\u2014
2,802
821
3,623
Reinsurance vehicles
17
\u2014
\u2014
802
802
Ventures
17
\u2014
655
655
Other funds
17
169
\u2014
50
219
Derivative financial assets
17
\u2014
205
\u2014
205
Liquidity funds and money market securities
22
404
\u2014
\u2014
404
Total Assets at 31\u00a0December\u00a02023
4,567
3,012
3,094
10,673
Derivative financial liabilities
27
\u2014
(277)
(18)
(295)
Total Liabilities at 31\u00a0December\u00a02023
\u2014
(277)
(18)
(295)
Investments measured at fair value through other
comprehensive income
17
371
5
656
1,032
Debt securities and equity investments measured
at FVTPL
17
2,031
\u2014
85
2,116
Investment funds managed by Lingotto
17
\u2014
1,069
116
1,185
Reinsurance vehicles
17
\u2014
\u2014
622
622
Ventures
17
\u2014
\u2014
550
550
Other funds managed by third parties
17
47
47
Derivative financial assets
17
\u2014
308
\u2014
308
Liquidity funds and money market securities
22
1,573
\u2014
\u2014
1,573
Total Assets at 31\u00a0December\u00a02022
3,975
1,382
2,076
7,433
Derivative financial liabilities
27
\u2014
(274)
(34)
(308)
Total Liabilities at 31\u00a0December\u00a02022
\u2014
(274)
(34)
(308)
Investments classified as Level 3 include, among others: inactively traded fixed maturities including unlisted or
private equities, investment funds, derivative instruments and other invested assets. Fair value is determined using
valuation models widely accepted; the valuation technique generally used is discounted cash flow, considering
counterparty credit risk.
The fair value of derivative financial assets and liabilities, is measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business
environment.
The following table provides the reconciliation of the changes in items measured at fair value classified within
Level\u00a03 for the year 2023:
(\u20ac million)
Gains (losses)
recognized
At
31\u00a0December
\u00a02022
In the
income
statement
In other
compre-
hensive
income
Increase
(decrease)
Change in
scope of
consolidation
Net
transfers
into/(out of)
Level 3
At
31\u00a0December
\u00a02023
Investments measured at fair
value through other
comprehensive income
656
(20)
108
\u2014
(61)
683
Debt securities and equity
investments measured at FVTPL
85
\u2014
1
(3)
\u2014
\u2014
83
Investment fund managed by
Lingotto
116
14
\u2014
691
\u2014
\u2014
821
Reinsurance vehicles
622
206
\u2014
(26)
\u2014
\u2014
802
Ventures
550
45
\u2014
60
\u2014
\u2014
655
Other funds managed by third
parties
47
3
\u2014
\u2014
\u2014
\u2014
50
Total Assets
2,076
268
(19)
830
\u2014
(61)
3,094
Derivative financial liabilities
(34)
16
\u2014
\u2014
\u2014
\u2014
(18)
Total Liabilities
(34)
16
\u2014
\u2014
\u2014
\u2014
(18)
In 2023 the investment in Neumora (\u20ac61\u00a0million at 31\u00a0December\u00a02022) has been reclassified from Level 3 to Level
1 following the IPO of the Company.
Assets and liabilities not measured at fair value on a recurring basis
The following tables present the carrying amount and the fair value of financial assets and liabilities not measured
at fair value on a recurring basis and the classification in the fair value level:
(\u20ac million)
Note
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Carrying
amount
Fair value
Carrying
amount
Fair value
Financial assets
Debt securities
17
141
141
356
354
Dealer financing receivables
21
14,633
14,631
11,324
11,288
Retail financing receivables
21
13,528
13,391
11,678
11,266
Finance lease receivables
21
581
571
562
549
Other financial receivables
137
137
90
89
Total financial assets
29,020
28,871
24,010
23,546
Financial liabilities
Notes
27
(13,034)
(12,709)
(13,608)
(12,846)
Borrowing from banks, payables represented by
securities and other financial debt
27
(10,649)
(10,634)
(6,122)
(6,005)
Asset-backed financing
27
(15,633)
(15,589)
(13,399)
(13,202)
Lease liabilities
27
(606)
(606)
(533)
(556)
Total financial liabilities
(39,923)
(39,538)
(33,662)
(32,609)
(\u20ac million)
At 31\u00a0December\u00a02023
At 31\u00a0December\u00a02022
Level 1
Level 2
Level 3
Fair value
Level 1
Level 2
Level 3
Fair value
Financial assets
Debt securities
71
\u2014
70
141
28
\u2014
326
354
Dealer financing
receivables
\u2014
14,631
14,631
\u2014
9
11,279
11,288
Retail financing receivables
\u2014
1,135
12,256
13,391
\u2014
1,077
10,189
11,266
Finance lease receivables
\u2014
317
254
571
\u2014
314
235
549
Other
\u2014
12
125
137
\u2014
7
82
89
Total financial assets
71
1,464
27,336
28,871
28
1,407
22,111
23,546
Financial liabilities
Notes
(7,353)
(5,356)
\u2014
(12,709)
(8,505)
(4,341)
\u2014
(12,846)
Borrowing from banks,
payables represented by
securities and other
financial debt
(915)
(8,108)
(1,611)
(10,634)
(886)
(5,068)
(51)
(6,005)
Asset-backed financing
\u2014
(15,589)
\u2014
(15,589)
\u2014
(13,202)
\u2014
(13,202)
Lease liabilities
(16)
(73)
(517)
(606)
(41)
(57)
(458)
(556)
Total financial liabilities
(8,284)
(29,126)
(2,128)
(39,538)
(9,432)
(22,668)
(509)
(32,609)
Classified in Level 2 and Level 3 of the fair value hierarchy, the fair value of receivables from financing activities is
based on the discounted values of their related cash flow at market discount rates, which reflect conditions applied
in various reference markets on receivables with similar characteristics, adjusted to take into account the credit risk
of the counterparties.
Notes that are traded in active markets for which close or last trade pricing is available are classified in Level 1 of
the fair value hierarchy. Notes for which such prices are not available are valued at the last available price or based
on quotes received from third parties and are classified in Level 2 of the fair value hierarchy.
The fair value of asset-backed financing, borrowing from banks, payables represented by securities and other
financial debt, classified principally in Level 2, has been estimated based on discounted cash flow analysis using
the current market interest rates at year-end adjusted for the Group non-performance risk over the remaining term
of the financial liabilities. The fair value of the debt that requires significant adjustment using unobservable inputs is
classified in Level 3.
The fair value of lease liabilities principally classified within Level 3 of the fair value hierarchy has been estimated
using discounted cash flow models that require significant adjustments using unobservable inputs.
Other financial assets
The carrying amount of cash at banks, restricted cash, other cash equivalents, trade receivables, other current
receivables and financial assets, trade payables and other current liabilities included in the condensed consolidated
statement of financial position approximates their fair value, due to the short maturity of these items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-601": { "value": "
Assets and liabilities measured at fair value on a recurring basis
The following table shows the fair value hierarchy the assets and liabilities measured at fair value on a recurring
basis at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022:
(\u20ac million)
Note
Level 1
Level 2
Level 3
Fair value
Investments measured at fair value through other
comprehensive income
17
3,807
5
683
4,495
Debt securities and equity instruments measured
at FVTPL
17
187
\u2014
83
270
Investment funds managed by Lingotto
17
\u2014
2,802
821
3,623
Reinsurance vehicles
17
\u2014
\u2014
802
802
Ventures
17
\u2014
655
655
Other funds
17
169
\u2014
50
219
Derivative financial assets
17
\u2014
205
\u2014
205
Liquidity funds and money market securities
22
404
\u2014
\u2014
404
Total Assets at 31\u00a0December\u00a02023
4,567
3,012
3,094
10,673
Derivative financial liabilities
27
\u2014
(277)
(18)
(295)
Total Liabilities at 31\u00a0December\u00a02023
\u2014
(277)
(18)
(295)
Investments measured at fair value through other
comprehensive income
17
371
5
656
1,032
Debt securities and equity investments measured
at FVTPL
17
2,031
\u2014
85
2,116
Investment funds managed by Lingotto
17
\u2014
1,069
116
1,185
Reinsurance vehicles
17
\u2014
\u2014
622
622
Ventures
17
\u2014
\u2014
550
550
Other funds managed by third parties
17
47
47
Derivative financial assets
17
\u2014
308
\u2014
308
Liquidity funds and money market securities
22
1,573
\u2014
\u2014
1,573
Total Assets at 31\u00a0December\u00a02022
3,975
1,382
2,076
7,433
Derivative financial liabilities
27
\u2014
(274)
(34)
(308)
Total Liabilities at 31\u00a0December\u00a02022
\u2014
(274)
(34)
(308)
Investments classified as Level 3 include, among others: inactively traded fixed maturities including unlisted or
private equities, investment funds, derivative instruments and other invested assets. Fair value is determined using
valuation models widely accepted; the valuation technique generally used is discounted cash flow, considering
counterparty credit risk.
The fair value of derivative financial assets and liabilities, is measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business
environment.
The following table provides the reconciliation of the changes in items measured at fair value classified within
Level\u00a03 for the year 2023:
(\u20ac million)
Gains (losses)
recognized
At
31\u00a0December
\u00a02022
In the
income
statement
In other
compre-
hensive
income
Increase
(decrease)
Change in
scope of
consolidation
Net
transfers
into/(out of)
Level 3
At
31\u00a0December
\u00a02023
Investments measured at fair
value through other
comprehensive income
656
(20)
108
\u2014
(61)
683
Debt securities and equity
investments measured at FVTPL
85
\u2014
1
(3)
\u2014
\u2014
83
Investment fund managed by
Lingotto
116
14
\u2014
691
\u2014
\u2014
821
Reinsurance vehicles
622
206
\u2014
(26)
\u2014
\u2014
802
Ventures
550
45
\u2014
60
\u2014
\u2014
655
Other funds managed by third
parties
47
3
\u2014
\u2014
\u2014
\u2014
50
Total Assets
2,076
268
(19)
830
\u2014
(61)
3,094
Derivative financial liabilities
(34)
16
\u2014
\u2014
\u2014
\u2014
(18)
Total Liabilities
(34)
16
\u2014
\u2014
\u2014
\u2014
(18)
In 2023 the investment in Neumora (\u20ac61\u00a0million at 31\u00a0December\u00a02022) has been reclassified from Level 3 to Level
1 following the IPO of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-602": { "value": "
Compensation to directors of Exor
There are no key executives in Exor, except the Chief Executive Officer.
In 2023 compensation to the directors of Exor, for carrying out their respective functions in the Parent and in other
consolidated subsidiaries, is as follows:
(\u20ac million)
Exor
Subsidiaries
Total
Total compensation 2023
13,176
2,864
16,040
Total compensation 2022
4,409
3,050
7,459
This amount includes the notional compensation cost arising from long-term share-based compensation and stock
grants awarded to the directors. For further detail please refer to the Remuneration Report on page 170 and 171.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-603": { "value": "Explanatory notes to the consolidated statement of cash flows
Reconciliation of liabilities arising from financing activities for the years ended 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 is as follows:
(\u20ac million)
Note
2023
2022
At 1 January
Financial debt
27
33,662
28,684
Derivative liabilities (assets) and collateral, net
28
\u2014
91
Total Liabilities from financing activities
33,662
28,775
Cash flows
6,470
3,900
Foreign exchange effects
(466)
689
Fair value changes
136
194
Changes in scope of consolidation
59
3
Other changes
152
101
Total change
6,351
4,887
At 31 December
\u00a0
Total Liabilities from financing activities
40,013
33,662
Derivative liabilities (assets) and collateral, net
28
(90)
\u2014
Total financial debt
27
39,923
33,662
During the year ended 31\u00a0December\u00a02023 the Group paid interest of \u20ac1,507\u00a0million and received interest of
\u20ac1,009\u00a0million. During the year ended 31\u00a0December\u00a02022 the Group paid interest of \u20ac938\u00a0million and received
interest of \u20ac604\u00a0million. Amounts indicated are also inclusive of interest rate differentials paid or received on
interest rate derivatives.
During the year ended 31\u00a0December\u00a02023 the Group made income tax payments, net of refunds, totalling
\u20ac1,159\u00a0million. During the year ended 31\u00a0December\u00a02022 the Group made income tax payments, net of refunds,
totalling \u20ac1,728\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-604": { "value": "Qualitative and quantitative information on financial risks
The Group is exposed to the following financial risks connected with its operations:
\u2013 credit risk related to its financing activities;
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempt to actively manage these risks.
These risks could significantly affect the Group\u2019s financial position and results of operations and cash flows, and for
this reason, the Group identifies and monitors these risks in order to detect potential negative effects in advance
and take the necessary action to mitigate them, primarily through the Group's operating and financing activities and
if required, through the use of derivative financial instruments.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
the Group. The quantitative data reported in the following paragraphs does not have any predictive value. In
particular, the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction,
which may result from any changes that are assumed to take place.
Measures taken to generate financial resources through operations and to maintain an adequate level of available
liquidity are an important factor in ensuring normal operating conditions and addressing strategic challenges. The
Group therefore plans to meet its requirements to settle liabilities as they fall due and to cover expected capital
expenditures by using cash flows from operations and available liquidity, renewing or refinancing bank loans and
making recourse to the bond market and other forms of funding.
The two main factors that determine its liquidity situation are the funds generated by or used in operating and
investing activities and the debt lending period and its renewal features or the liquidity of the funds employed and
market terms and conditions.
The Group has adopted a series of policies and procedures whose purpose is to optimize the management of
funds and to reduce liquidity risk as follows:
\u2013 centralizing the management of receipts and payments where it may be economical in the context of the local
statutory, currency and fiscal regulations of the countries in which the Group is present;
\u2013 maintaining an adequate level of available liquidity;
\u2013 diversifying the means by which funds are obtained and maintaining a continuous and active presence in the
capital markets;
\u2013 obtaining adequate credit lines; and
\u2013 monitoring future liquidity on the basis of business planning.
The Group regularly assesses its exposure to foreign currency and interest rate risk and manages those risks
through the use of derivative financial instruments in accordance with its established risk management policies.
The policies adopted by the Group permit derivatives to be used only for managing the exposure to fluctuations in
exchange and interest rates connected with future cash flows and assets and liabilities and not for speculative
purposes.
Derivative financial instruments designated as fair value hedges are utilized mainly to hedge:
\u2013 the currency risk on financial instruments denominated in foreign currency;
\u2013 the interest rate risk on fixed rate loans and borrowings.
The instruments used for these hedges are mainly currency swaps, forward contracts, interest rate swaps and
combined interest rate and currency financial instruments.
Derivative financial instruments as cash flow hedges are utilized for the purpose of pre-determining:
\u2013 the exchange rate at which forecasted transactions denominated in foreign currencies will be accounted for;
\u2013 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a pre-defined mix of floating versus fixed rate funding structured loans.
The exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps, forward
contracts and currency options. Interest rate exposures are usually hedged by interest rate swaps and, in limited
cases, by forward rate agreements. Counterparties to these agreements are major and diverse financial
institutions.
The Group monitors its principal exposure to translation exchange risk, although there was no specific hedging in
place at 31\u00a0December\u00a02023.
Group Treasury has managed and closely monitored the IBOR plan. No impact has been derived from the reform
in term of renegotiation of contractual adjustment of financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-605": { "value": "
Financial markets risk
Due to the nature of its business, the Exor Group is exposed to a variety of financial market risks, including
fluctuations in foreign currency exchange rates and interest rates.
The Group\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Group\u2019s industrial activities compared to the markets in which it sells its products, and in relation
to the use of external borrowing denominated in foreign currencies.
The Group\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating activities
and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either
increasing or decreasing the Group\u2019s result, thereby indirectly affecting the costs and returns of financing and
investing transactions.
The Group regularly assesses its exposure to foreign currency and interest rate risk and manages those risks
through the use of derivative financial instruments in accordance with its established risk management policies.
The policies adopted by the Group permit derivatives to be used only for managing the exposure to fluctuations in
exchange and interest rates connected with future cash flows and assets and liabilities and not for speculative
purposes.
Derivative financial instruments designated as fair value hedges are utilized mainly to hedge:
\u2013 the currency risk on financial instruments denominated in foreign currency;
\u2013 the interest rate risk on fixed rate loans and borrowings.
The instruments used for these hedges are mainly currency swaps, forward contracts, interest rate swaps and
combined interest rate and currency financial instruments.
Derivative financial instruments as cash flow hedges are utilized for the purpose of pre-determining:
\u2013 the exchange rate at which forecasted transactions denominated in foreign currencies will be accounted for;
\u2013 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a pre-defined mix of floating versus fixed rate funding structured loans.
The exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps, forward
contracts and currency options. Interest rate exposures are usually hedged by interest rate swaps and, in limited
cases, by forward rate agreements. Counterparties to these agreements are major and diverse financial
institutions.
Information on the fair value of derivative financial instruments held at the balance sheet date is provided in
Note\u00a028 Other financial assets and other financial liabilities.
Currency risk
The Group is exposed to risk resulting from changes in exchange rates, which can affect its earnings and equity.
Where one of the subsidiaries of the Group incurs costs in a currency different from that of its revenues, any
change in exchange rates can affect the operating results of that company;
The principal exchange rates to which the Group is exposed are the following:
\u2013 EUR/USD, in relation to the production/purchases of Agriculture and Construction in the euro area;
\u2013 USD/BRL and EUR/BRL, in relation to production in Brazil and the respective import/export flows;
\u2013 AUD/USD, mainly in relation to sales made by Agriculture and Construction in Australia;
\u2013 EUR/GBP, mainly in relation to sales on the U.K. market;
\u2013 EUR/TRY, mainly in relation to sales on the Turkish market;
\u2013 EUR/PNL, mainly in relation to sales on the Polish market;
\u2013 EUR/CZK; predominately in relation to the production of Commercial and Specialty Vehicles (Bus) in Czech
Republic.
Trade flows of CNH Industrial exposed to changes in these exchange rates in 2023 made up approximately 73% of
the exposure to currency risk from trade transactions.
Trade flows of Iveco Group exposed to changes in these exchange rates in 2023 made up approximately 72% of
the exposure to currency risk from trade transactions.
Trade flows of Ferrari Group exposed to changes in these exchange rates in 2023 made up approximately 60% of
the exposure to currency risk from trade transactions.
It is the policy of CNH Industrial and Iveco Group to use derivative financial instruments to hedge a certain
percentage, on average between 55% and 85%, of the forecasted trading transaction exchange risk exposure for
the coming 12 months with additional flexibility to reach 0% or 100% (including forecasted risk exposure beyond
that timeframe where it is believed to be appropriate) and to hedge completely the exposure resulting from firm
commitments.
Certain subsidiaries may hold trade receivables or payables denominated in a currency different from the
subsidiary\u2019s functional currency. In addition, in a limited number of cases, subsidiaries may obtain financing or use
funds in a currency different from their functional currency. Changes in exchange rates may result in exchange
gains or losses arising from these situations. It is the policy of the Group to hedge fully, whenever possible, the
exposure resulting from receivables, payables, and securities denominated in currencies different from the
subsidiary\u2019s functional currency.
The Group monitors its principal exposure to translation exchange risk, although there was no specific hedging in
place at 31\u00a0December\u00a02023.
There were no substantial changes in 2023 in the nature or structure of exposure to currency risk or in the Group
hedging policies.
For CNH Industrial Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately $167\u00a0million
corresponding to \u20ac151\u00a0million ($276\u00a0million corresponding to \u20ac259\u00a0million at 31\u00a0December\u00a02022).
For Iveco Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately \u20ac276\u00a0million
(\u20ac291\u00a0million at 31\u00a0December\u00a02022).
For Ferrari Group, the potential loss in fair value of derivative financial instruments held for foreign currency
exchange rate risk management (currency swaps/forwards) at 31\u00a0December\u00a02023 resulting from a 10% change in
the exchange rates would have been approximately \u20ac191\u00a0million (\u20ac175\u00a0million at 31\u00a0December\u00a02022).
Receivables, payables and future trade flows whose hedging transactions have been analysed were not included in
this analysis. It is reasonable to assume that changes in market exchange rates will produce the opposite effect, of
an equal or greater amount, on the underlying transactions that have been hedged.
Interest rate risk
The industrial activities make use of external funds obtained in the form of financing and invest in monetary and
financial market instruments. In addition, Group companies sell receivables. Changes in market interest rates can
affect the cost of financing, including the sale of receivables, or the return on investments of funds, causing an
impact on the level of net financial expenses incurred by the Group.
In addition, the financial services companies provide loans (mainly to customers and dealers), financed primarily
using various forms of external borrowings or asset-backed financing (e.g., securitization of receivables). Where
the characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of
the cost of the financing/funding obtained, changes in the current level of interest rates can affect the profit/(loss).
In order to mitigate these risks, the Group uses interest rate derivative financial instruments, mainly interest rate
swaps and forward rate agreements.
Interest rate benchmark reform CNH Industrial
In September 2019 IASB amended IFRS 9 and IAS 39 by issuing \"Interest Rate Benchmark Reform\" to provide
specific exceptions to hedge accounting requirements in IFRS 9 and IAS 39 for (a) highly probable requirement; (b)
prospective assessments; (c) retrospective assessment (IAS 39 only); and (d) separately identifiable risk
components.
Interest Rate Benchmark Reform also amended IFRS 7 to add specific disclosure requirements for hedging
relationships to which an entity applies the exceptions in IFRS 9 or IAS 39.
In August 2020 the Board issued \"Interest Rate Benchmark Reform - Phase 2\" which amended requirements in
IFRS\u00a09, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to:
\u25aa changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease
liabilities;
\u25aa hedge accounting; and
\u25aa disclosures.
The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial
instruments and hedging relationships.
During the second quarter of 2023, as a result of the Interest Rate Benchmark Reform, CNH Industrial renegotiated
its contract terms on its interest rate derivatives, by changing the floating interest rate swap from LIBOR to SOFR.
In accordance with the EU-IFR amendments on this topic included in IFRS 9, these changes can be treated under
a practical expedient.
CNH Industrial elected to apply the practical expedient that enables the company to account for a change in the
contractual cash flows that are required by the reform, by updating the effective interest rate to reflect the change in
an interest rate benchmark, without de-designation and apply no change to the cumulative basis adjustment
reflected in earnings. The elections did not have a material impact on CNH Industrial consolidated financial
statements for the year ended 31\u00a0December\u00a02023.
Sensitivity analysis for CNH Industrial
In assessing the potential impact of changes in interest rates, CNH Industrial separates fixed rate financial
instruments (for which the impact is assessed in terms of fair value) from floating rate financial instruments (for
which the impact is assessed in terms of cash flows).
The fixed rate financial instruments used by CNH Industrial consist of retail receivables, debt, ABS securities, and
other instruments.
For CNH Industrial Group, the potential loss in fair value of fixed rate financial instruments (including the effect of
interest rate derivative financial instruments) held at 31\u00a0December\u00a02023, resulting from a hypothetical,
unfavourable and instantaneous change of 10% in market interest rates would have been approximately
$21\u00a0million (\u20ac19\u00a0million), approximately $29\u00a0million (\u20ac27\u00a0million) at 31 December 2022.
Floating rate financial instruments consist principally of cash and cash equivalents, wholesale receivables, debt
and ABS securities. The effect of the sale of receivables is also considered in the sensitivity analysis as well as the
effect of hedging derivative instruments.
For CNH Industrial Group, a hypothetical 10% change in short-term interest rates at 31\u00a0December\u00a02023, applied to
floating rate financial assets and liabilities, operations for the sale of receivables and derivative financial
instruments, would have caused increased net expenses before taxes, on an annual basis, of approximately
$10\u00a0million corresponding to approximately \u20ac9\u00a0million ($15\u00a0million at 31\u00a0December\u00a02022, approximately
\u20ac14\u00a0million).
This analysis is based on the assumption that there is a hypothetical change of 10% in interest rate across
homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial
assets and liabilities are denominated.
Interest rate benchmark reform Iveco Group
Certain existing benchmark InterBank Offered Rates (IBORs) have partly been reformed and continue the reform
process by the Authority and gradually replaced with alternative benchmark rates (SOFR). Despite the uncertainty
around the timing and precise nature of these changes, the existing benchmark interest rates were gradually
abolished and replaced with alternative risk-free reference rates.
Group Treasury has managed and closely monitored the IBOR plan. No impact has been derived from the reform
in term of renegotiation of contractual adjustment of financial instruments.
Sensitivity analysis for Iveco Group
For Iveco Group the potential loss in fair value of fixed rate financial instruments (including the effect of interest rate
derivative financial instruments) held at 31\u00a0December\u00a02023, resulting from a hypothetical unfavourable and
instantaneous change of 10% in market interest rates, would have been approximately \u20ac3\u00a0million (\u20ac1\u00a0million at
31\u00a0December\u00a02022).
Floating rate financial instruments consist principally of cash and cash equivalents, wholesale receivables, debt,
and asset-backed securitizations. The effect of the sale of receivables is also considered in the sensitivity analysis
as well as the effect of hedging derivative instruments. This analysis does not include cash and cash equivalents in
hyperinflationary countries which could have distorting effects on the results of the analysis and the change in fair
value of foreign exchange rate derivative instruments.
A hypothetical change of 10% in short-term interest rates at 31\u00a0December\u00a02023, applied to floating rate financial
assets and liabilities, operations for the sale of receivables and derivative financial instruments, would have caused
increased net expenses before taxes, on an annual basis, of approximately \u20ac12\u00a0million (\u20ac8\u00a0million at
31\u00a0December\u00a02022).
This analysis is based on the assumption that there is a hypothetical change of 10% in interest rates across
homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial
assets and liabilities are denominated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-606": { "value": "
For CNH Industrial Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately $167\u00a0million
corresponding to \u20ac151\u00a0million ($276\u00a0million corresponding to \u20ac259\u00a0million at 31\u00a0December\u00a02022).
For Iveco Group, the potential loss in fair value of derivative financial instruments held for currency risk
management (currency swaps/forwards, currency options, interest rate and currency swaps) at 31\u00a0December\u00a02023
resulting from a hypothetical change of 10% in the exchange rates amounts to approximately \u20ac276\u00a0million
(\u20ac291\u00a0million at 31\u00a0December\u00a02022).
For Ferrari Group, the potential loss in fair value of derivative financial instruments held for foreign currency
exchange rate risk management (currency swaps/forwards) at 31\u00a0December\u00a02023 resulting from a 10% change in
the exchange rates would have been approximately \u20ac191\u00a0million (\u20ac175\u00a0million at 31\u00a0December\u00a02022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-607": { "value": "Audit Fees
The following table reports audit fees for the year ended 31\u00a0December\u00a02023 paid to the independent auditor
Deloitte & Touche or entities in their network and for the year ended 31\u00a0December\u00a02022 paid to the independent
auditor Ernst & Young.
\u20ac thousands
Years ended 31 December
2023
2022
Audit
Parent - Exor N.V.
279
197
Subsidiaries
16,460
14,668
Other services
Parent - Exor N.V.
\u2014
38
Subsidiaries
1,751
2,302
TOTAL
18,490
17,205
Audit fees of Deloitte Accountants B.V. amounted to \u20ac700\u00a0thousand (\u20ac888.5\u00a0thousand in 2022 paid to Ernst &
Young Accountants LLP).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-608": { "value": "Subsequent events
Exor has evaluated subsequent events through 10\u00a0April\u00a02024, which is the date the financial statements at
31\u00a0December\u00a02023 were authorised for issuance, and determined that there were no such events requiring
recognition or disclosure in the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-609": { "value": "Gustav Mahlerplein 25, 1082 MS, Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-610": { "value": "Gustav Mahlerplein 25, 1082 MS, Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }