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"unit": "iso4217:EUR" } }, "fact-205": { "value": "14851000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-206": { "value": "40159000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-210": { "value": "Notes to the audited consolidated financial statements for the period from 1 January 2022 to 31 December 2022 1 Organization and business activity Princess Private Equity Holding Limited (the \"Company\") is an investment holding company established on 12 May 1999. The Company's registered office is Tudor House, St. Peter Port, Guernsey, GY1 6BD. The Company is a Guernsey limited liability company that invests in a diversified portfolio of private market investments through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the \"Subsidiary\"). The Subsidiary also holds certain investments through its wholly owned subsidiary Princess Direct Investments, L.P. Inc. (the \"Sub-Subsidiary\"). The Sub-Subsidiary, the Subsidiary, and the Company form a group (the \"Group\"). Both of these subsidiaries are consolidated as they are deemed to provide investment-related services to the Company. The shares of the Company were listed on the Prime Standard of the Frankfurt Stock Exchange from 13 December 2006 until 5 December 2012 (date of delisting). The shares of the Company remain listed on the Main Market of the London Stock Exchange, where they have been listed since 1 November 2007. 2 Basis of preparation The audited consolidated financial statements comprise the financial statements of the Group. The audited consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (\"IFRS\") and under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. The preparation of audited consolidated financial statements, in conformity with IFRS, requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas where assumptions, judgments and estimates are significant to the audited consolidated financial statements are disclosed in Note 4, 'Critical accounting estimates and judgments'. The Directors of the Company have elected to prepare audited consolidated financial statements for Princess Private Equity Holding Limited for the period ended 31 December 2022 as the parent of the Group and therefore, in accordance with Section 244(5) of The Companies (Guernsey) Law, 2008, they are not required to prepare individual accounts for the financial period for Princess Private Equity Holding Limited in accordance with Section 243 of The Companies (Guernsey) Law, 2008. 3 Principal accounting policies The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's audited consolidated financial statements. From 1 January 2022, the following existing revised IFRS and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2022: \u2022 Amendments to IFRS 3 Business combinations (effective from 1 January 2022) - Reference to the Conceptual Framework; \u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets (effective from 1 January 2022) - Onerous Contracts - Cost of Fulfilling a Contract; \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle (effective from 1 January 2022); \u2022 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (effective from 1 January 2022) - Subsidiary as a first-time adopter; \u2022 Amendments to IFRS 9 Financial Instruments (effective from 1 January 2022) - Fees in the '10 per cent' test for derecognition of financial liabilities. PRINCESS PRIVATE EQUITY HOLDING LIMITED There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2022 that have a material effect on the audited consolidated financial statements of the Group. The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023) - Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective from 1 January 2023) - Disclosure of Accounting Policies; \u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Classification of liabilities. The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will not significantly affect the Group's results of operations or financial position. Segmental reporting IFRS 8 - Operating segments requires segments to be identified and presented following a \"management approach\" under which segment information is presented on the same basis as that used for internal reporting and monitoring purposes. Operating segments are reported in a manner consistent with internal reporting at Partners Group AG (the \"Investment Manager\"). The Investment Manager is appointed by the Directors and has been identified as the chief operating decision maker, responsible for allocating resources and assessing the performance of each operating segment. Operating segments have been identified as: private equity, private debt, private real estate, private infrastructure and private resources. Only those segments applicable within the reporting periods have been reflected in these audited consolidated financial statements. Consolidation The Directors of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based on the fact that it meets the relevant definition criteria. The Company: \u2022 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u2022 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the \"Subsidiaries\"), as further described in Note 4, \"Critical accounting estimates and judgments\". Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated on consolidation. A list of the Group's subsidiaries is set out in a subsequent note (Note 22). The consolidation is performed using the purchase method. All Group companies have 31 December as the end of their reporting periods. Net income from short-term investments and cash and cash equivalents Income from bank deposits and interest income from short-term investments are included on an accruals basis using the effective interest rate method. Gains and losses from short-term investments and gains and losses from cash and cash equivalents also include the increase or decrease in the value of short-term investments purchased at a discount or a premium. All realized and unrealized surpluses and losses are recognized in the audited consolidated statement of comprehensive income. Dividend income from money market funds (\"MMFs\") and short-term investments are recognized when the right to receive payment is established. Page 58 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED Expenditure All items of expenditure are included in the audited consolidated financial statements on an accruals basis. Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's Functional Currency. (b) Transactions and balances Transactions in foreign currencies are translated into the Functional Currency using the exchange rates prevailing at the dates of the transactions or valuations where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the end of the reporting period exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the audited consolidated statement of comprehensive income. Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\") and all other types of investments, which comprise investments in other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. Annual Report 2022 | Page 59 PRINCESS PRIVATE EQUITY HOLDING LIMITED In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each Page 60 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and IPOs) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. Short-term investments Short-term investments consist of investments in treasury bills and money-market funds with a stated maturity between three and twelve months at the date of acquisition. Short-term investments are classified and subsequently measured at fair value through profit or loss. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the audited consolidated statement of financial position where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and contractually enforceable right to offset must not be contingent on a future event. Furthermore, it must be legally and contractually enforceable in (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or bankruptcy of the Group and any of the counterparties. Cash and cash equivalents Cash and cash equivalents consist of cash at bank, term deposits, and MMFs with original maturity of three months or less from the date of acquisition. MMFs are classified as cash and cash equivalents due to its liquidity and insignificant risk of changes in value. The MMFs held at a constant net asset value have a weighted average maturity of less than 90 days and are able to be redeemed on a same day basis. Cash and cash equivalents are stated at the carrying amount as this is a reasonable approximation of fair value. Bank overdrafts are included within liabilities falling due within one year in the audited consolidated statement of financial position. Cash and cash equivalents may include unrestricted variation margin balances received from counterparties as collateral on derivative asset positions, which are due back to those counterparties on settlement of the derivatives. Other short-term receivables and long-term receivables Other short-term receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are classified as current assets unless the maturities are more than twelve months after the end of the reporting period, where they are classified as non-current assets. Other short-term receivables are stated at the contractual amount less impairment, if any, as this is a reasonable approximation of fair value. Other short-term receivables may include variation margin balances paid to counterparties on derivative liability positions, which are due back from those counterparties on settlement of the derivatives. Other long-term receivables also include amounts receivable by the Group at the reporting date which represent distributions from underlying investments that are held through special purpose vehicles that could be subject to corporate tax in jurisdictions different to that of the Group. In certain cases, all distributions received from underlying investments must be retained in such vehicles until the investment is fully realized in order to benefit from such structuring. It has been determined that future payments may need to be made by the special purpose vehicles to tax authorities in the jurisdictions in which these are based, and as such not all of the amounts paid by the underlying investment may be recoverable in full by the Group should the distributions be taxed. As a result, these long-term receivable balances are assessed for taxes owing and the resulting revaluation of these long-term receivables is recorded under \"revaluation of long-term receivables\" in the audited consolidated statement of comprehensive income. These underlying investments and related calls and distributions have been accounted for on a look-through basis. Deferred receivables Deferred receivables meet the definition of a financial asset as they represent a contractual right to receive cash for a specified amount at a specified date. Deferred receivables which represent a financial asset are initially measured at fair value. Subsequently these are measured at amortized cost using the effective interest rate method. At the end of the reporting period, the Group Annual Report 2022 | Page 61 PRINCESS PRIVATE EQUITY HOLDING LIMITED shall measure the loss allowance on outstanding balance at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If however, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. They are classified as assets falling due within one year unless the maturities are more than 12 months after the end of the reporting period where they are classified as assets falling due after one year. A deferred receivable is derecognized when the obligation to receive the specifically identified cash flows has been fulfilled, expired, or there are no reasonable expectations of recovering those cash flows in its entirety or a portion thereof. Accruals and other short-term payables Accruals and other short-term payables are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Accruals and short-term payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Accruals and other short-term payables may include variation margin balances received as cash from counterparties on derivative asset positions, which are payable back to those counterparties on the settlement of the derivatives. Borrowings Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Deferred payments Deferred payments meet the definition of a financial liability as they are a contractual obligation for a specified amount at a specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. A deferred payment is derecognized when the obligation under the liability is paid or discharged. Equity Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's equity holders. 4 Critical accounting estimates and judgments There is significant subjectivity in the valuation of Direct and Indirect Investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. In addition there is subjectivity in the cash flow modeling due to the fact that the underlying investments, in many cases, require funding based on the future development of their investments. The estimates and judgments employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Page 62 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED Unlisted investments For the valuation of such investments the Investment Manager reviews the latest information provided by underlying investments and other business counterparties, which frequently does not coincide with the valuation date, and applies widely recognized market and income valuation methods to such information such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation as well as market prices of similar investments to estimate a fair value as at the end of the reporting period. Criticaljudgments In order to determine the underlying assumptions of such methods significant judgment is required. The areas of such judgment include, but are not limited to: \u2022 Selection of valuation technique; \u2022 Selection of a set of comparable listed companies; \u2022 Selection of performance measures of such listed companies in order to determine comparable trading multiples; \u2022 Selection of recent transactions for the sales comparison method; and \u2022 Identification of uncertain tax positions. As part of the fair valuation of such investments, the Investment Manager uses observable market data (whenever possible), unobservable data and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the Investment Manager considers the overall portfolio against observable data and general market developments to determine if the valuations attributed appear to be fair based on the current market environment. The Investment Manager makes practical efforts to obtain the latest available information pertaining to the underlying unquoted investments. The Investment Manager adheres to fair value assessment procedures that are determined independently of its investment committee as part of the continuous evaluation of the fair value of the underlying unquoted investments. Criticalestimates The Group estimates the fair value of an investment as at the valuation date based on an assessment of relevant applicable indicators of fair value. Such indicators may include, but are not limited to: \u2022 Determination of adjustments to comparable trading multiples based on qualitative factors; \u2022 Determination of future cash flows; \u2022 Determination of applicable discount rates considering own and counterparties' credit risk; \u2022 Determination of applicable capitalization rates for the income method; \u2022 Determination of price within the bid-ask spread for investments with available broker quotes; \u2022 An underlying investment's most recent reporting information, including a detailed analysis of underlying company performance and investment transactions with the Indirect Investments between the latest available reporting information of the underlying investment and the end of the reporting period of the Group; \u2022 Review of a Direct Investment's most recent accounting and cash flow reports and models, including data supplied by both the sponsor and the company and any additional available information between the date of these reports and the end of the reporting period of the Group; \u2022 Review of recent transaction prices and merger and acquisition activity for similar Direct Investments; \u2022 Review of the Indirect Investment's application of generally accepted accounting principles and the valuation method applied for its underlying investments, such as discounted cash flow and multiple analysis, which are based on available information; \u2022 Review of current market environment and the impact of it on the Direct and Indirect Investments; and \u2022 Determination of the impact of uncertain tax positions on the valuation. The variety of valuation bases adopted, quality of management information provided by the underlying Indirect Investments and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of Annual Report 2022 | Page 63
PRINCESS PRIVATE EQUITY HOLDING LIMITED
these investments that cannot be eliminated. There are significant estimates and assumptions that are used in establishing the
fair value of financial assets and liabilities. As a result, the actual amounts realized on the sale of these instruments may differ
from the fair values reflected in these audited consolidated financial statements and these differences may be significant as a
result of the judgments and estimates applied. The output of the above estimation of the fair value of investments is a significant
factor in the calculation of estimated incentive fee accruals and any rebates.
Cash flow modeling
In addition to the review of historical data within the cash flow modeling, the Investment Manager also takes into account
current portfolio data together with the expected development of the market environment based on observable market
information and subjects this to simulations and stress-testing with consideration of certain scenarios which could occur and
their potential impact on the Group and its investment commitment and funding strategy.
The results of such observations are included within the investment models to provide an insight into future expected cash
flows and the liquidity requirements of the Group.
Criticalestimates
As at the end of the reporting period, the Group estimates the cash flow requirements based on an assessment of all applicable
indicators, which may include but are not limited to the following:
\u2022 Historical statistical data: external and internal data serve as the statistical basis of the quantitative model;
\u2022 Current portfolio company information: the model is updated to take into account current data from the Group's Direct
and Indirect Investments;
\u2022 Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market
environment and specific portfolio in the model;
\u2022 Monte-Carlo simulations and stress-tests: stochastic behavior of private market cash flows combined with valuations and
tailor-made scenario analyses provide the basis for commitment decisions and quantitative risk management; and
\u2022 Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded commitments
to Direct and Indirect Investments.
There are judgments made, based on assumptions concerning the future, and uncertainty in the estimates in the cash flow
modeling method and as such the Investment Manager, on instruction from the Board of Directors, continuously compares
these assumptions against actual market and business developments and revises the cash flow model accordingly.
Investment entity status of Subsidiaries
The assessment whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgment
as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to
the Company's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016) and
concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS, primarily
because each of the Subsidiaries has a single investor, which is a related party. Each of the Subsidiaries' primary services is to
provide investment-related services to the parent company, including but not limited to providing investment management
services to the Company and acting as guarantor to the Company of its short-term credit facility.
Page 64 | Annual Report 2022
PRINCESS PRIVATE EQUITY HOLDING LIMITED
5 Expenses
Management fees
Under the Investment Management Agreement (\u201cIMA\u201d) between the Company and Investment Manager, the Company pays
quarterly management fees to the Investment Manager in arrears. The quarterly management fees are calculated as 0.375%
of the private equity asset value which is the higher of (i) the net asset value of the Company and (ii) the value of the assets
less any temporary investments of the Company, plus the amount of the Company's unfunded commitments to make investments.
The below highlights the changes in management fees calculation basis effective 1 July 2020:
(i) The private equity asset value excludes the unfunded commitments of primary and secondary investments; and
(ii) The management fees are reduced or offset by the amount that would have been charged had the rate in relation to the
loan master fund investment been 0.6% per annum.
Administration fees
The administration fees are paid quarterly in advance pursuant to the administration agreement between the Company and
Partners Group (Guernsey) Limited (the \"Administrator\"). With effect from 1 July 2022, the quarterly administration fees are
calculated as 0.0125% of the first EUR 900 million of net asset value of the Company (previously 0.0125% of the first USD
1 billion of net assets) and 0.005% of the amount by which such net asset value of the Company exceeds EUR 900 million
(previously 0.005% of the amount by which such net assets exceed USD 1 billion).
Service fees
For the services provided under the investor relations agreement, the Company pays the Investment Manager a quarterly
compensation of EUR 62,500 excluding value added tax, if any, including any overhead, travel, out-of-pocket, information
technology, and other infrastructure expenses in connection with the provision of services under the agreement.
Incentive fees
In accordance with the IMA, the Investment Manager is entitled to receive a share of the realized profits of the Company,
otherwise referred to as incentive fees. In accordance with the IMA, incentive fees are calculated on each reporting date,
taking into account the required performance conditions and distribution arrangements of the Company.
Distributions of cash proceeds derived from each secondary investment are distributed to the Company or due to the Investment
Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from
the relevant secondary investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition
cost in respect of the relevant secondary investment plus an amount (the \"preferred return\") calculated at the rate of 8% per
annum compounded annually on the amount outstanding in respect to the relevant secondary investment from time to time,
taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant
distributions received by the Company are due and payable to the Investment Manager until such time as the Investment
Manager has received 10% of the sum of the preferred return distributed to the Company and the incentive fees due and
payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 10% of further relevant distributions
received by the Company are due and payable to the Investment Manager.
Distributions of cash proceeds derived from each Direct Investment are distributed to the Company or due to the Investment
Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from
the relevant Direct Investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost
in respect of the relevant Direct Investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum
compounded annually on the amount outstanding in respect to the relevant Direct Investment from time to time, taking into
account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions
received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has
received 15% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the
Investment Manager; and (iii) thereafter, additional incentive fees equal to 15% of further relevant distributions received by
the Company are due and payable to the Investment Manager.
Annual Report 2022 | Page 65
PRINCESS PRIVATE EQUITY HOLDING LIMITED Incentive fees are calculated on an annual basis based on the value of each direct and secondary investment as measured at the reporting date, whether or not such investments are made through a pooling vehicle. This calculation is performed separately for each direct and secondary investment. The foreign currency exchange fluctuations are included in this calculation. The change in incentive fees is accounted for on an accruals basis and is presented separately in the audited consolidated statement of comprehensive income. Audit fees During the reporting period, the Company paid audit fees in the amount of EUR 133,732 (2021: EUR 122,648). 6 Taxation The Company and the Subsidiaries are exempt from taxation in Guernsey under The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and are each liable for the payment of an annual fixed rate of GBP 1,200 per annum for the granting of the exemption. The Group may incur withholding taxes imposed by certain countries on income from underlying investments. Such income is recognized gross of withholding taxes in the audited consolidated statement of comprehensive income. 7 Dividends During the reporting period, the Board of Directors of Princess Private Equity Holding Limited declared its first interim dividend for the year of EUR 0.38 per ordinary share, which was paid on 17 June 2022, in total amounting to EUR 26.3 million (2021: each of EUR 0.335 per ordinary share, which were paid on 24 June 2021 and 17 December 2021 respectively, in total amounting to EUR 46.3 million). The second interim dividend due for payment in December 2022 was canceled. 8 Segment calculation The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has determined the operating segments based on the internal reporting provided by the Investment Manager to the Board of Directors on a regular basis. The Investment Manager considers that the investment portfolio of the Group may consist of up to five sub-portfolios, which are managed by specialist teams within the Investment Manager. Only those segments applicable within the reporting period have been reflected in these audited consolidated financial statements and the notes below. There were no changes in the reportable segments during the period. The Investment Manager assesses the performance of the reportable segments based on the net income from and capital appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies adopted by the Group. This measurement basis excludes any additional general income and expenses which are not allocated to segments but are managed by the Administrator on a central basis. Total assets allocated to reportable segments are those financial instruments presented in the audited consolidated statement of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be segment assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to hedging activities of the Group and managed on a central basis by the Investment Manager and Administrator and the Group's management and incentive fees paid are not considered to be segment expenses. The segment information provided by the Investment Manager with respect to reportable segments for the period is as follows: Page 66 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 01.01.2022 01.01.2021 In thousands of EUR 31.12.2022 31.12.2021 Private equity Interest&dividendincome 543 7,575 Revaluation 25,693 233,001 Withholdingtaxondirectprivateequityinvestments (428) (1,631) Netforeignexchangegains/(losses) 20,639 23,784 Totalnetincomeprivateequity 46,447 262,729 Segmentresultprivateequity 46,447 262,729 Private debt Interestincome(includingpayment-in-kind) (155) 1,085 Revaluation (3,363) 5,789 Netforeignexchangegains/(losses) 1,425 2,364 Totalnetincomeprivatedebt (2,093) 9,238 Segmentresultprivatedebt (2,093) 9,238 Private real estate Revaluation (52) (124) Totalnetincomeprivaterealestate (52) (124) Segmentresultprivaterealestate (52) (124) Private infrastructure Revaluation 2,721 (6,813) Netforeignexchangegains/(losses) 1,223 1,995 Totalnetincomeprivateinfrastructure 3,944 (4,818) Segmentresultprivateinfrastructure 3,944 (4,818) Non-attributable Netforeignexchangegains/(losses) 754 635 Totalnetincomenon-attributable 754 635 Segmentresultnon-attributable (35,149) (56,230) Otherfinancialactivitiesnotallocated (30,530) (32,784) Surplus/(loss)forperiod (17,433) 178,011 <> Annual Report 2022 | Page 67 PRINCESS PRIVATE EQUITY HOLDING LIMITED 9 Financial assets at fair value through profit or loss 9.1 PRIVATE EQUITY 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 852,606 821,209 PurchaseofDirectandIndirectInvestments 154,905 160,276 DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (84,127) (384,181) Accruedcashandpayment-in-kindinterest (474) 148 Revaluation 25,693 233,001 Withholdingtaxondirectprivateequityinvestments (428) (1,631) Netforeignexchangegains/(losses) 20,639 23,784 Balanceatendofperiod 968,814 852,606 Movementinunrealizedgains/(losses)stillheldatendofperiod (23,482) (7,443) <> 9.2 PRIVATE DEBT 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 162,771 51,605 PurchaseofDirectandIndirectInvestments (423) 134,583 DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (137,720) (29,478) Accruedcashandpayment-in-kindinterest (554) 663 Interestreceived - (2,755) Revaluation (3,363) 5,789 Netforeignexchangegains/(losses) 1,425 2,364 Balanceatendofperiod 22,136 162,771 Movementinunrealizedgains/(losses)stillheldatendofperiod (510) (3,451) <> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. Page 68 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 9.3 PRIVATE REAL ESTATE 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 753 1,329 PurchaseofDirectandIndirectInvestments (51) (26) DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (545) (426) Revaluation (52) (124) Balanceatendofperiod 105 753 Movementinunrealizedgains/(losses)stillheldatendofperiod (649) (576) <> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. 9.4 PRIVATE INFRASTRUCTURE 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 35,111 29,274 PurchaseofDirectandIndirectInvestments 454 11,234 DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (493) (579) Revaluation 2,721 (6,813) Netforeignexchangegains/(losses) 1,223 1,995 Balanceatendofperiod 39,016 35,111 Movementinunrealizedgains/(losses)stillheldatendofperiod 3,922 (4,817) <> 10 Accruals and other short-term payables As at the end of the reporting period, accruals and other short-term payables mainly include collateral for hedging instruments of EUR 21,950,000, accrued incentive fees of EUR 28,831,537 and quarterly management fees accrued in arrears of EUR 5,687,383 (2021: accrued incentive fees of EUR 17,530,726 and quarterly management fees accrued in arrears of EUR 3,820,259). Annual Report 2022 | Page 69 PRINCESS PRIVATE EQUITY HOLDING LIMITED 11 Foreign exchange forward / option contracts 31.12.2022 31.12.2021 In thousands of EUR Foreign exchange forward contracts Unrealizedgains/(losses) 27,097 (10,169) Realizedgains/(losses) (55,475) (21,784) Totalgains/(losses)fromforwardcontracts (28,378) (31,953) <> All contracts captured in the table below may be settled on a gross basis. Open foreign exchange Volume of currency Volumeofcurrency Valuedate Fair value (in forward/option contracts sold (in thousands) bought (in thousands) thousands of EUR) As at 31.12.2022 Foreignexchangeforwardcontract EUR54,141 USD57,200 04.01.2023 (523) Foreignexchangeforwardcontract USD57,200 EUR56,587 04.01.2023 2,968 Foreignexchangeforwardcontract EUR54,183 USD57,300 18.01.2023 (521) Foreignexchangeforwardcontract USD57,300 EUR56,632 18.01.2023 2,968 Foreignexchangeforwardcontract EUR40,605 GBP34,890 25.01.2023 (1,301) Foreignexchangeforwardcontract GBP34,890 EUR39,988 25.01.2023 2,508 686 Foreignexchangeforwardcontract USD67,700 EUR69,129 01.02.2023 5,782 Foreignexchangeforwardcontract USD67,700 EUR69,197 01.02.2023 5,850 Foreignexchangeforwardcontract INR1,000,000 EUR11,432 15.02.2023 189 Foreignexchangeforwardcontract INR1,000,000 EUR11,432 15.02.2023 189 Foreignexchangeforwardcontract USD71,000 EUR68,271 08.03.2023 1,996 Foreignexchangeforwardcontract USD71,000 EUR68,230 15.03.2023 1,979 Foreignexchangeforwardcontract CHF12,400 EUR12,614 22.03.2023 17 Foreignexchangeforwardcontract CHF26,750 EUR27,571 22.03.2023 395 Foreignexchangeforwardcontract USD57,200 EUR53,786 05.04.2023 473 Foreignexchangeforwardcontract USD57,300 EUR53,830 19.04.2023 471 Foreignexchangeforwardcontract GBP34,890 EUR40,425 26.04.2023 1,271 As at 31.12.2021 Foreignexchangeforwardcontract USD57,300 EUR49,182 20.01.2022 (1,274) Foreignexchangeforwardcontract USD57,200 EUR49,099 20.01.2022 (1,269) Foreignexchangeforwardcontract INR2,172,000 EUR24,575 20.01.2022 (1,081) Foreign exchange forward contract GBP34,890 EUR41,169 20.01.2022 (263) Foreignexchangeforwardcontract USD67,700 EUR58,996 24.02.2022 (574) Foreignexchangeforwardcontract USD67,700 EUR58,997 24.02.2022 (573) Foreignexchangeforwardcontract CHF26,750 EUR25,681 16.03.2022 (125) Foreignexchangeforwardcontract ILS88,350 EUR25,251 16.03.2022 339 Foreignexchangeforwardcontract USD99,600 EUR88,214 16.03.2022 612 Page 70 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED <> 12 Share capital, treasury shares, and reserves 12.1 CAPITAL 31.12.2022 31.12.2021 In thousands of EUR Issued and fully paid 69,151,168ordinarysharesofEUR0.001eachoutofthebondconversion 69 69 Totalissuedandfullypaidshares 69 69 <> At the annual general meeting held in June 2022, the shareholders renewed the authority granted to the Directors to purchase up to 14.99% (2021: 14.99%) of the issued share capital of the Company. During the reporting period, the Company did not buy back shares (2021: nil). As disclosed in the table above, no shares were canceled during the reporting period and no shares were held as treasury shares at the end of the reporting period (2021: nil). The total authorized shares consist of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100) (2021: 200,100,000 ordinary shares of EUR 0.001 each). 12.2 RESERVES The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable reserves and similar in nature. This presentation remains consistent for the reporting period. 13 Commitments to Direct and Indirect Investments 31.12.2022 31.12.2021 In thousands of EUR Unfundedcommitmentstranslatedattherateprevailingatendofperiod 103,325 116,600 <> 14 Short-term credit facility The Company entered into a multi-currency revolving credit facility with an international financial institution. The purpose of the facility is to provide funding for the acquisition of underlying investments and other working capital requirements. The facility, in relation to the Company, is secured, inter alia, by way of a pledge over the shares in Princess Private Equity Subholding Limited, a wholly owned subsidiary of the Company and a pledge over the bank accounts and the inter-company loans within the Group. The Company must maintain a total net asset value of at least EUR 350,000,000 and a total asset ratio (total debt plus current liabilities as a percentage of restricted net asset value, as defined in the credit facility agreement) not greater than 25%. As at the end of the reporting period and the previous reporting period, no event of default has occurred. Annual Report 2022 | Page 71 PRINCESS PRIVATE EQUITY HOLDING LIMITED Dateofenteringtheagreement 27July2011 Amendmentdate 4July2022 Dateofterminationoftheagreement 13December2024 Totallendingcommitment EUR110,000,000(2021:EUR80,000,000) Basis of the interest on principal drawn is: Margin + SOFR + credit adjustment spread in relation to any loan in USD; EURIBOR* in relation to any loan in EUR; or SONIA** + credit adjustment spread in relation to any loan in GBP <> During 2022, the London Inter-Bank Offered Rate (\"LIBOR\") was replaced by Secured Overnight Financing Rate (\"SOFR\") plus a credit adjustment spread in relation to any loan in USD. *Euro Inter-Bank Offered Rate **Sterling Overnight Interbank Average Rate 31.12.2022 31.12.2021 In thousands of EUR Short-term credit facility Balanceatbeginningofperiod 25,000 - Increaseincreditfacility 108,000 67,000 (Decrease)increditfacility (133,000) (42,000) Balanceatendofperiod - 25,000 <> 15 Incentive fees 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 17,530 19,525 ChangeinincentivefeesattributabletoInvestmentManager 18,829 39,842 Incentivefeespaid/payable (7,528) (41,837) Balanceatendofperiod 28,831 17,530 Incentivefeesaccrued 61,896 55,518 Incentivefeerebatesaccrued (33,065) (37,988) Totalnetincentivefees 28,831 17,530 <> The incentive fee balance as at the end of each period presented above represents a net amount which consists of incentive fees accrued and incentive fee rebates accrued. Both net incentive fee balance as well as gross incentive fees accrued and incentive fee rebates accrued as at the end of each period are presented separately. Page 72 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 16 Deferred receivables on investments 31.12.2022 31.12.2021 In thousands of EUR Deferredreceivablesoninvestments - 5,690 <> As at the end of the previous reporting period, other long-term receivables of EUR 5,690,467 pertain to the deferred sales proceeds arising from the sale of one of its underlying investments. 17 Earnings per share and net assets per share Basic earnings per share are calculated by dividing the surplus or loss for the financial period attributable to the shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares, if any. There were no dilutive effects on the Company's shares during 2022 and 2021. The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by the number of shares outstanding at the end of the reporting period. 31.12.2022 31.12.2021 In thousands of EUR NetassetsoftheGroup 1,011,304 1,055,014 Outstandingsharesattheendofthereportingperiod 69,151,168.00 69,151,168.00 Netassetspershareatperiodend 14.62 15.26 <> 18 Financial risk management The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and interest rates. There is also counterparty risk from bank balances and derivatives (and money market instruments if held by the Group). That would be the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment it has entered into with the Group. The Group's overall risk management policy focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group. The Group may use derivative financial instruments such as foreign currency exchange forward or option contracts to hedge certain financial risk exposures. The discontinuation of non-USD interbank offered rates (\"IBORs\") and transition to alternative reference rates in the previous reporting period did not impact or disrupt the processes. The overall risk was assessed as low, with limited potential impact. Systems changes were finalized with some small residual testing and changes identified for 2022. USD LIBOR is expected to transition at the latest in 2023 and does not require any specific changes to the system, process, and/or risk management that were not already identified as part of the transition. Annual Report 2022 | Page 73 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.1 FOREIGN CURRENCY EXCHANGE RISK The Group holds assets and liabilities denominated in currencies other than its Functional Currency. The value of assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The main currency risk for the Group results from assets and liabilities held in other currencies where a change of exchange rates can have a material impact on the value of assets and liabilities. The Group's global portfolio committee meets on a quarterly basis to review the implementation of the Group's hedging strategy, through the use of derivative financial instruments such as foreign currency exchange forward and option contracts to hedge certain exposures at its discretion. Furthermore, the Group's risk management team reviews the foreign currency exchange risk on a daily basis and adjusts the actual hedging positions if necessary. The annual volatility analysis uses cross-currency rates over the last ten years to the relevant period end (2021: from 1 January 2001 to the relevant period end) in order to incorporate long-term rate volatility trends. This change to rolling 10-year window for volatility calculation was done for consistency purposes, since it gives more weight to the recent history for the changes that happened in the financial markets. The analysis is based on the assumption that the non-Functional Currency fluctuates by the annual volatility percentage, with all other variables held constant, and the amount by which the value of applicable net assets would correspondingly fluctuate higher or lower is presented below. The foreign currency exposures below are presented net of any foreign currency hedging instruments outstanding as at the end of the respective period. 31.12.2022 31.12.2021 In thousands of EUR NetassetsdenominatedinAUD 4 4 NetassetsdenominatedinCHF 8,214 2,928 NetassetsdenominatedinGBP (1,444) 5,232 NetassetsdenominatedinSEK - 7 NetassetsdenominatedinUSD 77,847 79,258 NetassetsdenominatedinINR (2,691) (3,389) NetassetsdenominatedinILS - (24,972) ApplicableannualvolatilityAUD 8.46% 9.04% ApplicableannualvolatilityCHF 6.30% 6.28% ApplicableannualvolatilityGBP 6.89% 7.68% ApplicableannualvolatilitySEK 4.88% 5.51% ApplicableannualvolatilityUSD 7.45% 9.42% ApplicableannualvolatilityINR 8.58% 9.15% ApplicableannualvolatilityILS 7.57% 8.67% Fluctuationofnetassetsandcorrespondingresultsdependingonabove-mentionedvolatility 5,987 5,578 <> Certain Indirect Investments held within the Group's portfolio contain exposure to underlying portfolio investment denominated in ILS, while such Indirect Investments' functional and reporting currency is a currency other than ILS. Where the ILS is considered to be significant to the Group, it is hedged against the Group's Functional Currency. As a result, the table above contains net assets denominated in ILS, which are reflective of the notional value ILS amount sold as part of the respective hedging transations, translated into the Group's Functional Currency at the applicable foreign currency exchange rate at the end of the relevant reporting period. Page 74 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.2 INTEREST RATE RISK The Group may invest in interest-bearing mezzanine and senior debt investments that are exposed to cash flow interest rate risk due to changes in market interest rates. The interest on mezzanine and senior debt investments is partially based on LIBOR and alternative reference rates. A decrease in the market interest rates can lead to a decrease in the interest income of the Group. The overall interest rate risk is considered to be limited as only a small part of the portfolio depends on variable interest rates. Cash and cash equivalents are only short-term and therefore interest rate exposure is limited. Excess cash balances may be placed into instruments with fixed interest rates when necessary. As at 31 December 2022, there were no term deposits (2021: nil). The interest rates quoted against the general market are analyzed as part of the Group's liquidity monitoring process to ensure that these are competitive and action is taken when appropriate. Other than as stated herein, the income and operating cash flows are substantially independent from changes in market interest rates. A change of 100 basis points (2021:25 basis points) in interest rates at the reporting date would have resulted in either an increase or a (decrease) in surplus or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and is performed on the same basis for each relevant reporting period. Due to rising inflation and interest rates, it was considered appropriate to change the interest rate risk sensitivity from 25 to 100 basis points. The risk exposures of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity of the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting period. 18.3 VARIABLE RATE INSTRUMENTS 31.12.2022 31.12.2021 In thousands of EUR Mezzanineandseniordebtinvestments 9,055 12,795 Cashandcashequivalents 14,851 40,159 Creditfacility - (25,000) Totalvariablerateinstruments 23,906 27,954 <> As at the end of the reporting period, the Group holds nil (2021: EUR 7,990,529) in private debt financial assets where the interest on principal drawn is calculated using the USD LIBOR and will be replaced with the SOFR or an alternative benchmark rate at the latest in 2023. 18.4 SENSITIVITY ANALYSIS REPORTING PERIOD 100bpincrease 100bpdecrease In thousands of EUR Impactonvariablerateinstruments 239 (239) <> Annual Report 2022 | Page 75 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD 25bpincrease 25bpdecrease In thousands of EUR Impactonvariablerateinstruments 70 (70) <> 18.6 CREDIT RISK Whilst the Group intends to diversify its portfolio of investments, the Group's investment activities may result in credit risk relating to investments in which the Group has direct or indirect (through underlying investments and investments in subsidiaries) exposure. A negative credit development or a default of an investment in which the Group has direct or indirect exposure will lead to a lower net asset value and to lower dividend and interest income from assets within the private debt operating segment or where the Group holds a direct interest. In addition, the Investment Manager regularly conducts a concentration risk analysis on the underlying investments and has concluded that no action needs to be taken. It is expected that investments will include those made in private debt funds. Many of the private debt funds may be wholly unregulated investment vehicles. In addition, certain of the private debt funds may have limited or no operational history and have no proven track record in achieving their stated investment objective. The investment risk is managed by an investment strategy that diversifies the investments in terms of geography, financing stage, industry or time. Derivative counterparties and cash transactions are typically limited to high credit quality financial institutions, which are governed by an internal rating system calculated based on publicly available data and takes into account the ratings assigned by credit rating agencies such as Moody's and Standard & Poor's. However, in certain rare circumstances, the Investment Manager's best execution committee has the authority to approve such transactions with specific counterparties who do not have ratings as a one-off authorization, with considerations related to best execution price, liquidity and availability of other counterparties. The Investment Manager ensures that surplus cash is invested in temporary investments. In addition, where the Group holds significant amounts of cash the Investment Manager may seek to diversify this exposure across multiple financial institutions. The Group may also invest in mezzanine and senior debt facilities of private market investment backed underlying investments. These underlying investments' financial performance is monitored on a monthly basis and classified by an internal rating system, which consists of five categories: too early, with issues, on plan, above plan and outperformer. When assessing the investment the Investment Manager takes into account a number of factors, including the financial position and actual versus expected performance. The term \"too early\" is used during the period just after the initial investment when there is insufficient information to assess the actual performance of the underlying investment. If an underlying investment's performance is classified as \"with issues\", the mezzanine or senior debt facility will be closely and regularly monitored by the Investment Manager, with regular communications being held with the manager of the underlying investment so that the actual value can be assessed and, if necessary, written down. The amount of any unrealized loss is disclosed herein and the change of credit quality, if any, is reflected in the fair value of the instrument. The Group provides mezzanine and senior debt facilities to private companies which are represented as debt instruments. No collateral is received from the underlying companies. The credit quality of these investments is based on the financial performance of the individual portfolio company. For those assets that are not past due, it is believed that the risk of default is small and the capital repayments and interest payments will be made in accordance with the agreed terms and conditions. As part of the quarterly fair value assessment the Investment Manager takes into consideration any breaches in covenants and any changes in general market conditions. The Group has no significant concentration of credit risk other than as detailed herein. Page 76 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED The table 'Rating of Mezzanine and Senior Debt Investments' presents the classification of the Group's mezzanine and senior debt investments in the categories described above at the end of each reporting period presented. The tables 'Duration of Credit Risk Reporting Period' and 'Duration of Credit Risk Previous Reporting Period' present the duration of credit risk of the Group as at the end of each period, respectively. 18.7 RATING OF MEZZANINE AND SENIOR DEBT INVESTMENTS 31.12.2022 31.12.2021 In thousands of EUR Tooearly - - Withissues 9,055 8,146 Onplan - 4,649 Aboveplan - - Outperformer - - Total 9,055 12,795 <> 18.8 DURATION OF CREDIT RISK REPORTING PERIOD Not past due Past due less Past due more In thousands of EUR than 1 year than 1 year Derivativeassets 24,711 - - Cashandcashequivalents 14,851 - - Othershort-termreceivables 3,867 - - Otherlong-termreceivables 1,433 - - Deferredreceivablesoninvestments - - - Mezzanineandseniordebtinvestments 9,055 - - <> As at the end of the reporting period, the Group held cash of EUR 14,850,502 with two international Swiss-based banking groups which at that date had ratings of Baa2 (Moody's) and Aaa (Moody's). 18.9 DURATION OF CREDIT RISK PREVIOUS REPORTING PERIOD Not past due Past due less Past due more In thousands of EUR than 1 year than 1 year Derivativeassets - - - Cashandcashequivalents 40,159 - - Othershort-termreceivables 11,713 - - Otherlong-termreceivables 2,827 - - Deferredreceivablesoninvestments 5,690 - - Mezzanineandseniordebtinvestments 12,795 - - <> Annual Report 2022 | Page 77 PRINCESS PRIVATE EQUITY HOLDING LIMITED As at the end of the previous reporting period, the Group held cash of EUR 40,158,933 with two international Swiss-based banking groups which at that date had ratings of Baa1 (Moody's) and Aaa (Moody's). 18.10 LIQUIDITY RISK Liquidity risk arises where the Group may not be able to meet the obligations as and when these fall due for settlement. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. As the unfunded commitments can be drawn at any time, there may be periods when the Group appears to have inadequate liquidity to fund its investments or settle other amounts payable by the Group due to either changes in foreign currency exchange rates that have an impact on the fair value of hedges and unfunded commitments to underlying investments or the receipt of recallable distributions from underlying investments that increase the unfunded commitments to such investments without a corresponding increase in unfunded commitments due from investors. The liquidity risk is managed through the use of quantitative models by the Investment Manager's internal risk committee on a quarterly basis. If the risk committee concludes that there is a risk of insufficient liquidity to fund investments, actions are taken into consideration such as entering into a credit facility, reducing the amount of listed private equity, if any, or the selling of investments on the secondary market. The Group's financial instruments include investments in unlisted securities, which are not traded in an organized public market and may generally be illiquid. As a result, the Group may not be able to quickly liquidate its investments in these instruments at an amount close to fair value in order to respond to its liquidity requirements or to specific events such as deterioration in their creditworthiness. In the event of the risk of insufficient liquidity extending over a time horizon of at least twelve months into the future, the Group can seek additional liquidity by means of third-party financing or, alternatively, disposal of investments in the secondary market. The tables 'Liquidity Risk Reporting Period' and 'Liquidity Risk Previous Reporting Period' present the maturity bands of the Group's assets and liabilities at the end of each period, respectively. 18.11 LIQUIDITY RISK REPORTING PERIOD Lessthan3 3to12months More than 12 In thousands of EUR months months UnfundedcommitmentstoDirectandIndirectInvestments (103,325) - - Liabilitiesfallingduewithinoneyear (32,976) (28,831) - Derivativeliabilities (1,822) - - Derivativeassets 22,496 2,215 - Currentassets 18,718 - - Otherlong-termreceivables - - 1,433 Undrawncreditfacility 110,000 - - Total 13,091 (26,616) 1,433 <> Page 78 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD Lessthan3 3to12months More than 12 In thousands of EUR months months UnfundedcommitmentstoDirectandIndirectInvestments (116,600) - - Liabilitiesfallingduewithinoneyear (34,878) (17,530) - Derivativeliabilities (4,208) - - Currentassets 51,872 - - Otherlong-termreceivables - - 2,827 Deferredreceivablesoninvestments - - 5,690 Undrawncreditfacility 55,000 - - Total (48,814) (17,530) 8,517 <> 18.13 OVERCOMMITMENT TO INVESTMENTS As a result of maintaining a substantially full investment level over time, the Group may be subject to the risk of a shortfall of liquidity available to meet its obligations in extreme events when distribution from investments is delayed or drawdowns from commitments to funds are accelerated significantly beyond the expected values. To mitigate this risk, the development of liquidity available and the outlook for the net cash flows of the Group based on a quarterly assessment utilizing quantitative cash flow forecast models and prevailing market inputs are continuously monitored, and the Group may employ appropriate measures such as re-investing distributions received from an investment to fund capital calls from other investments. The investment strategy is based on Investment Manager\u2019s quantitative models, which use both top-down and bottom-up inputs to run scenarios that ultimately inform or limit the investment activity. On the back of the significant US dollar appreciation in the first three quarters of 2022, coupled with expectations of lower future distributions, the Group decided to stop the investment activity and to cancel the H2 interim dividend to avoid a potential liquidity shortfall in case of a further US dollar appreciation. 18.14 CAPITAL RISK MANAGEMENT The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain a strong capital base so as to retain investor, creditor and market confidence with regards to its investment objectives. The Group's capital is represented by its total equity. The Board of Directors also monitors and manages where appropriate the level of discount between the market price of its equity and the Group's net asset value per share in open-market transactions. As party to a credit facility contract, the Group is required to meet certain covenants and monitors its compliance with these externally imposed restrictions. The covenants and the Group's compliance with them are described in the 'Short-term credit facility' note (Note 14). 18.15 MARKET PRICE RISK Financial assets at fair value through profit or loss held directly or indirectly bear risks of capital losses. This risk is moderated through a careful selection of investments within specified limits. The Group's investments are monitored on a regular basis and their performance is reviewed on a quarterly basis. The Group's performance is measured against MSCI Daily Total Return Net World Local Index which is used as its primary reference index. The Group checks on a regular basis the weightings of the index, its composition, price development and volatility in order to incorporate long-term price volatility trends. Annual Report 2022 | Page 79 PRINCESS PRIVATE EQUITY HOLDING LIMITED The annual volatility of the reference index is shown based on the last ten years to the end of the relevant reporting period (2021: from 1 January 2001 to the relevant period end). This change to rolling 10-year window for volatility calculation was done for consistency purposes, since it gives more weight to the recent history for the changes that happened in the financial markets. Under the assumption that the financial assets at fair value through profit or loss fluctuate by the annual volatility percentage, with all other variables held constant, the fair value of such assets, if any, would fluctuate in direct proportion as presented below. 31.12.2022 31.12.2021 In thousands of EUR Financialassetsatfairvaluethroughprofitorloss 1,030,071 1,051,241 Totalassetssubjecttomarketrisk 1,030,071 1,051,241 Annualexpectedvolatility 13.91% 14.21% Potentialimpactonauditedconsolidatedfinancialstatements 143,283 149,381 <> 18.16 OFFSETTING FINANCIAL INSTRUMENTS The Group is typically subject to master netting arrangements which are entered into with one or more derivative counterparties for all derivative assets and liabilities held with these counterparties. The Group may be required to maintain variation margin balances for the purpose of providing or receiving collateral on derivative positions. The Group and its counterparties have elected, where possible, to settle payment obligations between them on a net basis; however, in the event of an early termination in accordance with the terms of the master netting arrangement, the non-defaulting party can choose an early termination date for close-out netting of all outstanding transactions between the parties. Under the terms of the master netting arrangements, an early termination event may include the following: \u2022 Failure by a party to make payment when due; \u2022 Failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within 20 business days after such failure; \u2022 Bankruptcy of a party. The Group's financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements are presented by type of financial instrument. Amounts in \"D\" below relate to amounts subject to set-off that do not qualify for offsetting under \"B\" below. This includes amounts which are subject to set-off against the financial asset or financial liability disclosed in \"A\" which have not been offset in the audited consolidated statement of financial position. Page 80 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.17 OFFSETTING REPORTING PERIOD Financial assets subjected to offsetting, enforceable master netting arrangements, and similar agreements: A B C=A-B D E=C-D in thousands of EUR 31.12.2022 Gross amounts Gross amounts of Net amounts of Related amounts not set-off in the Net of recognized recognized financial audited consolidated statement of amount financial assets financial liabilities assets presented in financial position set-off in the the audited audited consolidated consolidated statement of statement of financial position financial position Derivative assets Financial Cash/(Bank Financial Instruments Overdrafts) Instrument Collateral CounterpartyA 8,768 523 8,245 - - 8,070 175 CounterpartyB 4,132 - 4,132 - - 2,130 2,002 CounterpartyI 6,467 - 6,467 - - 6,020 447 CounterpartyQ 17 - 17 - - - 17 CounterpartyAH 5,850 - 5,850 - - 5,730 120 <> Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements: A B C=A-B D E=C-D in thousands of EUR 31.12.2022 Gross amounts Gross amounts of Net amounts of Related amounts not set-off in the audited Net of recognized recognized financial liabilities consolidated statement of financial amount financial financial assets presented in the position liabilities set-off in the audited audited consolidated consolidated statement of statement of financial position financial position Derivative liabilities Financial Cash/(Bank Financial Instruments Overdrafts) Instrument Collateral Counterparty B 1,822 - 1,822 - - - 1,822 <> Annual Report 2022 | Page 81 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.18 OFFSETTING PREVIOUS REPORTING PERIOD Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements: A B C=A-B D E=C-D in thousands of EUR 31.12.2021 Gross amounts Gross amounts of Net amounts of Related amounts not set-off in the Net of recognized recognized financial audited consolidated statement of amount financial financial assets liabilities presented financial position liabilities set-off in the in the audited audited consolidated consolidated statement of statement of financial position financial position Derivative liabilities Financial Cash/(Bank Financial Instruments Overdrafts) Instrument Collateral CounterpartyB 1,081 - 1,081 - - 900 181 CounterpartyI 573 338 235 - - 235 - CounterpartyJ 699 612 87 - 87 - - CounterpartyQ 2,806 - 2,806 - - 2,790 16 Credit Facility Drawn CounterpartyB 25,000 - 25,000 - - - 25,000 <> 18.19 STRUCTURED ENTITIES IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes: \u2022 Restricted activities. \u2022 A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors. \u2022 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support. \u2022 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited consolidated statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with respect to geographic region and investment strategy. The net asset value of each line represents the fair value of the respective Indirect Investments as well as the maximum exposure to loss resulting from such investments. Page 82 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 18.20 STRUCTURED ENTITIES REPORTING PERIOD 31.12.2022 NAV in thousands of EUR Region & Strategy North America Buyout 276,267 Specialsituations 14,035 Venturecapital 1,131 Western Europe Buyout 213,651 Realestate 105 Venturecapital 7,805 Infrastructure 14,478 Rest of World Buyout 7,051 Venturecapital 8,561 <> 18.21 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD 31.12.2021 NAV in thousands of EUR Region & Strategy North America Buyout 237,871 Specialsituations 151,659 Venturecapital 4,169 Western Europe Buyout 85,320 Realestate 753 Venturecapital 2,660 Infrastructure 14,474 Rest of World Buyout 9,428 Venturecapital 17,050 <> Annual Report 2022 | Page 83
PRINCESS PRIVATE EQUITY HOLDING LIMITED
19 Fair value measurement
IFRS 13 'Fair value measurement' requires the Group to classify fair value measurements using a fair value hierarchy that
reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as observable prices or firm broker quotes) or indirectly (that is, derived from observable prices including discount adjustments
to quoted prices in the case of regulatory restrictions to sell such securities) (level 2);
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the
basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose the significance
of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs
that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the
significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific
to the asset or liability.
The determination of what constitutes \"observable\" requires significant judgment by the Group. The Group considers the
observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant market.
In the event that the Group holds any quoted investments, including any shares received as a result of an IPO or listed private
market investments, these are valued based on quoted market prices in active markets and therefore classified in level 1.
Any derivatives used for hedging and short-term investments valued using market dealer quotes can be redeemed at the fair
value measured and are therefore classified in level 2.
Level 3 comprises unquoted investments where the latest information, which may not coincide with the reporting date of
the Group or the valuation date of the investments, provided by underlying investments and other business partners is reviewed,
and widely recognized methods applied to value such investments are detailed in the 'Critical accounting estimates and
judgments' note.
The reconciliation of each class of financial instrument designated as level 3 is presented in the 'Financial assets at fair value
through profit or loss' note.
Transfers between level 1, 2 and 3, if any, are deemed to have happened at the end of the relevant reporting period.
The Group's classification of financial assets and liabilities measured at fair value in the fair value hierarchy described above
is presented as at the end of the relevant reporting period.
Page 84 | Annual Report 2022
PRINCESS PRIVATE EQUITY HOLDING LIMITED 19.1 FAIR VALUE ESTIMATION REPORTING PERIOD Level1 Level2 Level3 Totalbalance In thousands of EUR Assets Othershort-termreceivables - - 3,867 3,867 Derivativesusedforhedging - 24,711 - 24,711 Financial assets at fair value through profit or loss - equity - - 1,007,935 1,007,935 securities Financial assets at fair value through profit or loss - debt - - 22,136 22,136 investments Totalassets - 24,711 1,033,938 1,058,649 Liabilities Derivativesusedforhedging - (1,822) - (1,822) Totalliabilities - (1,822) - (1,822) <> During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. 19.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD Level1 Level2 Level3 Totalbalance In thousands of EUR Assets Othershort-termreceivables - - 11,713 11,713 Financial assets at fair value through profit or loss - equity - - 888,470 888,470 securities Financial assets at fair value through profit or loss - debt - - 162,771 162,771 investments Totalassets - - 1,062,954 1,062,954 Liabilities Derivativesusedforhedging - (4,208) - (4,208) Totalliabilities - (4,208) - (4,208) <> During the previous reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy. For comparative purposes, the above table was updated to align with the current reporting period presentation. 19.3 FINANCIAL STATEMENT LINE ITEMS NOT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS All assets and liabilities presented in the audited consolidated statement of financial position, except for those measured at fair value in accordance with IFRS 13, are measured at either amortized cost or their face value, both of which are deemed to be a reasonable approximation of their fair values. In conjunction with the fair value hierarchy disclosed in the 'Fair value measurement' note (Note 19): Annual Report 2022 | Page 85
PRINCESS PRIVATE EQUITY HOLDING LIMITED
\u2022 Cash and cash equivalents as well as bank overdrafts are measured at values that would be reflective of level 1 prices.
These include cash in hand, deposits held with banks, money market funds, other short-term investments in active markets
and bank overdrafts.
\u2022 Other receivables are measured at values that would be reflective of level 3 prices. These include contractual amounts for
settlement of trades and other obligations due to the Group.
\u2022 Accruals and other short-term payables represent the contractual amounts and obligations due by the Group for settlement
of trades and expenses and are measured at values that would be reflective of level 2 prices, except for incentive fee
accruals due by the Group which are reflective of level 3 prices.
\u2022 Deferred payments are measured at values that would be reflective of level 2 prices. These consist of payments for financial
assets purchased and receivables for financial assets sold, for which it was agreed with the contractual counterparty to
defer one or more payment installments.
\u2022 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of
level 2 prices.
\u2022 Equity is a residual amount calculated by subtracting the total liabilities of the Group from the total assets of the Group.
As the lowest level of input that is significant to the fair value measurement of the inputs into this equation is level 3, the
values at which equity is measured would be reflective of level 3 prices.
19.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS
The Group primarily presents level 3 investments using valuation techniques and inputs which consider the available underlying
investment valuation information. Level 3 investments may consist of Equity, Debt, and Partnership Investments. Partnership
Investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership Investments
are generally valued at the Partnership Investments' net asset values last reported by its governing bodies. When the reporting
date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result
of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of
the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing
investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information
on developments of portfolio companies held by Partnership Investments, syndicated transactions which involve such companies
and the application of reporting standards by Partnership Investments which do not apply the principle of fair valuation.
The main inputs into the Group's valuation models for Equity and Debt Investments include: EBITDA multiples (based on
budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies
for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise
value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar
instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary.
Further inputs consist of external valuation appraisals and broker quotes.
In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments
held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is
considered using various valuation methods and techniques generally recognized within the industry. From time to time, the
Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the
individual investment circumstances, such as its maturity, stage of operations or recent transaction.
The Group utilizes comparable trading multiples in arriving at the valuation for the Equity and Debt Investments. Comparable
companies' multiple techniques assume that the valuation of unquoted Equity and Debt Investments can be assessed by
comparing performance measure multiples of similar quoted assets for which observable market prices are readily available.
Factors considered in the determination of appropriate comparable public companies include industry, size, development stage,
and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity
and Debt Investment is selected (these include but are not limited to EBITDA, price to earnings ratio for earnings or price to
book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise
Page 86 | Annual Report 2022
PRINCESS PRIVATE EQUITY HOLDING LIMITED
value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples
might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base
between the valued Equity and Debt Investment and the comparable company set. The indicated fair value of the Equity and
Debt Investment is determined by applying the relevant adjusted trading multiple to the identified performance measure of
the valued company.
The valuation of an Equity or Debt Investment may alternatively be derived using the discounted cash flow method by
discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of
money and reflects its relative risks. Equity and Debt Investments can be valued by using the 'cash flow to investor' method
(a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and
subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The
expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based
on the current market environment an expected return of the respective Equity and Debt Investment is projected. The future
cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value.
Debt Investment valuations are derived by applying widely acceptable valuation methods suitable for Debt Investments which
include, but are not limited to, using reliable broker quotes and the comparable debt approach.
Reliable broker quotes for Debt Investments are provided by a reputable financial information provider. These quotes are
applied on the nominal value of such investments to derive the fair value. The comparable debt approach arrives at the valuation
of a Debt Investment by discounting its expected future cash flows to a present value with a benchmark rate derived from
observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable
instruments include, but are not limited to, industry, coupon, duration and maturity date.
The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorised
under Equity Investments. The sales comparison method compares a real estate investment's characteristics with those of
comparable properties which have recently been traded in the market. Factors considered in the determination of such
comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most
appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per
room, price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general
qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated
fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate
investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g.
number of rooms, square feet, square meters) is known and similar properties have recently traded in the market.
The income method compares a real estate investment's net operating income to capitalization rates recently observed in the
market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this
method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of
property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties
include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate
investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This
method is most appropriate for income-generating real estate investments where the net operating income is known and
similar properties have recently traded in the market.
The valuation of level 3 Equity Investments derived using an unobservable input factor are directly affected by a change in
that factor. The change in valuation of level 3 Equity Investments may vary between different investments of the same category
as a result of individual levels of debt financing within such an investment.
No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified.
Annual Report 2022 | Page 87
PRINCESS PRIVATE EQUITY HOLDING LIMITED The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions. Equity and Debt Investments may include certain investments using the valuation technique \"Reported fair value\". Such investments invest solely into an external investment vehicle, hence their fair value is based on reported fair value rather than a direct investment valuation. The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental change in valuation of the investment is calculated. With respect to real estate equity investments, the sensitivity analysis as performed for other Equity Investments, with changes in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible even for buildings that are physically close to each other due to the differences in property features and occupancy. A sensitivity analysis is generally not performed for Equity and Debt Investments that have been acquired within the last three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS 13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered appropriate by market participants. 19.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD Type of Fairvalueat Valuationtechnique Unobservableinput Range(weighted Sensitivity security 31.12.2022 average) Fair value in thousands of EUR Equity 930,259 Market comparable Enterprise value to 5.00x-34.00x 77,861 (77,861) Investments companies EBITDA multiple (15.94x) 35,721 Discountedcashflow Discountfactor 13.45%-14.30% 255 (255) (14.17%) 13,854 Marketcomparable Pricetobookratio 1.68x-1.68x 693 (693) companies (1.68x) 10,201 RecentRecenttransactionprice n.a. n.a. n.a. financing/transaction 8,819 Market comparable Enterprise value to sales 2.60x-22.30x 424 (424) companies multiple (8.23x) 671 ExitpriceRecenttransactionprice n.a. n.a. n.a. 455 Reportedfairvalue Reportedfairvalue n.a 22 (22) Debt 8,994 Brokerquotes Indicativequotesforan n.a. n.a. n.a. Investments inactive market 7,626 Discountedcashflow Discountfactor 13.00%-23.00% 165 (165) (15.78%) 81 ExitpriceRecenttransactionprice n.a. n.a. n.a. Partnership 24,272 Adjusted reported net Reportednetassetvalue n.a. 1,214 (1,214) Investments asset value Page 88 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 9 Adjustedreportednet Fairvalueadjustments n.a. 0 0 asset value 1,040,962Total (10,891)AmountsfromPartnersGroupinvestmentvehicles 1,030,071Totallevel3investments n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 19.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD Type of Fairvalueat Valuationtechnique Unobservableinput Range(weighted Sensitivity security 31.12.2021 average) Fair value in thousands of EUR Equity 669,604 Market comparable Enterprise value to 3.56x-22.30x 54,530 (54,530) Investments companies EBITDA multiple (15.57x) 118,111 RecentRecenttransactionprice n.a. n.a. n.a. financing/transaction 31,652 Discountedcashflow Discountfactor 12.00%-13.00% 424 (424) (12.80%) 16,921 ExitpriceRecenttransactionprice n.a. n.a. n.a. 6,362 Market comparable Enterprise value to sales 3.50x-3.50x 294 (294) companies multiple (3.50x) 1,046 Reportedfairvalue Reportedfairvalue n.a 47 (47) Debt 12,640 Brokerquotes Indicativequotesforan n.a. n.a. n.a. Investments inactive market 8,379 Discountedcashflow Discountfactor 6.03%-11.76% 85 (85) (9.53%) 208 Market comparable Enterprise value to 3.56x-3.56x n.a. n.a. companies EBITDA multiple (3.56x) Partnership 185'373 AdjustedreportednetReportednetassetvalue n.a. 9'269 (9'269) Investments asset value (4,648) Adjustedreportednet Fairvalueadjustments n.a. (232) 232 asset value 1,045,648Total 5,593AmountsfromPartnersGroupinvestmentvehicles 1,051,241Totallevel3investments n.a. - not meaningful as outlined in the note above <> Annual Report 2022 | Page 89 PRINCESS PRIVATE EQUITY HOLDING LIMITED The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. For comparative purposes, the above table was updated to align with the current reporting period presentation. 20 Related party transactions and balances A related party to the Group is an entity or person which has the ability to directly or indirectly control the Group, or vice versa, or to exercise significant influence over the Group in making financial and operating decisions or is a member of the key management team, including their immediate families, of the Group or its Board of Directors. Entities are also related where they are members of the same group. In this regard, the following are considered related parties in the context of these audited consolidated financial statements: Partners Group Holding AG, all entities owned and controlled by Partners Group Holding AG, all entities advised by Partners Group AG, and each of their key management. The following represents the transactions and balances of the Group with related parties: 20.1 TRANSACTIONS 31.12.2022 31.12.2021 In thousands of EUR Managementfeeexpenses 13,874 15,285 PartnersGroupAG 13,874 15,285 Administrationfeeexpenses 471 456 PartnersGroup(Guernsey)Limited 471 456 Servicefeeexpenses 208 250 PartnersGroupAG 208 250 Incentivefeeexpenses 18,829 39,842 PartnersGroupAG 18,829 39,842 Incentivefeepaid (7,528) 41,837 PartnersGroupAG (7,528) 41,837 Setupandinterestexpensesonbridgeloansandcreditfacilitiesprovidedthrough - 18 PartnersGroupFinanceCHFICLtd - 18 Directors'feeexpenses: 294 268 Investedamountsanddistributionsfrom/(to)PartnersGroupadvisedproducts(investment 87,781 93,203 side), net <> Commitments made during the reporting period to Partners Group advised products amounted to EUR 188,507,876 (2021: EUR 318,609,839). Page 90 | Annual Report 2022 PRINCESS PRIVATE EQUITY HOLDING LIMITED 20.2 PERIOD-END BALANCES 31.12.2022 31.12.2021 In thousands of EUR Othershort-termreceivables 666 7,476 PartnersGroupaffiliatedentities 666 7,425 ReceivablefromInvestments - 51 Accrualsandothershort-termpayables (10,006) (9,609) PartnersGroupaffiliatedentities (10,006) (9,588) PayabletoInvestments - (21) Accruedincentivefee (28,831) (17,530) PartnersGroupAG (28,831) (17,530) CommitmentstoPartnersGroupadvisedproducts(investmentside) 1,161,416 972,908 FairvalueofinvestmentsadvisedbyPartnersGrouporrelatedparties 682,005 771,342 <> 21 Related party loan During the previous reporting period, a related party of the Company (the 'Loan Provider') provided a loan facility to the Company in the amount of EUR 7,250,000. Under the loan agreement entered into between the Company and the Loan Provider, the maximum loan amount to be drawn by the Company was EUR 7,250,000. The Company was due to pay annual interest on the loan amounts outstanding at a rate of the applicable currency's one to three month inter-bank borrowing rate plus 190 basis points and plus, but only if negative, the absolute value of the applicable rate for the period. The CHF LIBOR rate on loan amounts drawn since 9 December 2021 was replaced with the Swiss average overnight rate (\"SARON\"). 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod - - Increaseduringperiod - 7,250 (Decrease)duringperiod - (7,250) Balanceatendofperiod - - <> 22 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2022 and 31 December 2021: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2022 and 31 December 2021: 100% Activity: Investment services partnership Annual Report 2022 | Page 91 23 Events after the reporting date On 27 February 2023, the Board of Directors approved the extension and increase of the Company's existing multi-currency revolving credit facility limit with an international financial institution. The facility will be increased from EUR 110,000,000 to EUR 140,000,000 and the term extended to 13 December 2026. On the same day, the Board of Directors approved to discontinue the hedging of currency exposures starting 1 April 2023. Other than the aforementioned, the Board of Directors is of the opinion that no events took place between the end of the reporting period and the date of approval of these consolidated financial statements that would require disclosure in or adjustments to the amounts recognized in these audited consolidated financial statements. 24 Approval of these financial statements The Board of Directors approved these audited consolidated financial statements on 20 March 2023 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-212": { "value": "1 Organization and business activity Princess Private Equity Holding Limited (the \"Company\") is an investment holding company established on 12 May 1999. The Company's registered office is Tudor House, St. Peter Port, Guernsey, GY1 6BD. The Company is a Guernsey limited liability company that invests in a diversified portfolio of private market investments through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the \"Subsidiary\"). The Subsidiary also holds certain investments through its wholly owned subsidiary Princess Direct Investments, L.P. Inc. (the \"Sub-Subsidiary\"). The Sub-Subsidiary, the Subsidiary, and the Company form a group (the \"Group\"). Both of these subsidiaries are consolidated as they are deemed to provide investment-related services to the Company. The shares of the Company were listed on the Prime Standard of the Frankfurt Stock Exchange from 13 December 2006 until 5 December 2012 (date of delisting). The shares of the Company remain listed on the Main Market of the London Stock Exchange, where they have been listed since 1 November 2007", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-207": { "value": "Princess Private Equity Holding Limited (the \"Company\") is an investment holding company established on 12 May 1999. The ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-1": { "value": "Princess Private Equity Holding Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "Tudor House, St. Peter Port, Guernsey, GY1 6BD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-208": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-209": { "value": "The Company is a Guernsey limited liability company that invests in a diversified portfolio of private market investments through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the \"Subsidiary\"). ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "Guernsey ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-213": { "value": "2 Basis of preparation The audited consolidated financial statements comprise the financial statements of the Group. The audited consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (\"IFRS\") and under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. The preparation of audited consolidated financial statements, in conformity with IFRS, requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas where assumptions, judgments and estimates are significant to the audited consolidated financial statements are disclosed in Note 4, 'Critical accounting estimates and judgments'. The Directors of the Company have elected to prepare audited consolidated financial statements for Princess Private Equity Holding Limited for the period ended 31 December 2022 as the parent of the Group and therefore, in accordance with Section 244(5) of The Companies (Guernsey) Law, 2008, they are not required to prepare individual accounts for the financial period for Princess Private Equity Holding Limited in accordance with Section 243 of The Companies (Guernsey) Law, 2008. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-248": { "value": "The audited consolidated financial statements comprise the financial statements of the Group. The audited consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (\"IFRS\") and under the historical cost convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-211": { "value": "3 Principal accounting policies The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's audited consolidated financial statements. From 1 January 2022, the following existing revised IFRS and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2022: \u2022 Amendments to IFRS 3 Business combinations (effective from 1 January 2022) - Reference to the Conceptual Framework; \u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets (effective from 1 January 2022) - Onerous Contracts - Cost of Fulfilling a Contract; \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle (effective from 1 January 2022); \u2022 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (effective from 1 January 2022) - Subsidiary as a first-time adopter; \u2022 Amendments to IFRS 9 Financial Instruments (effective from 1 January 2022) - Fees in the '10 per cent' test for derecognition of financial liabilities. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2022 that have a material effect on the audited consolidated financial statements of the Group. The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023) - Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective from 1 January 2023) - Disclosure of Accounting Policies; \u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Classification of liabilities. The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will not significantly affect the Group's results of operations or financial position. Segmental reporting IFRS 8 - Operating segments requires segments to be identified and presented following a \"management approach\" under which segment information is presented on the same basis as that used for internal reporting and monitoring purposes. Operating segments are reported in a manner consistent with internal reporting at Partners Group AG (the \"Investment Manager\"). The Investment Manager is appointed by the Directors and has been identified as the chief operating decision maker, responsible for allocating resources and assessing the performance of each operating segment. Operating segments have been identified as: private equity, private debt, private real estate, private infrastructure and private resources. Only those segments applicable within the reporting periods have been reflected in these audited consolidated financial statements. Consolidation The Directors of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based on the fact that it meets the relevant definition criteria. The Company: \u2022 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u2022 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the \"Subsidiaries\"), as further described in Note 4, \"Critical accounting estimates and judgments\". Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated on consolidation. A list of the Group's subsidiaries is set out in a subsequent note (Note 22). The consolidation is performed using the purchase method. All Group companies have 31 December as the end of their reporting periods. Net income from short-term investments and cash and cash equivalents Income from bank deposits and interest income from short-term investments are included on an accruals basis using the effective interest rate method. Gains and losses from short-term investments and gains and losses from cash and cash equivalents also include the increase or decrease in the value of short-term investments purchased at a discount or a premium. All realized and unrealized surpluses and losses are recognized in the audited consolidated statement of comprehensive income. Dividend income from money market funds (\"MMFs\") and short-term investments are recognized when the right to receive payment is establishedExpenditure All items of expenditure are included in the audited consolidated financial statements on an accruals basis. Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's Functional Currency. (b) Transactions and balances Transactions in foreign currencies are translated into the Functional Currency using the exchange rates prevailing at the dates of the transactions or valuations where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the end of the reporting period exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the audited consolidated statement of comprehensive income. Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\") and all other types of investments, which comprise investments in other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and IPOs) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. Short-term investments Short-term investments consist of investments in treasury bills and money-market funds with a stated maturity between three and twelve months at the date of acquisition. Short-term investments are classified and subsequently measured at fair value through profit or loss. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the audited consolidated statement of financial position where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and contractually enforceable right to offset must not be contingent on a future event. Furthermore, it must be legally and contractually enforceable in (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or bankruptcy of the Group and any of the counterparties. Cash and cash equivalents Cash and cash equivalents consist of cash at bank, term deposits, and MMFs with original maturity of three months or less from the date of acquisition. MMFs are classified as cash and cash equivalents due to its liquidity and insignificant risk of changes in value. The MMFs held at a constant net asset value have a weighted average maturity of less than 90 days and are able to be redeemed on a same day basis. Cash and cash equivalents are stated at the carrying amount as this is a reasonable approximation of fair value. Bank overdrafts are included within liabilities falling due within one year in the audited consolidated statement of financial position. Cash and cash equivalents may include unrestricted variation margin balances received from counterparties as collateral on derivative asset positions, which are due back to those counterparties on settlement of the derivatives. Other short-term receivables and long-term receivables Other short-term receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are classified as current assets unless the maturities are more than twelve months after the end of the reporting period, where they are classified as non-current assets. Other short-term receivables are stated at the contractual amount less impairment, if any, as this is a reasonable approximation of fair value. Other short-term receivables may include variation margin balances paid to counterparties on derivative liability positions, which are due back from those counterparties on settlement of the derivatives. Other long-term receivables also include amounts receivable by the Group at the reporting date which represent distributions from underlying investments that are held through special purpose vehicles that could be subject to corporate tax in jurisdictions different to that of the Group. In certain cases, all distributions received from underlying investments must be retained in such vehicles until the investment is fully realized in order to benefit from such structuring. It has been determined that future payments may need to be made by the special purpose vehicles to tax authorities in the jurisdictions in which these are based, and as such not all of the amounts paid by the underlying investment may be recoverable in full by the Group should the distributions be taxed. As a result, these long-term receivable balances are assessed for taxes owing and the resulting revaluation of these long-term receivables is recorded under \"revaluation of long-term receivables\" in the audited consolidated statement of comprehensive income. These underlying investments and related calls and distributions have been accounted for on a look-through basis. Deferred receivables Deferred receivables meet the definition of a financial asset as they represent a contractual right to receive cash for a specified amount at a specified date. Deferred receivables which represent a financial asset are initially measured at fair value. Subsequently these are measured at amortized cost using the effective interest rate method. At the end of the reporting period, the Group Annual Report 2022 | Page 61 shall measure the loss allowance on outstanding balance at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If however, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. They are classified as assets falling due within one year unless the maturities are more than 12 months after the end of the reporting period where they are classified as assets falling due after one year. A deferred receivable is derecognized when the obligation to receive the specifically identified cash flows has been fulfilled, expired, or there are no reasonable expectations of recovering those cash flows in its entirety or a portion thereof. Accruals and other short-term payables Accruals and other short-term payables are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Accruals and short-term payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Accruals and other short-term payables may include variation margin balances received as cash from counterparties on derivative asset positions, which are payable back to those counterparties on the settlement of the derivatives. Borrowings Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Deferred payments Deferred payments meet the definition of a financial liability as they are a contractual obligation for a specified amount at a specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. A deferred payment is derecognized when the obligation under the liability is paid or discharged. Equity Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's equity holders. 4 Critical accounting estimates and judgments There is significant subjectivity in the valuation of Direct and Indirect Investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. In addition there is subjectivity in the cash flow modeling due to the fact that the underlying investments, in many cases, require funding based on the future development of their investments. The estimates and judgments employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Page 62 | Annual Report 2022 Unlisted investments For the valuation of such investments the Investment Manager reviews the latest information provided by underlying investments and other business counterparties, which frequently does not coincide with the valuation date, and applies widely recognized market and income valuation methods to such information such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation as well as market prices of similar investments to estimate a fair value as at the end of the reporting period. Criticaljudgments In order to determine the underlying assumptions of such methods significant judgment is required. The areas of such judgment include, but are not limited to: \u2022 Selection of valuation technique; \u2022 Selection of a set of comparable listed companies; \u2022 Selection of performance measures of such listed companies in order to determine comparable trading multiples; \u2022 Selection of recent transactions for the sales comparison method; and \u2022 Identification of uncertain tax positions. As part of the fair valuation of such investments, the Investment Manager uses observable market data (whenever possible), unobservable data and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the Investment Manager considers the overall portfolio against observable data and general market developments to determine if the valuations attributed appear to be fair based on the current market environment. The Investment Manager makes practical efforts to obtain the latest available information pertaining to the underlying unquoted investments. The Investment Manager adheres to fair value assessment procedures that are determined independently of its investment committee as part of the continuous evaluation of the fair value of the underlying unquoted investments. Criticalestimates The Group estimates the fair value of an investment as at the valuation date based on an assessment of relevant applicable indicators of fair value. Such indicators may include, but are not limited to: \u2022 Determination of adjustments to comparable trading multiples based on qualitative factors; \u2022 Determination of future cash flows; \u2022 Determination of applicable discount rates considering own and counterparties' credit risk; \u2022 Determination of applicable capitalization rates for the income method; \u2022 Determination of price within the bid-ask spread for investments with available broker quotes; \u2022 An underlying investment's most recent reporting information, including a detailed analysis of underlying company performance and investment transactions with the Indirect Investments between the latest available reporting information of the underlying investment and the end of the reporting period of the Group; \u2022 Review of a Direct Investment's most recent accounting and cash flow reports and models, including data supplied by both the sponsor and the company and any additional available information between the date of these reports and the end of the reporting period of the Group; \u2022 Review of recent transaction prices and merger and acquisition activity for similar Direct Investments; \u2022 Review of the Indirect Investment's application of generally accepted accounting principles and the valuation method applied for its underlying investments, such as discounted cash flow and multiple analysis, which are based on available information; \u2022 Review of current market environment and the impact of it on the Direct and Indirect Investments; and \u2022 Determination of the impact of uncertain tax positions on the valuation. The variety of valuation bases adopted, quality of management information provided by the underlying Indirect Investments and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of Annual Report 2022 | Page 63 these investments that cannot be eliminated. There are significant estimates and assumptions that are used in establishing the fair value of financial assets and liabilities. As a result, the actual amounts realized on the sale of these instruments may differ from the fair values reflected in these audited consolidated financial statements and these differences may be significant as a result of the judgments and estimates applied. The output of the above estimation of the fair value of investments is a significant factor in the calculation of estimated incentive fee accruals and any rebates. Cash flow modeling In addition to the review of historical data within the cash flow modeling, the Investment Manager also takes into account current portfolio data together with the expected development of the market environment based on observable market information and subjects this to simulations and stress-testing with consideration of certain scenarios which could occur and their potential impact on the Group and its investment commitment and funding strategy. The results of such observations are included within the investment models to provide an insight into future expected cash flows and the liquidity requirements of the Group. Criticalestimates As at the end of the reporting period, the Group estimates the cash flow requirements based on an assessment of all applicable indicators, which may include but are not limited to the following: \u2022 Historical statistical data: external and internal data serve as the statistical basis of the quantitative model; \u2022 Current portfolio company information: the model is updated to take into account current data from the Group's Direct and Indirect Investments; \u2022 Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market environment and specific portfolio in the model; \u2022 Monte-Carlo simulations and stress-tests: stochastic behavior of private market cash flows combined with valuations and tailor-made scenario analyses provide the basis for commitment decisions and quantitative risk management; and \u2022 Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded commitments to Direct and Indirect Investments. There are judgments made, based on assumptions concerning the future, and uncertainty in the estimates in the cash flow modeling method and as such the Investment Manager, on instruction from the Board of Directors, continuously compares these assumptions against actual market and business developments and revises the cash flow model accordingly. Investment entity status of Subsidiaries The assessment whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgment as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to the Company's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016) and concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS, primarily because each of the Subsidiaries has a single investor, which is a related party. Each of the Subsidiaries' primary services is to provide investment-related services to the parent company, including but not limited to providing investment management services to the Company and acting as guarantor to the Company of its short-term credit facility. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-214": { "value": "3 Principal accounting policies The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's audited consolidated financial statements. From 1 January 2022, the following existing revised IFRS and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2022: \u2022 Amendments to IFRS 3 Business combinations (effective from 1 January 2022) - Reference to the Conceptual Framework; \u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets (effective from 1 January 2022) - Onerous Contracts - Cost of Fulfilling a Contract; \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle (effective from 1 January 2022); \u2022 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (effective from 1 January 2022) - Subsidiary as a first-time adopter; \u2022 Amendments to IFRS 9 Financial Instruments (effective from 1 January 2022) - Fees in the '10 per cent' test for derecognition of financial liabilities. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2022 that have a material effect on the audited consolidated financial statements of the Group. The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023) - Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective from 1 January 2023) - Disclosure of Accounting Policies; \u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Classification of liabilities. The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will not significantly affect the Group's results of operations or financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-249": { "value": "The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which are considered material in relation to the Group's audited consolidated financial statements. From 1 January 2022, the following existing revised IFRS and interpretations to existing standards were required to be adopted. The Group has consequently adopted all relevant and below-mentioned standards since 1 January 2022: \u2022 Amendments to IFRS 3 Business combinations (effective from 1 January 2022) - Reference to the Conceptual Framework; \u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets (effective from 1 January 2022) - Onerous Contracts - Cost of Fulfilling a Contract; \u2022 Annual Improvements to IFRS Standards 2018-2020 Cycle (effective from 1 January 2022); \u2022 Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (effective from 1 January 2022) - Subsidiary as a first-time adopter; \u2022 Amendments to IFRS 9 Financial Instruments (effective from 1 January 2022) - Fees in the '10 per cent' test for derecognition of financial liabilities. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2022 that have a material effect on the audited consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-250": { "value": "The following standards, or amendments to existing standards, which are mandatory for future accounting periods, but where early adoption is permitted now, have not been adopted: \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (effective from 1 January 2023) - Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (effective from 1 January 2023) - Disclosure of Accounting Policies; \u2022 Amendments to IAS 12 Income Taxes (effective from 1 January 2023) - Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 1 Presentation of Financial Statements (effective from 1 January 2024) - Classification of liabilities. The impact of these new accounting standards and interpretations is currently being assessed and it is expected that it will not significantly affect the Group's results of operations or financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-215": { "value": "Segmental reporting IFRS 8 - Operating segments requires segments to be identified and presented following a \"management approach\" under which segment information is presented on the same basis as that used for internal reporting and monitoring purposes. Operating segments are reported in a manner consistent with internal reporting at Partners Group AG (the \"Investment Manager\"). The Investment Manager is appointed by the Directors and has been identified as the chief operating decision maker, responsible for allocating resources and assessing the performance of each operating segment. Operating segments have been identified as: private equity, private debt, private real estate, private infrastructure and private resources. Only those segments applicable within the reporting periods have been reflected in these audited consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-216": { "value": "Consolidation The Directors of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based on the fact that it meets the relevant definition criteria. The Company: \u2022 obtains funds from one or more investors for the purpose of providing those investors with investment management services; \u2022 commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both; and \u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis. As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the \"Subsidiaries\"), as further described in Note 4, \"Critical accounting estimates and judgments\". Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated on consolidation. A list of the Group's subsidiaries is set out in a subsequent note (Note 22). The consolidation is performed using the purchase method. All Group companies have 31 December as the end of their reporting periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-217": { "value": "Net income from short-term investments and cash and cash equivalents Income from bank deposits and interest income from short-term investments are included on an accruals basis using the effective interest rate method. Gains and losses from short-term investments and gains and losses from cash and cash equivalents also include the increase or decrease in the value of short-term investments purchased at a discount or a premium. All realized and unrealized surpluses and losses are recognized in the audited consolidated statement of comprehensive income. Dividend income from money market funds (\"MMFs\") and short-term investments are recognized when the right to receive payment is established. ", "dimensions": { "concept": "ppehl:DescriptionOfAccountingPolicyForNetIncomeFromShortTermInvestmentsAndCashAndCashEquivalents", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2022-10-01T00:00:00" } }, "fact-218": { "value": "Expenditure All items of expenditure are included in the audited consolidated financial statements on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-219": { "value": "Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's Functional Currency. (b) Transactions and balances Transactions in foreign currencies are translated into the Functional Currency using the exchange rates prevailing at the dates of the transactions or valuations where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the end of the reporting period exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the audited consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-251": { "value": "(a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the Group operates (the \"Functional Currency\") that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and determined in accordance with the primary and secondary indicators defined in IAS 21 - The Effects of Changes in Foreign Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's Functional Currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-269": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\") and all other types of investments, which comprise investments in other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and IPOs) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-252": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\") and all other types of investments, which comprise investments in other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and IPOs) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-220": { "value": "Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Group classifies its investments based on both the Group's business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit or loss. Where the Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of comprehensive income under the heading \"Other financial activities\". The fair values of various derivative instruments used for hedging purposes, if any, are disclosed in the notes. Financial assets and financial liabilities at fair value through profit or loss consist of interests which are acquired by the Group (including all related securities) in (typically unlisted) direct private market investments (\"Direct Investments\") and all other types of investments, which comprise investments in other investment vehicles (\"Indirect Investments\"). These are managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. In setting the Group's investment policy the Directors have determined their intention to focus on making investments in entities that adopt an internationally recognized standard of accounting. (b) Recognition and derecognition All transactions relating to financial assets and financial liabilities at fair value through profit or loss are recognized on the settlement date or when all risks and rewards of ownership have been transferred. Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments are recognized when the Group's right to receive payment has been established. Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash flows has expired or where substantially all risks and rewards of ownership have been transferred. Occasionally, the target investment structure may change under the normal course of operations, where an intermediary investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing events for the purpose of the incentive fees calculations. Cash and payment-in-kind (\"PIK\") interest relating to debt investments held at fair value through profit or loss are recognized on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income when the Group's right to receive payment is established. (c) Measurement As a matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net income from financial assets at fair value through profit or loss in the period in which they arise. Distributions from Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments. On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are recognized in the audited consolidated statement of comprehensive income within revaluation. Any interest and dividend distributions derived from Direct Investments are recognized when the Group's right to receive payment is established and included within interest and dividend income in the audited consolidated statement of comprehensive income. (d) Fair value estimation The fair values of financial instruments whose principal markets are actively traded exchange markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the price within the bid-ask spread which is most representative of fair value at the end of the reporting period. In assessing the fair value of non-traded financial instruments, the Group uses a variety of market and income methods such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and makes assumptions that are based on market conditions and expected market participant assumptions existing at the end of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and IPOs) as well as pricing movements in comparable investments together with techniques, such as option pricing models and estimated discounted value of future cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-221": { "value": "Short-term investments Short-term investments consist of investments in treasury bills and money-market funds with a stated maturity between three and twelve months at the date of acquisition. Short-term investments are classified and subsequently measured at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-222": { "value": "Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the audited consolidated statement of financial position where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and contractually enforceable right to offset must not be contingent on a future event. Furthermore, it must be legally and contractually enforceable in (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or bankruptcy of the Group and any of the counterparties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-223": { "value": "Cash and cash equivalents Cash and cash equivalents consist of cash at bank, term deposits, and MMFs with original maturity of three months or less from the date of acquisition. MMFs are classified as cash and cash equivalents due to its liquidity and insignificant risk of changes in value. The MMFs held at a constant net asset value have a weighted average maturity of less than 90 days and are able to be redeemed on a same day basis. Cash and cash equivalents are stated at the carrying amount as this is a reasonable approximation of fair value. Bank overdrafts are included within liabilities falling due within one year in the audited consolidated statement of financial position. Cash and cash equivalents may include unrestricted variation margin balances received from counterparties as collateral on derivative asset positions, which are due back to those counterparties on settlement of the derivatives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-224": { "value": "Other short-term receivables and long-term receivables Other short-term receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are classified as current assets unless the maturities are more than twelve months after the end of the reporting period, where they are classified as non-current assets. Other short-term receivables are stated at the contractual amount less impairment, if any, as this is a reasonable approximation of fair value. Other short-term receivables may include variation margin balances paid to counterparties on derivative liability positions, which are due back from those counterparties on settlement of the derivatives. Other long-term receivables also include amounts receivable by the Group at the reporting date which represent distributions from underlying investments that are held through special purpose vehicles that could be subject to corporate tax in jurisdictions different to that of the Group. In certain cases, all distributions received from underlying investments must be retained in such vehicles until the investment is fully realized in order to benefit from such structuring. It has been determined that future payments may need to be made by the special purpose vehicles to tax authorities in the jurisdictions in which these are based, and as such not all of the amounts paid by the underlying investment may be recoverable in full by the Group should the distributions be taxed. As a result, these long-term receivable balances are assessed for taxes owing and the resulting revaluation of these long-term receivables is recorded under \"revaluation of long-term receivables\" in the audited consolidated statement of comprehensive income. These underlying investments and related calls and distributions have been accounted for on a look-through basis. Deferred receivables Deferred receivables meet the definition of a financial asset as they represent a contractual right to receive cash for a specified amount at a specified date. Deferred receivables which represent a financial asset are initially measured at fair value. Subsequently these are measured at amortized cost using the effective interest rate method. At the end of the reporting period, the Group shall measure the loss allowance on outstanding balance at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If however, the credit risk has not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to 12-month expected credit losses. They are classified as assets falling due within one year unless the maturities are more than 12 months after the end of the reporting period where they are classified as assets falling due after one year. A deferred receivable is derecognized when the obligation to receive the specifically identified cash flows has been fulfilled, expired, or there are no reasonable expectations of recovering those cash flows in its entirety or a portion thereof. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-225": { "value": "Accruals and other short-term payables Accruals and other short-term payables are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. Accruals and short-term payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Accruals and other short-term payables may include variation margin balances received as cash from counterparties on derivative asset positions, which are payable back to those counterparties on the settlement of the derivatives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-226": { "value": "Borrowings Borrowings consist of credit facilities and loans received either from financial institutions or from related parties. Such borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. In the audited consolidated statement of financial position borrowings are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-227": { "value": "Deferred payments Deferred payments meet the definition of a financial liability as they are a contractual obligation for a specified amount at a specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. They are classified as liabilities falling due within one year unless the maturities are more than twelve months after the end of the reporting period where they are classified as liabilities falling due after one year. A deferred payment is derecognized when the obligation under the liability is paid or discharged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-253": { "value": "Equity Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-228": { "value": "Equity Shares are classified as equity. Where any group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the Company's equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-254": { "value": "4 Critical accounting estimates and judgments There is significant subjectivity in the valuation of Direct and Indirect Investments with very little transparent market activity to provide support for fair value levels at which willing buyers and sellers would transact. In addition there is subjectivity in the cash flow modeling due to the fact that the underlying investments, in many cases, require funding based on the future development of their investments. The estimates and judgments employed therein are therefore continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Unlisted investments For the valuation of such investments the Investment Manager reviews the latest information provided by underlying investments and other business counterparties, which frequently does not coincide with the valuation date, and applies widely recognized market and income valuation methods to such information such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation as well as market prices of similar investments to estimate a fair value as at the end of the reporting period. Criticaljudgments In order to determine the underlying assumptions of such methods significant judgment is required. The areas of such judgment include, but are not limited to: \u2022 Selection of valuation technique; \u2022 Selection of a set of comparable listed companies; \u2022 Selection of performance measures of such listed companies in order to determine comparable trading multiples; \u2022 Selection of recent transactions for the sales comparison method; and \u2022 Identification of uncertain tax positions. As part of the fair valuation of such investments, the Investment Manager uses observable market data (whenever possible), unobservable data and cash flow data to consider and determine the fair values of the underlying investments. Furthermore the Investment Manager considers the overall portfolio against observable data and general market developments to determine if the valuations attributed appear to be fair based on the current market environment. The Investment Manager makes practical efforts to obtain the latest available information pertaining to the underlying unquoted investments. The Investment Manager adheres to fair value assessment procedures that are determined independently of its investment committee as part of the continuous evaluation of the fair value of the underlying unquoted investments. Criticalestimates The Group estimates the fair value of an investment as at the valuation date based on an assessment of relevant applicable indicators of fair value. Such indicators may include, but are not limited to: \u2022 Determination of adjustments to comparable trading multiples based on qualitative factors; \u2022 Determination of future cash flows; \u2022 Determination of applicable discount rates considering own and counterparties' credit risk; \u2022 Determination of applicable capitalization rates for the income method; \u2022 Determination of price within the bid-ask spread for investments with available broker quotes; \u2022 An underlying investment's most recent reporting information, including a detailed analysis of underlying company performance and investment transactions with the Indirect Investments between the latest available reporting information of the underlying investment and the end of the reporting period of the Group; \u2022 Review of a Direct Investment's most recent accounting and cash flow reports and models, including data supplied by both the sponsor and the company and any additional available information between the date of these reports and the end of the reporting period of the Group; \u2022 Review of recent transaction prices and merger and acquisition activity for similar Direct Investments; \u2022 Review of the Indirect Investment's application of generally accepted accounting principles and the valuation method applied for its underlying investments, such as discounted cash flow and multiple analysis, which are based on available information; \u2022 Review of current market environment and the impact of it on the Direct and Indirect Investments; and \u2022 Determination of the impact of uncertain tax positions on the valuation. The variety of valuation bases adopted, quality of management information provided by the underlying Indirect Investments and the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of these investments that cannot be eliminated. There are significant estimates and assumptions that are used in establishing the fair value of financial assets and liabilities. As a result, the actual amounts realized on the sale of these instruments may differ from the fair values reflected in these audited consolidated financial statements and these differences may be significant as a result of the judgments and estimates applied. The output of the above estimation of the fair value of investments is a significant factor in the calculation of estimated incentive fee accruals and any rebates. Cash flow modeling In addition to the review of historical data within the cash flow modeling, the Investment Manager also takes into account current portfolio data together with the expected development of the market environment based on observable market information and subjects this to simulations and stress-testing with consideration of certain scenarios which could occur and their potential impact on the Group and its investment commitment and funding strategy. The results of such observations are included within the investment models to provide an insight into future expected cash flows and the liquidity requirements of the Group. Criticalestimates As at the end of the reporting period, the Group estimates the cash flow requirements based on an assessment of all applicable indicators, which may include but are not limited to the following: \u2022 Historical statistical data: external and internal data serve as the statistical basis of the quantitative model; \u2022 Current portfolio company information: the model is updated to take into account current data from the Group's Direct and Indirect Investments; \u2022 Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market environment and specific portfolio in the model; \u2022 Monte-Carlo simulations and stress-tests: stochastic behavior of private market cash flows combined with valuations and tailor-made scenario analyses provide the basis for commitment decisions and quantitative risk management; and \u2022 Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded commitments to Direct and Indirect Investments. There are judgments made, based on assumptions concerning the future, and uncertainty in the estimates in the cash flow modeling method and as such the Investment Manager, on instruction from the Board of Directors, continuously compares these assumptions against actual market and business developments and revises the cash flow model accordingly. Investment entity status of Subsidiaries The assessment whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgment as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to the Company's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016) and concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS, primarily because each of the Subsidiaries has a single investor, which is a related party. Each of the Subsidiaries' primary services is to provide investment-related services to the parent company, including but not limited to providing investment management services to the Company and acting as guarantor to the Company of its short-term credit facility. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-229": { "value": "5 Expenses Management fees Under the Investment Management Agreement (\u201cIMA\u201d) between the Company and Investment Manager, the Company pays quarterly management fees to the Investment Manager in arrears. The quarterly management fees are calculated as 0.375% of the private equity asset value which is the higher of (i) the net asset value of the Company and (ii) the value of the assets less any temporary investments of the Company, plus the amount of the Company's unfunded commitments to make investments. The below highlights the changes in management fees calculation basis effective 1 July 2020: (i) The private equity asset value excludes the unfunded commitments of primary and secondary investments; and (ii) The management fees are reduced or offset by the amount that would have been charged had the rate in relation to the loan master fund investment been 0.6% per annum. Administration fees The administration fees are paid quarterly in advance pursuant to the administration agreement between the Company and Partners Group (Guernsey) Limited (the \"Administrator\"). With effect from 1 July 2022, the quarterly administration fees are calculated as 0.0125% of the first EUR 900 million of net asset value of the Company (previously 0.0125% of the first USD 1 billion of net assets) and 0.005% of the amount by which such net asset value of the Company exceeds EUR 900 million (previously 0.005% of the amount by which such net assets exceed USD 1 billion). Service fees For the services provided under the investor relations agreement, the Company pays the Investment Manager a quarterly compensation of EUR 62,500 excluding value added tax, if any, including any overhead, travel, out-of-pocket, information technology, and other infrastructure expenses in connection with the provision of services under the agreement. Incentive fees In accordance with the IMA, the Investment Manager is entitled to receive a share of the realized profits of the Company, otherwise referred to as incentive fees. In accordance with the IMA, incentive fees are calculated on each reporting date, taking into account the required performance conditions and distribution arrangements of the Company. Distributions of cash proceeds derived from each secondary investment are distributed to the Company or due to the Investment Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from the relevant secondary investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost in respect of the relevant secondary investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum compounded annually on the amount outstanding in respect to the relevant secondary investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 10% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 10% of further relevant distributions received by the Company are due and payable to the Investment Manager. Distributions of cash proceeds derived from each Direct Investment are distributed to the Company or due to the Investment Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from the relevant Direct Investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost in respect of the relevant Direct Investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum compounded annually on the amount outstanding in respect to the relevant Direct Investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 15% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 15% of further relevant distributions received by the Company are due and payable to the Investment Manager. Incentive fees are calculated on an annual basis based on the value of each direct and secondary investment as measured at the reporting date, whether or not such investments are made through a pooling vehicle. This calculation is performed separately for each direct and secondary investment. The foreign currency exchange fluctuations are included in this calculation. The change in incentive fees is accounted for on an accruals basis and is presented separately in the audited consolidated statement of comprehensive income. Audit fees During the reporting period, the Company paid audit fees in the amount of EUR 133,732 (2021: EUR 122,648). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-255": { "value": "Management fees Under the Investment Management Agreement (\u201cIMA\u201d) between the Company and Investment Manager, the Company pays quarterly management fees to the Investment Manager in arrears. The quarterly management fees are calculated as 0.375% of the private equity asset value which is the higher of (i) the net asset value of the Company and (ii) the value of the assets less any temporary investments of the Company, plus the amount of the Company's unfunded commitments to make investments. The below highlights the changes in management fees calculation basis effective 1 July 2020: (i) The private equity asset value excludes the unfunded commitments of primary and secondary investments; and (ii) The management fees are reduced or offset by the amount that would have been charged had the rate in relation to the loan master fund investment been 0.6% per annum. Administration fees The administration fees are paid quarterly in advance pursuant to the administration agreement between the Company and Partners Group (Guernsey) Limited (the \"Administrator\"). With effect from 1 July 2022, the quarterly administration fees are calculated as 0.0125% of the first EUR 900 million of net asset value of the Company (previously 0.0125% of the first USD 1 billion of net assets) and 0.005% of the amount by which such net asset value of the Company exceeds EUR 900 million (previously 0.005% of the amount by which such net assets exceed USD 1 billion). Service fees For the services provided under the investor relations agreement, the Company pays the Investment Manager a quarterly compensation of EUR 62,500 excluding value added tax, if any, including any overhead, travel, out-of-pocket, information technology, and other infrastructure expenses in connection with the provision of services under the agreement. Incentive fees In accordance with the IMA, the Investment Manager is entitled to receive a share of the realized profits of the Company, otherwise referred to as incentive fees. In accordance with the IMA, incentive fees are calculated on each reporting date, taking into account the required performance conditions and distribution arrangements of the Company. Distributions of cash proceeds derived from each secondary investment are distributed to the Company or due to the Investment Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from the relevant secondary investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost in respect of the relevant secondary investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum compounded annually on the amount outstanding in respect to the relevant secondary investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 10% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 10% of further relevant distributions received by the Company are due and payable to the Investment Manager. Distributions of cash proceeds derived from each Direct Investment are distributed to the Company or due to the Investment Manager as incentive fees in the following order of priority: (i) the Company receives 100% of all distributions derived from the relevant Direct Investment (\"relevant distributions\") until it has received relevant distributions equal to its acquisition cost in respect of the relevant Direct Investment plus an amount (the \"preferred return\") calculated at the rate of 8% per annum compounded annually on the amount outstanding in respect to the relevant Direct Investment from time to time, taking into account the timing of the relevant cash flows; (ii) thereafter, incentive fees equal to 100% of further relevant distributions received by the Company are due and payable to the Investment Manager until such time as the Investment Manager has received 15% of the sum of the preferred return distributed to the Company and the incentive fees due and payable to the Investment Manager; and (iii) thereafter, additional incentive fees equal to 15% of further relevant distributions received by the Company are due and payable to the Investment Manager. Incentive fees are calculated on an annual basis based on the value of each direct and secondary investment as measured at the reporting date, whether or not such investments are made through a pooling vehicle. This calculation is performed separately for each direct and secondary investment. The foreign currency exchange fluctuations are included in this calculation. The change in incentive fees is accounted for on an accruals basis and is presented separately in the audited consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-256": { "value": "Audit fees During the reporting period, the Company paid audit fees in the amount of EUR 133,732 (2021: EUR 122,648). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-230": { "value": "6 Taxation The Company and the Subsidiaries are exempt from taxation in Guernsey under The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and are each liable for the payment of an annual fixed rate of GBP 1,200 per annum for the granting of the exemption. The Group may incur withholding taxes imposed by certain countries on income from underlying investments. Such income is recognized gross of withholding taxes in the audited consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-231": { "value": "7 Dividends During the reporting period, the Board of Directors of Princess Private Equity Holding Limited declared its first interim dividend for the year of EUR 0.38 per ordinary share, which was paid on 17 June 2022, in total amounting to EUR 26.3 million (2021: each of EUR 0.335 per ordinary share, which were paid on 24 June 2021 and 17 December 2021 respectively, in total amounting to EUR 46.3 million). The second interim dividend due for payment in December 2022 was canceled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-232": { "value": "
8 Segment calculation
The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has
determined the operating segments based on the internal reporting provided by the Investment Manager to the Board of
Directors on a regular basis.
The Investment Manager considers that the investment portfolio of the Group may consist of up to five sub-portfolios, which
are managed by specialist teams within the Investment Manager. Only those segments applicable within the reporting period
have been reflected in these audited consolidated financial statements and the notes below. There were no changes in the
reportable segments during the period.
The Investment Manager assesses the performance of the reportable segments based on the net income from and capital
appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies
adopted by the Group. This measurement basis excludes any additional general income and expenses which are not allocated
to segments but are managed by the Administrator on a central basis.
Total assets allocated to reportable segments are those financial instruments presented in the audited consolidated statement
of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be segment
assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to hedging
activities of the Group and managed on a central basis by the Investment Manager and Administrator and the Group's
management and incentive fees paid are not considered to be segment expenses.
The segment information provided by the Investment Manager with respect to reportable segments for the period is as follows:
01.01.2022
01.01.2021
In thousands of EUR
31.12.2022
31.12.2021
Private equity
Interest&dividendincome 543 7,575
Revaluation 25,693 233,001
Withholdingtaxondirectprivateequityinvestments (428) (1,631)
Netforeignexchangegains/(losses) 20,639 23,784
Totalnetincomeprivateequity 46,447 262,729
Segmentresultprivateequity 46,447 262,729
Private debt
Interestincome(includingpayment-in-kind) (155) 1,085
Revaluation (3,363) 5,789
Netforeignexchangegains/(losses) 1,425 2,364
Totalnetincomeprivatedebt (2,093) 9,238
Segmentresultprivatedebt (2,093) 9,238
Private real estate
Revaluation (52) (124)
Totalnetincomeprivaterealestate (52) (124)
Segmentresultprivaterealestate (52) (124)
Private infrastructure
Revaluation 2,721 (6,813)
Netforeignexchangegains/(losses) 1,223 1,995
Totalnetincomeprivateinfrastructure 3,944 (4,818)
Segmentresultprivateinfrastructure 3,944 (4,818)
Non-attributable
Netforeignexchangegains/(losses) 754 635
Totalnetincomenon-attributable 754 635
Segmentresultnon-attributable (35,149) (56,230)
Otherfinancialactivitiesnotallocated (30,530) (32,784)
Surplus/(loss)forperiod (17,433) 178,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-257": { "value": "
9 Financial assets at fair value through profit or loss
9.1 PRIVATE EQUITY
31.12.2022 31.12.2021
In thousands of EUR
Balanceatbeginningofperiod 852,606 821,209
PurchaseofDirectandIndirectInvestments 154,905 160,276
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (84,127) (384,181)
Accruedcashandpayment-in-kindinterest (474) 148
Revaluation 25,693 233,001
Withholdingtaxondirectprivateequityinvestments (428) (1,631)
Netforeignexchangegains/(losses) 20,639 23,784
Balanceatendofperiod 968,814 852,606
Movementinunrealizedgains/(losses)stillheldatendofperiod (23,482) (7,443)
<>
9.2 PRIVATE DEBT
31.12.2022 31.12.2021
In thousands of EUR
Balanceatbeginningofperiod 162,771 51,605
PurchaseofDirectandIndirectInvestments (423) 134,583
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (137,720) (29,478)
Accruedcashandpayment-in-kindinterest (554) 663
Interestreceived - (2,755)
Revaluation (3,363) 5,789
Netforeignexchangegains/(losses) 1,425 2,364
Balanceatendofperiod 22,136 162,771
Movementinunrealizedgains/(losses)stillheldatendofperiod (510) (3,451)
<>
Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The
amounts invested may be negative for certain investments and this may occur where either the Group has invested into
underlying investments and received rebates on fees charged within such underlying investments, or where an underlying
third-party investment has returned monies to the Group which have been previously called but unutilized.
9.3 PRIVATE REAL ESTATE 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 753 1,329 PurchaseofDirectandIndirectInvestments (51) (26) DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (545) (426) Revaluation (52) (124) Balanceatendofperiod 105 753 Movementinunrealizedgains/(losses)stillheldatendofperiod (649) (576) <> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized. 9.4 PRIVATE INFRASTRUCTURE 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 35,111 29,274 PurchaseofDirectandIndirectInvestments 454 11,234 DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (493) (579) Revaluation 2,721 (6,813) Netforeignexchangegains/(losses) 1,223 1,995 Balanceatendofperiod 39,016 35,111 Movementinunrealizedgains/(losses)stillheldatendofperiod 3,922 (4,817) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-233": { "value": "9 Financial assets at fair value through profit or loss 9.1 PRIVATE EQUITY 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 852,606 821,209 PurchaseofDirectandIndirectInvestments 154,905 160,276 DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (84,127) (384,181) Accruedcashandpayment-in-kindinterest (474) 148 Revaluation 25,693 233,001 Withholdingtaxondirectprivateequityinvestments (428) (1,631) Netforeignexchangegains/(losses) 20,639 23,784 Balanceatendofperiod 968,814 852,606 Movementinunrealizedgains/(losses)stillheldatendofperiod (23,482) (7,443) <> 9.2 PRIVATE DEBT 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod 162,771 51,605 PurchaseofDirectandIndirectInvestments (423) 134,583 DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (137,720) (29,478) Accruedcashandpayment-in-kindinterest (554) 663 Interestreceived - (2,755) Revaluation (3,363) 5,789 Netforeignexchangegains/(losses) 1,425 2,364 Balanceatendofperiod 22,136 162,771 Movementinunrealizedgains/(losses)stillheldatendofperiod (510) (3,451) <> Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The amounts invested may be negative for certain investments and this may occur where either the Group has invested into underlying investments and received rebates on fees charged within such underlying investments, or where an underlying third-party investment has returned monies to the Group which have been previously called but unutilized.
9.3 PRIVATE REAL ESTATE
31.12.2022 31.12.2021
In thousands of EUR
Balanceatbeginningofperiod 753 1,329
PurchaseofDirectandIndirectInvestments (51) (26)
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (545) (426)
Revaluation (52) (124)
Balanceatendofperiod 105 753
Movementinunrealizedgains/(losses)stillheldatendofperiod (649) (576)
<>
Purchase of Direct and Indirect Investments represents capital calls from underlying investments made by the Group. The
amounts invested may be negative for certain investments and this may occur where either the Group has invested into
underlying investments and received rebates on fees charged within such underlying investments, or where an underlying
third-party investment has returned monies to the Group which have been previously called but unutilized.
9.4 PRIVATE INFRASTRUCTURE
31.12.2022 31.12.2021
In thousands of EUR
Balanceatbeginningofperiod 35,111 29,274
PurchaseofDirectandIndirectInvestments 454 11,234
DistributionsfromandproceedsfromsalesofDirectandIndirectInvestments (493) (579)
Revaluation 2,721 (6,813)
Netforeignexchangegains/(losses) 1,223 1,995
Balanceatendofperiod 39,016 35,111
Movementinunrealizedgains/(losses)stillheldatendofperiod 3,922 (4,817)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-234": { "value": "10 Accruals and other short-term payables As at the end of the reporting period, accruals and other short-term payables mainly include collateral for hedging instruments of EUR 21,950,000, accrued incentive fees of EUR 28,831,537 and quarterly management fees accrued in arrears of EUR 5,687,383 (2021: accrued incentive fees of EUR 17,530,726 and quarterly management fees accrued in arrears of EUR 3,820,259). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-235": { "value": "
11 Foreign exchange forward / option contracts
31.12.2022 31.12.2021
In thousands of EUR
Foreign exchange forward contracts
Unrealizedgains/(losses) 27,097 (10,169)
Realizedgains/(losses) (55,475) (21,784)
Totalgains/(losses)fromforwardcontracts (28,378) (31,953)
<>
All contracts captured in the table below may be settled on a gross basis.
Open foreign exchange
Volume of currency
Volumeofcurrency Valuedate
Fair value (in
forward/option contracts
sold (in thousands)
bought (in thousands)
thousands of
EUR)
As at 31.12.2022
Foreignexchangeforwardcontract EUR54,141 USD57,200 04.01.2023
(523)
Foreignexchangeforwardcontract USD57,200 EUR56,587 04.01.2023
2,968
Foreignexchangeforwardcontract EUR54,183 USD57,300 18.01.2023
(521)
Foreignexchangeforwardcontract USD57,300 EUR56,632 18.01.2023
2,968
Foreignexchangeforwardcontract EUR40,605 GBP34,890 25.01.2023
(1,301)
Foreignexchangeforwardcontract GBP34,890 EUR39,988 25.01.2023
2,508
686
Foreignexchangeforwardcontract USD67,700 EUR69,129 01.02.2023
5,782
Foreignexchangeforwardcontract USD67,700 EUR69,197 01.02.2023
5,850
Foreignexchangeforwardcontract INR1,000,000 EUR11,432 15.02.2023
189
Foreignexchangeforwardcontract INR1,000,000 EUR11,432 15.02.2023
189
Foreignexchangeforwardcontract USD71,000 EUR68,271 08.03.2023
1,996
Foreignexchangeforwardcontract USD71,000 EUR68,230 15.03.2023
1,979
Foreignexchangeforwardcontract CHF12,400 EUR12,614 22.03.2023
17
Foreignexchangeforwardcontract CHF26,750 EUR27,571 22.03.2023
395
Foreignexchangeforwardcontract USD57,200 EUR53,786 05.04.2023
473
Foreignexchangeforwardcontract USD57,300 EUR53,830 19.04.2023
471
Foreignexchangeforwardcontract GBP34,890 EUR40,425 26.04.2023
1,271
As at 31.12.2021
Foreignexchangeforwardcontract USD57,300 EUR49,182 20.01.2022 (1,274)
Foreignexchangeforwardcontract USD57,200 EUR49,099 20.01.2022 (1,269)
Foreignexchangeforwardcontract INR2,172,000 EUR24,575 20.01.2022 (1,081)
Foreign exchange forward contract
GBP34,890 EUR41,169 20.01.2022 (263)
Foreignexchangeforwardcontract USD67,700 EUR58,996 24.02.2022 (574)
Foreignexchangeforwardcontract USD67,700 EUR58,997 24.02.2022 (573)
Foreignexchangeforwardcontract CHF26,750 EUR25,681 16.03.2022 (125)
Foreignexchangeforwardcontract ILS88,350 EUR25,251 16.03.2022 339
Foreignexchangeforwardcontract USD99,600 EUR88,214 16.03.2022 612
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-236": { "value": "12 Share capital, treasury shares, and reserves 12.1 CAPITAL 31.12.2022 31.12.2021 In thousands of EUR Issued and fully paid 69,151,168ordinarysharesofEUR0.001eachoutofthebondconversion 69 69 Totalissuedandfullypaidshares 69 69 <> At the annual general meeting held in June 2022, the shareholders renewed the authority granted to the Directors to purchase up to 14.99% (2021: 14.99%) of the issued share capital of the Company. During the reporting period, the Company did not buy back shares (2021: nil). As disclosed in the table above, no shares were canceled during the reporting period and no shares were held as treasury shares at the end of the reporting period (2021: nil). The total authorized shares consist of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100) (2021: 200,100,000 ordinary shares of EUR 0.001 each). 12.2 RESERVES The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable reserves and similar in nature. This presentation remains consistent for the reporting period", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-258": { "value": "
12.1 CAPITAL
31.12.2022 31.12.2021
In thousands of EUR
Issued and fully paid
69,151,168ordinarysharesofEUR0.001eachoutofthebondconversion 69 69
Totalissuedandfullypaidshares 69 69
<>
At the annual general meeting held in June 2022, the shareholders renewed the authority granted to the Directors to purchase
up to 14.99% (2021: 14.99%) of the issued share capital of the Company.
During the reporting period, the Company did not buy back shares (2021: nil). As disclosed in the table above, no shares were
canceled during the reporting period and no shares were held as treasury shares at the end of the reporting period (2021: nil).
The total authorized shares consist of 200,100,000 ordinary shares of EUR 0.001 each (total value EUR 200,100) (2021:
200,100,000 ordinary shares of EUR 0.001 each).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-259": { "value": "12.2 RESERVES The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable reserves and similar in nature. This presentation remains consistent for the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-237": { "value": "13 Commitments to Direct and Indirect Investments 31.12.2022 31.12.2021 In thousands of EUR Unfundedcommitmentstranslatedattherateprevailingatendofperiod 103,325 116,600 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-238": { "value": "
14 Short-term credit facility
The Company entered into a multi-currency revolving credit facility with an international financial institution. The purpose of
the facility is to provide funding for the acquisition of underlying investments and other working capital requirements.
The facility, in relation to the Company, is secured, inter alia, by way of a pledge over the shares in Princess Private Equity
Subholding Limited, a wholly owned subsidiary of the Company and a pledge over the bank accounts and the inter-company
loans within the Group.
The Company must maintain a total net asset value of at least EUR 350,000,000 and a total asset ratio (total debt plus current
liabilities as a percentage of restricted net asset value, as defined in the credit facility agreement) not greater than 25%.
As at the end of the reporting period and the previous reporting period, no event of default has occurred.
Dateofenteringtheagreement 27July2011
Amendmentdate 4July2022
Dateofterminationoftheagreement 13December2024
Totallendingcommitment EUR110,000,000(2021:EUR80,000,000)
Basis of the interest on principal drawn is: Margin +
SOFR + credit adjustment spread in relation to any loan in USD;
EURIBOR* in relation to any loan in EUR; or
SONIA** + credit adjustment spread in relation to any loan in GBP
<>
During 2022, the London Inter-Bank Offered Rate (\"LIBOR\") was replaced by Secured Overnight Financing Rate (\"SOFR\") plus
a credit adjustment spread in relation to any loan in USD.
*Euro Inter-Bank Offered Rate
**Sterling Overnight Interbank Average Rate
31.12.2022 31.12.2021
In thousands of EUR
Short-term credit facility
Balanceatbeginningofperiod 25,000 -
Increaseincreditfacility 108,000 67,000
(Decrease)increditfacility (133,000) (42,000)
Balanceatendofperiod - 25,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-239": { "value": "
15 Incentive fees
31.12.2022 31.12.2021
In thousands of EUR
Balanceatbeginningofperiod 17,530 19,525
ChangeinincentivefeesattributabletoInvestmentManager 18,829 39,842
Incentivefeespaid/payable (7,528) (41,837)
Balanceatendofperiod 28,831 17,530
Incentivefeesaccrued 61,896 55,518
Incentivefeerebatesaccrued (33,065) (37,988)
Totalnetincentivefees 28,831 17,530
<>
The incentive fee balance as at the end of each period presented above represents a net amount which consists of incentive
fees accrued and incentive fee rebates accrued. Both net incentive fee balance as well as gross incentive fees accrued and
incentive fee rebates accrued as at the end of each period are presented separately.
", "dimensions": { "concept": "ppehl:DisclosureOfIncentiveFees", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2022-10-01T00:00:00" } }, "fact-240": { "value": "
16 Deferred receivables on investments
31.12.2022 31.12.2021
In thousands of EUR
Deferredreceivablesoninvestments - 5,690
<>
As at the end of the previous reporting period, other long-term receivables of EUR 5,690,467 pertain to the deferred sales
proceeds arising from the sale of one of its underlying investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-241": { "value": "17 Earnings per share and net assets per share Basic earnings per share are calculated by dividing the surplus or loss for the financial period attributable to the shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares, if any. There were no dilutive effects on the Company's shares during 2022 and 2021. The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by the number of shares outstanding at the end of the reporting period. 31.12.2022 31.12.2021 In thousands of EUR NetassetsoftheGroup 1,011,304 1,055,014 Outstandingsharesattheendofthereportingperiod 69,151,168.00 69,151,168.00 Netassetspershareatperiodend 14.62 15.26 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-260": { "value": "17 Earnings per share and net assets per share Basic earnings per share are calculated by dividing the surplus or loss for the financial period attributable to the shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares, if any. There were no dilutive effects on the Company's shares during 2022 and 2021. The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by the number of shares outstanding at the end of the reporting period. 31.12.2022 31.12.2021 In thousands of EUR NetassetsoftheGroup 1,011,304 1,055,014 Outstandingsharesattheendofthereportingperiod 69,151,168.00 69,151,168.00 Netassetspershareatperiodend 14.62 15.26 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-242": { "value": "
18 Financial risk management
The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market prices,
foreign currency exchange rates and interest rates. There is also counterparty risk from bank balances and derivatives (and
money market instruments if held by the Group). That would be the risk that a counterparty to a financial instrument will fail
to discharge an obligation or commitment it has entered into with the Group. The Group's overall risk management policy
focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance
of the Group. The Group may use derivative financial instruments such as foreign currency exchange forward or option
contracts to hedge certain financial risk exposures.
The discontinuation of non-USD interbank offered rates (\"IBORs\") and transition to alternative reference rates in the previous
reporting period did not impact or disrupt the processes. The overall risk was assessed as low, with limited potential impact.
Systems changes were finalized with some small residual testing and changes identified for 2022. USD LIBOR is expected to
transition at the latest in 2023 and does not require any specific changes to the system, process, and/or risk management that
were not already identified as part of the transition.
18.1 FOREIGN CURRENCY EXCHANGE RISK
The Group holds assets and liabilities denominated in currencies other than its Functional Currency. The value of assets and
liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The main currency risk for the Group
results from assets and liabilities held in other currencies where a change of exchange rates can have a material impact on the
value of assets and liabilities. The Group's global portfolio committee meets on a quarterly basis to review the implementation
of the Group's hedging strategy, through the use of derivative financial instruments such as foreign currency
exchange forward and option contracts to hedge certain exposures at its discretion. Furthermore, the Group's risk management
team reviews the foreign currency exchange risk on a daily basis and adjusts the actual hedging positions if necessary.
The annual volatility analysis uses cross-currency rates over the last ten years to the relevant period end (2021: from 1 January
2001 to the relevant period end) in order to incorporate long-term rate volatility trends. This change to rolling 10-year window
for volatility calculation was done for consistency purposes, since it gives more weight to the recent history for the changes
that happened in the financial markets. The analysis is based on the assumption that the non-Functional Currency fluctuates
by the annual volatility percentage, with all other variables held constant, and the amount by which the value of applicable net
assets would correspondingly fluctuate higher or lower is presented below. The foreign currency exposures below are presented
net of any foreign currency hedging instruments outstanding as at the end of the respective period.
31.12.2022 31.12.2021
In thousands of EUR
NetassetsdenominatedinAUD 4 4
NetassetsdenominatedinCHF 8,214 2,928
NetassetsdenominatedinGBP (1,444) 5,232
NetassetsdenominatedinSEK - 7
NetassetsdenominatedinUSD 77,847 79,258
NetassetsdenominatedinINR (2,691) (3,389)
NetassetsdenominatedinILS - (24,972)
ApplicableannualvolatilityAUD 8.46% 9.04%
ApplicableannualvolatilityCHF 6.30% 6.28%
ApplicableannualvolatilityGBP 6.89% 7.68%
ApplicableannualvolatilitySEK 4.88% 5.51%
ApplicableannualvolatilityUSD 7.45% 9.42%
ApplicableannualvolatilityINR 8.58% 9.15%
ApplicableannualvolatilityILS 7.57% 8.67%
Fluctuationofnetassetsandcorrespondingresultsdependingonabove-mentionedvolatility 5,987 5,578
<>
Certain Indirect Investments held within the Group's portfolio contain exposure to underlying portfolio investment denominated
in ILS, while such Indirect Investments' functional and reporting currency is a currency other than ILS. Where the ILS is
considered to be significant to the Group, it is hedged against the Group's Functional Currency. As a result, the table above
contains net assets denominated in ILS, which are reflective of the notional value ILS amount sold as part of the respective
hedging transations, translated into the Group's Functional Currency at the applicable foreign currency exchange rate at the
end of the relevant reporting period.
18.2 INTEREST RATE RISK The Group may invest in interest-bearing mezzanine and senior debt investments that are exposed to cash flow interest rate risk due to changes in market interest rates. The interest on mezzanine and senior debt investments is partially based on LIBOR and alternative reference rates. A decrease in the market interest rates can lead to a decrease in the interest income of the Group. The overall interest rate risk is considered to be limited as only a small part of the portfolio depends on variable interest rates. Cash and cash equivalents are only short-term and therefore interest rate exposure is limited. Excess cash balances may be placed into instruments with fixed interest rates when necessary. As at 31 December 2022, there were no term deposits (2021: nil). The interest rates quoted against the general market are analyzed as part of the Group's liquidity monitoring process to ensure that these are competitive and action is taken when appropriate. Other than as stated herein, the income and operating cash flows are substantially independent from changes in market interest rates. A change of 100 basis points (2021:25 basis points) in interest rates at the reporting date would have resulted in either an increase or a (decrease) in surplus or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant and is performed on the same basis for each relevant reporting period. Due to rising inflation and interest rates, it was considered appropriate to change the interest rate risk sensitivity from 25 to 100 basis points. The risk exposures of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity of the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting period. 18.3 VARIABLE RATE INSTRUMENTS 31.12.2022 31.12.2021 In thousands of EUR Mezzanineandseniordebtinvestments 9,055 12,795 Cashandcashequivalents 14,851 40,159 Creditfacility - (25,000) Totalvariablerateinstruments 23,906 27,954 <> As at the end of the reporting period, the Group holds nil (2021: EUR 7,990,529) in private debt financial assets where the interest on principal drawn is calculated using the USD LIBOR and will be replaced with the SOFR or an alternative benchmark rate at the latest in 2023. 18.4 SENSITIVITY ANALYSIS REPORTING PERIOD 100bpincrease 100bpdecrease In thousands of EUR Impactonvariablerateinstruments 239 (239)
18.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD
25bpincrease 25bpdecrease
In thousands of EUR
Impactonvariablerateinstruments 70 (70)
<>
18.6 CREDIT RISK
Whilst the Group intends to diversify its portfolio of investments, the Group's investment activities may result in credit risk
relating to investments in which the Group has direct or indirect (through underlying investments and investments in subsidiaries)
exposure. A negative credit development or a default of an investment in which the Group has direct or indirect exposure will
lead to a lower net asset value and to lower dividend and interest income from assets within the private debt operating segment
or where the Group holds a direct interest. In addition, the Investment Manager regularly conducts a concentration risk analysis
on the underlying investments and has concluded that no action needs to be taken.
It is expected that investments will include those made in private debt funds. Many of the private debt funds may be wholly
unregulated investment vehicles. In addition, certain of the private debt funds may have limited or no operational history and
have no proven track record in achieving their stated investment objective. The investment risk is managed by an investment
strategy that diversifies the investments in terms of geography, financing stage, industry or time.
Derivative counterparties and cash transactions are typically limited to high credit quality financial institutions, which are
governed by an internal rating system calculated based on publicly available data and takes into account the ratings assigned
by credit rating agencies such as Moody's and Standard & Poor's. However, in certain rare circumstances, the Investment
Manager's best execution committee has the authority to approve such transactions with specific counterparties who do not
have ratings as a one-off authorization, with considerations related to best execution price, liquidity and availability of other
counterparties. The Investment Manager ensures that surplus cash is invested in temporary investments. In addition, where
the Group holds significant amounts of cash the Investment Manager may seek to diversify this exposure across multiple
financial institutions.
The Group may also invest in mezzanine and senior debt facilities of private market investment backed underlying investments.
These underlying investments' financial performance is monitored on a monthly basis and classified by an internal rating system,
which consists of five categories: too early, with issues, on plan, above plan and outperformer. When assessing the investment
the Investment Manager takes into account a number of factors, including the financial position and actual versus expected
performance. The term \"too early\" is used during the period just after the initial investment when there is insufficient information
to assess the actual performance of the underlying investment. If an underlying investment's performance is classified as \"with
issues\", the mezzanine or senior debt facility will be closely and regularly monitored by the Investment Manager, with regular
communications being held with the manager of the underlying investment so that the actual value can be assessed and, if
necessary, written down. The amount of any unrealized loss is disclosed herein and the change of credit quality, if any, is
reflected in the fair value of the instrument.
The Group provides mezzanine and senior debt facilities to private companies which are represented as debt instruments. No
collateral is received from the underlying companies. The credit quality of these investments is based on the financial performance
of the individual portfolio company. For those assets that are not past due, it is believed that the risk of default is small and
the capital repayments and interest payments will be made in accordance with the agreed terms and conditions.
As part of the quarterly fair value assessment the Investment Manager takes into consideration any breaches in covenants
and any changes in general market conditions.
The Group has no significant concentration of credit risk other than as detailed herein.
The table 'Rating of Mezzanine and Senior Debt Investments' presents the classification of the Group's mezzanine and senior
debt investments in the categories described above at the end of each reporting period presented. The tables 'Duration of
Credit Risk Reporting Period' and 'Duration of Credit Risk Previous Reporting Period' present the duration of credit risk of
the Group as at the end of each period, respectively.
18.7 RATING OF MEZZANINE AND SENIOR DEBT INVESTMENTS
31.12.2022 31.12.2021
In thousands of EUR
Tooearly - -
Withissues 9,055 8,146
Onplan - 4,649
Aboveplan - -
Outperformer - -
Total 9,055 12,795
<>
18.8 DURATION OF CREDIT RISK REPORTING PERIOD
Not past due
Past due less
Past due more
In thousands of EUR
than 1 year
than 1 year
Derivativeassets 24,711 - -
Cashandcashequivalents 14,851 - -
Othershort-termreceivables 3,867 - -
Otherlong-termreceivables 1,433 - -
Deferredreceivablesoninvestments - - -
Mezzanineandseniordebtinvestments 9,055 - -
<>
As at the end of the reporting period, the Group held cash of EUR 14,850,502 with two international Swiss-based banking
groups which at that date had ratings of Baa2 (Moody's) and Aaa (Moody's).
18.9 DURATION OF CREDIT RISK PREVIOUS REPORTING PERIOD
Not past due
Past due less
Past due more
In thousands of EUR
than 1 year
than 1 year
Derivativeassets - - -
Cashandcashequivalents 40,159 - -
Othershort-termreceivables 11,713 - -
Otherlong-termreceivables 2,827 - -
Deferredreceivablesoninvestments 5,690 - -
Mezzanineandseniordebtinvestments 12,795 - -
As at the end of the previous reporting period, the Group held cash of EUR 40,158,933 with two international Swiss-based
banking groups which at that date had ratings of Baa1 (Moody's) and Aaa (Moody's).
18.10 LIQUIDITY RISK
Liquidity risk arises where the Group may not be able to meet the obligations as and when these fall due for settlement.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding
through an adequate amount of committed credit facilities and the ability to close out market positions.
As the unfunded commitments can be drawn at any time, there may be periods when the Group appears to have inadequate
liquidity to fund its investments or settle other amounts payable by the Group due to either changes in foreign currency
exchange rates that have an impact on the fair value of hedges and unfunded commitments to underlying investments or the
receipt of recallable distributions from underlying investments that increase the unfunded commitments to such investments
without a corresponding increase in unfunded commitments due from investors. The liquidity risk is managed through the use
of quantitative models by the Investment Manager's internal risk committee on a quarterly basis. If the risk committee concludes
that there is a risk of insufficient liquidity to fund investments, actions are taken into consideration such as entering into a
credit facility, reducing the amount of listed private equity, if any, or the selling of investments on the secondary market.
The Group's financial instruments include investments in unlisted securities, which are not traded in an organized public market
and may generally be illiquid. As a result, the Group may not be able to quickly liquidate its investments in these instruments
at an amount close to fair value in order to respond to its liquidity requirements or to specific events such as deterioration in
their creditworthiness. In the event of the risk of insufficient liquidity extending over a time horizon of at least twelve months
into the future, the Group can seek additional liquidity by means of third-party financing or, alternatively, disposal of investments
in the secondary market.
The tables 'Liquidity Risk Reporting Period' and 'Liquidity Risk Previous Reporting Period' present the maturity bands of the
Group's assets and liabilities at the end of each period, respectively.
18.11 LIQUIDITY RISK REPORTING PERIOD
Lessthan3 3to12months
More than 12
In thousands of EUR
months
months
UnfundedcommitmentstoDirectandIndirectInvestments (103,325) - -
Liabilitiesfallingduewithinoneyear (32,976) (28,831) -
Derivativeliabilities (1,822) - -
Derivativeassets 22,496 2,215 -
Currentassets 18,718 - -
Otherlong-termreceivables - - 1,433
Undrawncreditfacility 110,000 - -
Total 13,091 (26,616) 1,433
18.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD Lessthan3 3to12months More than 12 In thousands of EUR months months UnfundedcommitmentstoDirectandIndirectInvestments (116,600) - - Liabilitiesfallingduewithinoneyear (34,878) (17,530) - Derivativeliabilities (4,208) - - Currentassets 51,872 - - Otherlong-termreceivables - - 2,827 Deferredreceivablesoninvestments - - 5,690 Undrawncreditfacility 55,000 - - Total (48,814) (17,530) 8,517 <> 18.13 OVERCOMMITMENT TO INVESTMENTS As a result of maintaining a substantially full investment level over time, the Group may be subject to the risk of a shortfall of liquidity available to meet its obligations in extreme events when distribution from investments is delayed or drawdowns from commitments to funds are accelerated significantly beyond the expected values. To mitigate this risk, the development of liquidity available and the outlook for the net cash flows of the Group based on a quarterly assessment utilizing quantitative cash flow forecast models and prevailing market inputs are continuously monitored, and the Group may employ appropriate measures such as re-investing distributions received from an investment to fund capital calls from other investments. The investment strategy is based on Investment Manager\u2019s quantitative models, which use both top-down and bottom-up inputs to run scenarios that ultimately inform or limit the investment activity. On the back of the significant US dollar appreciation in the first three quarters of 2022, coupled with expectations of lower future distributions, the Group decided to stop the investment activity and to cancel the H2 interim dividend to avoid a potential liquidity shortfall in case of a further US dollar appreciation. 18.14 CAPITAL RISK MANAGEMENT The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain a strong capital base so as to retain investor, creditor and market confidence with regards to its investment objectives. The Group's capital is represented by its total equity. The Board of Directors also monitors and manages where appropriate the level of discount between the market price of its equity and the Group's net asset value per share in open-market transactions. As party to a credit facility contract, the Group is required to meet certain covenants and monitors its compliance with these externally imposed restrictions. The covenants and the Group's compliance with them are described in the 'Short-term credit facility' note (Note 14). 18.15 MARKET PRICE RISK Financial assets at fair value through profit or loss held directly or indirectly bear risks of capital losses. This risk is moderated through a careful selection of investments within specified limits. The Group's investments are monitored on a regular basis and their performance is reviewed on a quarterly basis. The Group's performance is measured against MSCI Daily Total Return Net World Local Index which is used as its primary reference index. The Group checks on a regular basis the weightings of the index, its composition, price development and volatility in order to incorporate long-term price volatility trends
The annual volatility of the reference index is shown based on the last ten years to the end of the relevant reporting period
(2021: from 1 January 2001 to the relevant period end). This change to rolling 10-year window for volatility calculation was
done for consistency purposes, since it gives more weight to the recent history for the changes that happened in the financial
markets. Under the assumption that the financial assets at fair value through profit or loss fluctuate by the annual volatility
percentage, with all other variables held constant, the fair value of such assets, if any, would fluctuate in direct proportion as
presented below.
31.12.2022 31.12.2021
In thousands of EUR
Financialassetsatfairvaluethroughprofitorloss 1,030,071 1,051,241
Totalassetssubjecttomarketrisk 1,030,071 1,051,241
Annualexpectedvolatility 13.91% 14.21%
Potentialimpactonauditedconsolidatedfinancialstatements 143,283 149,381
<>
18.16 OFFSETTING FINANCIAL INSTRUMENTS
The Group is typically subject to master netting arrangements which are entered into with one or more derivative counterparties
for all derivative assets and liabilities held with these counterparties. The Group may be required to maintain variation margin
balances for the purpose of providing or receiving collateral on derivative positions.
The Group and its counterparties have elected, where possible, to settle payment obligations between them on a net basis;
however, in the event of an early termination in accordance with the terms of the master netting arrangement, the non-defaulting
party can choose an early termination date for close-out netting of all outstanding transactions between the parties. Under
the terms of the master netting arrangements, an early termination event may include the following:
\u2022 Failure by a party to make payment when due;
\u2022 Failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied
within 20 business days after such failure;
\u2022 Bankruptcy of a party.
The Group's financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements
are presented by type of financial instrument.
Amounts in \"D\" below relate to amounts subject to set-off that do not qualify for offsetting under \"B\" below. This includes
amounts which are subject to set-off against the financial asset or financial liability disclosed in \"A\" which have not been offset
in the audited consolidated statement of financial position.
18.17 OFFSETTING REPORTING PERIOD
Financial assets subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A B C=A-B D E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the
Net
of recognized
recognized
financial
audited consolidated statement of
amount
financial assets
financial liabilities
assets presented in
financial position
set-off in the
the audited
audited
consolidated
consolidated
statement of
statement of
financial position
financial position
Derivative assets
Financial
Cash/(Bank
Financial
Instruments
Overdrafts)
Instrument
Collateral
CounterpartyA 8,768 523 8,245 - - 8,070 175
CounterpartyB 4,132 - 4,132 - - 2,130 2,002
CounterpartyI 6,467 - 6,467 - - 6,020 447
CounterpartyQ 17 - 17 - - - 17
CounterpartyAH 5,850 - 5,850 - - 5,730 120
<>
Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A B C=A-B D E=C-D
in thousands of EUR
31.12.2022
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the audited
Net
of recognized
recognized
financial liabilities
consolidated statement of financial
amount
financial
financial assets
presented in the
position
liabilities
set-off in the
audited
audited
consolidated
consolidated
statement of
statement of
financial position
financial position
Derivative
liabilities
Financial
Cash/(Bank
Financial
Instruments
Overdrafts)
Instrument
Collateral
Counterparty B
1,822 - 1,822 - - - 1,822
18.18 OFFSETTING PREVIOUS REPORTING PERIOD Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements: A B C=A-B D E=C-D in thousands of EUR 31.12.2021 Gross amounts Gross amounts of Net amounts of Related amounts not set-off in the Net of recognized recognized financial audited consolidated statement of amount financial financial assets liabilities presented financial position liabilities set-off in the in the audited audited consolidated consolidated statement of statement of financial position financial position Derivative liabilities Financial Cash/(Bank Financial Instruments Overdrafts) Instrument Collateral CounterpartyB 1,081 - 1,081 - - 900 181 CounterpartyI 573 338 235 - - 235 - CounterpartyJ 699 612 87 - 87 - - CounterpartyQ 2,806 - 2,806 - - 2,790 16 Credit Facility Drawn CounterpartyB 25,000 - 25,000 - - - 25,000 <> 18.19 STRUCTURED ENTITIES IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes: \u2022 Restricted activities. \u2022 A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors. \u2022 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support. \u2022 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited consolidated statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with respect to geographic region and investment strategy. The net asset value of each line represents the fair value of the respective Indirect Investments as well as the maximum exposure to loss resulting from such investments
18.20 STRUCTURED ENTITIES REPORTING PERIOD
31.12.2022
NAV in thousands of EUR
Region & Strategy
North America
Buyout 276,267
Specialsituations 14,035
Venturecapital 1,131
Western Europe
Buyout 213,651
Realestate 105
Venturecapital 7,805
Infrastructure 14,478
Rest of World
Buyout 7,051
Venturecapital 8,561
<>
18.21 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD
31.12.2021
NAV in thousands of EUR
Region & Strategy
North America
Buyout 237,871
Specialsituations 151,659
Venturecapital 4,169
Western Europe
Buyout 85,320
Realestate 753
Venturecapital 2,660
Infrastructure 14,474
Rest of World
Buyout 9,428
Venturecapital 17,050
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-261": { "value": "18.1 FOREIGN CURRENCY EXCHANGE RISK The Group holds assets and liabilities denominated in currencies other than its Functional Currency. The value of assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The main currency risk for the Group results from assets and liabilities held in other currencies where a change of exchange rates can have a material impact on the value of assets and liabilities. The Group's global portfolio committee meets on a quarterly basis to review the implementation of the Group's hedging strategy, through the use of derivative financial instruments such as foreign currency exchange forward and option contracts to hedge certain exposures at its discretion. Furthermore, the Group's risk management team reviews the foreign currency exchange risk on a daily basis and adjusts the actual hedging positions if necessary. The annual volatility analysis uses cross-currency rates over the last ten years to the relevant period end (2021: from 1 January 2001 to the relevant period end) in order to incorporate long-term rate volatility trends. This change to rolling 10-year window for volatility calculation was done for consistency purposes, since it gives more weight to the recent history for the changes that happened in the financial markets. The analysis is based on the assumption that the non-Functional Currency fluctuates by the annual volatility percentage, with all other variables held constant, and the amount by which the value of applicable net assets would correspondingly fluctuate higher or lower is presented below. The foreign currency exposures below are presented net of any foreign currency hedging instruments outstanding as at the end of the respective period. 31.12.2022 31.12.2021 In thousands of EUR NetassetsdenominatedinAUD 4 4 NetassetsdenominatedinCHF 8,214 2,928 NetassetsdenominatedinGBP (1,444) 5,232 NetassetsdenominatedinSEK - 7 NetassetsdenominatedinUSD 77,847 79,258 NetassetsdenominatedinINR (2,691) (3,389) NetassetsdenominatedinILS - (24,972) ApplicableannualvolatilityAUD 8.46% 9.04% ApplicableannualvolatilityCHF 6.30% 6.28% ApplicableannualvolatilityGBP 6.89% 7.68% ApplicableannualvolatilitySEK 4.88% 5.51% ApplicableannualvolatilityUSD 7.45% 9.42% ApplicableannualvolatilityINR 8.58% 9.15% ApplicableannualvolatilityILS 7.57% 8.67% Fluctuationofnetassetsandcorrespondingresultsdependingonabove-mentionedvolatility 5,987 5,578 <> Certain Indirect Investments held within the Group's portfolio contain exposure to underlying portfolio investment denominated in ILS, while such Indirect Investments' functional and reporting currency is a currency other than ILS. Where the ILS is considered to be significant to the Group, it is hedged against the Group's Functional Currency. As a result, the table above contains net assets denominated in ILS, which are reflective of the notional value ILS amount sold as part of the respective hedging transations, translated into the Group's Functional Currency at the applicable foreign currency exchange rate at the end of the relevant reporting period.
18.2 INTEREST RATE RISK
The Group may invest in interest-bearing mezzanine and senior debt investments that are exposed to cash flow interest rate
risk due to changes in market interest rates. The interest on mezzanine and senior debt investments is partially based on LIBOR
and alternative reference rates. A decrease in the market interest rates can lead to a decrease in the interest income of the
Group. The overall interest rate risk is considered to be limited as only a small part of the portfolio depends on variable interest
rates.
Cash and cash equivalents are only short-term and therefore interest rate exposure is limited. Excess cash balances may be
placed into instruments with fixed interest rates when necessary. As at 31 December 2022, there were no term deposits
(2021: nil).
The interest rates quoted against the general market are analyzed as part of the Group's liquidity monitoring process to ensure
that these are competitive and action is taken when appropriate.
Other than as stated herein, the income and operating cash flows are substantially independent from changes in market interest
rates.
A change of 100 basis points (2021:25 basis points) in interest rates at the reporting date would have resulted in either an
increase or a (decrease) in surplus or loss by the amounts stated below. This analysis assumes that all other variables, in particular
foreign currency rates, remain constant and is performed on the same basis for each relevant reporting period. Due to rising
inflation and interest rates, it was considered appropriate to change the interest rate risk sensitivity from 25 to 100 basis
points.
The risk exposures of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity of
the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting
period.
18.3 VARIABLE RATE INSTRUMENTS
31.12.2022 31.12.2021
In thousands of EUR
Mezzanineandseniordebtinvestments 9,055 12,795
Cashandcashequivalents 14,851 40,159
Creditfacility - (25,000)
Totalvariablerateinstruments 23,906 27,954
<>
As at the end of the reporting period, the Group holds nil (2021: EUR 7,990,529) in private debt financial assets where the
interest on principal drawn is calculated using the USD LIBOR and will be replaced with the SOFR or an alternative benchmark
rate at the latest in 2023.
18.4 SENSITIVITY ANALYSIS REPORTING PERIOD
100bpincrease 100bpdecrease
In thousands of EUR
Impactonvariablerateinstruments 239 (239)
18.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD 25bpincrease 25bpdecrease In thousands of EUR Impactonvariablerateinstruments 70 (70)
18.15 MARKET PRICE RISK
Financial assets at fair value through profit or loss held directly or indirectly bear risks of capital losses. This risk is moderated
through a careful selection of investments within specified limits. The Group's investments are monitored on a regular basis
and their performance is reviewed on a quarterly basis. The Group's performance is measured against MSCI Daily Total Return
Net World Local Index which is used as its primary reference index. The Group checks on a regular basis the weightings of
the index, its composition, price development and volatility in order to incorporate long-term price volatility trends.
The annual volatility of the reference index is shown based on the last ten years to the end of the relevant reporting period (2021: from 1 January 2001 to the relevant period end). This change to rolling 10-year window for volatility calculation was done for consistency purposes, since it gives more weight to the recent history for the changes that happened in the financial markets. Under the assumption that the financial assets at fair value through profit or loss fluctuate by the annual volatility percentage, with all other variables held constant, the fair value of such assets, if any, would fluctuate in direct proportion as presented below. 31.12.2022 31.12.2021 In thousands of EUR Financialassetsatfairvaluethroughprofitorloss 1,030,071 1,051,241 Totalassetssubjecttomarketrisk 1,030,071 1,051,241 Annualexpectedvolatility 13.91% 14.21% Potentialimpactonauditedconsolidatedfinancialstatements 143,283 149,381 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-262": { "value": "18.6 CREDIT RISK Whilst the Group intends to diversify its portfolio of investments, the Group's investment activities may result in credit risk relating to investments in which the Group has direct or indirect (through underlying investments and investments in subsidiaries) exposure. A negative credit development or a default of an investment in which the Group has direct or indirect exposure will lead to a lower net asset value and to lower dividend and interest income from assets within the private debt operating segment or where the Group holds a direct interest. In addition, the Investment Manager regularly conducts a concentration risk analysis on the underlying investments and has concluded that no action needs to be taken. It is expected that investments will include those made in private debt funds. Many of the private debt funds may be wholly unregulated investment vehicles. In addition, certain of the private debt funds may have limited or no operational history and have no proven track record in achieving their stated investment objective. The investment risk is managed by an investment strategy that diversifies the investments in terms of geography, financing stage, industry or time. Derivative counterparties and cash transactions are typically limited to high credit quality financial institutions, which are governed by an internal rating system calculated based on publicly available data and takes into account the ratings assigned by credit rating agencies such as Moody's and Standard & Poor's. However, in certain rare circumstances, the Investment Manager's best execution committee has the authority to approve such transactions with specific counterparties who do not have ratings as a one-off authorization, with considerations related to best execution price, liquidity and availability of other counterparties. The Investment Manager ensures that surplus cash is invested in temporary investments. In addition, where the Group holds significant amounts of cash the Investment Manager may seek to diversify this exposure across multiple financial institutions. The Group may also invest in mezzanine and senior debt facilities of private market investment backed underlying investments. These underlying investments' financial performance is monitored on a monthly basis and classified by an internal rating system, which consists of five categories: too early, with issues, on plan, above plan and outperformer. When assessing the investment the Investment Manager takes into account a number of factors, including the financial position and actual versus expected performance. The term \"too early\" is used during the period just after the initial investment when there is insufficient information to assess the actual performance of the underlying investment. If an underlying investment's performance is classified as \"with issues\", the mezzanine or senior debt facility will be closely and regularly monitored by the Investment Manager, with regular communications being held with the manager of the underlying investment so that the actual value can be assessed and, if necessary, written down. The amount of any unrealized loss is disclosed herein and the change of credit quality, if any, is reflected in the fair value of the instrument. The Group provides mezzanine and senior debt facilities to private companies which are represented as debt instruments. No collateral is received from the underlying companies. The credit quality of these investments is based on the financial performance of the individual portfolio company. For those assets that are not past due, it is believed that the risk of default is small and the capital repayments and interest payments will be made in accordance with the agreed terms and conditions. As part of the quarterly fair value assessment the Investment Manager takes into consideration any breaches in covenants and any changes in general market conditions. The Group has no significant concentration of credit risk other than as detailed herein. The table 'Rating of Mezzanine and Senior Debt Investments' presents the classification of the Group's mezzanine and senior debt investments in the categories described above at the end of each reporting period presented. The tables 'Duration of Credit Risk Reporting Period' and 'Duration of Credit Risk Previous Reporting Period' present the duration of credit risk of the Group as at the end of each period, respectively. 18.7 RATING OF MEZZANINE AND SENIOR DEBT INVESTMENTS 31.12.2022 31.12.2021 In thousands of EUR Tooearly - - Withissues 9,055 8,146 Onplan - 4,649 Aboveplan - - Outperformer - - Total 9,055 12,795 <> 18.8 DURATION OF CREDIT RISK REPORTING PERIOD Not past due Past due less Past due more In thousands of EUR than 1 year than 1 year Derivativeassets 24,711 - - Cashandcashequivalents 14,851 - - Othershort-termreceivables 3,867 - - Otherlong-termreceivables 1,433 - - Deferredreceivablesoninvestments - - - Mezzanineandseniordebtinvestments 9,055 - - <> As at the end of the reporting period, the Group held cash of EUR 14,850,502 with two international Swiss-based banking groups which at that date had ratings of Baa2 (Moody's) and Aaa (Moody's). 18.9 DURATION OF CREDIT RISK PREVIOUS REPORTING PERIOD Not past due Past due less Past due more In thousands of EUR than 1 year than 1 year Derivativeassets - - - Cashandcashequivalents 40,159 - - Othershort-termreceivables 11,713 - - Otherlong-termreceivables 2,827 - - Deferredreceivablesoninvestments 5,690 - - Mezzanineandseniordebtinvestments 12,795 - - As at the end of the previous reporting period, the Group held cash of EUR 40,158,933 with two international Swiss-based banking groups which at that date had ratings of Baa1 (Moody's) and Aaa (Moody's). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-263": { "value": "18.10 LIQUIDITY RISK Liquidity risk arises where the Group may not be able to meet the obligations as and when these fall due for settlement. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. As the unfunded commitments can be drawn at any time, there may be periods when the Group appears to have inadequate liquidity to fund its investments or settle other amounts payable by the Group due to either changes in foreign currency exchange rates that have an impact on the fair value of hedges and unfunded commitments to underlying investments or the receipt of recallable distributions from underlying investments that increase the unfunded commitments to such investments without a corresponding increase in unfunded commitments due from investors. The liquidity risk is managed through the use of quantitative models by the Investment Manager's internal risk committee on a quarterly basis. If the risk committee concludes that there is a risk of insufficient liquidity to fund investments, actions are taken into consideration such as entering into a credit facility, reducing the amount of listed private equity, if any, or the selling of investments on the secondary market. The Group's financial instruments include investments in unlisted securities, which are not traded in an organized public market and may generally be illiquid. As a result, the Group may not be able to quickly liquidate its investments in these instruments at an amount close to fair value in order to respond to its liquidity requirements or to specific events such as deterioration in their creditworthiness. In the event of the risk of insufficient liquidity extending over a time horizon of at least twelve months into the future, the Group can seek additional liquidity by means of third-party financing or, alternatively, disposal of investments in the secondary market. The tables 'Liquidity Risk Reporting Period' and 'Liquidity Risk Previous Reporting Period' present the maturity bands of the Group's assets and liabilities at the end of each period, respectively. 18.11 LIQUIDITY RISK REPORTING PERIOD Lessthan3 3to12months More than 12 In thousands of EUR months months UnfundedcommitmentstoDirectandIndirectInvestments (103,325) - - Liabilitiesfallingduewithinoneyear (32,976) (28,831) - Derivativeliabilities (1,822) - - Derivativeassets 22,496 2,215 - Currentassets 18,718 - - Otherlong-termreceivables - - 1,433 Undrawncreditfacility 110,000 - - Total 13,091 (26,616) 1,433
18.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD
Lessthan3 3to12months
More than 12
In thousands of EUR
months
months
UnfundedcommitmentstoDirectandIndirectInvestments (116,600) - -
Liabilitiesfallingduewithinoneyear (34,878) (17,530) -
Derivativeliabilities (4,208) - -
Currentassets 51,872 - -
Otherlong-termreceivables - - 2,827
Deferredreceivablesoninvestments - - 5,690
Undrawncreditfacility 55,000 - -
Total (48,814) (17,530) 8,517
<>
18.13 OVERCOMMITMENT TO INVESTMENTS
As a result of maintaining a substantially full investment level over time, the Group may be subject to the risk of a shortfall of
liquidity available to meet its obligations in extreme events when distribution from investments is delayed or drawdowns from
commitments to funds are accelerated significantly beyond the expected values. To mitigate this risk, the development of
liquidity available and the outlook for the net cash flows of the Group based on a quarterly assessment utilizing quantitative
cash flow forecast models and prevailing market inputs are continuously monitored, and the Group may employ appropriate
measures such as re-investing distributions received from an investment to fund capital calls from other investments. The
investment strategy is based on Investment Manager\u2019s quantitative models, which use both top-down and bottom-up inputs
to run scenarios that ultimately inform or limit the investment activity. On the back of the significant US dollar appreciation in
the first three quarters of 2022, coupled with expectations of lower future distributions, the Group decided to stop the
investment activity and to cancel the H2 interim dividend to avoid a potential liquidity shortfall in case of a further US
dollar appreciation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-264": { "value": "18.14 CAPITAL RISK MANAGEMENT The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain a strong capital base so as to retain investor, creditor and market confidence with regards to its investment objectives. The Group's capital is represented by its total equity. The Board of Directors also monitors and manages where appropriate the level of discount between the market price of its equity and the Group's net asset value per share in open-market transactions. As party to a credit facility contract, the Group is required to meet certain covenants and monitors its compliance with these externally imposed restrictions. The covenants and the Group's compliance with them are described in the 'Short-term credit facility' note (Note 14). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-265": { "value": "18.16 OFFSETTING FINANCIAL INSTRUMENTS The Group is typically subject to master netting arrangements which are entered into with one or more derivative counterparties for all derivative assets and liabilities held with these counterparties. The Group may be required to maintain variation margin balances for the purpose of providing or receiving collateral on derivative positions. The Group and its counterparties have elected, where possible, to settle payment obligations between them on a net basis; however, in the event of an early termination in accordance with the terms of the master netting arrangement, the non-defaulting party can choose an early termination date for close-out netting of all outstanding transactions between the parties. Under the terms of the master netting arrangements, an early termination event may include the following: \u2022 Failure by a party to make payment when due; \u2022 Failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within 20 business days after such failure; \u2022 Bankruptcy of a party. The Group's financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements are presented by type of financial instrument. Amounts in \"D\" below relate to amounts subject to set-off that do not qualify for offsetting under \"B\" below. This includes amounts which are subject to set-off against the financial asset or financial liability disclosed in \"A\" which have not been offset in the audited consolidated statement of financial position. 18.17 OFFSETTING REPORTING PERIOD Financial assets subjected to offsetting, enforceable master netting arrangements, and similar agreements: A B C=A-B D E=C-D in thousands of EUR 31.12.2022 Gross amounts Gross amounts of Net amounts of Related amounts not set-off in the Net of recognized recognized financial audited consolidated statement of amount financial assets financial liabilities assets presented in financial position set-off in the the audited audited consolidated consolidated statement of statement of financial position financial position Derivative assets Financial Cash/(Bank Financial Instruments Overdrafts) Instrument Collateral CounterpartyA 8,768 523 8,245 - - 8,070 175 CounterpartyB 4,132 - 4,132 - - 2,130 2,002 CounterpartyI 6,467 - 6,467 - - 6,020 447 CounterpartyQ 17 - 17 - - - 17 CounterpartyAH 5,850 - 5,850 - - 5,730 120 <> Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements: A B C=A-B D E=C-D in thousands of EUR 31.12.2022 Gross amounts Gross amounts of Net amounts of Related amounts not set-off in the audited Net of recognized recognized financial liabilities consolidated statement of financial amount financial financial assets presented in the position liabilities set-off in the audited audited consolidated consolidated statement of statement of financial position financial position Derivative liabilities Financial Cash/(Bank Financial Instruments Overdrafts) Instrument Collateral Counterparty B 1,822 - 1,822 - - - 1,822
18.18 OFFSETTING PREVIOUS REPORTING PERIOD
Financial liabilities subjected to offsetting, enforceable master netting arrangements, and similar agreements:
A B C=A-B D E=C-D
in thousands of EUR
31.12.2021
Gross amounts
Gross amounts of
Net amounts of
Related amounts not set-off in the
Net
of recognized
recognized
financial
audited consolidated statement of
amount
financial
financial assets
liabilities presented
financial position
liabilities
set-off in the
in the audited
audited
consolidated
consolidated
statement of
statement of
financial position
financial position
Derivative liabilities
Financial
Cash/(Bank
Financial
Instruments
Overdrafts)
Instrument
Collateral
CounterpartyB 1,081 - 1,081 - - 900 181
CounterpartyI 573 338 235 - - 235 -
CounterpartyJ 699 612 87 - 87 - -
CounterpartyQ 2,806 - 2,806 - - 2,790 16
Credit Facility
Drawn
CounterpartyB 25,000 - 25,000 - - - 25,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-266": { "value": "
18.19 STRUCTURED ENTITIES
IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested
into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or similar
rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative
tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some
or all of the following features or attributes:
\u2022 Restricted activities.
\u2022 A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment
opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors.
\u2022 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support.
\u2022 Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other
risks (tranches).
The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line
item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized
gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited consolidated
statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with respect to geographic
region and investment strategy. The net asset value of each line represents the fair value of the respective Indirect Investments
as well as the maximum exposure to loss resulting from such investments.
18.20 STRUCTURED ENTITIES REPORTING PERIOD 31.12.2022 NAV in thousands of EUR Region & Strategy North America Buyout 276,267 Specialsituations 14,035 Venturecapital 1,131 Western Europe Buyout 213,651 Realestate 105 Venturecapital 7,805 Infrastructure 14,478 Rest of World Buyout 7,051 Venturecapital 8,561 <> 18.21 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD 31.12.2021 NAV in thousands of EUR Region & Strategy North America Buyout 237,871 Specialsituations 151,659 Venturecapital 4,169 Western Europe Buyout 85,320 Realestate 753 Venturecapital 2,660 Infrastructure 14,474 Rest of World Buyout 9,428 Venturecapital 17,050 ", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-243": { "value": "19 Fair value measurement IFRS 13 'Fair value measurement' requires the Group to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as observable prices or firm broker quotes) or indirectly (that is, derived from observable prices including discount adjustments to quoted prices in the case of regulatory restrictions to sell such securities) (level 2); \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes \"observable\" requires significant judgment by the Group. The Group considers the observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. In the event that the Group holds any quoted investments, including any shares received as a result of an IPO or listed private market investments, these are valued based on quoted market prices in active markets and therefore classified in level 1. Any derivatives used for hedging and short-term investments valued using market dealer quotes can be redeemed at the fair value measured and are therefore classified in level 2. Level 3 comprises unquoted investments where the latest information, which may not coincide with the reporting date of the Group or the valuation date of the investments, provided by underlying investments and other business partners is reviewed, and widely recognized methods applied to value such investments are detailed in the 'Critical accounting estimates and judgments' note. The reconciliation of each class of financial instrument designated as level 3 is presented in the 'Financial assets at fair value through profit or loss' note. Transfers between level 1, 2 and 3, if any, are deemed to have happened at the end of the relevant reporting period. The Group's classification of financial assets and liabilities measured at fair value in the fair value hierarchy described above is presented as at the end of the relevant reporting period.
19.1 FAIR VALUE ESTIMATION REPORTING PERIOD
Level1 Level2 Level3 Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables - - 3,867 3,867
Derivativesusedforhedging - 24,711 - 24,711
Financial assets at fair value through profit or loss - equity
- - 1,007,935 1,007,935
securities
Financial assets at fair value through profit or loss - debt
- - 22,136 22,136
investments
Totalassets - 24,711 1,033,938 1,058,649
Liabilities
Derivativesusedforhedging - (1,822) - (1,822)
Totalliabilities - (1,822) - (1,822)
<>
During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
19.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD
Level1 Level2 Level3 Totalbalance
In thousands of EUR
Assets
Othershort-termreceivables - - 11,713 11,713
Financial assets at fair value through profit or loss - equity
- - 888,470 888,470
securities
Financial assets at fair value through profit or loss - debt
- - 162,771 162,771
investments
Totalassets - - 1,062,954 1,062,954
Liabilities
Derivativesusedforhedging - (4,208) - (4,208)
Totalliabilities - (4,208) - (4,208)
<>
During the previous reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.
For comparative purposes, the above table was updated to align with the current reporting period presentation.
19.3 FINANCIAL STATEMENT LINE ITEMS NOT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
All assets and liabilities presented in the audited consolidated statement of financial position, except for those measured at
fair value in accordance with IFRS 13, are measured at either amortized cost or their face value, both of which are deemed to
be a reasonable approximation of their fair values.
In conjunction with the fair value hierarchy disclosed in the 'Fair value measurement' note (Note 19):
\u2022 Cash and cash equivalents as well as bank overdrafts are measured at values that would be reflective of level 1 prices. These include cash in hand, deposits held with banks, money market funds, other short-term investments in active markets and bank overdrafts. \u2022 Other receivables are measured at values that would be reflective of level 3 prices. These include contractual amounts for settlement of trades and other obligations due to the Group. \u2022 Accruals and other short-term payables represent the contractual amounts and obligations due by the Group for settlement of trades and expenses and are measured at values that would be reflective of level 2 prices, except for incentive fee accruals due by the Group which are reflective of level 3 prices. \u2022 Deferred payments are measured at values that would be reflective of level 2 prices. These consist of payments for financial assets purchased and receivables for financial assets sold, for which it was agreed with the contractual counterparty to defer one or more payment installments. \u2022 Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective of level 2 prices. \u2022 Equity is a residual amount calculated by subtracting the total liabilities of the Group from the total assets of the Group. As the lowest level of input that is significant to the fair value measurement of the inputs into this equation is level 3, the values at which equity is measured would be reflective of level 3 prices. 19.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS The Group primarily presents level 3 investments using valuation techniques and inputs which consider the available underlying investment valuation information. Level 3 investments may consist of Equity, Debt, and Partnership Investments. Partnership Investments, if presented, include the Group's investments into external investment vehicles. Level 3 Partnership Investments are generally valued at the Partnership Investments' net asset values last reported by its governing bodies. When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers, non-public information on developments of portfolio companies held by Partnership Investments, syndicated transactions which involve such companies and the application of reporting standards by Partnership Investments which do not apply the principle of fair valuation. The main inputs into the Group's valuation models for Equity and Debt Investments include: EBITDA multiples (based on budgeted/forward looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary. Further inputs consist of external valuation appraisals and broker quotes. In order to assess level 3 valuations in accordance with the Constituent Documents, the performance of the investments held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is considered using various valuation methods and techniques generally recognized within the industry. From time to time, the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on the individual investment circumstances, such as its maturity, stage of operations or recent transaction. The Group utilizes comparable trading multiples in arriving at the valuation for the Equity and Debt Investments. Comparable companies' multiple techniques assume that the valuation of unquoted Equity and Debt Investments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in the determination of appropriate comparable public companies include industry, size, development stage, and strategy. Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity and Debt Investment is selected (these include but are not limited to EBITDA, price to earnings ratio for earnings or price to book ratio for book values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued Equity and Debt Investment and the comparable company set. The indicated fair value of the Equity and Debt Investment is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. The valuation of an Equity or Debt Investment may alternatively be derived using the discounted cash flow method by discounting its expected future cash flows to a present value at a rate of expected return that represents the time value of money and reflects its relative risks. Equity and Debt Investments can be valued by using the 'cash flow to investor' method (a debt instrument valuation), or indirectly, by deriving the enterprise value using the 'free cash flow to company' method and subsequently subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current market environment an expected return of the respective Equity and Debt Investment is projected. The future cash flows are discounted to the date of the relevant reporting period end in order to determine the fair value. Debt Investment valuations are derived by applying widely acceptable valuation methods suitable for Debt Investments which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes for Debt Investments are provided by a reputable financial information provider. These quotes are applied on the nominal value of such investments to derive the fair value. The comparable debt approach arrives at the valuation of a Debt Investment by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include, but are not limited to, industry, coupon, duration and maturity date. The Group utilizes the sales comparison method in arriving at the valuation for real estate investments, which are categorised under Equity Investments. The sales comparison method compares a real estate investment's characteristics with those of comparable properties which have recently been traded in the market. Factors considered in the determination of such comparable assets include, but are not limited to, size, location, development stage and property type. Consequently, the most appropriate measure for determining the valuation of the relevant real estate investment is selected (amongst others price per room, price per square foot, price per square meter). The comparable price per unit might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property and access to public transportation. The indicated fair value of the real estate investment is determined by applying the relevant price per unit to the respective real estate investment. The sales comparison method is most appropriate for real estate investments where the investment's size (e.g. number of rooms, square feet, square meters) is known and similar properties have recently traded in the market. The income method compares a real estate investment's net operating income to capitalization rates recently observed in the market to determine the present value. The capitalization rates from recent sales of comparable properties utilized in this method might be subject to adjustment for general qualitative differences which include, but are not limited to, quality of property, tenant mix and access to public transportation. Factors considered in the determination of such comparable properties include, but are not limited to, size, location, development stage and property type. The indicated fair value of the real estate investment is determined by applying the relevant capitalization rate to the real estate investment's net operating income. This method is most appropriate for income-generating real estate investments where the net operating income is known and similar properties have recently traded in the market. The valuation of level 3 Equity Investments derived using an unobservable input factor are directly affected by a change in that factor. The change in valuation of level 3 Equity Investments may vary between different investments of the same category as a result of individual levels of debt financing within such an investment. No interrelationship between unobservable inputs used in the Group's valuation of its level 3 investments has been identified
The Group presents investments whose fair values are measured in whole or in part using valuation techniques based on
assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument
and the effect of changing one or more of those assumptions behind the valuation techniques adopted based on reasonable
possible alternative assumptions.
Equity and Debt Investments may include certain investments using the valuation technique \"Reported fair value\". Such
investments invest solely into an external investment vehicle, hence their fair value is based on reported fair value rather than
a direct investment valuation.
The sensitivity analysis presents the potential change in fair value for each category of investments in absolute values. For a
5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental
change in valuation of the investment is calculated.
With respect to real estate equity investments, the sensitivity analysis as performed for other Equity Investments, with changes
in the relevant unobservable valuation inputs, would not translate into meaningful valuation movements. The reasons for this
conclusion include, but are not limited to, the fact that variations in property location, quality and business plan result in
comparisons across properties that are not meaningful. Unobservable inputs for a specific region will vary greatly based on
the property's micro location, building finishes and amenities and leasing strategy. One-to-one comparisons are not possible
even for buildings that are physically close to each other due to the differences in property features and occupancy.
A sensitivity analysis is generally not performed for Equity and Debt Investments that have been acquired within the last three
months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance with IFRS
13 as insufficient time has passed to determine a reliable sensitivity range based on valuation inputs that would be considered
appropriate by market participants.
19.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD
Type of
Fairvalueat Valuationtechnique Unobservableinput
Range(weighted Sensitivity
security
31.12.2022
average)
Fair value in thousands of EUR
Equity 930,259
Market comparable
Enterprise value to
5.00x-34.00x 77,861 (77,861)
Investments
companies
EBITDA multiple
(15.94x)
35,721 Discountedcashflow Discountfactor
13.45%-14.30% 255 (255)
(14.17%)
13,854
Marketcomparable Pricetobookratio
1.68x-1.68x 693 (693)
companies
(1.68x)
10,201
RecentRecenttransactionprice n.a. n.a. n.a.
financing/transaction
8,819
Market comparable
Enterprise value to sales
2.60x-22.30x 424 (424)
companies
multiple
(8.23x)
671 ExitpriceRecenttransactionprice n.a. n.a. n.a.
455 Reportedfairvalue Reportedfairvalue n.a 22 (22)
Debt 8,994 Brokerquotes
Indicativequotesforan n.a. n.a. n.a.
Investments
inactive market
7,626 Discountedcashflow Discountfactor
13.00%-23.00% 165 (165)
(15.78%)
81 ExitpriceRecenttransactionprice n.a. n.a. n.a.
Partnership 24,272
Adjusted reported net
Reportednetassetvalue n.a. 1,214 (1,214)
Investments
asset value
9 Adjustedreportednet Fairvalueadjustments n.a. 0 0 asset value 1,040,962Total (10,891)AmountsfromPartnersGroupinvestmentvehicles 1,030,071Totallevel3investments n.a. - not meaningful as outlined in the note above <> The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held under external partnership investments. 19.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD Type of Fairvalueat Valuationtechnique Unobservableinput Range(weighted Sensitivity security 31.12.2021 average) Fair value in thousands of EUR Equity 669,604 Market comparable Enterprise value to 3.56x-22.30x 54,530 (54,530) Investments companies EBITDA multiple (15.57x) 118,111 RecentRecenttransactionprice n.a. n.a. n.a. financing/transaction 31,652 Discountedcashflow Discountfactor 12.00%-13.00% 424 (424) (12.80%) 16,921 ExitpriceRecenttransactionprice n.a. n.a. n.a. 6,362 Market comparable Enterprise value to sales 3.50x-3.50x 294 (294) companies multiple (3.50x) 1,046 Reportedfairvalue Reportedfairvalue n.a 47 (47) Debt 12,640 Brokerquotes Indicativequotesforan n.a. n.a. n.a. Investments inactive market 8,379 Discountedcashflow Discountfactor 6.03%-11.76% 85 (85) (9.53%) 208 Market comparable Enterprise value to 3.56x-3.56x n.a. n.a. companies EBITDA multiple (3.56x) Partnership 185'373 AdjustedreportednetReportednetassetvalue n.a. 9'269 (9'269) Investments asset value (4,648) Adjustedreportednet Fairvalueadjustments n.a. (232) 232 asset value 1,045,648Total 5,593AmountsfromPartnersGroupinvestmentvehicles 1,051,241Totallevel3investments n.a. - not meaningful as outlined in the note above
The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any difference
in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are
measured under level 1 or level 2 but presented under level 3 in fair value measurement note since the investments are held
under external partnership investments.
For comparative purposes, the above table was updated to align with the current reporting period presentation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-244": { "value": "
20 Related party transactions and balances
A related party to the Group is an entity or person which has the ability to directly or indirectly control the Group, or vice
versa, or to exercise significant influence over the Group in making financial and operating decisions or is a member of the key
management team, including their immediate families, of the Group or its Board of Directors. Entities are also related where
they are members of the same group.
In this regard, the following are considered related parties in the context of these audited consolidated financial statements:
Partners Group Holding AG, all entities owned and controlled by Partners Group Holding AG, all entities advised by Partners
Group AG, and each of their key management.
The following represents the transactions and balances of the Group with related parties:
20.1 TRANSACTIONS
31.12.2022 31.12.2021
In thousands of EUR
Managementfeeexpenses 13,874 15,285
PartnersGroupAG 13,874 15,285
Administrationfeeexpenses 471 456
PartnersGroup(Guernsey)Limited 471 456
Servicefeeexpenses 208 250
PartnersGroupAG 208 250
Incentivefeeexpenses 18,829 39,842
PartnersGroupAG 18,829 39,842
Incentivefeepaid (7,528) 41,837
PartnersGroupAG (7,528) 41,837
Setupandinterestexpensesonbridgeloansandcreditfacilitiesprovidedthrough - 18
PartnersGroupFinanceCHFICLtd - 18
Directors'feeexpenses: 294 268
Investedamountsanddistributionsfrom/(to)PartnersGroupadvisedproducts(investment 87,781 93,203
side), net
<>
Commitments made during the reporting period to Partners Group advised products amounted to EUR 188,507,876 (2021:
EUR 318,609,839).
20.2 PERIOD-END BALANCES 31.12.2022 31.12.2021 In thousands of EUR Othershort-termreceivables 666 7,476 PartnersGroupaffiliatedentities 666 7,425 ReceivablefromInvestments - 51 Accrualsandothershort-termpayables (10,006) (9,609) PartnersGroupaffiliatedentities (10,006) (9,588) PayabletoInvestments - (21) Accruedincentivefee (28,831) (17,530) PartnersGroupAG (28,831) (17,530) CommitmentstoPartnersGroupadvisedproducts(investmentside) 1,161,416 972,908 FairvalueofinvestmentsadvisedbyPartnersGrouporrelatedparties 682,005 771,342 <> 21 Related party loan During the previous reporting period, a related party of the Company (the 'Loan Provider') provided a loan facility to the Company in the amount of EUR 7,250,000. Under the loan agreement entered into between the Company and the Loan Provider, the maximum loan amount to be drawn by the Company was EUR 7,250,000. The Company was due to pay annual interest on the loan amounts outstanding at a rate of the applicable currency's one to three month inter-bank borrowing rate plus 190 basis points and plus, but only if negative, the absolute value of the applicable rate for the period. The CHF LIBOR rate on loan amounts drawn since 9 December 2021 was replaced with the Swiss average overnight rate (\"SARON\"). 31.12.2022 31.12.2021 In thousands of EUR Balanceatbeginningofperiod - - Increaseduringperiod - 7,250 (Decrease)duringperiod - (7,250) Balanceatendofperiod - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-267": { "value": "20 Related party transactions and balances A related party to the Group is an entity or person which has the ability to directly or indirectly control the Group, or vice versa, or to exercise significant influence over the Group in making financial and operating decisions or is a member of the key management team, including their immediate families, of the Group or its Board of Directors. Entities are also related where they are members of the same group. In this regard, the following are considered related parties in the context of these audited consolidated financial statements: Partners Group Holding AG, all entities owned and controlled by Partners Group Holding AG, all entities advised by Partners Group AG, and each of their key management. The following represents the transactions and balances of the Group with related parties: 20.1 TRANSACTIONS 31.12.2022 31.12.2021 In thousands of EUR Managementfeeexpenses 13,874 15,285 PartnersGroupAG 13,874 15,285 Administrationfeeexpenses 471 456 PartnersGroup(Guernsey)Limited 471 456 Servicefeeexpenses 208 250 PartnersGroupAG 208 250 Incentivefeeexpenses 18,829 39,842 PartnersGroupAG 18,829 39,842 Incentivefeepaid (7,528) 41,837 PartnersGroupAG (7,528) 41,837 Setupandinterestexpensesonbridgeloansandcreditfacilitiesprovidedthrough - 18 PartnersGroupFinanceCHFICLtd - 18 Directors'feeexpenses: 294 268 Investedamountsanddistributionsfrom/(to)PartnersGroupadvisedproducts(investment 87,781 93,203 side), net <> Commitments made during the reporting period to Partners Group advised products amounted to EUR 188,507,876 (2021: EUR 318,609,839).
20.2 PERIOD-END BALANCES
31.12.2022 31.12.2021
In thousands of EUR
Othershort-termreceivables 666 7,476
PartnersGroupaffiliatedentities 666 7,425
ReceivablefromInvestments - 51
Accrualsandothershort-termpayables (10,006) (9,609)
PartnersGroupaffiliatedentities (10,006) (9,588)
PayabletoInvestments - (21)
Accruedincentivefee (28,831) (17,530)
PartnersGroupAG (28,831) (17,530)
CommitmentstoPartnersGroupadvisedproducts(investmentside) 1,161,416 972,908
FairvalueofinvestmentsadvisedbyPartnersGrouporrelatedparties 682,005 771,342
<>
21 Related party loan
During the previous reporting period, a related party of the Company (the 'Loan Provider') provided a loan facility to the
Company in the amount of EUR 7,250,000. Under the loan agreement entered into between the Company and the Loan
Provider, the maximum loan amount to be drawn by the Company was EUR 7,250,000. The Company was due to pay annual
interest on the loan amounts outstanding at a rate of the applicable currency's one to three month inter-bank borrowing rate
plus 190 basis points and plus, but only if negative, the absolute value of the applicable rate for the period. The CHF LIBOR
rate on loan amounts drawn since 9 December 2021 was replaced with the Swiss average overnight rate (\"SARON\").
31.12.2022 31.12.2021
In thousands of EUR
Balanceatbeginningofperiod - -
Increaseduringperiod - 7,250
(Decrease)duringperiod - (7,250)
Balanceatendofperiod - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-268": { "value": "22 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2022 and 31 December 2021: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2022 and 31 December 2021: 100% Activity: Investment services partnership ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-245": { "value": "22 Group entities - significant subsidiaries Princess Private Equity Subholding Limited Incorporated in Guernsey Ownership interest as at 31 December 2022 and 31 December 2021: 100% Activity: Investment services company Princess Direct Investments, L.P. Inc. Incorporated in Guernsey Ownership interest as at 31 December 2022 and 31 December 2021: 100% Activity: Investment services partnership ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-246": { "value": "23 Events after the reporting date On 27 February 2023, the Board of Directors approved the extension and increase of the Company's existing multi-currency revolving credit facility limit with an international financial institution. The facility will be increased from EUR 110,000,000 to EUR 140,000,000 and the term extended to 13 December 2026. On the same day, the Board of Directors approved to discontinue the hedging of currency exposures starting 1 April 2023. Other than the aforementioned, the Board of Directors is of the opinion that no events took place between the end of the reporting period and the date of approval of these consolidated financial statements that would require disclosure in or adjustments to the amounts recognized in these audited consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-247": { "value": "24 Approval of these financial statements The Board of Directors approved these audited consolidated financial statements on 20 March 2023 .", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930038LU8RDPFFVJ57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }