The Group seeks a level of gearing that maximises value for shareholders while maintaining the financial flexibility that is required to implement its strategic projects.
Treasury shares are detailed in note 16.3.3.
The only potentially dilutive instruments are free shares granted under performance share plans, stock options (see note 16) and convertible bonds (see note 15).
\u00a0
The Group\u2019s activities are subject to certain financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), liquidity risk and credit risk.
The Group\u2019s overall financial risk management policy focuses on reducing exposure to credit risk and interest rate risk by transferring financial lease receivables to refinancing institutions and by using factoring solutions on a non-recourse basis in the Products & Solutions and Services businesses. Financial market risks (interest rate and foreign exchange risk) and liquidity risks are handled by Group Management.
At the end of the year, Group Management sets all the exchange and interest \u201cbudgeting rates\u201d for the following year.
Where necessary the Group manages its exposure to interest rate and foreign exchange risks by using hedging instruments such as swaps and foreign exchange forward contracts. These derivative financial instruments are used purely for hedging and never for speculative purposes.
The Group operates chiefly in the eurozone; however, following the expansion of operations in non-eurozone countries in Europe, as well as North and South America, the Group may be exposed to foreign exchange risk on other currencies. The table below summarises the sensitivity of certain consolidated income statement lines to an increase or decrease of 10% in exchange rates against the euro, resulting from the translation of the subsidiaries\u2019 foreign currency accounts.
in \u20ac millions | Contribution to the consolidated financial statements | Sensitivity to a change of | ||||||
|---|---|---|---|---|---|---|---|---|
EUR | GBP | USD | PLN | Other currencies | Total | +10% | (10%) | |
Revenue from continuing operations | 2,579.4 | 73.5 | 8.3 | 11.6 | 8.4 | 2,681.2 | (9.3) | +11.3 |
Operating\u202fmargin | 105.2 | 0.7 | 3.6 | 0.8 | 5.9 | 116.2 | (1.0) | +1.2 |
Profit (loss) | 54.4 | 0.7 | 2.5 | 0.6 | 4.4 | 62.6 | (0.8) | +0.9 |
\u00a0
Since the subsidiaries\u2019 purchases and sales are mainly denominated in the same currency, this exposure is limited. The Group does not deem this risk to be material.
The Group may also be required to manage financial leases agreements denominated in US dollars in its Technology Management & Financing business. Foreign exchange risk is hedged naturally due to the specific way in which these agreements work. Regardless of movements in the dollar, the impact on profit or loss is not material.
Econocom\u2019s operating income and cash flows are substantially independent of changes in interest rates. Sales of leases to refinancing institutions are systematically based on fixed rates. Income arising on these contracts is therefore set at the outset and only varies if the contract is amended.
\u00a0
In terms of gross financial debt, the table below shows the breakdown between fixed-rate debt (or subject to interest rate hedging) and variable-rate debt:
\u00a0
in \u20ac millions | At 31 Dec. 2023 | At 31 Dec. 2022 | ||
|---|---|---|---|---|
Outstanding | % total debt | Outstanding | % total debt | |
Fixed rate(1) | 307.6 | 76% | 424.7 | 78% |
Floating rate(2) | 99.1 | 24% | 121.2 | 22% |
Net financial debt(1) (see note 15.2 of chapter 7) | 406.7 | 100% | 545.9 | 100% |
(1) Issue in 2022 of a \"Schuldschein\" bond with a variable rate; however, an interest rate hedge was put in place so that this variable-rate exposure be considered at a fixed-rate. (2) Excluding bank overdrafts. |
At 31 December 2023, some of the Group\u2019s financial debt is at floating rates and comprises short-term borrowings (credit lines, commercial paper or NEUCP), and short-term factoring agreements.
The interest rate sensitivity analysis shows that a 1.0% (100 basis point) rise in short-term interest rates would result in a \u20ac1.0 million impact on profit (loss) before tax.
The Group is exposed to the risk of fluctuations in the residual interest of leased assets within the scope of its Technology Management & Financing business. It deals with this risk by calculating the future value of equipment using the diminishing balance method, thereby guarding against the risk of obsolescence. This method is described in note 11.1.
The method is regularly compared with actual transactions, and annual statistics are compiled to validate the suitable and prudent nature of the selected method.
The Group does not hold any unlisted or listed shares apart from treasury shares.
As the treasury shares held by Econocom Group at 31 December 2023 are deducted from shareholders\u2019 equity in the consolidated financial statements as of their acquisition, it is not necessary to compare their book value to their actual market value.
\u00a0
The Financing Department is responsible for ensuring that the Group has a constant flow of sufficient funding:
\u00a0
The credit lines negotiated in place at 31 December 2023 are shown below:
in \u20ac millions | Total amount available | Total amount drawn down |
|---|---|---|
Unconfirmed credit lines | 86 | - |
Confirmed credit lines | 271 | - |
Total credit lines | 357 | - |
\u00a0 |
The credit lines ensure that the Group has the liquidity needed to fund its assets, short-term cash requirements and development at the lowest possible cost.
In October 2015, Econocom set up a commercial paper programme (NEUCP) on the French market. At 31 December 2023, the amount outstanding under this programme (capped at \u20ac200 million) was \u20ac20.0 million compared to \u20ac32.5 million at 31 December 2022.
The characteristics of bonds are set out in note 15.2.
Based on its current financial forecasts, Econocom Management believes it has sufficient resources to ensure the continuity and development of its activities.
The following maturity analysis for financial liabilities (principal and interest) shows remaining contractual maturities on an undiscounted basis:
2023 in \u20ac millions | Total commitment | Less than | 1 to 5 years | Beyond |
|---|---|---|---|---|
Lease liabilities | 55.7 | 19.1 | 30.2 | 6.3 |
Gross liability for repurchases of leased assets | 116.0 | 31.4 | 84.6 | - |
Liabilities relating to contracts refinanced with recourse | 154.4 | 27.9 | 126.5 | 0.0 |
Bank debt, commercial paper and other | 50.7 | 49.0 | 1.7 | - |
Non-convertible bonds (Schuldschein) | 229.3 | 9.6 | 209.4 | 10.3 |
Acquisition-related liabilities | 46.7 | 23.8 | 22.9 | - |
Other non-current liabilities | 6.4 | 0.2 | 6.2 | - |
Trade payables | 648.2 | 648.2 | - | - |
Other payables (excluding derivative instruments) | 178.4 | 178.4 | - | - |
Other current liabilities | 36.4 | 36.4 | - | - |
Total | 1,522.0 | 1,023.9 | 481.5 | 16.6 |
2022 in \u20ac millions | Total commitment | Less than | 1 to 5 years | Beyond |
|---|---|---|---|---|
Lease liabilities | 59.9 | 18.6 | 41.2 | - |
Gross liability for repurchases of leased assets | 109.9 | 25.8 | 84.1 | - |
Liabilities relating to contracts refinanced with recourse | 124.3 | 34.7 | 75.8 | 13.8 |
Bank debt, commercial paper and other | 61.5 | 56.4 | 5.0 | 0.1 |
Convertible loans bonds (OCEANE) | 152.9 | 152.9 | - | - |
Non-convertible bonds (Euro PP/Schuldschein) | 234.0 | 14.4 | 209.0 | 10.6 |
Acquisition-related liabilities | 61.2 | 24.9 | 36.3 | - |
Other non-current liabilities | 13.1 | 3.7 | 6.6 | 2.8 |
Trade payables | 741.2 | 741.2 | - | - |
Other payables (excluding derivative instruments) | 190.8 | 190.8 | - | - |
Other current liabilities | 15.4 | 15.4 | - | - |
Total | 1,764.2 | 1,278.7 | 458.0 | 27.3 |
\u00a0
\u00a0
The Group has no significant exposure to credit risk. It has policies in place to ensure that sales of goods and services are made to customers with an appropriate credit history. The Group\u2019s exposure is also limited as it does not have any concentration of credit risk and uses factoring solutions for the Distribution and Services businesses, as well as non-recourse refinancing with bank subsidiaries and credit insurance in the Technology Management & Financing business. Nevertheless, in some cases, the Group does not refinance leases; the leases for which Econocom carries the counterparty risk represent approximately 10% of the TMF activity. The Group concentrates its strategic transactions bearing credit risk within its subsidiary Econocom Digital Finance Limited to ensure a consistent risk management approach.
The Group has policies in place to ensure that goods and services are sold to clients whose credit standing has been analysed in depth. The Group\u2019s credit risk exposure is also limited as it does not have any concentration of credit risk and uses factoring solutions for the Products & Solutions and Services businesses, as well as non-recourse refinancing with bank subsidiaries and credit insurance in the Technology Management & Financing business.
For its Technology Management & Financing business, the Group nevertheless has the option of retaining the credit risk on certain strategic transactions. These relate primarily to Econocom Digital Finance Limited (EDFL), the Group\u2019s internal refinancing unit with expertise in transaction security and non-standard contract financing.
At 31 December 2023, contracts on which Econocom bears the credit risk represented \u20ac209.1 million, compared with \u20ac284 million in December 2022, or around 10% of total outstanding rentals for the Technology Management & Financing business.
The Group only invests with investment-grade counterparties, thus limiting its credit risk exposure.
As the Group has no credit derivatives or continuing significant involvement in the transferred assets, its maximum exposure in this respect is equal to the book value of its financial assets (see note 14.1).
2023\u00a0 | \u00a0 | \u00a0 | Breakdown by maturity | |||
|---|---|---|---|---|---|---|
Book | Receivables not past due | Total | Less than | Between | Over | |
Trade receivables \u2013 refinancing institutions, gross | 44.0 | 32.7 | 11.3 | 10.8 | 0.1 | 0.4 |
Other trade receivables, gross | 726.6 | 593.0 | 133.7 | 60.7 | 5.6 | 67.3 |
Impairment of doubtful receivables | (44.2) | (20.8) | (23.4) | (0.1) | - | (23.4) |
Trade and other receivables, net | 726.4 | 605.0 | 121.5 | 71.5 | 5.7 | 44.4 |
2022\u00a0 | \u00a0 | \u00a0 | Breakdown by maturity | |||
|---|---|---|---|---|---|---|
Book | Receivables not past due | Total | Less than | Between | Over | |
Trade receivables \u2013 refinancing institutions, gross | 28.7 | 14.8 | 13.9 | 12.0 | 0.9 | 1.0 |
Other trade receivables, gross | 827.7 | 685.0 | 142.7 | 62.2 | 8.5 | 72.0 |
Impairment of doubtful receivables | (47.2) | (23.3) | (23.9) | (0.0) | (0.1) | (23.8) |
Trade and other receivables, net | 809.2 | 676.4 | 132.8 | 74.2 | 9.3 | 49.3 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_72925fa9-e19e-42f5-837a-4d68ffe76e3b": { "value": "The Group seeks a level of gearing that maximises value for shareholders while maintaining the financial flexibility that is required to implement its strategic projects.
Treasury shares are detailed in note 16.3.3.
The only potentially dilutive instruments are free shares granted under performance share plans, stock options (see note 16) and convertible bonds (see note 15).
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_e2db45ae-04c5-4b50-94a5-c2927434f9d6": { "value": "At the end of the year, Group Management sets all the exchange and interest \u201cbudgeting rates\u201d for the following year.
Where necessary the Group manages its exposure to interest rate and foreign exchange risks by using hedging instruments such as swaps and foreign exchange forward contracts. These derivative financial instruments are used purely for hedging and never for speculative purposes.
The Group operates chiefly in the eurozone; however, following the expansion of operations in non-eurozone countries in Europe, as well as North and South America, the Group may be exposed to foreign exchange risk on other currencies. The table below summarises the sensitivity of certain consolidated income statement lines to an increase or decrease of 10% in exchange rates against the euro, resulting from the translation of the subsidiaries\u2019 foreign currency accounts.
in \u20ac millions | Contribution to the consolidated financial statements | Sensitivity to a change of | ||||||
|---|---|---|---|---|---|---|---|---|
EUR | GBP | USD | PLN | Other currencies | Total | +10% | (10%) | |
Revenue from continuing operations | 2,579.4 | 73.5 | 8.3 | 11.6 | 8.4 | 2,681.2 | (9.3) | +11.3 |
Operating\u202fmargin | 105.2 | 0.7 | 3.6 | 0.8 | 5.9 | 116.2 | (1.0) | +1.2 |
Profit (loss) | 54.4 | 0.7 | 2.5 | 0.6 | 4.4 | 62.6 | (0.8) | +0.9 |
\u00a0
Since the subsidiaries\u2019 purchases and sales are mainly denominated in the same currency, this exposure is limited. The Group does not deem this risk to be material.
The Group may also be required to manage financial leases agreements denominated in US dollars in its Technology Management & Financing business. Foreign exchange risk is hedged naturally due to the specific way in which these agreements work. Regardless of movements in the dollar, the impact on profit or loss is not material.
Econocom\u2019s operating income and cash flows are substantially independent of changes in interest rates. Sales of leases to refinancing institutions are systematically based on fixed rates. Income arising on these contracts is therefore set at the outset and only varies if the contract is amended.
\u00a0
In terms of gross financial debt, the table below shows the breakdown between fixed-rate debt (or subject to interest rate hedging) and variable-rate debt:
\u00a0
in \u20ac millions | At 31 Dec. 2023 | At 31 Dec. 2022 | ||
|---|---|---|---|---|
Outstanding | % total debt | Outstanding | % total debt | |
Fixed rate(1) | 307.6 | 76% | 424.7 | 78% |
Floating rate(2) | 99.1 | 24% | 121.2 | 22% |
Net financial debt(1) (see note 15.2 of chapter 7) | 406.7 | 100% | 545.9 | 100% |
(1) Issue in 2022 of a \"Schuldschein\" bond with a variable rate; however, an interest rate hedge was put in place so that this variable-rate exposure be considered at a fixed-rate. (2) Excluding bank overdrafts. |
At 31 December 2023, some of the Group\u2019s financial debt is at floating rates and comprises short-term borrowings (credit lines, commercial paper or NEUCP), and short-term factoring agreements.
The interest rate sensitivity analysis shows that a 1.0% (100 basis point) rise in short-term interest rates would result in a \u20ac1.0 million impact on profit (loss) before tax.
The Group is exposed to the risk of fluctuations in the residual interest of leased assets within the scope of its Technology Management & Financing business. It deals with this risk by calculating the future value of equipment using the diminishing balance method, thereby guarding against the risk of obsolescence. This method is described in note 11.1.
The method is regularly compared with actual transactions, and annual statistics are compiled to validate the suitable and prudent nature of the selected method.
The Group does not hold any unlisted or listed shares apart from treasury shares.
As the treasury shares held by Econocom Group at 31 December 2023 are deducted from shareholders\u2019 equity in the consolidated financial statements as of their acquisition, it is not necessary to compare their book value to their actual market value.
The Financing Department is responsible for ensuring that the Group has a constant flow of sufficient funding:
\u00a0
The credit lines negotiated in place at 31 December 2023 are shown below:
in \u20ac millions | Total amount available | Total amount drawn down |
|---|---|---|
Unconfirmed credit lines | 86 | - |
Confirmed credit lines | 271 | - |
Total credit lines | 357 | - |
\u00a0 |
The credit lines ensure that the Group has the liquidity needed to fund its assets, short-term cash requirements and development at the lowest possible cost.
In October 2015, Econocom set up a commercial paper programme (NEUCP) on the French market. At 31 December 2023, the amount outstanding under this programme (capped at \u20ac200 million) was \u20ac20.0 million compared to \u20ac32.5 million at 31 December 2022.
The characteristics of bonds are set out in note 15.2.
Based on its current financial forecasts, Econocom Management believes it has sufficient resources to ensure the continuity and development of its activities.
The following maturity analysis for financial liabilities (principal and interest) shows remaining contractual maturities on an undiscounted basis:
2023 in \u20ac millions | Total commitment | Less than | 1 to 5 years | Beyond |
|---|---|---|---|---|
Lease liabilities | 55.7 | 19.1 | 30.2 | 6.3 |
Gross liability for repurchases of leased assets | 116.0 | 31.4 | 84.6 | - |
Liabilities relating to contracts refinanced with recourse | 154.4 | 27.9 | 126.5 | 0.0 |
Bank debt, commercial paper and other | 50.7 | 49.0 | 1.7 | - |
Non-convertible bonds (Schuldschein) | 229.3 | 9.6 | 209.4 | 10.3 |
Acquisition-related liabilities | 46.7 | 23.8 | 22.9 | - |
Other non-current liabilities | 6.4 | 0.2 | 6.2 | - |
Trade payables | 648.2 | 648.2 | - | - |
Other payables (excluding derivative instruments) | 178.4 | 178.4 | - | - |
Other current liabilities | 36.4 | 36.4 | - | - |
Total | 1,522.0 | 1,023.9 | 481.5 | 16.6 |
2022 in \u20ac millions | Total commitment | Less than | 1 to 5 years | Beyond |
|---|---|---|---|---|
Lease liabilities | 59.9 | 18.6 | 41.2 | - |
Gross liability for repurchases of leased assets | 109.9 | 25.8 | 84.1 | - |
Liabilities relating to contracts refinanced with recourse | 124.3 | 34.7 | 75.8 | 13.8 |
Bank debt, commercial paper and other | 61.5 | 56.4 | 5.0 | 0.1 |
Convertible loans bonds (OCEANE) | 152.9 | 152.9 | - | - |
Non-convertible bonds (Euro PP/Schuldschein) | 234.0 | 14.4 | 209.0 | 10.6 |
Acquisition-related liabilities | 61.2 | 24.9 | 36.3 | - |
Other non-current liabilities | 13.1 | 3.7 | 6.6 | 2.8 |
Trade payables | 741.2 | 741.2 | - | - |
Other payables (excluding derivative instruments) | 190.8 | 190.8 | - | - |
Other current liabilities | 15.4 | 15.4 | - | - |
Total | 1,764.2 | 1,278.7 | 458.0 | 27.3 |
\u00a0
The Group has no significant exposure to credit risk. It has policies in place to ensure that sales of goods and services are made to customers with an appropriate credit history. The Group\u2019s exposure is also limited as it does not have any concentration of credit risk and uses factoring solutions for the Distribution and Services businesses, as well as non-recourse refinancing with bank subsidiaries and credit insurance in the Technology Management & Financing business. Nevertheless, in some cases, the Group does not refinance leases; the leases for which Econocom carries the counterparty risk represent approximately 10% of the TMF activity. The Group concentrates its strategic transactions bearing credit risk within its subsidiary Econocom Digital Finance Limited to ensure a consistent risk management approach.
The Group has policies in place to ensure that goods and services are sold to clients whose credit standing has been analysed in depth. The Group\u2019s credit risk exposure is also limited as it does not have any concentration of credit risk and uses factoring solutions for the Products & Solutions and Services businesses, as well as non-recourse refinancing with bank subsidiaries and credit insurance in the Technology Management & Financing business.
For its Technology Management & Financing business, the Group nevertheless has the option of retaining the credit risk on certain strategic transactions. These relate primarily to Econocom Digital Finance Limited (EDFL), the Group\u2019s internal refinancing unit with expertise in transaction security and non-standard contract financing.
At 31 December 2023, contracts on which Econocom bears the credit risk represented \u20ac209.1 million, compared with \u20ac284 million in December 2022, or around 10% of total outstanding rentals for the Technology Management & Financing business.
The Group only invests with investment-grade counterparties, thus limiting its credit risk exposure.
As the Group has no credit derivatives or continuing significant involvement in the transferred assets, its maximum exposure in this respect is equal to the book value of its financial assets (see note 14.1).
2023\u00a0 | \u00a0 | \u00a0 | Breakdown by maturity | |||
|---|---|---|---|---|---|---|
Book | Receivables not past due | Total | Less than | Between | Over | |
Trade receivables \u2013 refinancing institutions, gross | 44.0 | 32.7 | 11.3 | 10.8 | 0.1 | 0.4 |
Other trade receivables, gross | 726.6 | 593.0 | 133.7 | 60.7 | 5.6 | 67.3 |
Impairment of doubtful receivables | (44.2) | (20.8) | (23.4) | (0.1) | - | (23.4) |
Trade and other receivables, net | 726.4 | 605.0 | 121.5 | 71.5 | 5.7 | 44.4 |
2022\u00a0 | \u00a0 | \u00a0 | Breakdown by maturity | |||
|---|---|---|---|---|---|---|
Book | Receivables not past due | Total | Less than | Between | Over | |
Trade receivables \u2013 refinancing institutions, gross | 28.7 | 14.8 | 13.9 | 12.0 | 0.9 | 1.0 |
Other trade receivables, gross | 827.7 | 685.0 | 142.7 | 62.2 | 8.5 | 72.0 |
Impairment of doubtful receivables | (47.2) | (23.3) | (23.9) | (0.0) | (0.1) | (23.8) |
Trade and other receivables, net | 809.2 | 676.4 | 132.8 | 74.2 | 9.3 | 49.3 |
\u00a0
The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Impairment of inventories | (2.1) | (1.3) |
Reversals of impairment of inventories | 0.5 | 0.5 |
Net impairment losses/gains \u2013 inventories | (1.6) | (0.8) |
Impairment of doubtful receivables | (8.7) | (12.5) |
Reversals of impairment of doubtful receivables | 7.7 | 8.0 |
Gains and losses on receivables | 1.3 | 0.5 |
Net impairment losses/gains \u2013 trade receivables | 0.3 | (4.0) |
Total | (1.3) | (4.8) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | 31 Dec. 2022 | Additions | Reversals | Other changes | Reclassi- | 31 Dec. 2023 |
Impairment of doubtful receivables | (47.2) | (10.8) | 13.0 | 0.4 | 0.4 | (44.2) |
\u00a0
Financial instruments comprise:
\u00a0\u00a0
\u00a0
Financial instruments (assets and liabilities) are recognised in the consolidated statement of financial position at their initial fair value plus or minus, in the case of a financial asset or financial liability not measured at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of that financial asset or financial liability.
The subsequent measurement of financial assets and liabilities is carried out, depending on their category, either at fair value (profit or loss or other comprehensive income (expense) or at amortised cost.
The classification of a financial asset in each of the three categories (financial asset at amortised cost, financial asset at fair value through profit or loss, financial asset at fair value through other comprehensive income (expense)) is based on the business model applied to it by the company and the characteristics of its contractual cash flows.
The classification of a financial liability in each of two categories (financial liability at amortised cost or financial liability at fair value through profit or loss).
The Group applies the concept of fair value set out in IFRS 13 \u201cFair Value Measurement\u201d, whereby fair value is \u201cthe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price)\u201d.
Amortised cost represents the fair value on initial recognition (net of transaction costs), plus interest calculated based on the effective interest rate and less cash outflows (coupons, principal repayments and, where applicable, redemption premiums). Accrued interest (income and expenses) is not recorded at the nominal interest rate of the financial instrument, but based on the instrument\u2019s effective interest rate.
The initial recognition of financial instruments in the consolidated statement of financial position along with their subsequent measurement as described above apply to the following interest rate definitions:
At each reporting date, the Group assesses whether the credit risk associated with a financial asset has increased significantly since initial recognition. In this case, the Group assesses the expected credit losses over the life of the asset.
Any loss of value is recognised in the income statement.
Financial instruments carried in both assets and liabilities are derecognised whenever the related risks and rewards are sold and the Group ceases to have control over those financial instruments (see note\u00a022).
\u00a0\u00a0
\u00a0
The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
\u00a0\u00a0
\u00a0 | 31 Dec. 2022 | Change through profit or loss | Other comprehensive income (expense) | 31 Dec. 2023 |
|---|---|---|---|---|
Derivative instruments (positive fair value) | 10.2 | - | (5.0) | 5.2 |
Derivative instruments (negative fair value) | - | - | - | - |
Total\u00a0 | 10.2 | - | (5.0) | 5.2 |
\u00a0
\u00a0
IFRS 7 \u201cFinancial Instruments: Disclosures\u201d sets out a fair value hierarchy, as follows:
The fair value of financial instruments is determined using market prices resulting from trades on a national stock exchange or over-the-counter markets.
When no market price is available, fair value is measured using other valuation methods such as discounted future cash flows. In any event, estimates of market value are based on certain interpretations required when measuring financial assets. As such, these estimates do not necessarily reflect the amounts that the Group would actually receive or pay if the instruments were traded on the market. The use of different estimates, methods and assumptions may have a material impact on estimated fair values.
\u00a0
In view of their short-term nature, the book value of trade receivables, other receivables and cash and cash equivalents is considered as a good estimation of their fair value.
Derivative instruments and non-consolidated equity investments are measured using Level 2 fair values.
Cash equivalents are recognised at their Level 1 fair value.
\u00a0
The Group\u2019s financial assets at 31 December 2023 may be analysed as follows:
in \u20ac millions | \u00a0 | Book value | \u00a0 | Level in the fair value hierarchy | |||
|---|---|---|---|---|---|---|---|
Balance sheet headings | Notes | Amortised cost | Fair value | Fair value through profit | Level 1 | Level 2 | Level 3 |
Non-current financial assets | 10.4 | 15.8 | - | 9.9 | - | 25.6 | - |
Long-term receivables | 10.5 | 19.6 | - | - | - | 14.5 | - |
Residual interest | 11.1 | 164.3 | - | - | - | 164.3 | - |
Trade receivables | 12.2 | 726.4 | - | - | - | 726.4 | - |
Other receivables | 12.2 | 49.4 | - | - | - | 49.4 | - |
Cash and cash equivalents | 15.1 | - | - | 226.6 | 226.6 | - | - |
Total financial assets | \u00a0 | 975.5 | - | 236.5 | 226.6 | 980.2 | - |
\u00a0
In view of their short-term nature, the book value of trade and other payables is considered as a good estimation of their fair value.
The market value of derivative instruments is measured based on valuations provided by bank counterparties or models widely used in financial markets, on the basis of data available at the reporting date.
\u00a0
in \u20ac millions | \u00a0 | Book value | Level in the fair value hierarchy | ||||
|---|---|---|---|---|---|---|---|
Balance sheet headings | Notes | Amortised cost | Fair value through profit | Fair value through equity | Level 1 | Level 2 | Level 3 |
Gross debt | 15.2 | 406.7 | - | - | - | 403.5 | - |
Non-convertible bonds | \u00a0 | 201.6 | - | - | - | 198.4 | - |
Bank debt, commercial paper and other | \u00a0 | 49.0 | - | - | - | 49.0 | - |
Liabilities relating to contracts refinanced with recourse | \u00a0 | 156.1 | - | - | - | 156.1 | - |
Gross commitments on residual\u202ffinancial assets | 11.2 | 107.1 | - | - | - | 107.1 | - |
Lease liabilities | 10.3 | 55.7 | - | - | - | 54.2 | - |
Acquisition-related liabilities | 13 | - | 1.3 | 45.3 | - | - | 46.7 |
Other non-current liabilities | \u00a0 | 6.4 | - | - | - | 6.4 | - |
Trade payables | 12.3 | 648.2 | - | - | - | 648.2 | - |
Other payables (excluding derivative instruments) | 12.3 | 178.4 | - | - | - | 178.4 | - |
Other current liabilities | 12.4 | 36.4 | - | - | - | 36.4 | - |
Total financial liabilities and\u202fother\u202fliabilities | \u00a0 | 1,438.9 | 1.3 | 45.3 | - | 1,434.2 | 46.7 |
\u00a0
Gross financial debt includes all interest-bearing debt and debt incurred through the receipt of financial instruments.
It does not include:
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Non-convertible bond debt (Schuldschein) | 199.5 | 199.3 |
Bond loans \u2013 non-current | 199.5 | 199.3 |
Other debt | 114.1 | 68.0 |
Financial lease liabilities(1) | 8.6 | 23.9 |
Financial liabilities \u2013 non-current | 122.7 | 91.9 |
Non-current interest-bearing liabilities | 322.1 | 291.1 |
Convertible bond (OCEANE) \u2013 current portion | - | 151.2 |
Non-convertible bond (Schuldschein bond) \u2013 current portion | 2.1 | 9.6 |
Bond loans \u2013 current portion | 2.1 | 160.8 |
Commercial paper | 20.0 | 32.5 |
Factoring financial liabilities(2) | 11.2 | 14.5 |
Reverse factoring financial liabilities | 4.2 | 0.1 |
Financial lease and similar liabilities(1) | 16.3 | 17.8 |
Other current borrowings and debt with recourse | 30.7 | 29.1 |
Financial liabilities \u2013 current portion(3) | 82.4 | 93.9 |
Current interest-bearing liabilities | 84.6 | 254.8 |
Total gross financial debt(3) | 406.7 | 545.9 |
(1) Primarily, liabilities relating to contracts refinanced with recourse. This debt is backed by customers\u2019 rental payments, but the Group retains a portion of the credit risk. The Group has therefore added back a similar amount of unassigned receivables in accordance with IAS 32 \u201cFinancial Instruments: Presentation\u201d. (2) Factoring liabilities consist of residual risks arising from factoring agreements. (3) Excluding bank overdrafts. |
In March 2018, Econocom Group issued OCEANE bonds in the amount of \u20ac200 million (\u20ac198.4 million after allocation of issue costs). Their main characteristics are detailed below:
The Group reimbursed this convertible bond on 6 March 2023.
Schuldschein 2016
In late November 2016, Econocom Group SE issued \u20ac150 million in Schuldschein notes on the Frankfurt market.
These notes, redeemable at maturity, comprise three tranches: \u20ac13 million at seven years, and \u20ac22 million and \u20ac115 million at five years. Notes belonging to the first two tranches pay fixed-rate interest (2.088% at seven years and 1.611% at five years). The interest on the third tranche includes a fixed-rate portion of 1.5% and a floating-rate portion indexed to six-month EURIBOR. An interest rate swap was put in place to cover the risk related to this floating rate. The swap hedged the risk of a rise in interest rates; however, it provided that if EURIBOR was negative, Econocom bore the interest rate risk.
The Group reimbursed this non-convertible bond in November 2023.
Schuldschein 2022
In May 2022, Econocom Group SE issued a \u20ac200 million Schuldschein bond on the Frankfurt market.
These notes, redeemable at maturity, breaks down into five tranches:
Interest rate swaps were put in place to cover the risk related to these floating rates. The swaps hedge the risk of a rise in interest rates; however, they provide that if EURIBOR is negative, Econocom bears the interest rate risk.
This transaction made it possible to secure the Group\u2019s liquidity under favourable conditions (notably thanks to the implementation of pre-hedging and hedging transactions that enabled it to post an average rate of 2.1%) and to extend the average maturity of the debt.
Since October 2015, Econocom has diversified its financing resources with the implementation of a commercial paper programme (NEUCP) at Econocom Group level with the Banque de France. Through this programme, capped at \u20ac200 million, the Group optimises its short-term resources to finance its WCR.\u00a0
With a long-term presence in this market, Econocom has benefited from regular access to this source of liquidity thanks to referrals from institutional investors confirming the Group\u2019s good standing.
\u00a0
2023 in \u20ac millions | Total | 1 to | Beyond |
|---|---|---|---|
Lease payables relating to contracts refinanced with recourse (non-current portion) | 8.6 | 8.6 | - |
Bond loans | 199.5 | 189.5 | 10.0 |
Other debt | 114.1 | 114.1 | - |
Total | 322.1 | 312.1 | 10.0 |
\u00a0
2022 in \u20ac millions | Total | 1 to | Beyond |
|---|---|---|---|
Lease payables relating to contracts refinanced with recourse (non-current portion) | 23.9 | 23.9 | - |
Bond loans | 199.3 | 189.3 | 10.0 |
Other debt | 68.0 | 54.2 | 13.8 |
Total | 291.1 | 267.4 | 23.8 |
\u00a0
The concept of net financial debt as used by the Group represents gross financial debt (see Note 15.2) less gross financial cash (see Note 15.1 \u201cCash and cash equivalents\u201d). This indicator is used for financial communication purposes, notably to calculate certain performance ratios.
in \u20ac millions | 31 Dec. 2022 | Cash flows | Non-cash flows | 31 Dec. 2023 | |||
|---|---|---|---|---|---|---|---|
Amortised cost of | Changes | Conver- | Other | ||||
Cash and cash equivalents* | 404.8 | (154.1) | - | - | 1.0 | (25.1) | 226.6 |
Bank overdrafts** | (2.4) | 1.3 | - | - | - | - | (1.0) |
Cash and cash equivalents net of bank overdrafts(1) | 402.4 | (152.8) | - | - | 1.0 | (25.1) | 225.5 |
Commercial paper and credit lines | (54.2) | 42.5 | - | - | - | (37.2) | (49.0) |
Net cash at bank | 348.2 | (110.3) | - | - | 1.0 | (62.3) | 176.6 |
Convertible bond (OCEANE) | (151.2) | 151.8 | (0.6) | - | - | - | - |
Bond debt (Schuldschein) | (208.9) | 15.7 | (8.4) | - | - | - | (201.6) |
Leases refinanced with recourse | (41.7) | 17.8 | - | (0.8) | (0.1) | - | (24.9) |
Factoring financial liabilities with recourse | (14.5) | 3.1 | - | - | (0.1) | 0.3 | (11.2) |
Reverse factoring liabilities | (0.1) | (4.1) | - | - | - | - | (4.2) |
Other liabilities | (75.3) | (118.5) | - | - | - | 78.0 | (115.8) |
Sub-total | (491.7) | 65.8 | (9.0) | (0.8) | (0.3) | 78.2 | (357.7) |
(Net financial debt)/Cash surplus | (143.5) | (44.5) | (9.0) | (0.8) | 0.7 | 15.9 | (181.2) |
* \u00a0 Positive gross cash and cash equivalents. ** \u00a0Including current bank overdrafts totalling \u20ac1.0 million at 31 December 2023 and \u20ac2.4 million at 31 December 2022. (1) The negative \u20ac176.9 million change in net cash and cash equivalents net of bank overdrafts as shown in the statement of cash flows is equal to the sum of monetary outflows of -\u20ac152.8 million, plus translation adjustments of \u20ac1.0 million and translation losses of \u20ac25.1 million. |
\u00a0
Net financial debt is to be compared with the future cash inflows expected from the own-book deals of the Technology Management & Financing activity, in the amount of \u20ac209.2 million.
in \u20ac millions | 31 Dec. 2021 | Cash flows | Non-cash flows | 31 Dec. 2022 | |||
|---|---|---|---|---|---|---|---|
Amortised cost of | Changes | Conver- | Other | ||||
Cash and cash equivalents* | 405.9 | (2.7) | - | 7.5 | 1.5 | (7.3) | 404.8 |
Bank overdrafts** | 0.0 | (2.1) | - | (0.2) | - | - | (2.4) |
Cash and cash equivalents net of bank overdrafts(1) | 405.9 | (4.8) | - | 7.3 | 1.5 | (7.3) | 402.4 |
Commercial paper and credit lines | (71.9) | 17.6 | - | - | - | - | (54.2) |
Net cash at bank | 334.0 | 12.8 | - | 7.3 | 1.5 | (7.3) | 348.2 |
Convertible bond (OCEANE) | (182.5) | 34.7 | (3.5) | - | - | - | (151.2) |
Bond debt (Euro PP) | (56.4) | 57.1 | (0.7) | - | - | - | - |
Bond debt (Schuldschein) | (13.0) | (192.6) | (3.2) | - | - | - | (208.9) |
Leases refinanced with recourse | (64.0) | 21.9 | - | - | (0.4) | - | (41.7) |
Factoring financial liabilities with recourse | (12.8) | (1.8) | - | - | 0.1 | - | (14.5) |
Reverse factoring financial liabilities | (5.2) | 4.9 | - | - | - | 0.2 | (0.1) |
Other liabilities | (67.0) | 1.5 | - | (9.8) | - | - | (75.3) |
Sub-total | (400.8) | (74.3) | (7.4) | (9.8) | 0.4 | 0.2 | (491.7) |
(Net financial debt)/Cash surplus | (66.8) | (61.5) | (7.4) | (2.5) | 1.9 | (7.1) | (143.5) |
* \u00a0 Positive gross cash and cash equivalents. ** \u00a0Including current bank overdrafts totalling \u20ac0.0 million at 31 December 2021 and \u20ac0.8 million at 31 December 2020. (1) The negative \u20ac242.7 million change in net cash and cash equivalents net of bank overdrafts as shown in the statement of cash flows is equal to the sum of monetary outflows of -\u20ac243.8 million, cash acquired of \u20ac7.5 million, translation adjustments of \u20ac1.4 million and translation losses of \u20ac7.8 million. |
The Econocom Group derecognises all or part of a financial asset (or group of similar assets) when the contractual rights to the cash flows on the asset expire or when the Group has transferred the contractual rights to receive the cash flows of the financial asset and substantially all the risks and rewards of owning the asset (IFRS 9.3.2.3).
In the event that the Group has transferred contractual rights to receive the cash flows of a financial asset, the Econocom Group observes different situations that may or may not lead to the derecognition of the financial asset (IFRS 9.3.2.6):
When a financial asset is derecognised in full, a gain or loss on disposal is recorded in the income statement for the difference between the book value of the asset and the consideration received or receivable, adjusted where necessary for any gains or losses recognised in other comprehensive income (expense) and accumulated in equity.
When a financial asset is partially derecognised, the Group allocates the previous book value of the financial asset between the part that continues to be recognised in connection with the Group\u2019s continuing involvement and the part that is derecognised, based on the relative fair values of those parts on the date of the transfer. The difference between the book value allocated to the part derecognised and the sum of the consideration received for the part derecognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income (expense), is recognised in profit or loss. A cumulative gain or loss carried in other comprehensive income is allocated between the part that continues to be recognised and the part that is derecognised, based on the relative fair values of those parts.
The Econocom Group only derecognises a financial liability (or part of a financial liability) when it is extinguished, or when the obligation specified in the contract is extinguished or cancelled.
An entity retains an involvement in a divested asset when it retains the risks and rewards inherent in that asset. Conversely, an entity has no involvement in a divested asset if it has no interest in the future performance of the asset and no responsibility to make future payments in respect of the same asset.
The Econocom Group distinguishes between three types of outstanding lease refinancing contracts:
The Group\u2019s active risk management policy is aimed at limiting both credit risk and any other continuing involvement. As a result, the outstanding leases entered into by the Group with its customers are, in most cases, refinanced without recourse. The Group then derecognises these refinanced non-recourse outstanding loans.
It should be noted, however, that during these non-recourse refinancing transactions, the Group frequently sells, with an obligation to repurchase, the equipment underlying the leases at the same time as the outstanding amounts of these same contracts. These repurchase obligations, called \u201cGross liability for repurchases of leased assets\u201d, are presented in balance sheet liabilities as detailed in note\u202f11.2.
In February 2021, Les Abeilles obtained financing of \u20ac30\u202fmillion for three tugs over a period of seven years. Considering that this financing is equivalent to a disposal without recourse of the finance lease receivables held by Les Abeilles of the French Navy in respect of the contract they entered into, it was deconsolidated on 31\u202fDecember 2023 for an amount of \u20ac16\u202fmillion.
Econocom Digital Finance Limited is notably financed through two contracts assimilated to disposals without recourse of the outstanding leases it holds. In this respect, \u20ac75.5 million were deconsolidated at 31\u202fDecember 2023 (compared with \u20ac70.8\u202fmillion at 31 December 2022).
In certain limited cases, the Econocom Group retains its exposure to the credit risk on its outstanding leases transferred. In this situation, the Group transfers to the refinancer, for the duration of the lease, the ownership of the equipment underlying the leases as collateral for the transaction. In these cases of refinancing with recourse, the Group keeps the refinanced lease outstanding as trade receivables (\u201ccontinuing involvement\u201d as defined in IFRS 9) and recognises a financial liability equal to the total outstanding refinanced with recourse. These payables and debts amounted to \u20ac24.9\u202fmillion at 31\u202fDecember 2023, compared to \u20ac41.7\u202fmillion at 31\u00a0December\u202f2022.
In order to diversify the sources of financing of its working capital requirements and reduce credit risk, some of the Group\u2019s Services and Products & Solutions subsidiaries use factoring programmes and sell, throughout the year, a portion of their receivables to factoring companies. Factoring with contractual subrogation involves the transfer of ownership of trade receivables and all associated rights to the factor. This means transfer of the right to receive cash flows.
As required under IFRS 9 \u201cFinancial Instruments\u201d, these receivables are derecognised when substantially all the risks and rewards of ownership are transferred to the factor. Where this is not the case, they are maintained in the balance sheet after the transfer and a financial liability is recorded as an offsetting entry for the cash received.
At the end of December 2023, the Group had presented receivables to the factoring companies amounting to \u20ac257.7\u202fmillion, including \u20ac223.0\u202fmillion financed without recourse. The unfunded amount of \u20ac23.5\u202fmillion is presented in non-current financial assets and other receivables.
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Receivables presented to factoring companies: | 257.7 | 266.6 |
of which non factored receivables | 23.5 | 37.9 |
of which receivables sold with recourse* | 11.2 | 14.5 |
Receivables sold without recourse | 223.0 | 214.2 |
* \u00a0Receivables sold with recourse are maintained as assets and a financial liability is recorded as a liability for the amount of financing received. |
\u00a0
Reverse factoring is a transaction for the sale of trade receivables to a factor, organised by Econocom, the debtor company of the receivables. Reverse factoring agreements involve three parties who sign two contracts: a contract for the assignment of receivables between the supplier and the factor and an agreement between the factor and the customer (Econocom) who undertakes to pay the invoices assigned by the Econocom supplier to the factor. Agreements of this type have been signed by the Group in France, Belgium and Spain, with around ten factors, all of which are leading financial institutions.
Under IFRS 9, the debt is not extinguished if it is not legally extinguished and its terms and conditions are not substantially modified. In this case, the debt remains under trade payables. Otherwise, it is reclassified under financial liabilities.
Econocom used reverse factoring for an amount of \u20ac30.4 million at 31 December 2023 (versus \u20ac104.7 million as at the end of 2022). In view of the aforementioned provisions of the standard and of the characteristics of the contracts, the Group deemed that these amounts break down as follows:
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Reverse factoring liabilities recognised as trade payables | 26.2 | 104.6 |
Reverse factoring liabilities recognised as financial liabilities | 4.2 | 0.1 |
Total reverse factoring payables | 30.4 | 104.7 |
\u00a0
The total expense related to factoring and reverse factoring, recognised under \u201cOperating financial expenses\u201d, totalled \u20ac8.3 million in 2023 (\u20ac3.8 million in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_21208016-9585-4fe5-8ce9-102dbe5d5e7e": { "value": "At the end of the year, Group Management sets all the exchange and interest \u201cbudgeting rates\u201d for the following year.
Where necessary the Group manages its exposure to interest rate and foreign exchange risks by using hedging instruments such as swaps and foreign exchange forward contracts. These derivative financial instruments are used purely for hedging and never for speculative purposes.
The Group operates chiefly in the eurozone; however, following the expansion of operations in non-eurozone countries in Europe, as well as North and South America, the Group may be exposed to foreign exchange risk on other currencies. The table below summarises the sensitivity of certain consolidated income statement lines to an increase or decrease of 10% in exchange rates against the euro, resulting from the translation of the subsidiaries\u2019 foreign currency accounts.
in \u20ac millions | Contribution to the consolidated financial statements | Sensitivity to a change of | ||||||
|---|---|---|---|---|---|---|---|---|
EUR | GBP | USD | PLN | Other currencies | Total | +10% | (10%) | |
Revenue from continuing operations | 2,579.4 | 73.5 | 8.3 | 11.6 | 8.4 | 2,681.2 | (9.3) | +11.3 |
Operating\u202fmargin | 105.2 | 0.7 | 3.6 | 0.8 | 5.9 | 116.2 | (1.0) | +1.2 |
Profit (loss) | 54.4 | 0.7 | 2.5 | 0.6 | 4.4 | 62.6 | (0.8) | +0.9 |
\u00a0
Since the subsidiaries\u2019 purchases and sales are mainly denominated in the same currency, this exposure is limited. The Group does not deem this risk to be material.
The Group may also be required to manage financial leases agreements denominated in US dollars in its Technology Management & Financing business. Foreign exchange risk is hedged naturally due to the specific way in which these agreements work. Regardless of movements in the dollar, the impact on profit or loss is not material.
Econocom\u2019s operating income and cash flows are substantially independent of changes in interest rates. Sales of leases to refinancing institutions are systematically based on fixed rates. Income arising on these contracts is therefore set at the outset and only varies if the contract is amended.
\u00a0
In terms of gross financial debt, the table below shows the breakdown between fixed-rate debt (or subject to interest rate hedging) and variable-rate debt:
\u00a0
in \u20ac millions | At 31 Dec. 2023 | At 31 Dec. 2022 | ||
|---|---|---|---|---|
Outstanding | % total debt | Outstanding | % total debt | |
Fixed rate(1) | 307.6 | 76% | 424.7 | 78% |
Floating rate(2) | 99.1 | 24% | 121.2 | 22% |
Net financial debt(1) (see note 15.2 of chapter 7) | 406.7 | 100% | 545.9 | 100% |
(1) Issue in 2022 of a \"Schuldschein\" bond with a variable rate; however, an interest rate hedge was put in place so that this variable-rate exposure be considered at a fixed-rate. (2) Excluding bank overdrafts. |
At 31 December 2023, some of the Group\u2019s financial debt is at floating rates and comprises short-term borrowings (credit lines, commercial paper or NEUCP), and short-term factoring agreements.
The interest rate sensitivity analysis shows that a 1.0% (100 basis point) rise in short-term interest rates would result in a \u20ac1.0 million impact on profit (loss) before tax.
The Group is exposed to the risk of fluctuations in the residual interest of leased assets within the scope of its Technology Management & Financing business. It deals with this risk by calculating the future value of equipment using the diminishing balance method, thereby guarding against the risk of obsolescence. This method is described in note 11.1.
The method is regularly compared with actual transactions, and annual statistics are compiled to validate the suitable and prudent nature of the selected method.
The Group does not hold any unlisted or listed shares apart from treasury shares.
As the treasury shares held by Econocom Group at 31 December 2023 are deducted from shareholders\u2019 equity in the consolidated financial statements as of their acquisition, it is not necessary to compare their book value to their actual market value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_25d5fb27-5024-4fa0-b03b-9f21ecc3e987": { "value": "The Financing Department is responsible for ensuring that the Group has a constant flow of sufficient funding:
\u00a0
The credit lines negotiated in place at 31 December 2023 are shown below:
in \u20ac millions | Total amount available | Total amount drawn down |
|---|---|---|
Unconfirmed credit lines | 86 | - |
Confirmed credit lines | 271 | - |
Total credit lines | 357 | - |
\u00a0 |
The credit lines ensure that the Group has the liquidity needed to fund its assets, short-term cash requirements and development at the lowest possible cost.
In October 2015, Econocom set up a commercial paper programme (NEUCP) on the French market. At 31 December 2023, the amount outstanding under this programme (capped at \u20ac200 million) was \u20ac20.0 million compared to \u20ac32.5 million at 31 December 2022.
The characteristics of bonds are set out in note 15.2.
Based on its current financial forecasts, Econocom Management believes it has sufficient resources to ensure the continuity and development of its activities.
The following maturity analysis for financial liabilities (principal and interest) shows remaining contractual maturities on an undiscounted basis:
2023 in \u20ac millions | Total commitment | Less than | 1 to 5 years | Beyond |
|---|---|---|---|---|
Lease liabilities | 55.7 | 19.1 | 30.2 | 6.3 |
Gross liability for repurchases of leased assets | 116.0 | 31.4 | 84.6 | - |
Liabilities relating to contracts refinanced with recourse | 154.4 | 27.9 | 126.5 | 0.0 |
Bank debt, commercial paper and other | 50.7 | 49.0 | 1.7 | - |
Non-convertible bonds (Schuldschein) | 229.3 | 9.6 | 209.4 | 10.3 |
Acquisition-related liabilities | 46.7 | 23.8 | 22.9 | - |
Other non-current liabilities | 6.4 | 0.2 | 6.2 | - |
Trade payables | 648.2 | 648.2 | - | - |
Other payables (excluding derivative instruments) | 178.4 | 178.4 | - | - |
Other current liabilities | 36.4 | 36.4 | - | - |
Total | 1,522.0 | 1,023.9 | 481.5 | 16.6 |
2022 in \u20ac millions | Total commitment | Less than | 1 to 5 years | Beyond |
|---|---|---|---|---|
Lease liabilities | 59.9 | 18.6 | 41.2 | - |
Gross liability for repurchases of leased assets | 109.9 | 25.8 | 84.1 | - |
Liabilities relating to contracts refinanced with recourse | 124.3 | 34.7 | 75.8 | 13.8 |
Bank debt, commercial paper and other | 61.5 | 56.4 | 5.0 | 0.1 |
Convertible loans bonds (OCEANE) | 152.9 | 152.9 | - | - |
Non-convertible bonds (Euro PP/Schuldschein) | 234.0 | 14.4 | 209.0 | 10.6 |
Acquisition-related liabilities | 61.2 | 24.9 | 36.3 | - |
Other non-current liabilities | 13.1 | 3.7 | 6.6 | 2.8 |
Trade payables | 741.2 | 741.2 | - | - |
Other payables (excluding derivative instruments) | 190.8 | 190.8 | - | - |
Other current liabilities | 15.4 | 15.4 | - | - |
Total | 1,764.2 | 1,278.7 | 458.0 | 27.3 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_155138aa-f025-4789-bbe0-9f959657588b": { "value": "The Group has no significant exposure to credit risk. It has policies in place to ensure that sales of goods and services are made to customers with an appropriate credit history. The Group\u2019s exposure is also limited as it does not have any concentration of credit risk and uses factoring solutions for the Distribution and Services businesses, as well as non-recourse refinancing with bank subsidiaries and credit insurance in the Technology Management & Financing business. Nevertheless, in some cases, the Group does not refinance leases; the leases for which Econocom carries the counterparty risk represent approximately 10% of the TMF activity. The Group concentrates its strategic transactions bearing credit risk within its subsidiary Econocom Digital Finance Limited to ensure a consistent risk management approach.
The Group has policies in place to ensure that goods and services are sold to clients whose credit standing has been analysed in depth. The Group\u2019s credit risk exposure is also limited as it does not have any concentration of credit risk and uses factoring solutions for the Products & Solutions and Services businesses, as well as non-recourse refinancing with bank subsidiaries and credit insurance in the Technology Management & Financing business.
For its Technology Management & Financing business, the Group nevertheless has the option of retaining the credit risk on certain strategic transactions. These relate primarily to Econocom Digital Finance Limited (EDFL), the Group\u2019s internal refinancing unit with expertise in transaction security and non-standard contract financing.
At 31 December 2023, contracts on which Econocom bears the credit risk represented \u20ac209.1 million, compared with \u20ac284 million in December 2022, or around 10% of total outstanding rentals for the Technology Management & Financing business.
The Group only invests with investment-grade counterparties, thus limiting its credit risk exposure.
As the Group has no credit derivatives or continuing significant involvement in the transferred assets, its maximum exposure in this respect is equal to the book value of its financial assets (see note 14.1).
2023\u00a0 | \u00a0 | \u00a0 | Breakdown by maturity | |||
|---|---|---|---|---|---|---|
Book | Receivables not past due | Total | Less than | Between | Over | |
Trade receivables \u2013 refinancing institutions, gross | 44.0 | 32.7 | 11.3 | 10.8 | 0.1 | 0.4 |
Other trade receivables, gross | 726.6 | 593.0 | 133.7 | 60.7 | 5.6 | 67.3 |
Impairment of doubtful receivables | (44.2) | (20.8) | (23.4) | (0.1) | - | (23.4) |
Trade and other receivables, net | 726.4 | 605.0 | 121.5 | 71.5 | 5.7 | 44.4 |
2022\u00a0 | \u00a0 | \u00a0 | Breakdown by maturity | |||
|---|---|---|---|---|---|---|
Book | Receivables not past due | Total | Less than | Between | Over | |
Trade receivables \u2013 refinancing institutions, gross | 28.7 | 14.8 | 13.9 | 12.0 | 0.9 | 1.0 |
Other trade receivables, gross | 827.7 | 685.0 | 142.7 | 62.2 | 8.5 | 72.0 |
Impairment of doubtful receivables | (47.2) | (23.3) | (23.9) | (0.0) | (0.1) | (23.8) |
Trade and other receivables, net | 809.2 | 676.4 | 132.8 | 74.2 | 9.3 | 49.3 |
\u00a0
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Impairment of inventories | (2.1) | (1.3) |
Reversals of impairment of inventories | 0.5 | 0.5 |
Net impairment losses/gains \u2013 inventories | (1.6) | (0.8) |
Impairment of doubtful receivables | (8.7) | (12.5) |
Reversals of impairment of doubtful receivables | 7.7 | 8.0 |
Gains and losses on receivables | 1.3 | 0.5 |
Net impairment losses/gains \u2013 trade receivables | 0.3 | (4.0) |
Total | (1.3) | (4.8) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | 31 Dec. 2022 | Additions | Reversals | Other changes | Reclassi- | 31 Dec. 2023 |
Impairment of doubtful receivables | (47.2) | (10.8) | 13.0 | 0.4 | 0.4 | (44.2) |
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"402400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "b58595d8-b053-4326-bfed-236936decd71": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:5493006G5O9JP185PU76", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fc_1ee82b77-7878-470d-81b5-522104418372": { "value": "2400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "text_block_4cf8d147-5e95-4fe5-8967-a3854a26decf": { "value": "The consolidated financial statements of Econocom Group (\u201cthe Group\u201d) for the year ended 31\u00a0December 2023 include:
Econocom is an independent group that designs, finances and oversees companies digital transformation.
Econocom Group SE, the Group\u2019s parent company, is a\u00a0European Company\u00a0whose registered office is located at\u00a0,Place du Champ de Mars, 5, 1050 Brussels,\u00a0Belgium.
The Company is registered at the Brussels companies registry under number 0422\u202f646\u202f816 and is listed on Euronext in Brussels.
All amounts in the Consolidated financial statements are presented in \u20ac millions. The fact that figures have been rounded off to the nearest decimal point may, in certain cases, result in minor discrepancies in the totals and sub-totals in the tables and/or in the calculation of percentage changes..
The Board of Directors meeting of 14\u00a0February 2024 adopted and authorised the publication of the consolidated financial statements for the year ended 31\u00a0December 2023. These financial statements will be submitted for approval at the General Meeting of 2\u00a0April 2024..
As required by European Commission Regulation no. 1606/2002 dated 19\u00a0July 2002, Econocom\u2019s consolidated financial statements for the 2023 financial year have been prepared and presented in accordance with the International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) and adopted by the European Union.
The accounting principles applied at 31\u00a0December 2023 are the same as those used for the year ended 31\u00a0December 2022, except for new standards and interpretations applicable as of 1\u00a0January 2023 (see 1.2.1) and corrections for comparability purposes (see 1.3.2).
These financial statements do not take into account any draft standards or interpretations which, at the end of the reporting date, were being developed as exposure drafts by the IASB or the IFRIC (International Financial Reporting Interpretations Committee).
All the standards adopted by the European Union are available on the European Commission website at the following address:
https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/financial-reporting_fr#overview
The standards, amendments to standards and interpretations, published by the IASB and presented below are mandatory since 1 January 2023:
The following standards did not have a material impact on the Group\u2019s financial statements:
\u00a0\u00a0
Pending their definitive adoption by the European Union, the Group has not anticipated the application of the following standards and interpretations:
The Group is currently in the process of assessing any impacts of the first application of these texts.
These accounting policies set out below have been consistently applied to all the years presented in the financial statements.
The financial statements were prepared on a historical cost basis, with the exception of:
The consolidated statement of financial position and the consolidated income statement for the 2022 financial year have been amended as follows:
As provided in IAS 8, these changes in presentation, policies, and corrections are retrospective on the 2023 financial year as a whole, as well as on the comparative years..
The preparation of Econocom Group\u2019s consolidated financial statements requires the use of estimates and assumptions by Group Management which may affect the book value in future years of certain items in assets and liabilities, income and expenses, and the information disclosed in the notes to the consolidated financial statements.
Estimates and assumptions are made on the basis of past experience and other elements considered realistic or reasonable and are a basis for the exercise of judgement in determining the book value of assets and liabilities. The Group uses discount rate assumptions (based on market data) to estimate assets and liabilities.
Group Management regularly reviews its estimates and assumptions in order to ensure that they accurately reflect both past experience and the current economic situation.
The impact of changes in accounting estimates is recognised in the period in which the change occurred.
The main estimates and assumptions used by the Group are set out in the relevant sections in the notes to the financial statements and cover:
For these estimates, the Group applies the following accounting policies:
The Group is required to exercise critical judgement to determine:
The Group reviews the valuation and useful lives of operating assets, property, plant and equipment, intangible assets and goodwill annually and whenever there is an indication of impairment during the financial year (note 9.3).
Due to its activities and locations, the Group believes that it is not subject to the physical impacts of climate change. The Group operates mainly in Western Europe, in countries with little exposure to extreme weather events that could harm its activities or assets.
Econocom is nevertheless concerned by the expected changes in digital uses and by the change in the behaviours of its customers regarding their digital equipment. These changes should gradually result in an extension of the useful life of assets and a greater proportion of reconditioned equipment than new equipment. These changes are perceived by the Group as business opportunities rather than risks. As a result, distribution activities included refurbishment services. In particular, the TMF business has for a long time leased second-hand equipment and the group strengthened its positioning in this sector by acquiring, in 2022, the French company SOFI Groupe, an industrial player in the reconditioning of smartphones and IT equipment.
The Group is also exposed to the challenges of its sector in terms of energy transition and those of its suppliers in the supply of digital assets.
The Group did not identify any indication of impairment on its non-current assets and the impact related to climate issues was not significant in the financial statements at 31 December 2023..The items in the financial statements of each Group entity are measured using the currency of the primary economic environment (or \u201cfunctional currency\u201d) in which the entity operates.
The consolidated financial statements presented in this report were prepared in euros, which is the Group\u2019s presentation currency.
For the purpose of preparing the financial statements of each entity, foreign currency transactions of subsidiaries (i.e. currencies other than the entity\u2019s functional currency) are recorded using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign currencies are translated at the end of each reporting period at the year-end rate. Foreign exchange gains and losses resulting from this translation at year-end exchange rates, or arising on the settlement of these monetary items, are recognised in the income statement for the period in which they occur.
Non-monetary items denominated in foreign currencies and recognised at fair value are translated using the exchange rate prevailing at the date the fair value was determined. Non-monetary items denominated in foreign currencies and measured at historical cost are not remeasured.
When a gain or loss on a non-monetary item is recognised directly in equity, the \u201ccurrency\u201d component of this gain or loss is also recognised in equity. Otherwise, this component is recognised in profit or loss for the period.
The results and financial positions of the Group\u2019s entities with functional currencies other than the presentation currency are translated into euros as follows:
The main exchange rates for the currencies of non-euro zone countries used to prepare the consolidated financial statements are as follows (one euro = xx\u00a0foreign currency):
Closing exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4622 | 1.4480 |
Pound sterling | 0.8668 | 0.8844 |
Moroccan dirham | 10.8890 | 11.1659 |
Polish zloty | 4.3337 | 4.6883 |
American dollar | 1.1036 | 1.0702 |
\u00a0
Average exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4572 | 1.3771 |
Pound sterling | 0.8690 | 0.8535 |
Moroccan dirham | 10.9710 | 10.7017 |
Polish zloty | 4.5336 | 4.6793 |
American dollar | 1.0808 | 1.0593 |
The consolidated financial statements of Econocom Group (\u201cthe Group\u201d) for the year ended 31\u00a0December 2023 include:
Econocom is an independent group that designs, finances and oversees companies digital transformation.
Econocom Group SE, the Group\u2019s parent company, is a\u00a0European Company\u00a0whose registered office is located at\u00a0,Place du Champ de Mars, 5, 1050 Brussels,\u00a0Belgium.
The Company is registered at the Brussels companies registry under number 0422\u202f646\u202f816 and is listed on Euronext in Brussels.
All amounts in the Consolidated financial statements are presented in \u20ac millions. The fact that figures have been rounded off to the nearest decimal point may, in certain cases, result in minor discrepancies in the totals and sub-totals in the tables and/or in the calculation of percentage changes..Econocom considers that the impacts of the war in Ukraine and the sanctions against Russia and Belarus have not had a significant negative impact on its consolidated financial statements. Econocom does not have a subsidiary in these three countries and its sales and supplies are limited.
As a result, the Group does not expect any particular impact from this war on the valuation of its assets.
The measures taken against Russian or Belarusian nationals do not impact the Group\u2019s shareholding structure.\u00a0
In general, Econocom is attentive to the overall macroeconomic situation and in particular to the impact that increases in prices and interest rates could have on its customers\u2019 activities and notably on their investments, even though investments in IT and digital transformation should generally remain unchanged.
The effects of inflation (and notably the increase in IT equipment prices) impacted the Products and Solutions and TMF businesses. Nevertheless, insofar as the supply cycles are relatively short, the increase in the purchase price of this equipment by Econocom is, for the most, reflected in the selling prices or rents negotiated with its customers so as not to deteriorate significantly the margins of its activities. Conversely, for the TMF business, increases in the price of IT assets means the residual value of the assets can be secured at the end of the lease period.
The Group therefore did not foresee any unfavourable impact in this respect on its future margins.
The effects of the increase in salaries are expected to affect Econocom\u2019s Services business, which employs more than 60% of the Group\u2019s workforce. Under its multi-year contracts, the Group has indexation clauses that limit the effects of inflation and wage increases on its margins. In this regard the Group's forecasts do not include a significant drop in its margins for this business.
\u00a0
Econocom Group is attentive to increases in interest rates on its financing. Nevertheless, the majority of its long-term loans were issued at a fixed rate or at a rate set by an interest rate hedge. This is notably the case for the Schuldschein bond issued in the spring of 2022 and which was subject to such hedging. Similarly, in the vast majority of cases, refinanced leases are refinanced at fixed rates; the expected margin of these contracts is therefore not impacted by subsequent changes in interest rates.
Among its activities, TMF is the most sensitive to interest rates for its future contracts either through the refinancing rates that will be applied or through the cost of financing of assets under non-refinanced contracts. Nevertheless, the Group believes that it will be able to pass on most of this rate increase to its customers, as the residual impact on its margins and on the profitability of the TMF business remains limited. The Group's forecasts do not include any significant changes in its TMF margins.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_79f345eb-e12c-48cb-8c29-7bc08f10e820": { "value": "Econocom Group SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_3f870dc2-a9cb-4d07-b91f-3ad5e839a931": { "value": "Econocom is an independent group that designs, finances and oversees companies digital transformation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20038": { "value": "Econocom Group SE", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_80a4b54f-39d3-4eb8-9be0-e25d64cd686c": { "value": "Econocom Group SE", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_7ba81797-d7ce-4bcf-b719-03bf62229394": { "value": "European Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20041": { "value": "Place du Champ de Mars, 5, 1050 Brussels", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20042": { "value": "Place du Champ de Mars, 5, 1050 Brussels", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_5f907386-aa01-4d49-b9b4-cd7571b19dc5": { "value": "Place du Champ de Mars, 5, 1050 Brussels", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_1f73c3a6-1312-4c82-b6c0-fc7a6447f0a4": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_495c81a2-80bf-498d-ab7b-11d13620c84a": { "value": "The Board of Directors meeting of 14\u00a0February 2024 adopted and authorised the publication of the consolidated financial statements for the year ended 31\u00a0December 2023. These financial statements will be submitted for approval at the General Meeting of 2\u00a0April 2024..", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_92892dba-677b-4a3c-a1d8-6920cb3411fc": { "value": "As required by European Commission Regulation no. 1606/2002 dated 19\u00a0July 2002, Econocom\u2019s consolidated financial statements for the 2023 financial year have been prepared and presented in accordance with the International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) and adopted by the European Union.
The accounting principles applied at 31\u00a0December 2023 are the same as those used for the year ended 31\u00a0December 2022, except for new standards and interpretations applicable as of 1\u00a0January 2023 (see 1.2.1) and corrections for comparability purposes (see 1.3.2).
These financial statements do not take into account any draft standards or interpretations which, at the end of the reporting date, were being developed as exposure drafts by the IASB or the IFRIC (International Financial Reporting Interpretations Committee).
All the standards adopted by the European Union are available on the European Commission website at the following address:
https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/financial-reporting_fr#overview", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_13cb36d3-28a6-4ce6-80ef-49fe3a522db5": { "value": "The standards, amendments to standards and interpretations, published by the IASB and presented below are mandatory since 1 January 2023:
The following standards did not have a material impact on the Group\u2019s financial statements:
Pending their definitive adoption by the European Union, the Group has not anticipated the application of the following standards and interpretations:
The consolidated statement of financial position and the consolidated income statement for the 2022 financial year have been amended as follows:
The standards, amendments to standards and interpretations, published by the IASB and presented below are mandatory since 1 January 2023:
The following standards did not have a material impact on the Group\u2019s financial statements:
Pending their definitive adoption by the European Union, the Group has not anticipated the application of the following standards and interpretations:
The consolidated statement of financial position and the consolidated income statement for the 2022 financial year have been amended as follows:
The standards, amendments to standards and interpretations, published by the IASB and presented below are mandatory since 1 January 2023:
The following standards did not have a material impact on the Group\u2019s financial statements:
Pending their definitive adoption by the European Union, the Group has not anticipated the application of the following standards and interpretations:
These accounting policies set out below have been consistently applied to all the years presented in the financial statements.
The financial statements were prepared on a historical cost basis, with the exception of:
certain financial assets and liabilities which are measured at fair value;non-current assets held for sale, which are recognised and measured at the lower of net book value and fair value less costs to sell as soon as their sale is deemed highly probable. They are no longer amortised once they are classified as assets (or a group of assets) held for sale.These consolidated financial statements include the financial statements of Econocom Group SE and all the subsidiaries it controls.
According to IFRS 10, an investor controls an investee if and only if the investor has all of the following:
The Group recognises subsidiaries it controls under the full consolidation method: the assets, liabilities, income and expenses of subsidiaries are fully consolidated in the consolidated financial statements and the share of equity and profit (loss) attributable to non-controlling interests is presented separately under non-controlling interests in the consolidated balance sheet and income statement.
All intragroup assets, liabilities, equity, income, expenses and cash flows arising from transactions between entities within the Group are fully eliminated on consolidation.
The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.Acquisitions of businesses are recognised in accordance with IFRS 3. The cost of a business combination (or \u201cconsideration transferred\u201d) is calculated as the aggregate of the acquisition-date fair values of:
to which may be added, at the Group's choice, the valuation of non-controlling interests at fair value or at the share of net assets attributable to non-controlling interests.
Acquisition-related expenses are expensed as incurred.
The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
If after remeasurement, the net balance of the amounts, at the acquisition date, of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the cost of business combination, of the amount of non-controlling (minority) interests in the acquired company and of the fair value of the interest previously held by the acquirer in the acquiree (if any), the excess amount is recognised directly in profit or loss as a bargain purchase.
Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.The items in the financial statements of each Group entity are measured using the currency of the primary economic environment (or \u201cfunctional currency\u201d) in which the entity operates.
The consolidated financial statements presented in this report were prepared in euros, which is the Group\u2019s presentation currency.For the purpose of preparing the financial statements of each entity, foreign currency transactions of subsidiaries (i.e. currencies other than the entity\u2019s functional currency) are recorded using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign currencies are translated at the end of each reporting period at the year-end rate. Foreign exchange gains and losses resulting from this translation at year-end exchange rates, or arising on the settlement of these monetary items, are recognised in the income statement for the period in which they occur.
Non-monetary items denominated in foreign currencies and recognised at fair value are translated using the exchange rate prevailing at the date the fair value was determined. Non-monetary items denominated in foreign currencies and measured at historical cost are not remeasured.
When a gain or loss on a non-monetary item is recognised directly in equity, the \u201ccurrency\u201d component of this gain or loss is also recognised in equity. Otherwise, this component is recognised in profit or loss for the period.
The results and financial positions of the Group\u2019s entities with functional currencies other than the presentation currency are translated into euros as follows:
The main exchange rates for the currencies of non-euro zone countries used to prepare the consolidated financial statements are as follows (one euro = xx\u00a0foreign currency):
Closing exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4622 | 1.4480 |
Pound sterling | 0.8668 | 0.8844 |
Moroccan dirham | 10.8890 | 11.1659 |
Polish zloty | 4.3337 | 4.6883 |
American dollar | 1.1036 | 1.0702 |
\u00a0
Average exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4572 | 1.3771 |
Pound sterling | 0.8690 | 0.8535 |
Moroccan dirham | 10.9710 | 10.7017 |
Polish zloty | 4.5336 | 4.6793 |
American dollar | 1.0808 | 1.0593 |
The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..IFRS 5 \u2013 Non-current assets held for sale and discontinued operations requires a specific accounting treatment and presentation of assets (or group of assets) held for sale and discontinued operations (corresponding to operations that have been disposed of or classified as held for sale).
A non-current asset or group of directly related assets and liabilities, is classified as \u201cheld for sale\u201d if its book value will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset (or asset group) must be available for immediate sale in its present condition and its sale must be highly probable. Management must be committed to the sale and the sale should be expected to qualify for recognition as a completed sale within one year of the date of classification.
These assets (or disposal group) are measured at the lower of their book value and estimated sale price less costs to sell. These assets cease to be amortised from the moment they qualify as \u201cassets (or group of assets) held for sale\u201d. They are presented on a separate line on the Group statement of financial position, without restatement of previous periods.
An operation discontinued, sold, or held for sale is defined as a component of an entity with cash flows that can be clearly distinguished from the rest of the entity and which represents a major, separate line of business or area of operations. For all published periods, income and expense relating to discontinued operations are presented separately in the income statement under \u201cProfit (loss) from discontinued operations\u201d and are restated in the statement of cash flows.
A discontinued operation is a component which the Group has either disposed of or has classified as held for sale, and which:
Profit (loss) from discontinued operations includes:
the post-tax profit or loss of discontinued operations generated up until the disposal date, or until the end of the reporting period if the business was not disposed of by the year-end;the post-tax gain or loss recognised on the disposal of continuing operations that have been disposed of by the year-end.The segment information presented in accordance with IFRS 8 has been prepared on the basis of internal management data disclosed to the Executive Committee, the Group\u2019s primary operating decision-maker with respect to allocating resources and assessing performance.
Segment information in accordance with IFRS 8 presents this segmentation:
Combined strategic operating business segments | Description | Countries |
|---|---|---|
Products & Solutions | Services ranging from the design of solutions to their deployment, including the sale of hardware and software (PCs, tablets, servers, printers, licences, digital objects, etc.) and systems integration. | Belgium, Brazil, Canada, France, Germany, Italy, Luxembourg, Mexico, Poland, Singapore, Spain, Switzerland, the Netherlands and United Kingdom. |
Services | Support for transformation towards the new digital world through our expertise (in consulting, infrastructure management, application development and integration of digital solutions). | Belgium, France, Morocco, |
Technology Management &\u202fFinancing | Innovative, tailored financing solutions to ensure more effective administrative and financial management of the ICT and digital assets of the businesses. | Belgium, France, Germany, Ireland, |
\u00a0
Each segment has a specific profitability profile and has its own characteristics; segments are managed depending on the type of products and services sold in their economic and geographical environments.
Sales and transfers between segments are carried out on arm\u2019s-length terms and are eliminated according to standard consolidation principles.
The revenue recognition method varies depending on the nature of the performance obligations of the contract binding Group entities and their respective customers. Performance obligations are the goods or services promised in the contract.
The performance obligation is the unit of account for revenue recognition: the price of the contract is allocated to each individual performance obligation, and a pattern of revenue recognition is determined for each such obligation.
Econocom recognises revenue when it has satisfied (or as it satisfies) a performance obligation by providing the customer with the promised good or service.
A performance obligation is satisfied when control of the good or service is transferred to the customer. This transfer may take place at a point in time or over time. Revenue from continuing operations is recognised:
Revenue is recognised when the goods are delivered and ownership is transferred, when the following conditions are met:
In accordance with IFRS 16, the revenue recognition rules differ depending on the type of contract (see 4.1.2).
The following types of contracts and activities are covered:
For certain fixed-price contracts providing for a number of different service obligations, the transaction price may sometimes be reallocated to the various performance obligations on a case-by-case basis in order to reflect the economic value of the services rendered (which may differ from their contractual value).
For contracts separated into stages, revenue and margin are recognised depending on the stage of completion in accordance with the method that best reflects the transfer of goods and services to the customer. This results in the recognition of revenue accruals or deferred income when invoicing does not reflect the stage of completion of the work. A contingency provision for the expected loss on a project is recognised if the cost of the project is greater than the expected revenue.
In the course of its business, the Group may be required to resell equipment, software and services purchased from third parties. For the supply of these goods and services, Econocom may act as either principal or agent.
Econocom is a principal if its \u201cperformance obligation\u201d requires it to provide goods and/or underlying services to the customer. This means that Econocom controls the good or service before it is transferred to the customer.
Econocom also records direct deliveries on the principal basis. By direct deliveries, we understand the sale of materials stored in the warehouses of Econocom\u2019s suppliers and shipped directly to the end customer.
These flows are recognised on the principal basis because the Econocom Group:
The Econocom Group is an agent if its \u201cperformance obligation\u201d requires it to arrange for a third party to provide goods or underlying services, without being able to direct use and obtain key economic benefits. In this case, Econocom does not control the goods and services before they are transferred to the customer.
Management has made a significant judgement related to principal versus agent considerations. The impact on the presentation of reported revenue is as follows:
Services in progress at the end of the reporting period are recognised in revenue accruals and are estimated based on the sale price. If accrued revenue constitutes an unconditional right to a consideration, i.e. if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets. Revenue accruals are classified in \u201cTrade and other receivables\u201d.
Advance payments received from customers and prepaid income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.
Contract performance costs are costs that are directly assigned to a customer contract and have not yet been rebilled. For example, they may include dedicated inventories in transit, costs allocated to service obligations, transition fees in outsourcing contracts or marginal costs from obtaining contracts (i.e. costs that Econocom would not have incurred if it had not won the contract). These costs are capitalised if Econocom expects to recover them. These capitalised costs are then classified in \u201cOther current assets\u201d.Leases can be classified as (i) financial leases, which is the case for the majority of our leases, (ii) operating leases or (iii) financing for certain Sale & Leaseback transactions.
A contract is classified as a financial lease when the analysis of the transaction shows that there has been (i) a transfer of control of the leased assets (per IFRS 15.38) and (ii) a transfer to the lessee of most of the risks and rewards inherent to the ownership of the leased assets (per IFRS 16.62).
Econocom considers that there is a transfer of control of the asset leased by Econocom to the customer (pursuant to IFRS 15.38) when:
Econocom considers this transfer of risks and rewards according to the substance of the transaction (IFRS 16.62) when:
In the event of successive deliveries of leased equipment, revenue and associated purchase costs are recognised pro rata to the amount of these successive deliveries.
The accounting recognition is made in accordance with IFRS 16.71, on the date on which the lessee is authorised to exercise their right to use the leased assets. The date of exercise of this right of use of the assets is specified in our general leasing conditions, which defines it as being the date of delivery of the leased assets as evidenced by the signing of a reception document.
Financial leases are recognised as follows:
Balance sheet
Income statement
When a lease cannot be classified as a financial lease as defined in IFRS 16.62 et seq., it is then classified as an operating lease. In this case, the accounting treatment is as follows:
Balance sheet
Income statement
The recognition of revenue and costs in relation to lease extensions follows the initial classification of the lease, namely:
A sale & leaseback contract consists of a transaction in which:
For each sale & leaseback transaction, Econocom examines whether the transfer of the good or asset is analysed as a sale under IFRS 16.99 et seq.:
if the analysis of the transaction in accordance with IFRS 15.38 confirms that control of the asset has been transferred to Econocom, then revenue is recognised according to one of the two models presented above:Government grants are recognised as a deduction from costs (e.g. wages and salaries), or within other operating income and expenses, as appropriate.
Government grants are only recognised when the Group is certain to collect them. In accordance with IAS 20, the Group applies different accounting treatment for grants related to assets (or investment subsidies) and grants related to income.
Grants related to assets are recognised in profit or loss over the periods in which the Group expenses the costs that the grants are intended to compensate. In practice, they are recognised over the periods and in the proportions in which depreciation expense is recognised on the depreciable asset covered by the grant, with the deferred income recognised in liabilities. Grants related to income are recognised to offset the costs that they are intended to cover.
Tax credits are accounted for depending on the tax treatment applicable in each country:
French tax credits known as the Cr\u00e9dit d\u2019Imp\u00f4t Recherche (CIR) are recognised as government grants.
Current tax is (i) the estimated amount of tax due in respect of taxable profit for a given period, as determined using tax rates that have been enacted or substantively enacted at the end of the reporting period, (ii) any adjustments to the amount of current tax in previous periods, and (iii) any other tax calculated on a net amount of income and expenses.
Deferred taxes are accounted for using the liability method for all temporary differences between the book value recorded in the consolidated balance sheet and the tax bases of assets and liabilities, except for non-tax deductible goodwill. Deferred taxes are determined based on the way in which the Group expects to recover or pay the book value of the assets and liabilities using the tax rates that have been enacted or substantially enacted at the reporting date.
Deferred tax assets and liabilities are not discounted and are offset when they relate to the same tax entity. They are classified in the balance sheet as non-current assets and liabilities.
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences or tax losses and tax credit carry forwards can be utilised.Basic earnings per share are calculated by dividing consolidated profit (loss) by the weighted average number of shares outstanding during the year, in other words excluding treasury shares on a pro rata basis.Diluted earnings per share are calculated by taking into account all financial instruments carrying deferred rights to the parent company\u2019s share capital, issued either by the parent company itself or by any one of its subsidiaries. Dilution is calculated separately for each instrument, based on the conditions prevailing at the end of the reporting period and excluding non-dilutive instruments.Impairment testing involves determining whether the recoverable amount of an asset, CGU or group of CGUs is lower than its net book value.The recoverable amount is the higher of fair value less the costs of disposal and value in use.
Value in use is determined based on estimated future cash flows and a terminal value, taking into account the time value of money and the risks associated with the business and the specific environment in which the CGU or group of CGUs operates, and corresponds to the addition of:
Fair value is the amount that could be obtained from the sale of the tested assets in an arm\u2019s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. These amounts are calculated based on market information.
When the recoverable value of the assets of a CGU or group of CGUs is lower than its net book value, an impairment loss is recognised.
Impairment losses are recorded first as a reduction of the book value of goodwill allocated to a CGU and then charged against the assets of the CGU, pro rata to the book value of each of the components of the CGU. The impairment loss is recorded on the \u201cOther operating expenses\u201d line of the income statement.
When the recoverable amount becomes greater than the net book value, impairment losses recognised for tangible and intangible assets other than goodwill may be reversed in subsequent periods, in the amount of the impairment loss initially recognised. It should be noted that impairment losses recorded in respect of goodwill cannot be reversed.
When a relevant CGU is sold, the resulting goodwill is taken into account for the determination of the profit (loss) from the sale.Separately acquired intangible assets are initially measured at cost, which corresponds to their acquisition cost or their acquisition-date fair value for intangible assets acquired in a business combination. \u00a0
After initial recognition, they are carried at cost less any accumulated amortisation and impairment losses.
Intangible assets with finite useful lives are amortised over their economic useful life. The useful life of concessions, patents and licences is estimated at between three and seven years.
Intangible assets with indefinite useful lives are not amortised.
The Group carries out IT development projects. Expenses incurred in relation to these operations can be included in the cost of intangible assets. An internally generated intangible asset resulting from development (or from the development phase of an internal IT project) is only recognised if the Group can demonstrate all of the following:
If no internally generated intangible asset can be recognised, development costs are recognised in profit or loss for the year in which they are incurred.
After initial recognition, internally generated intangible assets are carried at cost less any accumulated amortisation and impairment losses, in accordance with the same method as that used for separately acquired intangible assets.
The useful life of information systems is estimated at between three and seven years.
Intangible assets acquired by the Group in business combinations are measured at their acquisition cost less any accumulated amortisation and impairment losses. They essentially include operating licences and computer software. They are depreciated on a straight line basis over their useful lives.
The customer portfolio acquired from the ECS group was valued using the MEEM method (Multi-period Excess Earnings Method) at \u20ac40 million and is being amortised over 20 years.
Useful life | In years |
|---|---|
Amortisable business assets | 3 - 5 |
ECS customer portfolio | 20 |
Franchises, patents, licences | 3 - 7 |
IT systems | 3 - 7 |
\u00a0
Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and impairment losses.
Depreciation is recognised on a straight-line basis over the estimated useful life of the assets taking into account any residual value.
Useful life | In years |
|---|---|
Land | Indefinite |
Buildings | 20 - 50 |
Fixtures | 5 - 10 |
IT equipment | 3 - 7 |
Vehicles | 4 - 7 |
Furniture | 5 - 10 |
\u00a0
Land is not depreciated.
When an item of property, plant and equipment comprises components with different useful lives, such components are recognised and depreciated separately.
Gains or losses from the sale of property, plant and equipment are determined on the basis of the difference between the proceeds from the sale and the net book value of the asset sold and are included in operating margin.
No borrowing costs were included in the cost of any of the Group\u2019s property, plant and equipment in the absence of any assets requiring a substantial period of time before they are ready for their intended use or sale.
Leases, as defined by IFRS 16, are entered in the statement of the consolidated financial position as an asset representing the right of use of the leased asset during the term of the contract.
On the date that the lease takes effect, the right of use is valued at its cost, including:
The right of use is depreciated over the useful life of the assets, which leads to a depreciation charge being entered on the income statement.
On the date that the lease takes effect, the rental liability is entered for an amount equal to the discounted value of rents over the duration of the contract, as defined by the Econocom Group. The valuation of the rental liability includes:
The rental liability is recognised at the depreciated cost, using the effective interest rate method, and leads to the recognition, on the income statement, of an interest charge for the period and variable payments (not taken into account in the initial valuation).
The liability may be revalued to offset the right of use in the following cases:
Leases mainly relate to property assets and the vehicle fleet. The accounting exemptions set out in the standard for the short-term contracts (term below or equal to 12 months) and with no tacit renewal, and leases on low value assets, have been applied.
The rental term is determined on a lease-by-lease basis and corresponds to the firm period of the commitment, taking into account optional periods that are reasonably certain to be exercised, except for vehicles for which Econocom will retain the portfolio approach, through simplification, given that the contracts are somewhat similar irrespective of the country and that this simplification does not give rise to material differences with regard to the recommended method set forth in IFRS 16.
For vehicles, the assumptions and measurement methods of this \u201cportfolio\u201d approach are as follows: a measurement is done at each period end, making it possible to update the lease liability and right of use; amortisations and financial expenses are then determined on a flat-rate basis based on an average term of use of the vehicles (amortisation) and on the rental payments actually paid for the difference.
The discount rate applied on the date of transition is based on the Group\u2019s incremental borrowing rate.
They are determined on the basis of a percentage of the purchase value of the equipment (a grid has been set up by category of equipment) and the lease term (this percentage decreases according to said term).
There are three exceptions to the application of this grid:
These schedules are reviewed regularly by Group Management on the basis of its experience of the second-hand markets.
If the Group identifies potential capital losses on the amount of residual interest on certain assets, an impairment loss is recorded.In the case of refinancing of financial leases with refinancing partners, agreements entered into may provide for the refinancing of all or part of the residual interest in leased assets in the form of a repayable advance. This advance, repayable at the end of the initial period of the financial lease, therefore constitutes a liability as defined in IFRS 9. This liability is discounted using the same conditions as the financial lease.The financing of this residual interest by the refinancing partner is carried out on the basis of negotiations on a case-by-case basis; the latter may decide not to make an advance, or to make a partial or total advance of the residual value. In addition, certain financial lease are not refinanced. As a result, residual interest and gross liability for repurchases of leased assets may differ significantly.
This debt is excluded from the calculation of net financial debt used by the Group, presented in note 15.3.For the Group, inventories are:\u00a0
or materials or supplies to be used in the rendering of services, measured at cost and impaired in line with the useful life of the infrastructure to which they relate.Initially, receivables are impaired taking into account expected credit losses, if material:
Subsequently, if there is serious doubt as to its recoverability, a loss allowance is recognised for the amount that is not recoverable.
Financial instruments comprise:
Financial instruments (assets and liabilities) are recognised in the consolidated statement of financial position at their initial fair value plus or minus, in the case of a financial asset or financial liability not measured at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of that financial asset or financial liability.
The subsequent measurement of financial assets and liabilities is carried out, depending on their category, either at fair value (profit or loss or other comprehensive income (expense) or at amortised cost.
The classification of a financial asset in each of the three categories (financial asset at amortised cost, financial asset at fair value through profit or loss, financial asset at fair value through other comprehensive income (expense)) is based on the business model applied to it by the company and the characteristics of its contractual cash flows.
The classification of a financial liability in each of two categories (financial liability at amortised cost or financial liability at fair value through profit or loss).
The Group applies the concept of fair value set out in IFRS 13 \u201cFair Value Measurement\u201d, whereby fair value is \u201cthe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price)\u201d.
Amortised cost represents the fair value on initial recognition (net of transaction costs), plus interest calculated based on the effective interest rate and less cash outflows (coupons, principal repayments and, where applicable, redemption premiums). Accrued interest (income and expenses) is not recorded at the nominal interest rate of the financial instrument, but based on the instrument\u2019s effective interest rate.
The initial recognition of financial instruments in the consolidated statement of financial position along with their subsequent measurement as described above apply to the following interest rate definitions:
At each reporting date, the Group assesses whether the credit risk associated with a financial asset has increased significantly since initial recognition. In this case, the Group assesses the expected credit losses over the life of the asset.
Any loss of value is recognised in the income statement.
Financial instruments carried in both assets and liabilities are derecognised whenever the related risks and rewards are sold and the Group ceases to have control over those financial instruments (see note\u00a022).
The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
The fair value of financial instruments is determined using market prices resulting from trades on a national stock exchange or over-the-counter markets.
When no market price is available, fair value is measured using other valuation methods such as discounted future cash flows. In any event, estimates of market value are based on certain interpretations required when measuring financial assets. As such, these estimates do not necessarily reflect the amounts that the Group would actually receive or pay if the instruments were traded on the market. The use of different estimates, methods and assumptions may have a material impact on estimated fair values.These include cash on hand and demand deposits, other highly-liquid investments with maturities of three months or less, and bank overdrafts. Bank overdrafts are included in \u201cFinancial liabilities\u201d within current liabilities in the balance sheet.Changes in fair value are recognised through profit or loss under \u201cFinancial income from operating activities\u201d.The concept of net financial debt as used by the Group represents gross financial debt (see Note 15.2) less gross financial cash (see Note 15.1 \u201cCash and cash equivalents\u201d). This indicator is used for financial communication purposes, notably to calculate certain performance ratios.The Group regularly awards share purchase and subscription options, as well as free shares, to Management, certain corporate officers and selected employees. These transactions are recognised at fair value at the grant date using the Black-Scholes-Merton mathematical option pricing model.Fair value, corresponding to the estimated cost of the services provided by the beneficiaries, is recognised on a straight-line basis in \u201cEmployee benefits expense\u201d over the vesting period. An offsetting entry is recorded to equity. Subsequent changes in the fair value of the options do not impact the initial measurement.
At the end of each reporting period, the Group revises the assumptions used to calculate the number of equity instruments. The impact of this revised estimate, if any, is taken to profit or loss and the expenses accrued adjusted accordingly. The offsetting entry is recorded in equity.Treasury shares acquired and the directly related transaction costs are recorded as a deduction from consolidated equity. When they are sold, the consideration received in exchange for the shares net of the transaction costs is recorded in equity.The Group recognises provisions when it has a legal or constructive obligation towards a third party as a result of past events which is likely to result in an outflow of resources that can be reliably measured.The amount recognised represents the best estimate of the expenditure expected to be required to settle the present obligation, taking into account the risks and uncertainties known at the reporting date.
Long-term provisions cover risks which are not reasonably expected to materialise for several years, and concern social risks. They are discounted if required.
Short-term provisions primarily correspond to provisions for claims related to the Group\u2019s normal operating cycle and which are expected to be settled within 12 months.
They mainly include:
provisions for social risks (including risks arising from reorganisation measures);tax and legal risks (disputes in progress with customers, suppliers, agents or tax authorities);deferred commissions (calculated contract by contract based on the residual value of leased assets, less any residual commercial value of the contracts concerned);other provisions.Post-employment benefits are granted under defined contribution plans or defined benefit plans.A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.The Econocom Group derecognises all or part of a financial asset (or group of similar assets) when the contractual rights to the cash flows on the asset expire or when the Group has transferred the contractual rights to receive the cash flows of the financial asset and substantially all the risks and rewards of owning the asset (IFRS 9.3.2.3).
In the event that the Group has transferred contractual rights to receive the cash flows of a financial asset, the Econocom Group observes different situations that may or may not lead to the derecognition of the financial asset (IFRS 9.3.2.6):
When a financial asset is derecognised in full, a gain or loss on disposal is recorded in the income statement for the difference between the book value of the asset and the consideration received or receivable, adjusted where necessary for any gains or losses recognised in other comprehensive income (expense) and accumulated in equity.
When a financial asset is partially derecognised, the Group allocates the previous book value of the financial asset between the part that continues to be recognised in connection with the Group\u2019s continuing involvement and the part that is derecognised, based on the relative fair values of those parts on the date of the transfer. The difference between the book value allocated to the part derecognised and the sum of the consideration received for the part derecognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income (expense), is recognised in profit or loss. A cumulative gain or loss carried in other comprehensive income is allocated between the part that continues to be recognised and the part that is derecognised, based on the relative fair values of those parts.
The Econocom Group only derecognises a financial liability (or part of a financial liability) when it is extinguished, or when the obligation specified in the contract is extinguished or cancelled.
An entity retains an involvement in a divested asset when it retains the risks and rewards inherent in that asset. Conversely, an entity has no involvement in a divested asset if it has no interest in the future performance of the asset and no responsibility to make future payments in respect of the same asset.
The Econocom Group distinguishes between three types of outstanding lease refinancing contracts:
The Group\u2019s active risk management policy is aimed at limiting both credit risk and any other continuing involvement. As a result, the outstanding leases entered into by the Group with its customers are, in most cases, refinanced without recourse. The Group then derecognises these refinanced non-recourse outstanding loans.
It should be noted, however, that during these non-recourse refinancing transactions, the Group frequently sells, with an obligation to repurchase, the equipment underlying the leases at the same time as the outstanding amounts of these same contracts. These repurchase obligations, called \u201cGross liability for repurchases of leased assets\u201d, are presented in balance sheet liabilities as detailed in note\u202f11.2.
In February 2021, Les Abeilles obtained financing of \u20ac30\u202fmillion for three tugs over a period of seven years. Considering that this financing is equivalent to a disposal without recourse of the finance lease receivables held by Les Abeilles of the French Navy in respect of the contract they entered into, it was deconsolidated on 31\u202fDecember 2023 for an amount of \u20ac16\u202fmillion.
Econocom Digital Finance Limited is notably financed through two contracts assimilated to disposals without recourse of the outstanding leases it holds. In this respect, \u20ac75.5 million were deconsolidated at 31\u202fDecember 2023 (compared with \u20ac70.8\u202fmillion at 31 December 2022).
In certain limited cases, the Econocom Group retains its exposure to the credit risk on its outstanding leases transferred. In this situation, the Group transfers to the refinancer, for the duration of the lease, the ownership of the equipment underlying the leases as collateral for the transaction. In these cases of refinancing with recourse, the Group keeps the refinanced lease outstanding as trade receivables (\u201ccontinuing involvement\u201d as defined in IFRS 9) and recognises a financial liability equal to the total outstanding refinanced with recourse. These payables and debts amounted to \u20ac24.9\u202fmillion at 31\u202fDecember 2023, compared to \u20ac41.7\u202fmillion at 31\u00a0December\u202f2022.
In order to diversify the sources of financing of its working capital requirements and reduce credit risk, some of the Group\u2019s Services and Products & Solutions subsidiaries use factoring programmes and sell, throughout the year, a portion of their receivables to factoring companies. Factoring with contractual subrogation involves the transfer of ownership of trade receivables and all associated rights to the factor. This means transfer of the right to receive cash flows.
As required under IFRS 9 \u201cFinancial Instruments\u201d, these receivables are derecognised when substantially all the risks and rewards of ownership are transferred to the factor. Where this is not the case, they are maintained in the balance sheet after the transfer and a financial liability is recorded as an offsetting entry for the cash received.
At the end of December 2023, the Group had presented receivables to the factoring companies amounting to \u20ac257.7\u202fmillion, including \u20ac223.0\u202fmillion financed without recourse. The unfunded amount of \u20ac23.5\u202fmillion is presented in non-current financial assets and other receivables.
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Receivables presented to factoring companies: | 257.7 | 266.6 |
of which non factored receivables | 23.5 | 37.9 |
of which receivables sold with recourse* | 11.2 | 14.5 |
Receivables sold without recourse | 223.0 | 214.2 |
* \u00a0Receivables sold with recourse are maintained as assets and a financial liability is recorded as a liability for the amount of financing received. |
\u00a0
Reverse factoring is a transaction for the sale of trade receivables to a factor, organised by Econocom, the debtor company of the receivables. Reverse factoring agreements involve three parties who sign two contracts: a contract for the assignment of receivables between the supplier and the factor and an agreement between the factor and the customer (Econocom) who undertakes to pay the invoices assigned by the Econocom supplier to the factor. Agreements of this type have been signed by the Group in France, Belgium and Spain, with around ten factors, all of which are leading financial institutions.
Under IFRS 9, the debt is not extinguished if it is not legally extinguished and its terms and conditions are not substantially modified. In this case, the debt remains under trade payables. Otherwise, it is reclassified under financial liabilities.
Econocom used reverse factoring for an amount of \u20ac30.4 million at 31 December 2023 (versus \u20ac104.7 million as at the end of 2022). In view of the aforementioned provisions of the standard and of the characteristics of the contracts, the Group deemed that these amounts break down as follows:
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Reverse factoring liabilities recognised as trade payables | 26.2 | 104.6 |
Reverse factoring liabilities recognised as financial liabilities | 4.2 | 0.1 |
Total reverse factoring payables | 30.4 | 104.7 |
\u00a0
The total expense related to factoring and reverse factoring, recognised under \u201cOperating financial expenses\u201d, totalled \u20ac8.3 million in 2023 (\u20ac3.8 million in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_38770b12-8ea0-4a33-90cf-346c648ca35b": { "value": "non-current assets held for sale, which are recognised and measured at the lower of net book value and fair value less costs to sell as soon as their sale is deemed highly probable. They are no longer amortised once they are classified as assets (or a group of assets) held for sale.The consolidated statement of financial position and the consolidated income statement for the 2022 financial year have been amended as follows:
The preparation of Econocom Group\u2019s consolidated financial statements requires the use of estimates and assumptions by Group Management which may affect the book value in future years of certain items in assets and liabilities, income and expenses, and the information disclosed in the notes to the consolidated financial statements.
Estimates and assumptions are made on the basis of past experience and other elements considered realistic or reasonable and are a basis for the exercise of judgement in determining the book value of assets and liabilities. The Group uses discount rate assumptions (based on market data) to estimate assets and liabilities.
Group Management regularly reviews its estimates and assumptions in order to ensure that they accurately reflect both past experience and the current economic situation.
The impact of changes in accounting estimates is recognised in the period in which the change occurred.
The main estimates and assumptions used by the Group are set out in the relevant sections in the notes to the financial statements and cover:
For these estimates, the Group applies the following accounting policies:
The Group is required to exercise critical judgement to determine:
The Group reviews the valuation and useful lives of operating assets, property, plant and equipment, intangible assets and goodwill annually and whenever there is an indication of impairment during the financial year (note 9.3).
Due to its activities and locations, the Group believes that it is not subject to the physical impacts of climate change. The Group operates mainly in Western Europe, in countries with little exposure to extreme weather events that could harm its activities or assets.
Econocom is nevertheless concerned by the expected changes in digital uses and by the change in the behaviours of its customers regarding their digital equipment. These changes should gradually result in an extension of the useful life of assets and a greater proportion of reconditioned equipment than new equipment. These changes are perceived by the Group as business opportunities rather than risks. As a result, distribution activities included refurbishment services. In particular, the TMF business has for a long time leased second-hand equipment and the group strengthened its positioning in this sector by acquiring, in 2022, the French company SOFI Groupe, an industrial player in the reconditioning of smartphones and IT equipment.
The Group is also exposed to the challenges of its sector in terms of energy transition and those of its suppliers in the supply of digital assets.
The Group did not identify any indication of impairment on its non-current assets and the impact related to climate issues was not significant in the financial statements at 31 December 2023..", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_2e0f4d36-8cba-402c-b252-2b54de73531a": { "value": "\u00a0
These consolidated financial statements include the financial statements of Econocom Group SE and all the subsidiaries it controls.
According to IFRS 10, an investor controls an investee if and only if the investor has all of the following:
The Group recognises subsidiaries it controls under the full consolidation method: the assets, liabilities, income and expenses of subsidiaries are fully consolidated in the consolidated financial statements and the share of equity and profit (loss) attributable to non-controlling interests is presented separately under non-controlling interests in the consolidated balance sheet and income statement.
All intragroup assets, liabilities, equity, income, expenses and cash flows arising from transactions between entities within the Group are fully eliminated on consolidation.
\u00a0\u00a0
The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.
Acquisitions of businesses are recognised in accordance with IFRS 3. The cost of a business combination (or \u201cconsideration transferred\u201d) is calculated as the aggregate of the acquisition-date fair values of:
to which may be added, at the Group's choice, the valuation of non-controlling interests at fair value or at the share of net assets attributable to non-controlling interests.
Acquisition-related expenses are expensed as incurred.
The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
If after remeasurement, the net balance of the amounts, at the acquisition date, of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the cost of business combination, of the amount of non-controlling (minority) interests in the acquired company and of the fair value of the interest previously held by the acquirer in the acquiree (if any), the excess amount is recognised directly in profit or loss as a bargain purchase.
Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.
The items in the financial statements of each Group entity are measured using the currency of the primary economic environment (or \u201cfunctional currency\u201d) in which the entity operates.
The consolidated financial statements presented in this report were prepared in euros, which is the Group\u2019s presentation currency.
For the purpose of preparing the financial statements of each entity, foreign currency transactions of subsidiaries (i.e. currencies other than the entity\u2019s functional currency) are recorded using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign currencies are translated at the end of each reporting period at the year-end rate. Foreign exchange gains and losses resulting from this translation at year-end exchange rates, or arising on the settlement of these monetary items, are recognised in the income statement for the period in which they occur.
Non-monetary items denominated in foreign currencies and recognised at fair value are translated using the exchange rate prevailing at the date the fair value was determined. Non-monetary items denominated in foreign currencies and measured at historical cost are not remeasured.
When a gain or loss on a non-monetary item is recognised directly in equity, the \u201ccurrency\u201d component of this gain or loss is also recognised in equity. Otherwise, this component is recognised in profit or loss for the period.
The results and financial positions of the Group\u2019s entities with functional currencies other than the presentation currency are translated into euros as follows:
The main exchange rates for the currencies of non-euro zone countries used to prepare the consolidated financial statements are as follows (one euro = xx\u00a0foreign currency):
Closing exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4622 | 1.4480 |
Pound sterling | 0.8668 | 0.8844 |
Moroccan dirham | 10.8890 | 11.1659 |
Polish zloty | 4.3337 | 4.6883 |
American dollar | 1.1036 | 1.0702 |
\u00a0
Average exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4572 | 1.3771 |
Pound sterling | 0.8690 | 0.8535 |
Moroccan dirham | 10.9710 | 10.7017 |
Polish zloty | 4.5336 | 4.6793 |
American dollar | 1.0808 | 1.0593 |
\u00a0\u00a0
The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..
IFRS 5 \u2013 Non-current assets held for sale and discontinued operations requires a specific accounting treatment and presentation of assets (or group of assets) held for sale and discontinued operations (corresponding to operations that have been disposed of or classified as held for sale).
A non-current asset or group of directly related assets and liabilities, is classified as \u201cheld for sale\u201d if its book value will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset (or asset group) must be available for immediate sale in its present condition and its sale must be highly probable. Management must be committed to the sale and the sale should be expected to qualify for recognition as a completed sale within one year of the date of classification.
These assets (or disposal group) are measured at the lower of their book value and estimated sale price less costs to sell. These assets cease to be amortised from the moment they qualify as \u201cassets (or group of assets) held for sale\u201d. They are presented on a separate line on the Group statement of financial position, without restatement of previous periods.
An operation discontinued, sold, or held for sale is defined as a component of an entity with cash flows that can be clearly distinguished from the rest of the entity and which represents a major, separate line of business or area of operations. For all published periods, income and expense relating to discontinued operations are presented separately in the income statement under \u201cProfit (loss) from discontinued operations\u201d and are restated in the statement of cash flows.
A discontinued operation is a component which the Group has either disposed of or has classified as held for sale, and which:
Profit (loss) from discontinued operations includes:
\u00a0
The Econocom Group\u2019s scope of consolidation is presented in note 2.3 \u201cMain consolidated companies\u201d.
On 28 March 2023, Econocom Nederland BV took exclusive control of Reliance Financial Services Group BV by purchasing 100% of the equity securities. The company has been fully consolidated from the 2023 financial year within the TMF business.
The Group has exercised all the call options regarding non-controlling interests; Trams has been 90% owned since July 2023.
No company was created in 2023.
On 1 March 2023, the Group sold its entire stake in Aciernet France, which held 100% of the shares of Aciernet USA, resulting in a capital gain impacting the \u201cProfit (loss) from discontinued operations\u201d line in the income statement.
This company was liquidated by decision of the Extraordinary General Meeting of 17 February 2023 and therefore left the scope of consolidation on 1 April 2023 with no significant impact on the consolidated financial statements.
This company, which had ceased its activities, was liquidated on 25 April 2023 and therefore left the scope of consolidation on 1 May 2023 with no significant impact on the consolidated financial statements.\u00a0
The Group analysed the risks associated with the entities sold in 2023 and, to date, has not identified any information to be disclosed.
\u00a0
Over the 2023 financial year, pursuant to the deliberations of the Board of Directors, 5 companies were added to the list of non-strategic activities and entities intended to be discontinued or sold. Consequently, the 2022 income and cash flow statements have been restated in order to ensure comparability between periods.
Net income from discontinued operations is presented on a separate line of the income statement, under \u201cProfit (loss) from discontinued operations\u201d. This profit (loss) was as follows for the 2023 and 2022 financial years:\u00a0
\u00a0
\u00a0
\u00a0
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Revenue from operating activities | 118.1 | 272.2 |
Operating expenses** | (112.6) | (244.7) |
Operating margin | 5.5 | 27.6 |
Other operating income and expenses | 3.1 | (8.5) |
Operating profit | 8.6 | 19.0 |
Other financial income and expenses | (3.0) | (1.1) |
Profit before tax | 5.6 | 17.9 |
Income tax | (2.5) | (2.0) |
Profit (loss) from discontinued operations | 3.1 | 16.0 |
* \u00a0 In accordance with IFRS 5, 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. ** \u00a0In accordance with IFRS 5, fixed assets were not amortised, amortisations which would have represented \u20ac4.5 million in 2023, versus \u20ac5.3 million in 2022. |
Cash flows from discontinued operations are also presented on a separate line of the statement of cash flows. The 2023 and 2022 cash flow statement relating to these entities breaks down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Net cash flows from (used in) operating activities | 21.7 | (19.7) |
Net cash flows from (used in) investing activities | (0.5) | (1.7) |
Net cash flows from (used in) financing activities | (17.7) | 18.6 |
Impact of change in exchange rate and changes in method | (20.5) | 3.0 |
Net cash flows from (used in) discontinued operations | (17.0) | 0.2 |
* \u00a0In accordance with IFRS 5, the restatement of the 2022 figures reflects the reclassification of operations considered discontinued in 2023 to \u201cNet change in cash and cash equivalents from discontinued operations\u201d. |
The assets and liabilities of these activities are presented on separate lines of the statement of financial position. At 31 December 2023 and 31 December 2022, the application of IFRS 5 impacted the consolidated statement of financial position as follows:\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Goodwill | 41.9 | 10.7 |
Non-current assets | 41.1 | 18.0 |
Current assets | 120.2 | 76.0 |
Cash and cash equivalents | 21.8 | 1.7 |
Assets held for sale | 225.0 | 106.4 |
Non-current liabilities | 41.5 | 3.0 |
Current liabilities | 37.6 | 53.5 |
Liabilities held for sale | 79.1 | 56.5 |
\u00a0
\u00a0
The Group\u2019s main fully consolidated subsidiaries are as follows:
Country | Name | Cities/Registration number | 2023 | 2022 | ||
|---|---|---|---|---|---|---|
\u00a0 | \u00a0 | \u00a0 | % | % | % | % |
\u00a0 Holdings | ||||||
Belgium | Econocom Finance SNC | Brussels / 0830.430.556 | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Grupo Econocom Espa\u00f1a | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Syst\u00e8mes SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
\u00a0 Products & Solutions | ||||||
Germany | Econocom Service GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Germany | Energy Net | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Brazil | Gigigo do Brasil de technologia | Sao-Paulo | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Products & Solutions Belux SA/NV | Brussels / 0426.851.567 | 100.00% | 100.00% | 100.00% | 100.00% |
Canada | Exaprobe Canada inc. | Montreal | 80.00% | 100.00% | 80.00% | 100.00% |
Spain | Econocom Products & Solutions SL | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Servicios microinformatica S.A.U. (Semic) | Lleida | 51.00% | 51.00% | 51.00% | 51.00% |
Spain | Essentiam services SL | Lleida | 51.00% | 100.00% | 51.00% | 100.00% |
US | Aciernet USA inc. | Newark | - | - | 80.00% | 100.00% |
France | Econocom Products & Solutions SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Exaprobe SAS | Le Plessis-Robinson | 80.00% | 80.00% | 80.00% | 80.00% |
France | Aciernet France | Le Plessis-Robinson | - | - | 80.00% | 80.00% |
Italy | BDF | Milan | 100.00% | 100.00% | 100.00% | 100/00% |
Italy | Asystel Italia | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Italy | Bizmatica | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Switzerland / Poland | Filiales Asytel (formerly Bizmatica) | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom PSF SA | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Mexico | Gigigo Mexico Srl de CV | Mexico | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands, Belgium | BIS Group | Ridderkerk | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Lydis BV | Almere | 60.00% | 60.00% | 60.00% | 60.00% |
United Kingdom | Trams | London | 90.00% | 90.00% | 60.00% | 60.00% |
Singapore | Exaprobe Singapore Pte. ltd. | Singapore | 80.00% | 100.00% | 80.00% | 100.00% |
\u00a0 Services | ||||||
Belgium \u00a0 | Econocom Digitalent SA/NV | Brussels / 0671.649.180 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Managed Services SA/NV | Brussels / 0432.093.428 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | A2Z Solutions SA/NV | Brussels / 0448.487.220 | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Com 2002 SL Nexica | Barcelona | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Econocom Servicios | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
France | Alcion(2) | Le Plessis-Robinson | - | - | 99.48% | 99.48% |
France | Econocom Solutions SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | ESR SAS | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France | Helis Group | Paris | 63.02% | 63.02% | 63.02% | 63.02% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
France | Econocom Apps. Cloud & Data | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Workplace Infra Innovation | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France, Germany, Romania, USA/Italy/Spain | SynerTrade Group | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
Morocco | Econocom Maroc SARL | Rabat | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Managed Services BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
\u00a0 Technology Management &\u202fFinancing | ||||||
Germany | Econocom Deutschland GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Germany | Econocom Deutschland Holding GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Atlance SA/NV | Brussels / 0476.489.635 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Lease SA/NV | Brussels / 0431.321.782 | 100.00% | 100.00% | 100.00% | 100.00% |
Canada | Econocom Canada Inc. | Montreal | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Econocom SA (Spain) | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
US | Econocom Corporation | Wilmington New Castle Country | 100.00% | 100.00% | 100.00% | 100.00% |
France | Abeilles Financement(1) | Paris | 0.00% | 0.00% | 0.00% | 0.00% |
France | Caroline 89(1) | Paris | 0.00% | 0.00% | 0.00% | 0.00% |
France | Atlance SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Atos Finance Solutions | Puteaux | 85.00% | 85.00% | 85.00% | 85.00% |
France | Econocom France SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Lease Explorer | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Lease Flow | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Les Abeilles | Le Havre | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Factory | St Mathieu de Tr\u00e9viers | 90.00% | 90.00% | 90.00% | 90.00% |
Ireland | Econocom Digital Finance Limited | Dublin | 100.00% | 100.00% | 100.00% | 100.00% |
Italy | Econocom International Italia SpA | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom Luxembourg SA | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom R\u00e9 SA Luxembourg | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Morocco | Econocom Location Maroc SA | Casablanca | 100.00% | 100.00% | 100.00% | 100.00% |
Mexico | Econocom Mexico SA de CV | Mexico | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Financial Services International BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Nederland BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Public BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Reliance Financial Services Group BV | Utrecht | 100.00% | 100.00% | - | - |
Poland | Econocom Polska SP zoo | Warsaw | 100.00% | 100.00% | 100.00% | 100.00% |
Czech Republic | Econocom Czech Republic Sro | Prague | 100.00% | 100.00% | 100.00% | 100.00% |
Romania | Econocom International Romania Srl | Bucharest | 100.00% | 100.00% | 100.00% | 100.00% |
Switzerland | Econocom Switzerland SA | Lugano | 100.00% | 100.00% | 100.00% | 100.00% |
United Kingdom | Econocom Ltd | Richmond Upon Thames | 100.00% | 100.00% | 100.00% | 100.00% |
(1) Entities consolidated as special purpose entities. (2) In addition to the liquidations detailed in point 2.2.4, Bizmatica merged with Asystel Italia with retroactive effect from 1 January 2022. |
\u00a0\u00a0
Econocom considers that the impacts of the war in Ukraine and the sanctions against Russia and Belarus have not had a significant negative impact on its consolidated financial statements. Econocom does not have a subsidiary in these three countries and its sales and supplies are limited.
As a result, the Group does not expect any particular impact from this war on the valuation of its assets.
The measures taken against Russian or Belarusian nationals do not impact the Group\u2019s shareholding structure.\u00a0
In general, Econocom is attentive to the overall macroeconomic situation and in particular to the impact that increases in prices and interest rates could have on its customers\u2019 activities and notably on their investments, even though investments in IT and digital transformation should generally remain unchanged.
The effects of inflation (and notably the increase in IT equipment prices) impacted the Products and Solutions and TMF businesses. Nevertheless, insofar as the supply cycles are relatively short, the increase in the purchase price of this equipment by Econocom is, for the most, reflected in the selling prices or rents negotiated with its customers so as not to deteriorate significantly the margins of its activities. Conversely, for the TMF business, increases in the price of IT assets means the residual value of the assets can be secured at the end of the lease period.
The Group therefore did not foresee any unfavourable impact in this respect on its future margins.
The effects of the increase in salaries are expected to affect Econocom\u2019s Services business, which employs more than 60% of the Group\u2019s workforce. Under its multi-year contracts, the Group has indexation clauses that limit the effects of inflation and wage increases on its margins. In this regard the Group's forecasts do not include a significant drop in its margins for this business.
\u00a0
Econocom Group is attentive to increases in interest rates on its financing. Nevertheless, the majority of its long-term loans were issued at a fixed rate or at a rate set by an interest rate hedge. This is notably the case for the Schuldschein bond issued in the spring of 2022 and which was subject to such hedging. Similarly, in the vast majority of cases, refinanced leases are refinanced at fixed rates; the expected margin of these contracts is therefore not impacted by subsequent changes in interest rates.
Among its activities, TMF is the most sensitive to interest rates for its future contracts either through the refinancing rates that will be applied or through the cost of financing of assets under non-refinanced contracts. Nevertheless, the Group believes that it will be able to pass on most of this rate increase to its customers, as the residual impact on its margins and on the profitability of the TMF business remains limited. The Group's forecasts do not include any significant changes in its TMF margins.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_57bad0b2-0215-4628-8404-f1baa2f88c7d": { "value": "These consolidated financial statements include the financial statements of Econocom Group SE and all the subsidiaries it controls.
According to IFRS 10, an investor controls an investee if and only if the investor has all of the following:
The Group recognises subsidiaries it controls under the full consolidation method: the assets, liabilities, income and expenses of subsidiaries are fully consolidated in the consolidated financial statements and the share of equity and profit (loss) attributable to non-controlling interests is presented separately under non-controlling interests in the consolidated balance sheet and income statement.
All intragroup assets, liabilities, equity, income, expenses and cash flows arising from transactions between entities within the Group are fully eliminated on consolidation.
The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..The Group\u2019s main fully consolidated subsidiaries are as follows:
Country | Name | Cities/Registration number | 2023 | 2022 | ||
|---|---|---|---|---|---|---|
\u00a0 | \u00a0 | \u00a0 | % | % | % | % |
\u00a0 Holdings | ||||||
Belgium | Econocom Finance SNC | Brussels / 0830.430.556 | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Grupo Econocom Espa\u00f1a | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Syst\u00e8mes SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
\u00a0 Products & Solutions | ||||||
Germany | Econocom Service GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Germany | Energy Net | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Brazil | Gigigo do Brasil de technologia | Sao-Paulo | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Products & Solutions Belux SA/NV | Brussels / 0426.851.567 | 100.00% | 100.00% | 100.00% | 100.00% |
Canada | Exaprobe Canada inc. | Montreal | 80.00% | 100.00% | 80.00% | 100.00% |
Spain | Econocom Products & Solutions SL | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Servicios microinformatica S.A.U. (Semic) | Lleida | 51.00% | 51.00% | 51.00% | 51.00% |
Spain | Essentiam services SL | Lleida | 51.00% | 100.00% | 51.00% | 100.00% |
US | Aciernet USA inc. | Newark | - | - | 80.00% | 100.00% |
France | Econocom Products & Solutions SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Exaprobe SAS | Le Plessis-Robinson | 80.00% | 80.00% | 80.00% | 80.00% |
France | Aciernet France | Le Plessis-Robinson | - | - | 80.00% | 80.00% |
Italy | BDF | Milan | 100.00% | 100.00% | 100.00% | 100/00% |
Italy | Asystel Italia | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Italy | Bizmatica | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Switzerland / Poland | Filiales Asytel (formerly Bizmatica) | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom PSF SA | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Mexico | Gigigo Mexico Srl de CV | Mexico | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands, Belgium | BIS Group | Ridderkerk | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Lydis BV | Almere | 60.00% | 60.00% | 60.00% | 60.00% |
United Kingdom | Trams | London | 90.00% | 90.00% | 60.00% | 60.00% |
Singapore | Exaprobe Singapore Pte. ltd. | Singapore | 80.00% | 100.00% | 80.00% | 100.00% |
\u00a0 Services | ||||||
Belgium \u00a0 | Econocom Digitalent SA/NV | Brussels / 0671.649.180 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Managed Services SA/NV | Brussels / 0432.093.428 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | A2Z Solutions SA/NV | Brussels / 0448.487.220 | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Com 2002 SL Nexica | Barcelona | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Econocom Servicios | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
France | Alcion(2) | Le Plessis-Robinson | - | - | 99.48% | 99.48% |
France | Econocom Solutions SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | ESR SAS | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France | Helis Group | Paris | 63.02% | 63.02% | 63.02% | 63.02% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
France | Econocom Apps. Cloud & Data | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Workplace Infra Innovation | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France, Germany, Romania, USA/Italy/Spain | SynerTrade Group | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
Morocco | Econocom Maroc SARL | Rabat | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Managed Services BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
\u00a0 Technology Management &\u202fFinancing | ||||||
Germany | Econocom Deutschland GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Germany | Econocom Deutschland Holding GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Atlance SA/NV | Brussels / 0476.489.635 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Lease SA/NV | Brussels / 0431.321.782 | 100.00% | 100.00% | 100.00% | 100.00% |
Canada | Econocom Canada Inc. | Montreal | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Econocom SA (Spain) | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
US | Econocom Corporation | Wilmington New Castle Country | 100.00% | 100.00% | 100.00% | 100.00% |
France | Abeilles Financement(1) | Paris | 0.00% | 0.00% | 0.00% | 0.00% |
France | Caroline 89(1) | Paris | 0.00% | 0.00% | 0.00% | 0.00% |
France | Atlance SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Atos Finance Solutions | Puteaux | 85.00% | 85.00% | 85.00% | 85.00% |
France | Econocom France SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Lease Explorer | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Lease Flow | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Les Abeilles | Le Havre | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Factory | St Mathieu de Tr\u00e9viers | 90.00% | 90.00% | 90.00% | 90.00% |
Ireland | Econocom Digital Finance Limited | Dublin | 100.00% | 100.00% | 100.00% | 100.00% |
Italy | Econocom International Italia SpA | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom Luxembourg SA | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom R\u00e9 SA Luxembourg | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Morocco | Econocom Location Maroc SA | Casablanca | 100.00% | 100.00% | 100.00% | 100.00% |
Mexico | Econocom Mexico SA de CV | Mexico | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Financial Services International BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Nederland BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Public BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Reliance Financial Services Group BV | Utrecht | 100.00% | 100.00% | - | - |
Poland | Econocom Polska SP zoo | Warsaw | 100.00% | 100.00% | 100.00% | 100.00% |
Czech Republic | Econocom Czech Republic Sro | Prague | 100.00% | 100.00% | 100.00% | 100.00% |
Romania | Econocom International Romania Srl | Bucharest | 100.00% | 100.00% | 100.00% | 100.00% |
Switzerland | Econocom Switzerland SA | Lugano | 100.00% | 100.00% | 100.00% | 100.00% |
United Kingdom | Econocom Ltd | Richmond Upon Thames | 100.00% | 100.00% | 100.00% | 100.00% |
(1) Entities consolidated as special purpose entities. (2) In addition to the liquidations detailed in point 2.2.4, Bizmatica merged with Asystel Italia with retroactive effect from 1 January 2022. |
Investments in non-consolidated companies are recorded at fair value. Changes in fair value are recognised under Income.
Since 31\u202fDecember 2021, there are no longer any entities accounted for using the equity method.
\u00a0
in \u20ac millions | Investments in | Other non-current\u00a0 | Total |
|---|---|---|---|
Balance at 31\u202fDecember\u202f2021 | 8.6 | 20.9 | 29.5 |
Increases | 0.2 | 2.7 | 2.9 |
Financial provisions | (1.1) | - | (1.1) |
Repayments/Disposals | (0.7) | (3.5) | (4.2) |
Financial reversals | 0.5 | - | 0.5 |
Changes in scope of\u202fconsolidation | 0.1 | 0.1 | 0.2 |
Transfers and other\u202fmovements | (3.5) | 0.1 | (3.5) |
Balance at 31\u202fDecember\u202f2022 | 4.1 | 20.3 | 24.4 |
Increases | - | 3.1 | 3.1 |
Financial provisions | - | - | - |
Repayments/Disposals | (0.1) | (1.3) | (1.5) |
Financial reversals | - | - | - |
Changes in scope of\u202fconsolidation | - | - | - |
Transfers and other\u202fmovements | - | 0.0 | 0.0 |
Net reclassification of assets held for sale | - | (0.4) | (0.4) |
Balance at 31\u202fDecember\u202f2023 | 4.0 | 21.7 | 25.6 |
(1) This relates to the Group\u2019s interest in non-controlled entities for \u20ac4.0\u202fmillion, including principally shares in H\u00e9lios (\u20ac2.4\u202fmillion), Histovery (\u20ac0.8\u202fmillion), Kartable (\u20ac0.5\u202fmillion), Neuradom (\u20ac0.2\u202fmillion) and JTRS (\u20ac0.1\u202fmillion). (2) Other non-current financial assets chiefly correspond to guarantees and deposits. |
\u00a0
\u00a0
2023 in \u20ac millions | 1 to 5 years | Beyond | Indefinite | Total |
|---|---|---|---|---|
Investments in non-consolidated companies | 0.1 | - | 3.9 | 4.0 |
Other investments | 5.9 | - | - | 5.9 |
Guarantees given to factors | 10.1 | - | - | 10.1 |
Other guarantees and deposits | 1.1 | 4.5 | - | 5.6 |
Total | 17.2 | 4.5 | 3.9 | 25.6 |
\u00a0
2022 in \u20ac millions | 1 to 5 years | Beyond | Indefinite | Total |
|---|---|---|---|---|
Investments in non-consolidated companies | 0.2 | - | 3.9 | 4.1 |
Other investments | 5.0 | - | - | 5.0 |
Guarantees given to factors | 10.2 | - | - | 10.2 |
Other guarantees and deposits | 1.4 | 3.7 | - | 5.1 |
Total | 16.8 | 3.7 | 3.9 | 24.4 |
The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At 31 December 2023, non-controlling interests amounted to \u20ac60.8 million (\u20ac66.6 million at 31 December 2022). The table below shows changes in this item:
in \u20ac millions | Non-controlling interests |
|---|---|
At 31 December 2022 restated | 66.6 |
Share of comprehensive income attributable to non-controlling interests | (0.7) |
Shareholder remuneration | - |
Impact of put options granted to non-controlling shareholders | (6.9) |
Miscellaneous transactions impacting reserves of non-controlling interests | 1.7 |
At 31 December 2023 | 60.8 |
\u00a0
The share of profit (loss) recognised in the income statement for non-controlling interests represented a negative \u20ac0.9 million for 2023, compared to a positive \u20ac1.5 million in 2022.
At 31 December 2023, non-controlling interests primarily concerned Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams.
Together these companies accounted for 9.4% of total assets and 14.6% of consolidated equity at 31 December 2023. Taken individually, none of these entities represents a significant percentage of Econocom Group\u2019s total assets or consolidated equity.
Econocom Finance SA current accounts vis-\u00e0-vis these companies amounted to -\u20ac8.5 million at 31 December 2023, compared to -\u20ac8.0 million at 31 December 2022.
After eliminating items between these companies and other Group companies, these entities contributed \u20ac375.1 million to revenue in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_cee2adaa-1f8c-407e-a2e5-551949dc6a0b": { "value": "These consolidated financial statements include the financial statements of Econocom Group SE and all the subsidiaries it controls.
According to IFRS 10, an investor controls an investee if and only if the investor has all of the following:
The Group recognises subsidiaries it controls under the full consolidation method: the assets, liabilities, income and expenses of subsidiaries are fully consolidated in the consolidated financial statements and the share of equity and profit (loss) attributable to non-controlling interests is presented separately under non-controlling interests in the consolidated balance sheet and income statement.
All intragroup assets, liabilities, equity, income, expenses and cash flows arising from transactions between entities within the Group are fully eliminated on consolidation.
Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At 31 December 2023, non-controlling interests amounted to \u20ac60.8 million (\u20ac66.6 million at 31 December 2022). The table below shows changes in this item:
in \u20ac millions | Non-controlling interests |
|---|---|
At 31 December 2022 restated | 66.6 |
Share of comprehensive income attributable to non-controlling interests | (0.7) |
Shareholder remuneration | - |
Impact of put options granted to non-controlling shareholders | (6.9) |
Miscellaneous transactions impacting reserves of non-controlling interests | 1.7 |
At 31 December 2023 | 60.8 |
\u00a0
The share of profit (loss) recognised in the income statement for non-controlling interests represented a negative \u20ac0.9 million for 2023, compared to a positive \u20ac1.5 million in 2022.
At 31 December 2023, non-controlling interests primarily concerned Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams.
Together these companies accounted for 9.4% of total assets and 14.6% of consolidated equity at 31 December 2023. Taken individually, none of these entities represents a significant percentage of Econocom Group\u2019s total assets or consolidated equity.
Econocom Finance SA current accounts vis-\u00e0-vis these companies amounted to -\u20ac8.5 million at 31 December 2023, compared to -\u20ac8.0 million at 31 December 2022.
After eliminating items between these companies and other Group companies, these entities contributed \u20ac375.1 million to revenue in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_688444c0-f27b-498c-9cf0-9eaa078baa80": { "value": "These consolidated financial statements include the financial statements of Econocom Group SE and all the subsidiaries it controls.
According to IFRS 10, an investor controls an investee if and only if the investor has all of the following:
The Group recognises subsidiaries it controls under the full consolidation method: the assets, liabilities, income and expenses of subsidiaries are fully consolidated in the consolidated financial statements and the share of equity and profit (loss) attributable to non-controlling interests is presented separately under non-controlling interests in the consolidated balance sheet and income statement.
All intragroup assets, liabilities, equity, income, expenses and cash flows arising from transactions between entities within the Group are fully eliminated on consolidation.
Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_81f64acc-4601-4403-a8f2-2d0d47ec0c76": { "value": "The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_3422fa03-cc24-4715-b843-0b0dfee8b127": { "value": "The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_4a8d0b39-5e94-49b3-b057-67e5d026f015": { "value": "The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_4077c2c4-ec9c-48c1-ac96-44757f0d2e47": { "value": "The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_772973c7-4ac4-4268-80b2-2a9ff48d336b": { "value": "The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_00d4d260-0306-4aa9-b93b-2448de570eb0": { "value": "The Group recognises its investments in associates and joint ventures under the equity method: an investment in an associate is initially recognised at its acquisition cost in the consolidated statement of financial position and is subsequently adjusted to recognise the Group's share of the associate's profit (loss) and other comprehensive income (expense). If the Group\u2019s share in an associate\u2019s losses is greater than its investment in that associate, the Group ceases to recognise its share in future losses. Additional losses are only recognised if the Group is under a legal or constructive obligation to do so or if it has made payments on behalf of the associate.
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_f81c9ac6-1c1b-4da5-8d2c-d5f138cbaf21": { "value": "Acquisitions of businesses are recognised in accordance with IFRS 3. The cost of a business combination (or \u201cconsideration transferred\u201d) is calculated as the aggregate of the acquisition-date fair values of:
to which may be added, at the Group's choice, the valuation of non-controlling interests at fair value or at the share of net assets attributable to non-controlling interests.
Acquisition-related expenses are expensed as incurred.
The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
If after remeasurement, the net balance of the amounts, at the acquisition date, of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the cost of business combination, of the amount of non-controlling (minority) interests in the acquired company and of the fair value of the interest previously held by the acquirer in the acquiree (if any), the excess amount is recognised directly in profit or loss as a bargain purchase.
Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_84a66aa4-2234-4474-ae0c-1df477c9f48f": { "value": "Acquisitions of businesses are recognised in accordance with IFRS 3. The cost of a business combination (or \u201cconsideration transferred\u201d) is calculated as the aggregate of the acquisition-date fair values of:
to which may be added, at the Group's choice, the valuation of non-controlling interests at fair value or at the share of net assets attributable to non-controlling interests.
Acquisition-related expenses are expensed as incurred.The Econocom Group\u2019s scope of consolidation is presented in note 2.3 \u201cMain consolidated companies\u201d.
On 28 March 2023, Econocom Nederland BV took exclusive control of Reliance Financial Services Group BV by purchasing 100% of the equity securities. The company has been fully consolidated from the 2023 financial year within the TMF business.
The Group has exercised all the call options regarding non-controlling interests; Trams has been 90% owned since July 2023.
No company was created in 2023.
On 1 March 2023, the Group sold its entire stake in Aciernet France, which held 100% of the shares of Aciernet USA, resulting in a capital gain impacting the \u201cProfit (loss) from discontinued operations\u201d line in the income statement.
This company was liquidated by decision of the Extraordinary General Meeting of 17 February 2023 and therefore left the scope of consolidation on 1 April 2023 with no significant impact on the consolidated financial statements.
This company, which had ceased its activities, was liquidated on 25 April 2023 and therefore left the scope of consolidation on 1 May 2023 with no significant impact on the consolidated financial statements.\u00a0
The Group analysed the risks associated with the entities sold in 2023 and, to date, has not identified any information to be disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_fc8ebaba-cf28-429d-ac30-639ea02a9192": { "value": "Acquisitions of businesses are recognised in accordance with IFRS 3. The cost of a business combination (or \u201cconsideration transferred\u201d) is calculated as the aggregate of the acquisition-date fair values of:
to which may be added, at the Group's choice, the valuation of non-controlling interests at fair value or at the share of net assets attributable to non-controlling interests.
Acquisition-related expenses are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_e8196bbd-7d57-4d48-b1f2-78d0d836220e": { "value": "The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.\u00a0
The growing proportion of international customers and the pooling of resources among business lines have led the Group to define the scope of its Cash Generating Units (CGUs) as representing its three business segments: Products & Solutions, Services and Technology Management & Financing.
A CGU is defined as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each CGU or group of CGUs to which goodwill is allocated represents the lowest level within the Group at which goodwill is monitored for internal management purposes.
For the purposes of the impairment tests carried out at 31 December each year, goodwill was allocated to the following Cash Generating Units.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
|---|---|---|---|---|
2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill at 31 December 2022 | 175.0 | 237.2 | 142.0 | 554.2 |
Reclassification to assets held for sale | - | (29.0) | (2.2) | (31.2) |
Acquisitions | - | - | 1.0 | 1.0 |
Disposals | - | - | - | - |
Foreign currency translation adjustments | 0.3 | - | - | 0.3 |
Lydis adjustment | 0.9 | - | - | 0.9 |
Goodwill at 31 December 2023 | 176.1 | 208.2 | 140.7 | 525.1 |
of which gross amount | 176.1 | 211.5 | 140.7 | 528.4 |
of which accumulated impairment | - | (3.3) | - | (3.3) |
\u00a0
In 2023, the goodwill related to the acquired entity concerns Reliance Financial Services Group BV.
The amount of Lydis goodwill was adjusted over the 2023 financial year and during the allocation period, impacting the change in Group and non-controlling interests equity.
At 31 December 2023, only the goodwill of the Reliance entity is still in the allocation period.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
|---|---|---|---|---|
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill at 31 December 2021 | 141.7 | 237.2 | 116.0 | 494.9 |
Reclassification to assets held for sale | 2.0 | - | - | 2.0 |
Acquisitions | 27.4 | - | 26.0 | 53.3 |
Disposals | - | - | - | - |
Foreign currency translation adjustments | - | - | - | - |
Trams adjustment | 3.9 | - | - | 3.9 |
Goodwill at 31 December 2022 | 175.0 | 237.2 | 142.0 | 554.2 |
of which gross amount | 175.0 | 241.5 | 142.0 | 558.4 |
of which accumulated impairment | - | (4.3) | - | (4.3) |
\u00a0
In 2022, goodwill related to acquired companies concerned So-IT, Servicios Informatica, Econocom Factory and Lydis.
Impairment testing involves determining whether the recoverable amount of an asset, CGU or group of CGUs is lower than its net book value.
The recoverable amount is the higher of fair value less the costs of disposal and value in use.
Value in use is determined based on estimated future cash flows and a terminal value, taking into account the time value of money and the risks associated with the business and the specific environment in which the CGU or group of CGUs operates, and corresponds to the addition of:
Fair value is the amount that could be obtained from the sale of the tested assets in an arm\u2019s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. These amounts are calculated based on market information.
When the recoverable value of the assets of a CGU or group of CGUs is lower than its net book value, an impairment loss is recognised.
Impairment losses are recorded first as a reduction of the book value of goodwill allocated to a CGU and then charged against the assets of the CGU, pro rata to the book value of each of the components of the CGU. The impairment loss is recorded on the \u201cOther operating expenses\u201d line of the income statement.
When the recoverable amount becomes greater than the net book value, impairment losses recognised for tangible and intangible assets other than goodwill may be reversed in subsequent periods, in the amount of the impairment loss initially recognised. It should be noted that impairment losses recorded in respect of goodwill cannot be reversed.
When a relevant CGU is sold, the resulting goodwill is taken into account for the determination of the profit (loss) from the sale.
\u00a0
Based on the impairment tests conducted, goodwill does not need to be impaired.
To reach a risk of impairment, the main assumptions should be as follows:
\u00a0
The calculation of the value in use of the CGUs is sensitive to the following assumptions:
\u00a0 | 2023 | 2022 | ||
|---|---|---|---|---|
Discount rate | Perpetual growth rate | Discount rate | Perpetual growth rate | |
Products & Solutions | 9.75% | 2.00% | 9.75% | 2.00% |
Services | 10.00% | 2.00% | 9.50% | 2.00% |
Technology Management &\u202fFinancing | 9.75% | 2.00% | 9.75% | 1.50% |
The growth rate and weighted average cost of capital assumptions were reviewed in light of global market data. The growth rate reflects our best estimate given the current economic environment.
The after-tax discount rate used corresponds to the weighted average cost of capital (\u201cWACC\u201d). The perpetuity growth rate applied by the Group does not exceed the growth rate for the industry. Applying a pre-tax discount rate to pre-tax cash flows would have resulted in a similar value for the CGUs.
The 5-year business plan was determined based on the expected growth of markets for the CGU concerned, taking account of growth levers identified by Management. Margins are determined based on the historical margins observed in the years preceding the start of the budget period. These margins also take account of expected efficiency gains as well as events known to management and that could impact the profitability of the activity.
\u00a0
The table below shows the sensitivity of enterprise values to the assumptions used:
in \u20ac millions | Sensitivity to rates | Sensitivity for the business plan | |||
|---|---|---|---|---|---|
Discount rate | Perpetual growth rate | ||||
\u00a0 | +1.0% | (1.0%) | +0.5% | (0.5%) | (5%) |
Products & Solutions | (59.4) | 77.1 | 27.7 | (24.4) | (40.1) |
Services | (29.8) | 38.3 | 13.7 | (12.1) | (32.4) |
Technology Management &\u202fFinancing | (48.5) | 63.1 | 23.0 | (20.3) | (86.4) |
\u00a0
The sensitivity of impairment tests to adverse but feasible changes in assumptions is set out below:
Separately acquired intangible assets are initially measured at cost, which corresponds to their acquisition cost or their acquisition-date fair value for intangible assets acquired in a business combination. \u00a0
After initial recognition, they are carried at cost less any accumulated amortisation and impairment losses.
Intangible assets with finite useful lives are amortised over their economic useful life. The useful life of concessions, patents and licences is estimated at between three and seven years.
Intangible assets with indefinite useful lives are not amortised.
The Group carries out IT development projects. Expenses incurred in relation to these operations can be included in the cost of intangible assets. An internally generated intangible asset resulting from development (or from the development phase of an internal IT project) is only recognised if the Group can demonstrate all of the following:
If no internally generated intangible asset can be recognised, development costs are recognised in profit or loss for the year in which they are incurred.
After initial recognition, internally generated intangible assets are carried at cost less any accumulated amortisation and impairment losses, in accordance with the same method as that used for separately acquired intangible assets.
The useful life of information systems is estimated at between three and seven years.
Intangible assets acquired by the Group in business combinations are measured at their acquisition cost less any accumulated amortisation and impairment losses. They essentially include operating licences and computer software. They are depreciated on a straight line basis over their useful lives.
The customer portfolio acquired from the ECS group was valued using the MEEM method (Multi-period Excess Earnings Method) at \u20ac40 million and is being amortised over 20 years.
Useful life | In years |
|---|---|
Amortisable business assets | 3 - 5 |
ECS customer portfolio | 20 |
Franchises, patents, licences | 3 - 7 |
IT systems | 3 - 7 |
\u00a0
The Group has no intangible assets with indefinite useful lives except for the goodwill presented in note 9.
in \u20ac millions | Customer portfolio | Franchises, patents, | IT systems | Other | Total |
|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2022 | 54.0 | 36.5 | 57.8 | 3.4 | 151.8 |
Acquisitions | - | 1.7 | 7.7 | 3.4 | 12.9 |
Disposals/Retirements | - | (4.5) | (1.6) | - | (6.1) |
Changes in scope of\u202fconsolidation | - | - | - | - | - |
Transfers and other\u202fmovements | - | 1.2 | (2.4) | (0.1) | (1.3) |
Net reclassification of assets held for sale | - | (0.1) | (0.2) | (0.0) | (0.3) |
Gross value at 31\u202fDecember 2023 | 54.0 | 34.7 | 61.4 | 6.8 | 156.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (38.3) | (29.5) | (37.6) | (3.1) | (108.4) |
Additions | (2.0) | (2.4) | (5.2) | (0.1) | (9.7) |
Disposals/Retirements | - | 4.5 | 1.6 | - | 6.1 |
Changes in scope of\u202fconsolidation | - | - | - | - | - |
Reversal of impairment | - | - | - | - | - |
Transfers and other\u202fmovements | - | 0.9 | - | 0.1 | 1.0 |
Net reclassification of assets held for sale | - | 0.0 | 0.2 | 0.0 | 0.2 |
Accumulated depreciation and amortisation at 31\u202fDecember 2023 | (40.3) | (26.4) | (41.0) | (3.1) | (110.8) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember 2022 | 15.8 | 7.0 | 20.2 | 0.3 | 43.3 |
Net book value at 31\u202fDecember 2023 | 13.8 | 8.3 | 20.3 | 3.7 | 46.1 |
\u00a0
Customer portfolios and business assets are intangible assets which are recognised in connection with business combinations, amortised over the useful lives shown above.
Franchises, patents, licences, etc. consist mainly of licences acquired and amortised over their useful lives.
IT systems are mainly the result of developments made by the Group and are amortised over the periods set out above.
in \u20ac millions | Customer portfolio | Franchises, patents, | IT systems | Other | Total |
|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2021* | 54.6 | 25.6 | 48.5 | 1.8 | 130.5 |
Acquisitions | 0.1 | 1.5 | 8.3 | (0.0) | 9.9 |
Disposals/Retirements | - | (1.8) | (1.9) | - | (3.7) |
Changes in scope of\u202fconsolidation | - | 3.8 | 2.1 | - | 5.9 |
Transfers and other\u202fmovements | (0.0) | 0.7 | 0.5 | - | 1.1 |
Net reclassification of assets held for sale | (0.7) | 6.6 | 0.5 | 1.6 | 8.0 |
Gross value at 31\u202fDecember 2022 | 54.0 | 36.5 | 57.8 | 3.4 | 151.8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at\u202f31\u202fDecember 2021* | (36.6) | (22.9) | (33.2) | (1.2) | (93.9) |
Additions | (2.0) | (2.9) | (4.8) | (0.2) | (9.9) |
Disposals/Retirements | - | 1.8 | 1.6 | - | 3.4 |
Changes in scope of\u202fconsolidation | - | (1.0) | (1.1) | - | (2.0) |
Reversal of impairment | - | - | 0.0 | 0.9 | 0.9 |
Transfers and other\u202fmovements | - | - | (0.2) | (0.9) | (1.1) |
Net reclassification of assets held for sale | 0.3 | (4.4) | (0.0) | (1.6) | (5.7) |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (38.3) | (29.5) | (37.6) | (3.1) | (108.4) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember\u202f2021* | 18.1 | 2.7 | 15.3 | 0.6 | 36.6 |
Net book value at 31\u202fDecember 2022 | 15.8 | 7.0 | 20.2 | 0.3 | 43.3 |
* \u00a0The 2021 consolidated balance sheet was impacted by the IFRIC decision relating to the recognition of implementation costs for software in SaaS mode, as well as comparability adjustments for certain services included in the TMF contracts (see 1.2.1 and 1.3.2). |
The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.Separately acquired intangible assets are initially measured at cost, which corresponds to their acquisition cost or their acquisition-date fair value for intangible assets acquired in a business combination. \u00a0
After initial recognition, they are carried at cost less any accumulated amortisation and impairment losses.
Intangible assets with finite useful lives are amortised over their economic useful life. The useful life of concessions, patents and licences is estimated at between three and seven years.
Intangible assets with indefinite useful lives are not amortised.
The Group carries out IT development projects. Expenses incurred in relation to these operations can be included in the cost of intangible assets. An internally generated intangible asset resulting from development (or from the development phase of an internal IT project) is only recognised if the Group can demonstrate all of the following:
If no internally generated intangible asset can be recognised, development costs are recognised in profit or loss for the year in which they are incurred.
After initial recognition, internally generated intangible assets are carried at cost less any accumulated amortisation and impairment losses, in accordance with the same method as that used for separately acquired intangible assets.
The useful life of information systems is estimated at between three and seven years.
Intangible assets acquired by the Group in business combinations are measured at their acquisition cost less any accumulated amortisation and impairment losses. They essentially include operating licences and computer software. They are depreciated on a straight line basis over their useful lives.
The customer portfolio acquired from the ECS group was valued using the MEEM method (Multi-period Excess Earnings Method) at \u20ac40 million and is being amortised over 20 years.
Useful life | In years |
|---|---|
Amortisable business assets | 3 - 5 |
ECS customer portfolio | 20 |
Franchises, patents, licences | 3 - 7 |
IT systems | 3 - 7 |
\u00a0
The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.\u00a0
The growing proportion of international customers and the pooling of resources among business lines have led the Group to define the scope of its Cash Generating Units (CGUs) as representing its three business segments: Products & Solutions, Services and Technology Management & Financing.
A CGU is defined as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each CGU or group of CGUs to which goodwill is allocated represents the lowest level within the Group at which goodwill is monitored for internal management purposes.
For the purposes of the impairment tests carried out at 31 December each year, goodwill was allocated to the following Cash Generating Units.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
|---|---|---|---|---|
2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill at 31 December 2022 | 175.0 | 237.2 | 142.0 | 554.2 |
Reclassification to assets held for sale | - | (29.0) | (2.2) | (31.2) |
Acquisitions | - | - | 1.0 | 1.0 |
Disposals | - | - | - | - |
Foreign currency translation adjustments | 0.3 | - | - | 0.3 |
Lydis adjustment | 0.9 | - | - | 0.9 |
Goodwill at 31 December 2023 | 176.1 | 208.2 | 140.7 | 525.1 |
of which gross amount | 176.1 | 211.5 | 140.7 | 528.4 |
of which accumulated impairment | - | (3.3) | - | (3.3) |
\u00a0
In 2023, the goodwill related to the acquired entity concerns Reliance Financial Services Group BV.
The amount of Lydis goodwill was adjusted over the 2023 financial year and during the allocation period, impacting the change in Group and non-controlling interests equity.
At 31 December 2023, only the goodwill of the Reliance entity is still in the allocation period.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
|---|---|---|---|---|
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill at 31 December 2021 | 141.7 | 237.2 | 116.0 | 494.9 |
Reclassification to assets held for sale | 2.0 | - | - | 2.0 |
Acquisitions | 27.4 | - | 26.0 | 53.3 |
Disposals | - | - | - | - |
Foreign currency translation adjustments | - | - | - | - |
Trams adjustment | 3.9 | - | - | 3.9 |
Goodwill at 31 December 2022 | 175.0 | 237.2 | 142.0 | 554.2 |
of which gross amount | 175.0 | 241.5 | 142.0 | 558.4 |
of which accumulated impairment | - | (4.3) | - | (4.3) |
\u00a0
In 2022, goodwill related to acquired companies concerned So-IT, Servicios Informatica, Econocom Factory and Lydis.
Impairment testing involves determining whether the recoverable amount of an asset, CGU or group of CGUs is lower than its net book value.
The recoverable amount is the higher of fair value less the costs of disposal and value in use.
Value in use is determined based on estimated future cash flows and a terminal value, taking into account the time value of money and the risks associated with the business and the specific environment in which the CGU or group of CGUs operates, and corresponds to the addition of:
Fair value is the amount that could be obtained from the sale of the tested assets in an arm\u2019s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. These amounts are calculated based on market information.
When the recoverable value of the assets of a CGU or group of CGUs is lower than its net book value, an impairment loss is recognised.
Impairment losses are recorded first as a reduction of the book value of goodwill allocated to a CGU and then charged against the assets of the CGU, pro rata to the book value of each of the components of the CGU. The impairment loss is recorded on the \u201cOther operating expenses\u201d line of the income statement.
When the recoverable amount becomes greater than the net book value, impairment losses recognised for tangible and intangible assets other than goodwill may be reversed in subsequent periods, in the amount of the impairment loss initially recognised. It should be noted that impairment losses recorded in respect of goodwill cannot be reversed.
When a relevant CGU is sold, the resulting goodwill is taken into account for the determination of the profit (loss) from the sale.
\u00a0
Based on the impairment tests conducted, goodwill does not need to be impaired.
To reach a risk of impairment, the main assumptions should be as follows:
\u00a0
The calculation of the value in use of the CGUs is sensitive to the following assumptions:
\u00a0 | 2023 | 2022 | ||
|---|---|---|---|---|
Discount rate | Perpetual growth rate | Discount rate | Perpetual growth rate | |
Products & Solutions | 9.75% | 2.00% | 9.75% | 2.00% |
Services | 10.00% | 2.00% | 9.50% | 2.00% |
Technology Management &\u202fFinancing | 9.75% | 2.00% | 9.75% | 1.50% |
The growth rate and weighted average cost of capital assumptions were reviewed in light of global market data. The growth rate reflects our best estimate given the current economic environment.
The after-tax discount rate used corresponds to the weighted average cost of capital (\u201cWACC\u201d). The perpetuity growth rate applied by the Group does not exceed the growth rate for the industry. Applying a pre-tax discount rate to pre-tax cash flows would have resulted in a similar value for the CGUs.
The 5-year business plan was determined based on the expected growth of markets for the CGU concerned, taking account of growth levers identified by Management. Margins are determined based on the historical margins observed in the years preceding the start of the budget period. These margins also take account of expected efficiency gains as well as events known to management and that could impact the profitability of the activity.
\u00a0
The table below shows the sensitivity of enterprise values to the assumptions used:
in \u20ac millions | Sensitivity to rates | Sensitivity for the business plan | |||
|---|---|---|---|---|---|
Discount rate | Perpetual growth rate | ||||
\u00a0 | +1.0% | (1.0%) | +0.5% | (0.5%) | (5%) |
Products & Solutions | (59.4) | 77.1 | 27.7 | (24.4) | (40.1) |
Services | (29.8) | 38.3 | 13.7 | (12.1) | (32.4) |
Technology Management &\u202fFinancing | (48.5) | 63.1 | 23.0 | (20.3) | (86.4) |
\u00a0
The sensitivity of impairment tests to adverse but feasible changes in assumptions is set out below:
The difference between the consideration transferred and the acquirer\u2019s share in the fair value of the identifiable assets and liabilities and contingent liabilities at the acquisition date is recognised in goodwill on a separate line in the financial statements. These items may be adjusted during the 12 months following the acquisition date. Any contingent consideration due is recognised at its acquisition-date fair value and included in the cost of the business combination. Subsequent changes in the fair value of contingent consideration are recognised in profit or loss.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_b8954f0f-bd14-4608-b5f0-df468cd89d4a": { "value": "Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At 31 December 2023, non-controlling interests amounted to \u20ac60.8 million (\u20ac66.6 million at 31 December 2022). The table below shows changes in this item:
in \u20ac millions | Non-controlling interests |
|---|---|
At 31 December 2022 restated | 66.6 |
Share of comprehensive income attributable to non-controlling interests | (0.7) |
Shareholder remuneration | - |
Impact of put options granted to non-controlling shareholders | (6.9) |
Miscellaneous transactions impacting reserves of non-controlling interests | 1.7 |
At 31 December 2023 | 60.8 |
\u00a0
The share of profit (loss) recognised in the income statement for non-controlling interests represented a negative \u20ac0.9 million for 2023, compared to a positive \u20ac1.5 million in 2022.
At 31 December 2023, non-controlling interests primarily concerned Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams.
Together these companies accounted for 9.4% of total assets and 14.6% of consolidated equity at 31 December 2023. Taken individually, none of these entities represents a significant percentage of Econocom Group\u2019s total assets or consolidated equity.
Econocom Finance SA current accounts vis-\u00e0-vis these companies amounted to -\u20ac8.5 million at 31 December 2023, compared to -\u20ac8.0 million at 31 December 2022.
After eliminating items between these companies and other Group companies, these entities contributed \u20ac375.1 million to revenue in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_767226c4-ff44-437b-8b2a-08c736747544": { "value": "Non-controlling interests entitle the holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Consequently, for each business combination, non-controlling interests can be initially measured:
The recognition of subsequent changes in ownership interest (through acquisitions of additional interests or disposals) depends on the definition of the impact on the control of the entity in question.
If control is not affected by the change in ownership interest, the transaction is regarded as between shareholders. The difference between the purchase (or sale) value and the book value of the interest acquired (or sold) is recognised in equity.
If control is affected (as is the case, for example, for business combinations achieved in stages), the interest held by the Group in the acquiree before the business combination is remeasured at fair value through profit or loss.The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_9e7d1240-c6de-464a-a77c-386982de1d62": { "value": "Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.Impairment testing involves determining whether the recoverable amount of an asset, CGU or group of CGUs is lower than its net book value.The recoverable amount is the higher of fair value less the costs of disposal and value in use.
Value in use is determined based on estimated future cash flows and a terminal value, taking into account the time value of money and the risks associated with the business and the specific environment in which the CGU or group of CGUs operates, and corresponds to the addition of:
Fair value is the amount that could be obtained from the sale of the tested assets in an arm\u2019s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. These amounts are calculated based on market information.
When the recoverable value of the assets of a CGU or group of CGUs is lower than its net book value, an impairment loss is recognised.
Impairment losses are recorded first as a reduction of the book value of goodwill allocated to a CGU and then charged against the assets of the CGU, pro rata to the book value of each of the components of the CGU. The impairment loss is recorded on the \u201cOther operating expenses\u201d line of the income statement.
When the recoverable amount becomes greater than the net book value, impairment losses recognised for tangible and intangible assets other than goodwill may be reversed in subsequent periods, in the amount of the impairment loss initially recognised. It should be noted that impairment losses recorded in respect of goodwill cannot be reversed.
When a relevant CGU is sold, the resulting goodwill is taken into account for the determination of the profit (loss) from the sale.Initially, receivables are impaired taking into account expected credit losses, if material:
Subsequently, if there is serious doubt as to its recoverability, a loss allowance is recognised for the amount that is not recoverable.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Impairment of inventories | (2.1) | (1.3) |
Reversals of impairment of inventories | 0.5 | 0.5 |
Net impairment losses/gains \u2013 inventories | (1.6) | (0.8) |
Impairment of doubtful receivables | (8.7) | (12.5) |
Reversals of impairment of doubtful receivables | 7.7 | 8.0 |
Gains and losses on receivables | 1.3 | 0.5 |
Net impairment losses/gains \u2013 trade receivables | 0.3 | (4.0) |
Total | (1.3) | (4.8) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
The growing proportion of international customers and the pooling of resources among business lines have led the Group to define the scope of its Cash Generating Units (CGUs) as representing its three business segments: Products & Solutions, Services and Technology Management & Financing.
A CGU is defined as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each CGU or group of CGUs to which goodwill is allocated represents the lowest level within the Group at which goodwill is monitored for internal management purposes.
For the purposes of the impairment tests carried out at 31 December each year, goodwill was allocated to the following Cash Generating Units.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
|---|---|---|---|---|
2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill at 31 December 2022 | 175.0 | 237.2 | 142.0 | 554.2 |
Reclassification to assets held for sale | - | (29.0) | (2.2) | (31.2) |
Acquisitions | - | - | 1.0 | 1.0 |
Disposals | - | - | - | - |
Foreign currency translation adjustments | 0.3 | - | - | 0.3 |
Lydis adjustment | 0.9 | - | - | 0.9 |
Goodwill at 31 December 2023 | 176.1 | 208.2 | 140.7 | 525.1 |
of which gross amount | 176.1 | 211.5 | 140.7 | 528.4 |
of which accumulated impairment | - | (3.3) | - | (3.3) |
\u00a0
In 2023, the goodwill related to the acquired entity concerns Reliance Financial Services Group BV.
The amount of Lydis goodwill was adjusted over the 2023 financial year and during the allocation period, impacting the change in Group and non-controlling interests equity.
At 31 December 2023, only the goodwill of the Reliance entity is still in the allocation period.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
|---|---|---|---|---|
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill at 31 December 2021 | 141.7 | 237.2 | 116.0 | 494.9 |
Reclassification to assets held for sale | 2.0 | - | - | 2.0 |
Acquisitions | 27.4 | - | 26.0 | 53.3 |
Disposals | - | - | - | - |
Foreign currency translation adjustments | - | - | - | - |
Trams adjustment | 3.9 | - | - | 3.9 |
Goodwill at 31 December 2022 | 175.0 | 237.2 | 142.0 | 554.2 |
of which gross amount | 175.0 | 241.5 | 142.0 | 558.4 |
of which accumulated impairment | - | (4.3) | - | (4.3) |
\u00a0
In 2022, goodwill related to acquired companies concerned So-IT, Servicios Informatica, Econocom Factory and Lydis.
Impairment testing involves determining whether the recoverable amount of an asset, CGU or group of CGUs is lower than its net book value.
The recoverable amount is the higher of fair value less the costs of disposal and value in use.
Value in use is determined based on estimated future cash flows and a terminal value, taking into account the time value of money and the risks associated with the business and the specific environment in which the CGU or group of CGUs operates, and corresponds to the addition of:
Fair value is the amount that could be obtained from the sale of the tested assets in an arm\u2019s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. These amounts are calculated based on market information.
When the recoverable value of the assets of a CGU or group of CGUs is lower than its net book value, an impairment loss is recognised.
Impairment losses are recorded first as a reduction of the book value of goodwill allocated to a CGU and then charged against the assets of the CGU, pro rata to the book value of each of the components of the CGU. The impairment loss is recorded on the \u201cOther operating expenses\u201d line of the income statement.
When the recoverable amount becomes greater than the net book value, impairment losses recognised for tangible and intangible assets other than goodwill may be reversed in subsequent periods, in the amount of the impairment loss initially recognised. It should be noted that impairment losses recorded in respect of goodwill cannot be reversed.
When a relevant CGU is sold, the resulting goodwill is taken into account for the determination of the profit (loss) from the sale.
\u00a0
Based on the impairment tests conducted, goodwill does not need to be impaired.
To reach a risk of impairment, the main assumptions should be as follows:
\u00a0
The calculation of the value in use of the CGUs is sensitive to the following assumptions:
\u00a0 | 2023 | 2022 | ||
|---|---|---|---|---|
Discount rate | Perpetual growth rate | Discount rate | Perpetual growth rate | |
Products & Solutions | 9.75% | 2.00% | 9.75% | 2.00% |
Services | 10.00% | 2.00% | 9.50% | 2.00% |
Technology Management &\u202fFinancing | 9.75% | 2.00% | 9.75% | 1.50% |
The growth rate and weighted average cost of capital assumptions were reviewed in light of global market data. The growth rate reflects our best estimate given the current economic environment.
The after-tax discount rate used corresponds to the weighted average cost of capital (\u201cWACC\u201d). The perpetuity growth rate applied by the Group does not exceed the growth rate for the industry. Applying a pre-tax discount rate to pre-tax cash flows would have resulted in a similar value for the CGUs.
The 5-year business plan was determined based on the expected growth of markets for the CGU concerned, taking account of growth levers identified by Management. Margins are determined based on the historical margins observed in the years preceding the start of the budget period. These margins also take account of expected efficiency gains as well as events known to management and that could impact the profitability of the activity.
\u00a0
The table below shows the sensitivity of enterprise values to the assumptions used:
in \u20ac millions | Sensitivity to rates | Sensitivity for the business plan | |||
|---|---|---|---|---|---|
Discount rate | Perpetual growth rate | ||||
\u00a0 | +1.0% | (1.0%) | +0.5% | (0.5%) | (5%) |
Products & Solutions | (59.4) | 77.1 | 27.7 | (24.4) | (40.1) |
Services | (29.8) | 38.3 | 13.7 | (12.1) | (32.4) |
Technology Management &\u202fFinancing | (48.5) | 63.1 | 23.0 | (20.3) | (86.4) |
\u00a0
The sensitivity of impairment tests to adverse but feasible changes in assumptions is set out below:
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses, determined in accordance with the method described in note 9.3.
Goodwill impairment losses are recorded under \u201cOther operating expenses\u201d in the income statement included in the Group's operating profit.Impairment testing involves determining whether the recoverable amount of an asset, CGU or group of CGUs is lower than its net book value.The recoverable amount is the higher of fair value less the costs of disposal and value in use.
Value in use is determined based on estimated future cash flows and a terminal value, taking into account the time value of money and the risks associated with the business and the specific environment in which the CGU or group of CGUs operates, and corresponds to the addition of:
Fair value is the amount that could be obtained from the sale of the tested assets in an arm\u2019s length transaction between knowledgeable, willing parties, after deducting the estimated costs of disposal. These amounts are calculated based on market information.
When the recoverable value of the assets of a CGU or group of CGUs is lower than its net book value, an impairment loss is recognised.
Impairment losses are recorded first as a reduction of the book value of goodwill allocated to a CGU and then charged against the assets of the CGU, pro rata to the book value of each of the components of the CGU. The impairment loss is recorded on the \u201cOther operating expenses\u201d line of the income statement.
When the recoverable amount becomes greater than the net book value, impairment losses recognised for tangible and intangible assets other than goodwill may be reversed in subsequent periods, in the amount of the impairment loss initially recognised. It should be noted that impairment losses recorded in respect of goodwill cannot be reversed.
When a relevant CGU is sold, the resulting goodwill is taken into account for the determination of the profit (loss) from the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_e1df333c-674c-4c5e-8e5b-8b1cab810b66": { "value": "The items in the financial statements of each Group entity are measured using the currency of the primary economic environment (or \u201cfunctional currency\u201d) in which the entity operates.
The consolidated financial statements presented in this report were prepared in euros, which is the Group\u2019s presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_9b3c25fa-47b7-48ba-8164-4ae695196c18": { "value": "For the purpose of preparing the financial statements of each entity, foreign currency transactions of subsidiaries (i.e. currencies other than the entity\u2019s functional currency) are recorded using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign currencies are translated at the end of each reporting period at the year-end rate. Foreign exchange gains and losses resulting from this translation at year-end exchange rates, or arising on the settlement of these monetary items, are recognised in the income statement for the period in which they occur.
Non-monetary items denominated in foreign currencies and recognised at fair value are translated using the exchange rate prevailing at the date the fair value was determined. Non-monetary items denominated in foreign currencies and measured at historical cost are not remeasured.
When a gain or loss on a non-monetary item is recognised directly in equity, the \u201ccurrency\u201d component of this gain or loss is also recognised in equity. Otherwise, this component is recognised in profit or loss for the period.
The results and financial positions of the Group\u2019s entities with functional currencies other than the presentation currency are translated into euros as follows:
The main exchange rates for the currencies of non-euro zone countries used to prepare the consolidated financial statements are as follows (one euro = xx\u00a0foreign currency):
Closing exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4622 | 1.4480 |
Pound sterling | 0.8668 | 0.8844 |
Moroccan dirham | 10.8890 | 11.1659 |
Polish zloty | 4.3337 | 4.6883 |
American dollar | 1.1036 | 1.0702 |
\u00a0
Average exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4572 | 1.3771 |
Pound sterling | 0.8690 | 0.8535 |
Moroccan dirham | 10.9710 | 10.7017 |
Polish zloty | 4.5336 | 4.6793 |
American dollar | 1.0808 | 1.0593 |
Currency translation reserves correspond to the cumulative effect of the consolidation of subsidiaries with functional currencies other than the euro. Foreign exchange gains and losses recorded in equity attributable to owners of the parent and non-controlling interests amounted to a loss of \u20ac2.8\u00a0million versus a loss of \u20ac2.2\u00a0million at 31 December 2022. At 31\u00a0December 2023, changes in this item resulted chiefly from fluctuations in the value of the following currencies: pound sterling, US dollar and Polish zloty.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_ffca70d8-e60a-4f4d-8d4b-b3abf104e246": { "value": "For the purpose of preparing the financial statements of each entity, foreign currency transactions of subsidiaries (i.e. currencies other than the entity\u2019s functional currency) are recorded using the exchange rates prevailing at the transaction date.
Monetary items denominated in foreign currencies are translated at the end of each reporting period at the year-end rate. Foreign exchange gains and losses resulting from this translation at year-end exchange rates, or arising on the settlement of these monetary items, are recognised in the income statement for the period in which they occur.
Non-monetary items denominated in foreign currencies and recognised at fair value are translated using the exchange rate prevailing at the date the fair value was determined. Non-monetary items denominated in foreign currencies and measured at historical cost are not remeasured.
When a gain or loss on a non-monetary item is recognised directly in equity, the \u201ccurrency\u201d component of this gain or loss is also recognised in equity. Otherwise, this component is recognised in profit or loss for the period.
The results and financial positions of the Group\u2019s entities with functional currencies other than the presentation currency are translated into euros as follows:
The main exchange rates for the currencies of non-euro zone countries used to prepare the consolidated financial statements are as follows (one euro = xx\u00a0foreign currency):
Closing exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4622 | 1.4480 |
Pound sterling | 0.8668 | 0.8844 |
Moroccan dirham | 10.8890 | 11.1659 |
Polish zloty | 4.3337 | 4.6883 |
American dollar | 1.1036 | 1.0702 |
\u00a0
Average exchange rate | 2023 | 2022 |
|---|---|---|
Canadian dollar | 1.4572 | 1.3771 |
Pound sterling | 0.8690 | 0.8535 |
Moroccan dirham | 10.9710 | 10.7017 |
Polish zloty | 4.5336 | 4.6793 |
American dollar | 1.0808 | 1.0593 |
The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..Financial instruments comprise:
Financial instruments (assets and liabilities) are recognised in the consolidated statement of financial position at their initial fair value plus or minus, in the case of a financial asset or financial liability not measured at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of that financial asset or financial liability.
The subsequent measurement of financial assets and liabilities is carried out, depending on their category, either at fair value (profit or loss or other comprehensive income (expense) or at amortised cost.
The classification of a financial asset in each of the three categories (financial asset at amortised cost, financial asset at fair value through profit or loss, financial asset at fair value through other comprehensive income (expense)) is based on the business model applied to it by the company and the characteristics of its contractual cash flows.
The classification of a financial liability in each of two categories (financial liability at amortised cost or financial liability at fair value through profit or loss).
The Group applies the concept of fair value set out in IFRS 13 \u201cFair Value Measurement\u201d, whereby fair value is \u201cthe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price)\u201d.
Amortised cost represents the fair value on initial recognition (net of transaction costs), plus interest calculated based on the effective interest rate and less cash outflows (coupons, principal repayments and, where applicable, redemption premiums). Accrued interest (income and expenses) is not recorded at the nominal interest rate of the financial instrument, but based on the instrument\u2019s effective interest rate.
The initial recognition of financial instruments in the consolidated statement of financial position along with their subsequent measurement as described above apply to the following interest rate definitions:
At each reporting date, the Group assesses whether the credit risk associated with a financial asset has increased significantly since initial recognition. In this case, the Group assesses the expected credit losses over the life of the asset.
Any loss of value is recognised in the income statement.
Financial instruments carried in both assets and liabilities are derecognised whenever the related risks and rewards are sold and the Group ceases to have control over those financial instruments (see note\u00a022).
The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
The Econocom Group derecognises all or part of a financial asset (or group of similar assets) when the contractual rights to the cash flows on the asset expire or when the Group has transferred the contractual rights to receive the cash flows of the financial asset and substantially all the risks and rewards of owning the asset (IFRS 9.3.2.3).
In the event that the Group has transferred contractual rights to receive the cash flows of a financial asset, the Econocom Group observes different situations that may or may not lead to the derecognition of the financial asset (IFRS 9.3.2.6):
When a financial asset is derecognised in full, a gain or loss on disposal is recorded in the income statement for the difference between the book value of the asset and the consideration received or receivable, adjusted where necessary for any gains or losses recognised in other comprehensive income (expense) and accumulated in equity.
When a financial asset is partially derecognised, the Group allocates the previous book value of the financial asset between the part that continues to be recognised in connection with the Group\u2019s continuing involvement and the part that is derecognised, based on the relative fair values of those parts on the date of the transfer. The difference between the book value allocated to the part derecognised and the sum of the consideration received for the part derecognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income (expense), is recognised in profit or loss. A cumulative gain or loss carried in other comprehensive income is allocated between the part that continues to be recognised and the part that is derecognised, based on the relative fair values of those parts.
The Econocom Group only derecognises a financial liability (or part of a financial liability) when it is extinguished, or when the obligation specified in the contract is extinguished or cancelled.
An entity retains an involvement in a divested asset when it retains the risks and rewards inherent in that asset. Conversely, an entity has no involvement in a divested asset if it has no interest in the future performance of the asset and no responsibility to make future payments in respect of the same asset.
The Econocom Group distinguishes between three types of outstanding lease refinancing contracts:
The Group\u2019s active risk management policy is aimed at limiting both credit risk and any other continuing involvement. As a result, the outstanding leases entered into by the Group with its customers are, in most cases, refinanced without recourse. The Group then derecognises these refinanced non-recourse outstanding loans.
It should be noted, however, that during these non-recourse refinancing transactions, the Group frequently sells, with an obligation to repurchase, the equipment underlying the leases at the same time as the outstanding amounts of these same contracts. These repurchase obligations, called \u201cGross liability for repurchases of leased assets\u201d, are presented in balance sheet liabilities as detailed in note\u202f11.2.
In February 2021, Les Abeilles obtained financing of \u20ac30\u202fmillion for three tugs over a period of seven years. Considering that this financing is equivalent to a disposal without recourse of the finance lease receivables held by Les Abeilles of the French Navy in respect of the contract they entered into, it was deconsolidated on 31\u202fDecember 2023 for an amount of \u20ac16\u202fmillion.
Econocom Digital Finance Limited is notably financed through two contracts assimilated to disposals without recourse of the outstanding leases it holds. In this respect, \u20ac75.5 million were deconsolidated at 31\u202fDecember 2023 (compared with \u20ac70.8\u202fmillion at 31 December 2022).
In certain limited cases, the Econocom Group retains its exposure to the credit risk on its outstanding leases transferred. In this situation, the Group transfers to the refinancer, for the duration of the lease, the ownership of the equipment underlying the leases as collateral for the transaction. In these cases of refinancing with recourse, the Group keeps the refinanced lease outstanding as trade receivables (\u201ccontinuing involvement\u201d as defined in IFRS 9) and recognises a financial liability equal to the total outstanding refinanced with recourse. These payables and debts amounted to \u20ac24.9\u202fmillion at 31\u202fDecember 2023, compared to \u20ac41.7\u202fmillion at 31\u00a0December\u202f2022.
In order to diversify the sources of financing of its working capital requirements and reduce credit risk, some of the Group\u2019s Services and Products & Solutions subsidiaries use factoring programmes and sell, throughout the year, a portion of their receivables to factoring companies. Factoring with contractual subrogation involves the transfer of ownership of trade receivables and all associated rights to the factor. This means transfer of the right to receive cash flows.
As required under IFRS 9 \u201cFinancial Instruments\u201d, these receivables are derecognised when substantially all the risks and rewards of ownership are transferred to the factor. Where this is not the case, they are maintained in the balance sheet after the transfer and a financial liability is recorded as an offsetting entry for the cash received.
At the end of December 2023, the Group had presented receivables to the factoring companies amounting to \u20ac257.7\u202fmillion, including \u20ac223.0\u202fmillion financed without recourse. The unfunded amount of \u20ac23.5\u202fmillion is presented in non-current financial assets and other receivables.
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Receivables presented to factoring companies: | 257.7 | 266.6 |
of which non factored receivables | 23.5 | 37.9 |
of which receivables sold with recourse* | 11.2 | 14.5 |
Receivables sold without recourse | 223.0 | 214.2 |
* \u00a0Receivables sold with recourse are maintained as assets and a financial liability is recorded as a liability for the amount of financing received. |
\u00a0
Reverse factoring is a transaction for the sale of trade receivables to a factor, organised by Econocom, the debtor company of the receivables. Reverse factoring agreements involve three parties who sign two contracts: a contract for the assignment of receivables between the supplier and the factor and an agreement between the factor and the customer (Econocom) who undertakes to pay the invoices assigned by the Econocom supplier to the factor. Agreements of this type have been signed by the Group in France, Belgium and Spain, with around ten factors, all of which are leading financial institutions.
Under IFRS 9, the debt is not extinguished if it is not legally extinguished and its terms and conditions are not substantially modified. In this case, the debt remains under trade payables. Otherwise, it is reclassified under financial liabilities.
Econocom used reverse factoring for an amount of \u20ac30.4 million at 31 December 2023 (versus \u20ac104.7 million as at the end of 2022). In view of the aforementioned provisions of the standard and of the characteristics of the contracts, the Group deemed that these amounts break down as follows:
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Reverse factoring liabilities recognised as trade payables | 26.2 | 104.6 |
Reverse factoring liabilities recognised as financial liabilities | 4.2 | 0.1 |
Total reverse factoring payables | 30.4 | 104.7 |
\u00a0
The total expense related to factoring and reverse factoring, recognised under \u201cOperating financial expenses\u201d, totalled \u20ac8.3 million in 2023 (\u20ac3.8 million in 2022).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_58b48967-ae1c-45b8-b519-c143331f13ce": { "value": "The Group may grant put options to non-controlling shareholders of some of its subsidiaries. The exercise price of these options is generally measured based on future performance and profitability. These options may be exercised at any time or on a specific date.
The Group initially recognises an \"Other financial liability\" corresponding to the exercise price of put options granted to non-controlling shareholders of the entities concerned. The offsetting entry for this liability is deducted from equity.
The difference between the Group\u2019s liability under put options and the book value of the non-controlling interests is recognised as a deduction from equity attributable to owners of the parent. Put options are remeasured each year; any subsequent changes in the option relating to changes in estimates or to the unwinding of the discount on the option are also recognised in equity. Changes in the liability under put options on non-controlling interests are accounted for in line with the treatment applied upon the acquisition of non-controlling interests (see 2.1.2).
If the option expires without being exercised, the book value of the financial liability is reclassified to equity..Financial instruments comprise:
Financial instruments (assets and liabilities) are recognised in the consolidated statement of financial position at their initial fair value plus or minus, in the case of a financial asset or financial liability not measured at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of that financial asset or financial liability.
The subsequent measurement of financial assets and liabilities is carried out, depending on their category, either at fair value (profit or loss or other comprehensive income (expense) or at amortised cost.
The classification of a financial asset in each of the three categories (financial asset at amortised cost, financial asset at fair value through profit or loss, financial asset at fair value through other comprehensive income (expense)) is based on the business model applied to it by the company and the characteristics of its contractual cash flows.
The classification of a financial liability in each of two categories (financial liability at amortised cost or financial liability at fair value through profit or loss).
The Group applies the concept of fair value set out in IFRS 13 \u201cFair Value Measurement\u201d, whereby fair value is \u201cthe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price)\u201d.
Amortised cost represents the fair value on initial recognition (net of transaction costs), plus interest calculated based on the effective interest rate and less cash outflows (coupons, principal repayments and, where applicable, redemption premiums). Accrued interest (income and expenses) is not recorded at the nominal interest rate of the financial instrument, but based on the instrument\u2019s effective interest rate.
The initial recognition of financial instruments in the consolidated statement of financial position along with their subsequent measurement as described above apply to the following interest rate definitions:
At each reporting date, the Group assesses whether the credit risk associated with a financial asset has increased significantly since initial recognition. In this case, the Group assesses the expected credit losses over the life of the asset.
Any loss of value is recognised in the income statement.
Financial instruments carried in both assets and liabilities are derecognised whenever the related risks and rewards are sold and the Group ceases to have control over those financial instruments (see note\u00a022).
IFRS 5 \u2013 Non-current assets held for sale and discontinued operations requires a specific accounting treatment and presentation of assets (or group of assets) held for sale and discontinued operations (corresponding to operations that have been disposed of or classified as held for sale).
A non-current asset or group of directly related assets and liabilities, is classified as \u201cheld for sale\u201d if its book value will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset (or asset group) must be available for immediate sale in its present condition and its sale must be highly probable. Management must be committed to the sale and the sale should be expected to qualify for recognition as a completed sale within one year of the date of classification.
These assets (or disposal group) are measured at the lower of their book value and estimated sale price less costs to sell. These assets cease to be amortised from the moment they qualify as \u201cassets (or group of assets) held for sale\u201d. They are presented on a separate line on the Group statement of financial position, without restatement of previous periods.
An operation discontinued, sold, or held for sale is defined as a component of an entity with cash flows that can be clearly distinguished from the rest of the entity and which represents a major, separate line of business or area of operations. For all published periods, income and expense relating to discontinued operations are presented separately in the income statement under \u201cProfit (loss) from discontinued operations\u201d and are restated in the statement of cash flows.
A discontinued operation is a component which the Group has either disposed of or has classified as held for sale, and which:
Profit (loss) from discontinued operations includes:
the post-tax profit or loss of discontinued operations generated up until the disposal date, or until the end of the reporting period if the business was not disposed of by the year-end;the post-tax gain or loss recognised on the disposal of continuing operations that have been disposed of by the year-end.Over the 2023 financial year, pursuant to the deliberations of the Board of Directors, 5 companies were added to the list of non-strategic activities and entities intended to be discontinued or sold. Consequently, the 2022 income and cash flow statements have been restated in order to ensure comparability between periods.
Net income from discontinued operations is presented on a separate line of the income statement, under \u201cProfit (loss) from discontinued operations\u201d. This profit (loss) was as follows for the 2023 and 2022 financial years:\u00a0
\u00a0
\u00a0
\u00a0
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Revenue from operating activities | 118.1 | 272.2 |
Operating expenses** | (112.6) | (244.7) |
Operating margin | 5.5 | 27.6 |
Other operating income and expenses | 3.1 | (8.5) |
Operating profit | 8.6 | 19.0 |
Other financial income and expenses | (3.0) | (1.1) |
Profit before tax | 5.6 | 17.9 |
Income tax | (2.5) | (2.0) |
Profit (loss) from discontinued operations | 3.1 | 16.0 |
* \u00a0 In accordance with IFRS 5, 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. ** \u00a0In accordance with IFRS 5, fixed assets were not amortised, amortisations which would have represented \u20ac4.5 million in 2023, versus \u20ac5.3 million in 2022. |
Cash flows from discontinued operations are also presented on a separate line of the statement of cash flows. The 2023 and 2022 cash flow statement relating to these entities breaks down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Net cash flows from (used in) operating activities | 21.7 | (19.7) |
Net cash flows from (used in) investing activities | (0.5) | (1.7) |
Net cash flows from (used in) financing activities | (17.7) | 18.6 |
Impact of change in exchange rate and changes in method | (20.5) | 3.0 |
Net cash flows from (used in) discontinued operations | (17.0) | 0.2 |
* \u00a0In accordance with IFRS 5, the restatement of the 2022 figures reflects the reclassification of operations considered discontinued in 2023 to \u201cNet change in cash and cash equivalents from discontinued operations\u201d. |
The assets and liabilities of these activities are presented on separate lines of the statement of financial position. At 31 December 2023 and 31 December 2022, the application of IFRS 5 impacted the consolidated statement of financial position as follows:\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Goodwill | 41.9 | 10.7 |
Non-current assets | 41.1 | 18.0 |
Current assets | 120.2 | 76.0 |
Cash and cash equivalents | 21.8 | 1.7 |
Assets held for sale | 225.0 | 106.4 |
Non-current liabilities | 41.5 | 3.0 |
Current liabilities | 37.6 | 53.5 |
Liabilities held for sale | 79.1 | 56.5 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_7a11e505-0967-49b9-8cfb-9e38ac4f0c18": { "value": "IFRS 5 \u2013 Non-current assets held for sale and discontinued operations requires a specific accounting treatment and presentation of assets (or group of assets) held for sale and discontinued operations (corresponding to operations that have been disposed of or classified as held for sale).
A non-current asset or group of directly related assets and liabilities, is classified as \u201cheld for sale\u201d if its book value will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset (or asset group) must be available for immediate sale in its present condition and its sale must be highly probable. Management must be committed to the sale and the sale should be expected to qualify for recognition as a completed sale within one year of the date of classification.
These assets (or disposal group) are measured at the lower of their book value and estimated sale price less costs to sell. These assets cease to be amortised from the moment they qualify as \u201cassets (or group of assets) held for sale\u201d. They are presented on a separate line on the Group statement of financial position, without restatement of previous periods.
An operation discontinued, sold, or held for sale is defined as a component of an entity with cash flows that can be clearly distinguished from the rest of the entity and which represents a major, separate line of business or area of operations. For all published periods, income and expense relating to discontinued operations are presented separately in the income statement under \u201cProfit (loss) from discontinued operations\u201d and are restated in the statement of cash flows.
A discontinued operation is a component which the Group has either disposed of or has classified as held for sale, and which:
Profit (loss) from discontinued operations includes:
the post-tax profit or loss of discontinued operations generated up until the disposal date, or until the end of the reporting period if the business was not disposed of by the year-end;the post-tax gain or loss recognised on the disposal of continuing operations that have been disposed of by the year-end.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_139b1f44-c938-4266-bd2b-aa6d22b399bc": { "value": "An operation discontinued, sold, or held for sale is defined as a component of an entity with cash flows that can be clearly distinguished from the rest of the entity and which represents a major, separate line of business or area of operations. For all published periods, income and expense relating to discontinued operations are presented separately in the income statement under \u201cProfit (loss) from discontinued operations\u201d and are restated in the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_2ae0c251-88fd-4db2-83a2-21a77afd2752": { "value": "An operation discontinued, sold, or held for sale is defined as a component of an entity with cash flows that can be clearly distinguished from the rest of the entity and which represents a major, separate line of business or area of operations. For all published periods, income and expense relating to discontinued operations are presented separately in the income statement under \u201cProfit (loss) from discontinued operations\u201d and are restated in the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_c0feaba0-8af7-4da6-a03f-9dfb61228686": { "value": "A discontinued operation is a component which the Group has either disposed of or has classified as held for sale, and which:
Profit (loss) from discontinued operations includes:
the post-tax profit or loss of discontinued operations generated up until the disposal date, or until the end of the reporting period if the business was not disposed of by the year-end;the post-tax gain or loss recognised on the disposal of continuing operations that have been disposed of by the year-end.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_210138a7-bc1e-4f7d-adfd-a0e3da2c03e5": { "value": "A discontinued operation is a component which the Group has either disposed of or has classified as held for sale, and which:
Profit (loss) from discontinued operations includes:
the post-tax profit or loss of discontinued operations generated up until the disposal date, or until the end of the reporting period if the business was not disposed of by the year-end;the post-tax gain or loss recognised on the disposal of continuing operations that have been disposed of by the year-end.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_1ca1a964-70f4-4426-8dbf-5c0e1f3a5515": { "value": "The Group\u2019s main fully consolidated subsidiaries are as follows:
Country | Name | Cities/Registration number | 2023 | 2022 | ||
|---|---|---|---|---|---|---|
\u00a0 | \u00a0 | \u00a0 | % | % | % | % |
\u00a0 Holdings | ||||||
Belgium | Econocom Finance SNC | Brussels / 0830.430.556 | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Grupo Econocom Espa\u00f1a | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Syst\u00e8mes SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
\u00a0 Products & Solutions | ||||||
Germany | Econocom Service GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Germany | Energy Net | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Brazil | Gigigo do Brasil de technologia | Sao-Paulo | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Products & Solutions Belux SA/NV | Brussels / 0426.851.567 | 100.00% | 100.00% | 100.00% | 100.00% |
Canada | Exaprobe Canada inc. | Montreal | 80.00% | 100.00% | 80.00% | 100.00% |
Spain | Econocom Products & Solutions SL | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Servicios microinformatica S.A.U. (Semic) | Lleida | 51.00% | 51.00% | 51.00% | 51.00% |
Spain | Essentiam services SL | Lleida | 51.00% | 100.00% | 51.00% | 100.00% |
US | Aciernet USA inc. | Newark | - | - | 80.00% | 100.00% |
France | Econocom Products & Solutions SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Exaprobe SAS | Le Plessis-Robinson | 80.00% | 80.00% | 80.00% | 80.00% |
France | Aciernet France | Le Plessis-Robinson | - | - | 80.00% | 80.00% |
Italy | BDF | Milan | 100.00% | 100.00% | 100.00% | 100/00% |
Italy | Asystel Italia | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Italy | Bizmatica | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Switzerland / Poland | Filiales Asytel (formerly Bizmatica) | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom PSF SA | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Mexico | Gigigo Mexico Srl de CV | Mexico | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands, Belgium | BIS Group | Ridderkerk | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Lydis BV | Almere | 60.00% | 60.00% | 60.00% | 60.00% |
United Kingdom | Trams | London | 90.00% | 90.00% | 60.00% | 60.00% |
Singapore | Exaprobe Singapore Pte. ltd. | Singapore | 80.00% | 100.00% | 80.00% | 100.00% |
\u00a0 Services | ||||||
Belgium \u00a0 | Econocom Digitalent SA/NV | Brussels / 0671.649.180 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Managed Services SA/NV | Brussels / 0432.093.428 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | A2Z Solutions SA/NV | Brussels / 0448.487.220 | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Com 2002 SL Nexica | Barcelona | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Econocom Servicios | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
France | Alcion(2) | Le Plessis-Robinson | - | - | 99.48% | 99.48% |
France | Econocom Solutions SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | ESR SAS | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France | Helis Group | Paris | 63.02% | 63.02% | 63.02% | 63.02% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
France | Econocom Apps. Cloud & Data | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Workplace Infra Innovation | Le Plessis-Robinson | 100.00% | 100.00% | 100.00% | 100.00% |
France, Germany, Romania, USA/Italy/Spain | SynerTrade Group | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
Morocco | Econocom Maroc SARL | Rabat | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Managed Services BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
\u00a0 Technology Management &\u202fFinancing | ||||||
Germany | Econocom Deutschland GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Germany | Econocom Deutschland Holding GmbH | Frankfurt | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Atlance SA/NV | Brussels / 0476.489.635 | 100.00% | 100.00% | 100.00% | 100.00% |
Belgium | Econocom Lease SA/NV | Brussels / 0431.321.782 | 100.00% | 100.00% | 100.00% | 100.00% |
Canada | Econocom Canada Inc. | Montreal | 100.00% | 100.00% | 100.00% | 100.00% |
Spain | Econocom SA (Spain) | Madrid | 100.00% | 100.00% | 100.00% | 100.00% |
US | Econocom Corporation | Wilmington New Castle Country | 100.00% | 100.00% | 100.00% | 100.00% |
France | Abeilles Financement(1) | Paris | 0.00% | 0.00% | 0.00% | 0.00% |
France | Caroline 89(1) | Paris | 0.00% | 0.00% | 0.00% | 0.00% |
France | Atlance SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Atos Finance Solutions | Puteaux | 85.00% | 85.00% | 85.00% | 85.00% |
France | Econocom France SAS | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Lease Explorer | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Lease Flow | Puteaux | 100.00% | 100.00% | 100.00% | 100.00% |
France | Les Abeilles | Le Havre | 100.00% | 100.00% | 100.00% | 100.00% |
France | Econocom Factory | St Mathieu de Tr\u00e9viers | 90.00% | 90.00% | 90.00% | 90.00% |
Ireland | Econocom Digital Finance Limited | Dublin | 100.00% | 100.00% | 100.00% | 100.00% |
Italy | Econocom International Italia SpA | Milan | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom Luxembourg SA | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Luxembourg | Econocom R\u00e9 SA Luxembourg | Luxembourg | 100.00% | 100.00% | 100.00% | 100.00% |
Morocco | Econocom Location Maroc SA | Casablanca | 100.00% | 100.00% | 100.00% | 100.00% |
Mexico | Econocom Mexico SA de CV | Mexico | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Financial Services International BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Nederland BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Econocom Public BV | Utrecht | 100.00% | 100.00% | 100.00% | 100.00% |
The Netherlands | Reliance Financial Services Group BV | Utrecht | 100.00% | 100.00% | - | - |
Poland | Econocom Polska SP zoo | Warsaw | 100.00% | 100.00% | 100.00% | 100.00% |
Czech Republic | Econocom Czech Republic Sro | Prague | 100.00% | 100.00% | 100.00% | 100.00% |
Romania | Econocom International Romania Srl | Bucharest | 100.00% | 100.00% | 100.00% | 100.00% |
Switzerland | Econocom Switzerland SA | Lugano | 100.00% | 100.00% | 100.00% | 100.00% |
United Kingdom | Econocom Ltd | Richmond Upon Thames | 100.00% | 100.00% | 100.00% | 100.00% |
(1) Entities consolidated as special purpose entities. (2) In addition to the liquidations detailed in point 2.2.4, Bizmatica merged with Asystel Italia with retroactive effect from 1 January 2022. |
The segment information presented in accordance with IFRS 8 has been prepared on the basis of internal management data disclosed to the Executive Committee, the Group\u2019s primary operating decision-maker with respect to allocating resources and assessing performance.
Segment information in accordance with IFRS 8 presents this segmentation:
Combined strategic operating business segments | Description | Countries |
|---|---|---|
Products & Solutions | Services ranging from the design of solutions to their deployment, including the sale of hardware and software (PCs, tablets, servers, printers, licences, digital objects, etc.) and systems integration. | Belgium, Brazil, Canada, France, Germany, Italy, Luxembourg, Mexico, Poland, Singapore, Spain, Switzerland, the Netherlands and United Kingdom. |
Services | Support for transformation towards the new digital world through our expertise (in consulting, infrastructure management, application development and integration of digital solutions). | Belgium, France, Morocco, |
Technology Management &\u202fFinancing | Innovative, tailored financing solutions to ensure more effective administrative and financial management of the ICT and digital assets of the businesses. | Belgium, France, Germany, Ireland, |
\u00a0
Each segment has a specific profitability profile and has its own characteristics; segments are managed depending on the type of products and services sold in their economic and geographical environments.
Sales and transfers between segments are carried out on arm\u2019s-length terms and are eliminated according to standard consolidation principles.
\u00a0
The following table presents the contribution of each operating business segment to the Group\u2019s results:
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
2023 revenue | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from external customers | 1,206.6 | 476.1 | 998.5 | 2,681.2 |
Internal operating revenue | 224.2 | 64.4 | 7.2 | 295.9 |
Total \u2013 Revenue from operating segments | 1,430.8 | 540.5 | 1,016.2 | 2,987.5 |
Operating margin | 43.3 | 25.3 | 47.6 | 116.2 |
\u00a0
in \u20ac millions, restated* | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
2022 revenue | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from external customers | 1,237.6 | 455.3 | 897.6 | 2,590.5 |
Internal operating revenue | 195.5 | 42.3 | 5.9 | 243.7 |
Total \u2013 Revenue from operating segments | 1,433.1 | 497.6 | 903.5 | 2,834.2 |
Operating margin | 49.0 | 35.9 | 29.3 | 114.2 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Internal operating revenue includes:
The Group\u2019s segment profit is the \u201cOperating margin\u201d. This corresponds to operating profit before other operating profit and expenses and amortisation of intangible assets from acquisitions, as detailed in note 4.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Holdings | Total |
WCR at 31 December 2023 | (144.1) | (75.2) | 190.0 | 6.4 | (22.9) |
WCR at 31 December 2022 | (171.1) | (81.9) | 238.9 | 12.4 | (1.7) |
\u00a0
\u00a0
\u00a0
The contribution of each operating business segment by region of origin to the Group\u2019s revenue is detailed below:
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2023 revenue | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
Benelux | 193.4 | 88.3 | 104.9 | 386.6 |
of which Belgium | 88.1 | 68.4 | 68.1 | 224.6 |
France | 586.4 | 310.3 | 348.5 | 1,245.3 |
Southern Europe | 321.4 | 77.5 | 280.1 | 679.1 |
Northern & Eastern Europe and Americas | 105.3 | - | 264.9 | 370.2 |
Total | 1,206.6 | 476.1 | 998.5 | 2,681.2 |
\u00a0
in \u20ac millions, restated* | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2022 revenue | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
Benelux | 170.2 | 80.5 | 98.6 | 349.2 |
of which Belgium | 78.8 | 61.2 | 69.5 | 209.4 |
France | 649.8 | 303.5 | 377.5 | 1,330.8 |
Southern Europe | 262.2 | 71.4 | 238.8 | 572.3 |
Northern & Eastern Europe | 155.4 | - | 182.8 | 338.1 |
Total | 1,237.6 | 455.3 | 897.6 | 2,590.5 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2023 | Intangible assets | Goodwill | Property, plant and equipment | Rights-of-use assets |
Benelux | 4.0 | 75.4 | 6.9 | 10.2 |
of which Belgium | 3.6 | 53.0 | 3.8 | 4.6 |
France | 39.7 | 254.4 | 11.6 | 31.3 |
Southern Europe | 2.4 | 161.3 | 13.1 | 11.0 |
Northern & Eastern Europe | 0.0 | 34.0 | 0.3 | 1.6 |
Total | 46.1 | 525.1 | 32.0 | 54.0 |
\u00a0
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2022 | Intangible assets | Goodwill | Property, plant and equipment | Rights-of-use assets |
Benelux | 0.9 | 73.5 | 7.1 | 10.7 |
of which Belgium | 0.5 | 52.9 | 4.0 | 4.8 |
France | 38.8 | 285.6 | 17.9 | 35.0 |
Southern Europe | 3.6 | 161.3 | 12.6 | 9.6 |
Northern & Eastern Europe | 0.0 | 33.8 | 0.4 | 2.3 |
Total | 43.3 | 554.2 | 38.0 | 57.6 |
\u00a0
Goodwill is allocated to the region where the acquired company or the parent company of the acquired subgroup was located.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_3432b780-eabf-4ab5-a746-a64f3fabd8a5": { "value": "The segment information presented in accordance with IFRS 8 has been prepared on the basis of internal management data disclosed to the Executive Committee, the Group\u2019s primary operating decision-maker with respect to allocating resources and assessing performance.
Segment information in accordance with IFRS 8 presents this segmentation:
Combined strategic operating business segments | Description | Countries |
|---|---|---|
Products & Solutions | Services ranging from the design of solutions to their deployment, including the sale of hardware and software (PCs, tablets, servers, printers, licences, digital objects, etc.) and systems integration. | Belgium, Brazil, Canada, France, Germany, Italy, Luxembourg, Mexico, Poland, Singapore, Spain, Switzerland, the Netherlands and United Kingdom. |
Services | Support for transformation towards the new digital world through our expertise (in consulting, infrastructure management, application development and integration of digital solutions). | Belgium, France, Morocco, |
Technology Management &\u202fFinancing | Innovative, tailored financing solutions to ensure more effective administrative and financial management of the ICT and digital assets of the businesses. | Belgium, France, Germany, Ireland, |
\u00a0
Each segment has a specific profitability profile and has its own characteristics; segments are managed depending on the type of products and services sold in their economic and geographical environments.
Sales and transfers between segments are carried out on arm\u2019s-length terms and are eliminated according to standard consolidation principles.
The following table presents the contribution of each operating business segment to the Group\u2019s results:
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
2023 revenue | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from external customers | 1,206.6 | 476.1 | 998.5 | 2,681.2 |
Internal operating revenue | 224.2 | 64.4 | 7.2 | 295.9 |
Total \u2013 Revenue from operating segments | 1,430.8 | 540.5 | 1,016.2 | 2,987.5 |
Operating margin | 43.3 | 25.3 | 47.6 | 116.2 |
\u00a0
in \u20ac millions, restated* | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
2022 revenue | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Revenue from external customers | 1,237.6 | 455.3 | 897.6 | 2,590.5 |
Internal operating revenue | 195.5 | 42.3 | 5.9 | 243.7 |
Total \u2013 Revenue from operating segments | 1,433.1 | 497.6 | 903.5 | 2,834.2 |
Operating margin | 49.0 | 35.9 | 29.3 | 114.2 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Internal operating revenue includes:
The Group\u2019s segment profit is the \u201cOperating margin\u201d. This corresponds to operating profit before other operating profit and expenses and amortisation of intangible assets from acquisitions, as detailed in note 4.
in \u20ac millions | Products & Solutions | Services | Technology Management &\u202fFinancing | Holdings | Total |
WCR at 31 December 2023 | (144.1) | (75.2) | 190.0 | 6.4 | (22.9) |
WCR at 31 December 2022 | (171.1) | (81.9) | 238.9 | 12.4 | (1.7) |
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_69348312-f1cb-4e71-b3a2-52ceb09927a8": { "value": "The contribution of each operating business segment by region of origin to the Group\u2019s revenue is detailed below:
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2023 revenue | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
Benelux | 193.4 | 88.3 | 104.9 | 386.6 |
of which Belgium | 88.1 | 68.4 | 68.1 | 224.6 |
France | 586.4 | 310.3 | 348.5 | 1,245.3 |
Southern Europe | 321.4 | 77.5 | 280.1 | 679.1 |
Northern & Eastern Europe and Americas | 105.3 | - | 264.9 | 370.2 |
Total | 1,206.6 | 476.1 | 998.5 | 2,681.2 |
\u00a0
in \u20ac millions, restated* | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2022 revenue | Products & Solutions | Services | Technology Management &\u202fFinancing | Total |
Benelux | 170.2 | 80.5 | 98.6 | 349.2 |
of which Belgium | 78.8 | 61.2 | 69.5 | 209.4 |
France | 649.8 | 303.5 | 377.5 | 1,330.8 |
Southern Europe | 262.2 | 71.4 | 238.8 | 572.3 |
Northern & Eastern Europe | 155.4 | - | 182.8 | 338.1 |
Total | 1,237.6 | 455.3 | 897.6 | 2,590.5 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2023 | Intangible assets | Goodwill | Property, plant and equipment | Rights-of-use assets |
Benelux | 4.0 | 75.4 | 6.9 | 10.2 |
of which Belgium | 3.6 | 53.0 | 3.8 | 4.6 |
France | 39.7 | 254.4 | 11.6 | 31.3 |
Southern Europe | 2.4 | 161.3 | 13.1 | 11.0 |
Northern & Eastern Europe | 0.0 | 34.0 | 0.3 | 1.6 |
Total | 46.1 | 525.1 | 32.0 | 54.0 |
\u00a0
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2022 | Intangible assets | Goodwill | Property, plant and equipment | Rights-of-use assets |
Benelux | 0.9 | 73.5 | 7.1 | 10.7 |
of which Belgium | 0.5 | 52.9 | 4.0 | 4.8 |
France | 38.8 | 285.6 | 17.9 | 35.0 |
Southern Europe | 3.6 | 161.3 | 12.6 | 9.6 |
Northern & Eastern Europe | 0.0 | 33.8 | 0.4 | 2.3 |
Total | 43.3 | 554.2 | 38.0 | 57.6 |
\u00a0
Goodwill is allocated to the region where the acquired company or the parent company of the acquired subgroup was located.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_063a8767-3313-48bf-b01e-77725f14d8f9": { "value": "Revenue from contracts with customers by business line breaks down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Products & Solutions | 1,206.6 | 1,237.6 |
Services | 476.1 | 455.3 |
Technology Management &\u202fFinancing | 998.5 | 897.6 |
Total revenue from continuing operations | 2,681.2 | 2,590.5 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
The revenue recognition method varies depending on the nature of the performance obligations of the contract binding Group entities and their respective customers. Performance obligations are the goods or services promised in the contract.
The performance obligation is the unit of account for revenue recognition: the price of the contract is allocated to each individual performance obligation, and a pattern of revenue recognition is determined for each such obligation.
Econocom recognises revenue when it has satisfied (or as it satisfies) a performance obligation by providing the customer with the promised good or service.
A performance obligation is satisfied when control of the good or service is transferred to the customer. This transfer may take place at a point in time or over time. Revenue from continuing operations is recognised:
Revenue is recognised when the goods are delivered and ownership is transferred, when the following conditions are met:
In accordance with IFRS 16, the revenue recognition rules differ depending on the type of contract (see 4.1.2).
The following types of contracts and activities are covered:
For certain fixed-price contracts providing for a number of different service obligations, the transaction price may sometimes be reallocated to the various performance obligations on a case-by-case basis in order to reflect the economic value of the services rendered (which may differ from their contractual value).
For contracts separated into stages, revenue and margin are recognised depending on the stage of completion in accordance with the method that best reflects the transfer of goods and services to the customer. This results in the recognition of revenue accruals or deferred income when invoicing does not reflect the stage of completion of the work. A contingency provision for the expected loss on a project is recognised if the cost of the project is greater than the expected revenue.
In the course of its business, the Group may be required to resell equipment, software and services purchased from third parties. For the supply of these goods and services, Econocom may act as either principal or agent.
Econocom is a principal if its \u201cperformance obligation\u201d requires it to provide goods and/or underlying services to the customer. This means that Econocom controls the good or service before it is transferred to the customer.
Econocom also records direct deliveries on the principal basis. By direct deliveries, we understand the sale of materials stored in the warehouses of Econocom\u2019s suppliers and shipped directly to the end customer.
These flows are recognised on the principal basis because the Econocom Group:
The Econocom Group is an agent if its \u201cperformance obligation\u201d requires it to arrange for a third party to provide goods or underlying services, without being able to direct use and obtain key economic benefits. In this case, Econocom does not control the goods and services before they are transferred to the customer.
Management has made a significant judgement related to principal versus agent considerations. The impact on the presentation of reported revenue is as follows:
Services in progress at the end of the reporting period are recognised in revenue accruals and are estimated based on the sale price. If accrued revenue constitutes an unconditional right to a consideration, i.e. if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets. Revenue accruals are classified in \u201cTrade and other receivables\u201d.
Advance payments received from customers and prepaid income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.
Contract performance costs are costs that are directly assigned to a customer contract and have not yet been rebilled. For example, they may include dedicated inventories in transit, costs allocated to service obligations, transition fees in outsourcing contracts or marginal costs from obtaining contracts (i.e. costs that Econocom would not have incurred if it had not won the contract). These costs are capitalised if Econocom expects to recover them. These capitalised costs are then classified in \u201cOther current assets\u201d.
Leases can be classified as (i) financial leases, which is the case for the majority of our leases, (ii) operating leases or (iii) financing for certain Sale & Leaseback transactions.
A contract is classified as a financial lease when the analysis of the transaction shows that there has been (i) a transfer of control of the leased assets (per IFRS 15.38) and (ii) a transfer to the lessee of most of the risks and rewards inherent to the ownership of the leased assets (per IFRS 16.62).
Econocom considers that there is a transfer of control of the asset leased by Econocom to the customer (pursuant to IFRS 15.38) when:
Econocom considers this transfer of risks and rewards according to the substance of the transaction (IFRS 16.62) when:
In the event of successive deliveries of leased equipment, revenue and associated purchase costs are recognised pro rata to the amount of these successive deliveries.
The accounting recognition is made in accordance with IFRS 16.71, on the date on which the lessee is authorised to exercise their right to use the leased assets. The date of exercise of this right of use of the assets is specified in our general leasing conditions, which defines it as being the date of delivery of the leased assets as evidenced by the signing of a reception document.
Financial leases are recognised as follows:
Balance sheet
Income statement
When a lease cannot be classified as a financial lease as defined in IFRS 16.62 et seq., it is then classified as an operating lease. In this case, the accounting treatment is as follows:
Balance sheet
Income statement
The recognition of revenue and costs in relation to lease extensions follows the initial classification of the lease, namely:
A sale & leaseback contract consists of a transaction in which:
For each sale & leaseback transaction, Econocom examines whether the transfer of the good or asset is analysed as a sale under IFRS 16.99 et seq.:
Revenue from contracts with customers by business line breaks down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Products & Solutions | 1,206.6 | 1,237.6 |
Services | 476.1 | 455.3 |
Technology Management &\u202fFinancing | 998.5 | 897.6 |
Total revenue from continuing operations | 2,681.2 | 2,590.5 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
The revenue recognition method varies depending on the nature of the performance obligations of the contract binding Group entities and their respective customers. Performance obligations are the goods or services promised in the contract.
The performance obligation is the unit of account for revenue recognition: the price of the contract is allocated to each individual performance obligation, and a pattern of revenue recognition is determined for each such obligation.
Econocom recognises revenue when it has satisfied (or as it satisfies) a performance obligation by providing the customer with the promised good or service.
A performance obligation is satisfied when control of the good or service is transferred to the customer. This transfer may take place at a point in time or over time. Revenue from continuing operations is recognised:
Revenue is recognised when the goods are delivered and ownership is transferred, when the following conditions are met:
In accordance with IFRS 16, the revenue recognition rules differ depending on the type of contract (see 4.1.2).
The following types of contracts and activities are covered:
For certain fixed-price contracts providing for a number of different service obligations, the transaction price may sometimes be reallocated to the various performance obligations on a case-by-case basis in order to reflect the economic value of the services rendered (which may differ from their contractual value).
For contracts separated into stages, revenue and margin are recognised depending on the stage of completion in accordance with the method that best reflects the transfer of goods and services to the customer. This results in the recognition of revenue accruals or deferred income when invoicing does not reflect the stage of completion of the work. A contingency provision for the expected loss on a project is recognised if the cost of the project is greater than the expected revenue.
In the course of its business, the Group may be required to resell equipment, software and services purchased from third parties. For the supply of these goods and services, Econocom may act as either principal or agent.
Econocom is a principal if its \u201cperformance obligation\u201d requires it to provide goods and/or underlying services to the customer. This means that Econocom controls the good or service before it is transferred to the customer.
Econocom also records direct deliveries on the principal basis. By direct deliveries, we understand the sale of materials stored in the warehouses of Econocom\u2019s suppliers and shipped directly to the end customer.
These flows are recognised on the principal basis because the Econocom Group:
The Econocom Group is an agent if its \u201cperformance obligation\u201d requires it to arrange for a third party to provide goods or underlying services, without being able to direct use and obtain key economic benefits. In this case, Econocom does not control the goods and services before they are transferred to the customer.
Management has made a significant judgement related to principal versus agent considerations. The impact on the presentation of reported revenue is as follows:
Services in progress at the end of the reporting period are recognised in revenue accruals and are estimated based on the sale price. If accrued revenue constitutes an unconditional right to a consideration, i.e. if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets. Revenue accruals are classified in \u201cTrade and other receivables\u201d.
Advance payments received from customers and prepaid income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.
Contract performance costs are costs that are directly assigned to a customer contract and have not yet been rebilled. For example, they may include dedicated inventories in transit, costs allocated to service obligations, transition fees in outsourcing contracts or marginal costs from obtaining contracts (i.e. costs that Econocom would not have incurred if it had not won the contract). These costs are capitalised if Econocom expects to recover them. These capitalised costs are then classified in \u201cOther current assets\u201d.
Leases can be classified as (i) financial leases, which is the case for the majority of our leases, (ii) operating leases or (iii) financing for certain Sale & Leaseback transactions.
A contract is classified as a financial lease when the analysis of the transaction shows that there has been (i) a transfer of control of the leased assets (per IFRS 15.38) and (ii) a transfer to the lessee of most of the risks and rewards inherent to the ownership of the leased assets (per IFRS 16.62).
Econocom considers that there is a transfer of control of the asset leased by Econocom to the customer (pursuant to IFRS 15.38) when:
Econocom considers this transfer of risks and rewards according to the substance of the transaction (IFRS 16.62) when:
In the event of successive deliveries of leased equipment, revenue and associated purchase costs are recognised pro rata to the amount of these successive deliveries.
The accounting recognition is made in accordance with IFRS 16.71, on the date on which the lessee is authorised to exercise their right to use the leased assets. The date of exercise of this right of use of the assets is specified in our general leasing conditions, which defines it as being the date of delivery of the leased assets as evidenced by the signing of a reception document.
Financial leases are recognised as follows:
Balance sheet
Income statement
When a lease cannot be classified as a financial lease as defined in IFRS 16.62 et seq., it is then classified as an operating lease. In this case, the accounting treatment is as follows:
Balance sheet
Income statement
The recognition of revenue and costs in relation to lease extensions follows the initial classification of the lease, namely:
A sale & leaseback contract consists of a transaction in which:
For each sale & leaseback transaction, Econocom examines whether the transfer of the good or asset is analysed as a sale under IFRS 16.99 et seq.:
The revenue recognition method varies depending on the nature of the performance obligations of the contract binding Group entities and their respective customers. Performance obligations are the goods or services promised in the contract.
The performance obligation is the unit of account for revenue recognition: the price of the contract is allocated to each individual performance obligation, and a pattern of revenue recognition is determined for each such obligation.
Econocom recognises revenue when it has satisfied (or as it satisfies) a performance obligation by providing the customer with the promised good or service.
A performance obligation is satisfied when control of the good or service is transferred to the customer. This transfer may take place at a point in time or over time. Revenue from continuing operations is recognised:
Revenue is recognised when the goods are delivered and ownership is transferred, when the following conditions are met:
In accordance with IFRS 16, the revenue recognition rules differ depending on the type of contract (see 4.1.2).
The following types of contracts and activities are covered:
For certain fixed-price contracts providing for a number of different service obligations, the transaction price may sometimes be reallocated to the various performance obligations on a case-by-case basis in order to reflect the economic value of the services rendered (which may differ from their contractual value).
For contracts separated into stages, revenue and margin are recognised depending on the stage of completion in accordance with the method that best reflects the transfer of goods and services to the customer. This results in the recognition of revenue accruals or deferred income when invoicing does not reflect the stage of completion of the work. A contingency provision for the expected loss on a project is recognised if the cost of the project is greater than the expected revenue.
In the course of its business, the Group may be required to resell equipment, software and services purchased from third parties. For the supply of these goods and services, Econocom may act as either principal or agent.
Econocom is a principal if its \u201cperformance obligation\u201d requires it to provide goods and/or underlying services to the customer. This means that Econocom controls the good or service before it is transferred to the customer.
Econocom also records direct deliveries on the principal basis. By direct deliveries, we understand the sale of materials stored in the warehouses of Econocom\u2019s suppliers and shipped directly to the end customer.
These flows are recognised on the principal basis because the Econocom Group:
The Econocom Group is an agent if its \u201cperformance obligation\u201d requires it to arrange for a third party to provide goods or underlying services, without being able to direct use and obtain key economic benefits. In this case, Econocom does not control the goods and services before they are transferred to the customer.
Management has made a significant judgement related to principal versus agent considerations. The impact on the presentation of reported revenue is as follows:
Services in progress at the end of the reporting period are recognised in revenue accruals and are estimated based on the sale price. If accrued revenue constitutes an unconditional right to a consideration, i.e. if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets. Revenue accruals are classified in \u201cTrade and other receivables\u201d.
Advance payments received from customers and prepaid income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.
Contract performance costs are costs that are directly assigned to a customer contract and have not yet been rebilled. For example, they may include dedicated inventories in transit, costs allocated to service obligations, transition fees in outsourcing contracts or marginal costs from obtaining contracts (i.e. costs that Econocom would not have incurred if it had not won the contract). These costs are capitalised if Econocom expects to recover them. These capitalised costs are then classified in \u201cOther current assets\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_b2160b74-a06d-4ff0-9e8f-5b983d328ff1": { "value": "Leases can be classified as (i) financial leases, which is the case for the majority of our leases, (ii) operating leases or (iii) financing for certain Sale & Leaseback transactions.
A contract is classified as a financial lease when the analysis of the transaction shows that there has been (i) a transfer of control of the leased assets (per IFRS 15.38) and (ii) a transfer to the lessee of most of the risks and rewards inherent to the ownership of the leased assets (per IFRS 16.62).
Econocom considers that there is a transfer of control of the asset leased by Econocom to the customer (pursuant to IFRS 15.38) when:
Econocom considers this transfer of risks and rewards according to the substance of the transaction (IFRS 16.62) when:
In the event of successive deliveries of leased equipment, revenue and associated purchase costs are recognised pro rata to the amount of these successive deliveries.
The accounting recognition is made in accordance with IFRS 16.71, on the date on which the lessee is authorised to exercise their right to use the leased assets. The date of exercise of this right of use of the assets is specified in our general leasing conditions, which defines it as being the date of delivery of the leased assets as evidenced by the signing of a reception document.
Financial leases are recognised as follows:
Balance sheet
Income statement
When a lease cannot be classified as a financial lease as defined in IFRS 16.62 et seq., it is then classified as an operating lease. In this case, the accounting treatment is as follows:
Balance sheet
Income statement
The recognition of revenue and costs in relation to lease extensions follows the initial classification of the lease, namely:
A sale & leaseback contract consists of a transaction in which:
For each sale & leaseback transaction, Econocom examines whether the transfer of the good or asset is analysed as a sale under IFRS 16.99 et seq.:
if the analysis of the transaction in accordance with IFRS 15.38 confirms that control of the asset has been transferred to Econocom, then revenue is recognised according to one of the two models presented above:Leases, as defined by IFRS 16, are entered in the statement of the consolidated financial position as an asset representing the right of use of the leased asset during the term of the contract.
On the date that the lease takes effect, the right of use is valued at its cost, including:
The right of use is depreciated over the useful life of the assets, which leads to a depreciation charge being entered on the income statement.
On the date that the lease takes effect, the rental liability is entered for an amount equal to the discounted value of rents over the duration of the contract, as defined by the Econocom Group. The valuation of the rental liability includes:
The rental liability is recognised at the depreciated cost, using the effective interest rate method, and leads to the recognition, on the income statement, of an interest charge for the period and variable payments (not taken into account in the initial valuation).
The liability may be revalued to offset the right of use in the following cases:
Leases mainly relate to property assets and the vehicle fleet. The accounting exemptions set out in the standard for the short-term contracts (term below or equal to 12 months) and with no tacit renewal, and leases on low value assets, have been applied.
The rental term is determined on a lease-by-lease basis and corresponds to the firm period of the commitment, taking into account optional periods that are reasonably certain to be exercised, except for vehicles for which Econocom will retain the portfolio approach, through simplification, given that the contracts are somewhat similar irrespective of the country and that this simplification does not give rise to material differences with regard to the recommended method set forth in IFRS 16.
For vehicles, the assumptions and measurement methods of this \u201cportfolio\u201d approach are as follows: a measurement is done at each period end, making it possible to update the lease liability and right of use; amortisations and financial expenses are then determined on a flat-rate basis based on an average term of use of the vehicles (amortisation) and on the rental payments actually paid for the difference.
The discount rate applied on the date of transition is based on the Group\u2019s incremental borrowing rate.in \u20ac millions | Buildings & | Vehicles | Total |
|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2022 | 89.7 | 43.1 | 132.7 |
Acquisitions | 16.5 | 17.9 | 34.3 |
Remeasurement and end of contract | (14.5) | (36.7) | (51.2) |
Changes in scope of\u202fconsolidation | - | - | - |
Transfers and other\u202fmovements | (0.1) | (6.3) | (6.4) |
Net reclassification of assets held for sale | (0.2) | (0.2) | (0.4) |
Gross value at 31\u202fDecember 2023 | 91.4 | 17.7 | 109.1 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (46.2) | (28.9) | (75.1) |
Additions | (13.3) | (6.5) | (19.9) |
Remeasurement and end of contract | 8.6 | 24.7 | 33.3 |
Changes in scope of\u202fconsolidation | - | - | - |
Reversals of impairment | - | - | - |
Transfers and other\u202fmovements | 0.1 | 6.3 | 6.4 |
Net reclassification of assets held for sale | 0.2 | 0.1 | 0.3 |
Accumulated depreciation and amortisation at 31\u202fDecember 2023 | (50.7) | (4.4) | (55.0) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember 2022 | 43.5 | 14.1 | 57.6 |
Net book value at 31\u202fDecember 2023 | 40.7 | 13.3 | 54.0 |
\u00a0
The significant change in vehicle revaluations, in terms of gross value and accumulated depreciation, is mainly due to the updating of the vehicle portfolio.
in \u20ac millions | Buildings & | Vehicles | Total |
|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2021 | 88.9 | 33.0 | 121.9 |
Acquisitions | 12.6 | 10.9 | 23.5 |
Remeasurement and end of contract | (13.6) | (1.7) | (15.3) |
Changes in scope of\u202fconsolidation | 2.6 | 0.8 | 3.4 |
Transfers and other\u202fmovements | (0.8) | (0.2) | (1.0) |
Net reclassification of assets held for sale | - | 0.3 | 0.3 |
Gross value at 31\u202fDecember 2022 | 89.7 | 43.1 | 132.7 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation and amortisation at\u202f31\u202fDecember 2021 | (44.7) | (22.2) | (67.0) |
Additions | (12.8) | (6.6) | (19.5) |
Remeasurement and end of contract | 11.0 | 0.1 | 11.1 |
Changes in scope of\u202fconsolidation | (0.4) | (0.3) | (0.8) |
Reversals of impairment | - | - | - |
Transfers and other\u202fmovements | 0.8 | 0.1 | 0.9 |
Net reclassification of assets held for sale | - | - | - |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (46.2) | (28.9) | (75.1) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember\u202f2021 | 44.2 | 10.7 | 55.0 |
Net book value at 31\u202fDecember 2022 | 43.5 | 14.1 | 57.6 |
\u00a0
\u00a0
2023 (in \u20ac millions) | Total | Less than | 1 to 2 years | 2 to 5 years | Beyond |
|---|---|---|---|---|---|
Lease p | 55.7 | 19.1 | 15.1 | 15.2 | 6.3 |
\u00a0
Residual interest is recognised as an asset when a lease is classified as a financial lease. Residual interest in leased assets reflects a forecasted market value of the assets included in the leases.
They are determined on the basis of a percentage of the purchase value of the equipment (a grid has been set up by category of equipment) and the lease term (this percentage decreases according to said term).
There are three exceptions to the application of this grid:
These schedules are reviewed regularly by Group Management on the basis of its experience of the second-hand markets.
If the Group identifies potential capital losses on the amount of residual interest on certain assets, an impairment loss is recorded.
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Residual interest in leased assets\u00a0 | 118.8 | 114.7 |
Residual interest in leased assets\u00a0 | 45.5 | 49.8 |
Total | 164.3 | 164.6 |
The residual interest recognised at end December 2023 was \u20ac164.3 million for a portfolio of leased assets representing \u20ac4.9 billion (purchase price of the assets on inception of the lease). The Group\u2019s residual interest in leased assets therefore stood at a rate of 3.3% of the purchase price versus 3.0% at the end of December 2022.
The impact of discounting on the total amount of the residual interest was \u20ac16.7 million at 31 December 2023, a total amount before discounting of \u20ac181.0 million on that date.
Residual interest in leased assets concerns digital and industrial assets amounting to \u20ac155.8 million and \u20ac25.2 million, respectively.
\u00a0
In the case of refinancing of financial leases with refinancing partners, agreements entered into may provide for the refinancing of all or part of the residual interest in leased assets in the form of a repayable advance. This advance, repayable at the end of the initial period of the financial lease, therefore constitutes a liability as defined in IFRS 9. This liability is discounted using the same conditions as the financial lease.
The financing of this residual interest by the refinancing partner is carried out on the basis of negotiations on a case-by-case basis; the latter may decide not to make an advance, or to make a partial or total advance of the residual value. In addition, certain financial lease are not refinanced. As a result, residual interest and gross liability for repurchases of leased assets may differ significantly.
This debt is excluded from the calculation of net financial debt used by the Group, presented in note 15.3.
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Total gross liability for repurchases of leased assets\u00a0 non-current\u202fportion\u00a0 | 78.1 | 78.7 |
Total gross liability for repurchases of leased assets\u00a0 current portion | 29.0 | 24.1 |
Total | 107.1 | 102.8 |
\u00a0
The present value of items recorded in \u201cGross liability for repurchases of leased assets\u201d (current and non-current portions) stood at \u20ac107.1 million. The cumulative impact of discounting was \u20ac8.9 million in 2023, i.e. a gross commitment of \u20ac116.0\u202fmillion before discounting at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_3f916d31-7fb0-4a50-81fb-775c0755c0f7": { "value": "Leases can be classified as (i) financial leases, which is the case for the majority of our leases, (ii) operating leases or (iii) financing for certain Sale & Leaseback transactions.
A contract is classified as a financial lease when the analysis of the transaction shows that there has been (i) a transfer of control of the leased assets (per IFRS 15.38) and (ii) a transfer to the lessee of most of the risks and rewards inherent to the ownership of the leased assets (per IFRS 16.62).
Econocom considers that there is a transfer of control of the asset leased by Econocom to the customer (pursuant to IFRS 15.38) when:
Econocom considers this transfer of risks and rewards according to the substance of the transaction (IFRS 16.62) when:
In the event of successive deliveries of leased equipment, revenue and associated purchase costs are recognised pro rata to the amount of these successive deliveries.
The accounting recognition is made in accordance with IFRS 16.71, on the date on which the lessee is authorised to exercise their right to use the leased assets. The date of exercise of this right of use of the assets is specified in our general leasing conditions, which defines it as being the date of delivery of the leased assets as evidenced by the signing of a reception document.
Financial leases are recognised as follows:
Balance sheet
Income statement
When a lease cannot be classified as a financial lease as defined in IFRS 16.62 et seq., it is then classified as an operating lease. In this case, the accounting treatment is as follows:
Balance sheet
Income statement
The recognition of revenue and costs in relation to lease extensions follows the initial classification of the lease, namely:
A sale & leaseback contract consists of a transaction in which:
For each sale & leaseback transaction, Econocom examines whether the transfer of the good or asset is analysed as a sale under IFRS 16.99 et seq.:
if the analysis of the transaction in accordance with IFRS 15.38 confirms that control of the asset has been transferred to Econocom, then revenue is recognised according to one of the two models presented above:Leases, as defined by IFRS 16, are entered in the statement of the consolidated financial position as an asset representing the right of use of the leased asset during the term of the contract.
On the date that the lease takes effect, the right of use is valued at its cost, including:
The right of use is depreciated over the useful life of the assets, which leads to a depreciation charge being entered on the income statement.
On the date that the lease takes effect, the rental liability is entered for an amount equal to the discounted value of rents over the duration of the contract, as defined by the Econocom Group. The valuation of the rental liability includes:
The rental liability is recognised at the depreciated cost, using the effective interest rate method, and leads to the recognition, on the income statement, of an interest charge for the period and variable payments (not taken into account in the initial valuation).
The liability may be revalued to offset the right of use in the following cases:
Leases mainly relate to property assets and the vehicle fleet. The accounting exemptions set out in the standard for the short-term contracts (term below or equal to 12 months) and with no tacit renewal, and leases on low value assets, have been applied.
The rental term is determined on a lease-by-lease basis and corresponds to the firm period of the commitment, taking into account optional periods that are reasonably certain to be exercised, except for vehicles for which Econocom will retain the portfolio approach, through simplification, given that the contracts are somewhat similar irrespective of the country and that this simplification does not give rise to material differences with regard to the recommended method set forth in IFRS 16.
For vehicles, the assumptions and measurement methods of this \u201cportfolio\u201d approach are as follows: a measurement is done at each period end, making it possible to update the lease liability and right of use; amortisations and financial expenses are then determined on a flat-rate basis based on an average term of use of the vehicles (amortisation) and on the rental payments actually paid for the difference.
The discount rate applied on the date of transition is based on the Group\u2019s incremental borrowing rate.Residual interest is recognised as an asset when a lease is classified as a financial lease. Residual interest in leased assets reflects a forecasted market value of the assets included in the leases.They are determined on the basis of a percentage of the purchase value of the equipment (a grid has been set up by category of equipment) and the lease term (this percentage decreases according to said term).
There are three exceptions to the application of this grid:
These schedules are reviewed regularly by Group Management on the basis of its experience of the second-hand markets.
If the Group identifies potential capital losses on the amount of residual interest on certain assets, an impairment loss is recorded.In the case of refinancing of financial leases with refinancing partners, agreements entered into may provide for the refinancing of all or part of the residual interest in leased assets in the form of a repayable advance. This advance, repayable at the end of the initial period of the financial lease, therefore constitutes a liability as defined in IFRS 9. This liability is discounted using the same conditions as the financial lease.The financing of this residual interest by the refinancing partner is carried out on the basis of negotiations on a case-by-case basis; the latter may decide not to make an advance, or to make a partial or total advance of the residual value. In addition, certain financial lease are not refinanced. As a result, residual interest and gross liability for repurchases of leased assets may differ significantly.
This debt is excluded from the calculation of net financial debt used by the Group, presented in note 15.3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_7d2e8b1a-aa9c-4de6-971c-7f085dcb81c3": { "value": "The cost of goods sold or leased breaks down as follows:
\u00a0 | 2023 | 2022 restated* |
|---|---|---|
Products & Solutions | (987.7) | (1,032.5) |
Services | (106.8) | (86.8) |
Technology Management &\u202fFinancing | (852.7) | (771.2) |
Total | (1,947.2) | (1,890.5) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
The following table presents a breakdown of employee benefits expense:
\u00a0 | 2023 | 2022 restated* |
|---|---|---|
Wages and salaries | (336.1) | (313.2) |
Social costs | (99.6) | (95.2) |
Other employee benefits expenses | (13.8) | (23.8) |
Total | (449.5) | (432.9) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
Expenses relating to defined benefit pension plans and included in other employee benefits expense concern the Group\u2019s subsidiaries in France, Italy and Belgium. The characteristics of these plans are set out in note 18.
The breakdown of the average Group\u2019s employees is defined according to the operating business segment to which they belong:
\u00a0 | 2023 | 2022 restated* |
|---|---|---|
Products & Solutions | 2,199 | 1,908 |
Services | 5,121 | 5,077 |
Technology Management &\u202fFinancing | 660 | 599 |
Holding and support functions | 181 | 204 |
Total | 8,161 | 7,788 |
* The headcount for the 2022 financial year of the activities considered as discontinued in 2023 is not presented. |
Post-employment benefits are granted under defined contribution plans or defined benefit plans.
\u00a0
A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.
\u00a0
The amounts that Econocom expects to pay directly in 2024 in respect of its employer contribution to the bodies in charge of collecting contributions, will represent around \u20ac1.2 million.
Actuarial valuations depend on a certain number of long-term variables. These variables are reviewed every year.
\u00a0 | France | Other countries(1) | ||
|---|---|---|---|---|
2023 | 2022 | 2023 | 2022 | |
Retirement age | 55-65 years old | 55-65 years old | 64-65 years old | 64-65 years old |
Salary increase rate and rights vested | 3.00% | 3.00% | 2.60% | 2.70% - 3.20% |
Inflation rate | 2.10% | 2.20% | 2.10% | 2.20% |
Discount rate | 3.25% | 3.50% | 3.25% | 3.50% |
Mortality table | INSEE 2017-2019 | INSEE 2016-2018 | - | - |
(1) Individually, the \u201cOther countries\u201d have no material impact. |
The employee turnover rate was determined based on statistics for each country and business. The employee turnover rate is applied depending on the age band of each employee and, for certain countries, depending on the employee\u2019s status (managerial grade/non-managerial grade).
A decrease of around 0.25 percentage points in the discount rate would lead to an increase in the provision of approximately \u20ac0.7 million. A 0.25 percentage point increase in the discount rate would lead to a \u20ac0.7 million decrease in the provision.
In accordance with IAS 19, the discount rates applied to determine the amount of the obligation are based on the yield on long-term private-sector bonds over a term matching that of the Group\u2019s obligations.
The pension reform in France has an immaterial impact on post-employment benefits because the retirement age assumptions adopted by the Econocom Group in its consolidated financial statements as at the end of 2022 are similar to the new provisions of the reform.
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Present value of obligation (a) | 59.2 | 57.8 |
Present value of assets (b) | 27.4 | 27.4 |
Impact of discontinued activities and disposals (c) | 4.8 | 0.3 |
Provision for pension obligations (a) \u2013 (b) \u2013 (c) | 27.0 | 30.2 |
Long-service awards | 0.3 | 0.4 |
Provisions for pension and other post-employment benefit obligations | 27.3 | 30.5 |
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 restated* |
|---|---|---|
Service cost | (2.2) | (5.5) |
Curtailment/termination | 0.0 | 1.3 |
Interest expense | (0.9) | (0.4) |
Expected return on plan assets | 1.0 | 0.3 |
Total costs recognised in profit or loss | (2.1) | (4.3) |
Total costs recognised in other items of comprehensive income | 0.3 | (10.5) |
* In accordance with IFRS 5 (see 2.2.4), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
Service cost is shown within \u201cEmployee benefits expense\u201d in the income statement. Interest expense, corresponding to the cost of discounting the obligation, is included in \u201cFinancial expenses\u201d. Reductions /terminations are mainly recognised under \u201cEmployee benefits expense\u201d.
in \u20ac millions | 31 Dec. 2022 | Changes in scope of consoli- | Income statement | Benefits | IFRS 5 | Actuarial gains and losses(1) | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|
France | 26.4 | - | 2.1 | (0.8) | (4.4) | (0.1) | 23.2 |
Other countries | 3.8 | - | 0.0 | (0.4) | - | 0.3 | 3.8 |
Provisions for pensions | 30.2 | - | 2.1 | (1.2) | (4.4) | 0.3 | 27.0 |
Long-service awards (France) | 0.4 | - | (0.0) | - | (0.0) | - | 0.3 |
Total | 30.5 | - | 2.1 | (1.2) | (4.5) | 0.3 | 27.3 |
(1) Cumulative revaluation differences carried in other comprehensive income (expense) amounted to \u20ac9.4 million in 2023, versus \u20ac9.7 million in 2022, a change of -\u20ac0.4 million between the two periods, resulting primarily from the change in actuarial assumptions. |
in \u20ac millions | 31 Dec. 2021 | Changes in scope of consoli- | Income statement | Benefits | IFRS 5 | Actuarial gains and losses(1) | 31 Dec. 2022 |
|---|---|---|---|---|---|---|---|
France | 31.4 | 0.1 | 3.8 | (0.5) | (0.0) | (8.4) | 26.4 |
Other countries | 4.8 | - | 0.5 | (0.7) | 1.4 | (2.1) | 3.8 |
Provisions for pensions | 36.2 | 0.1 | 4.3 | (1.2) | (1.4) | (10.5) | 30.2 |
Long-service awards (France) | 0.3 | - | 0.0 | - | - | - | 0.4 |
Total | 36.5 | 0.1 | 4.4 | (1.2) | (1.4) | (10.5) | 30.5 |
(1) Cumulative revaluation differences carried in other comprehensive income (expense) amounted to \u20ac9.7 million in 2022 compared to -\u20ac1.0 million in 2021, a change of +\u20ac10.6 million between the two periods, resulting primarily from the change in actuarial assumptions and from changes in the scope of consolidation. |
in \u20ac millions | 31 Dec. 2022 | Effects | Expected return | Benefits | Benefits | Reductions/ termination | Actuarial gains and losses | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|---|
France | 1.0 | - | 0.0 | - | (0.8) | - | - | 0.2 |
Belgium | 26.4 | - | 0.9 | 1.1 | (1.1) | 0.2 | (0.2) | 27.2 |
Total | 27.4 | - | 1.0 | 1.1 | (1.9) | 0.2 | (0.2) | 27.4 |
\u00a0
These plan assets are mainly invested in financial investments with banks and insurance companies.
\u00a0
in \u20ac millions | 31 Dec. 2021 | Effects | Expected return | Benefits | Benefits | Reductions/ termination | Actuarial gains and losses | 31 Dec. 2022 |
|---|---|---|---|---|---|---|---|---|
France | 1.5 | - | 0.0 | - | (0.5) | - | - | 1.0 |
Belgium | 25.2 | - | 0.2 | 1.1 | (0.7) | 0.2 | 0.4 | 26.4 |
Total | 26.7 | - | 0.3 | 1.1 | (1.2) | 0.2 | 0.4 | 27.4 |
\u00a0
Timing of estimated payments to be made to employees under the main defined benefit plans, either by the plan (plan assets) or directly by Econocom if there are no plan assets:
\u00a0
in \u20ac millions | Due in less than 1 year | 1-2 years | 2-3 years | 3-4 years | 4-10 years | Total |
|---|---|---|---|---|---|---|
Estimated payments | 3.0 | 4.8 | 3.7 | 4.0 | 33.4 | 48.6 |
The breakdown of the average Group\u2019s employees is defined according to the operating business segment to which they belong:
\u00a0 | 2023 | 2022 restated* |
|---|---|---|
Products & Solutions | 2,199 | 1,908 |
Services | 5,121 | 5,077 |
Technology Management &\u202fFinancing | 660 | 599 |
Holding and support functions | 181 | 204 |
Total | 8,161 | 7,788 |
* The headcount for the 2022 financial year of the activities considered as discontinued in 2023 is not presented. |
Government grants are recognised as a deduction from costs (e.g. wages and salaries), or within other operating income and expenses, as appropriate.
Government grants are only recognised when the Group is certain to collect them. In accordance with IAS 20, the Group applies different accounting treatment for grants related to assets (or investment subsidies) and grants related to income.
Grants related to assets are recognised in profit or loss over the periods in which the Group expenses the costs that the grants are intended to compensate. In practice, they are recognised over the periods and in the proportions in which depreciation expense is recognised on the depreciable asset covered by the grant, with the deferred income recognised in liabilities. Grants related to income are recognised to offset the costs that they are intended to cover.
Tax credits are accounted for depending on the tax treatment applicable in each country:
French tax credits known as the Cr\u00e9dit d\u2019Imp\u00f4t Recherche (CIR) are recognised as government grants.
Government grants are recognised as a deduction from costs (e.g. wages and salaries), or within other operating income and expenses, as appropriate.
Government grants are only recognised when the Group is certain to collect them. In accordance with IAS 20, the Group applies different accounting treatment for grants related to assets (or investment subsidies) and grants related to income.
Grants related to assets are recognised in profit or loss over the periods in which the Group expenses the costs that the grants are intended to compensate. In practice, they are recognised over the periods and in the proportions in which depreciation expense is recognised on the depreciable asset covered by the grant, with the deferred income recognised in liabilities. Grants related to income are recognised to offset the costs that they are intended to cover.
Tax credits are accounted for depending on the tax treatment applicable in each country:
French tax credits known as the Cr\u00e9dit d\u2019Imp\u00f4t Recherche (CIR) are recognised as government grants.
Expenses related to purchased services break down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Fees paid to intermediaries and other professionals | (40.2) | (42.3) |
Agents\u2019 commissions | (28.7) | (29.2) |
External services (maintenance, insurance, etc.) | (17.7) | (15.6) |
Other external expenses (subcontracting, public relations, transport, etc.) | (42.2) | (35.4) |
Total | (128.9) | (122.5) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
Depreciation and amortisation of non-current assets (excluding intangible assets from acquisitions) and provisions break down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Intangible assets: franchises, patents, licences and similar\u202frights, business assets | (7.1) | (6.8) |
Non-current rights of use assets | (19.8) | (16.8) |
Other property, plant and equipment | (9.2) | (7.9) |
Depreciation and amortisation of non-current assets (excluding intangible assets from acquisitions) | (36.1) | (31.5) |
Additions to and reversals of provisions for operating contingencies and expenses | 4.2 | 8.8 |
Total | (31.9) | (22.7) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
The amortisation of intangible assets from acquisitions amounted to \u20ac2.3 million in the 2023 financial year compared to \u20ac2.2 million in 2022.
Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and impairment losses.
Depreciation is recognised on a straight-line basis over the estimated useful life of the assets taking into account any residual value.
Useful life | In years |
|---|---|
Land | Indefinite |
Buildings | 20 - 50 |
Fixtures | 5 - 10 |
IT equipment | 3 - 7 |
Vehicles | 4 - 7 |
Furniture | 5 - 10 |
\u00a0
Land is not depreciated.
When an item of property, plant and equipment comprises components with different useful lives, such components are recognised and depreciated separately.
Gains or losses from the sale of property, plant and equipment are determined on the basis of the difference between the proceeds from the sale and the net book value of the asset sold and are included in operating margin.
No borrowing costs were included in the cost of any of the Group\u2019s property, plant and equipment in the absence of any assets requiring a substantial period of time before they are ready for their intended use or sale.in \u20ac millions | Land | Fixtures, fittings | Furniture | Other property, | Fixed | Total |
|---|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2022 | 35.1 | 55.4 | 17.0 | 21.9 | 0.8 | 130.2 |
Acquisitions | 1.9 | 5.2 | 0.3 | 2.7 | - | 10.1 |
Disposals/Retirements | (2.1) | (6.7) | (1.1) | (0.1) | - | (9.9) |
Changes in scope of\u202fconsolidation | - | - | - | - | - | - |
Transfers and other\u202fmovements | (0.7) | 3.7 | (2.4) | (1.2) | (0.8) | (1.3) |
Net reclassification of assets held for sale | - | (1.1) | (3.5) | (4.1) | - | (8.7) |
Gross value at 31\u202fDecember 2023 | 34.2 | 56.6 | 10.3 | 19.3 | - | 120.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (21.7) | (44.7) | (12.1) | (13.0) | (0.8) | (92.2) |
Additions | (3.1) | (5.6) | (0.5) | (0.8) | - | (9.9) |
Disposals/Retirements | 2.0 | 6.6 | 1.1 | 0.0 | 0.0 | 9.7 |
Changes in scope of\u202fconsolidation | - | - | - | - | - | - |
Reversals of impairment | - | 0.0 | (0.0) | (0.0) | (0.0) | (0.1) |
Transfers and other\u202fmovements | 0.4 | (0.5) | 0.6 | (0.0) | 0.8 | 1.4 |
Net reclassification of assets held for sale | - | 0.8 | 1.8 | 0.0 | - | 2.6 |
Accumulated depreciation and amortisation at 31\u202fDecember 2023 | (22.3) | (43.4) | (9.0) | (13.8) | - | (88.4) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember 2022 | 13.4 | 10.7 | 4.9 | 8.9 | 0.0 | 38.0 |
Net book value at 31\u202fDecember 2023 | 11.9 | 13.3 | 1.3 | 5.5 | - | 32.0 |
\u00a0
Other property, plant and equipment notably comprise assets in progress.
in \u20ac millions | Land | Fixtures, | Furniture | Other property, | Fixed | Total |
|---|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2021 | 29.9 | 51.4 | 17.4 | 15.6 | 0.8 | 115.2 |
Acquisitions | 1.3 | 4.3 | 1.7 | 6.7 | - | 14.0 |
Disposals/Retirements | (0.1) | (1.0) | (0.1) | (0.1) | - | (1.3) |
Changes in scope of\u202fconsolidation | 3.6 | 0.2 | 0.5 | 1.6 | - | 5.9 |
Transfers and other\u202fmovements | 0.1 | 0.4 | (2.5) | (1.9) | - | (3.8) |
Net reclassification of assets held for sale | 0.2 | 0.0 | - | 0.0 | - | 0.2 |
Gross value at 31\u202fDecember 2022 | 35.1 | 55.4 | 17.0 | 21.9 | 0.8 | 130.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at\u202f31\u202fDecember 2021 | (17.0) | (41.6) | (12.1) | (11.8) | (0.8) | (83.4) |
Additions | (2.4) | (4.2) | (2.2) | (0.7) | - | (9.5) |
Disposals/Retirements | 0.1 | 0.9 | 0.1 | - | - | 1.1 |
Changes in scope of\u202fconsolidation | (2.2) | (0.2) | (0.3) | (0.6) | - | (3.3) |
Reversals of impairment | - | - | - | - | - | - |
Transfers and other\u202fmovements | - | 0.4 | 2.5 | 0.1 | - | 3.0 |
Net reclassification of assets held for sale | (0.2) | - | - | - | - | (0.2) |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (21.7) | (44.7) | (12.1) | (13.0) | (0.8) | (92.2) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember\u202f2021 | 12.9 | 9.8 | 5.3 | 3.8 | - | 31.8 |
Net book value at 31\u202fDecember 2022 | 13.4 | 10.7 | 4.9 | 8.9 | 0.0 | 38.0 |
Depreciation and amortisation of non-current assets (excluding intangible assets from acquisitions) and provisions break down as follows:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Intangible assets: franchises, patents, licences and similar\u202frights, business assets | (7.1) | (6.8) |
Non-current rights of use assets | (19.8) | (16.8) |
Other property, plant and equipment | (9.2) | (7.9) |
Depreciation and amortisation of non-current assets (excluding intangible assets from acquisitions) | (36.1) | (31.5) |
Additions to and reversals of provisions for operating contingencies and expenses | 4.2 | 8.8 |
Total | (31.9) | (22.7) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
The amortisation of intangible assets from acquisitions amounted to \u20ac2.3 million in the 2023 financial year compared to \u20ac2.2 million in 2022.
The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
The Group recognises provisions when it has a legal or constructive obligation towards a third party as a result of past events which is likely to result in an outflow of resources that can be reliably measured.
The amount recognised represents the best estimate of the expenditure expected to be required to settle the present obligation, taking into account the risks and uncertainties known at the reporting date.
Long-term provisions cover risks which are not reasonably expected to materialise for several years, and concern social risks. They are discounted if required.
Short-term provisions primarily correspond to provisions for claims related to the Group\u2019s normal operating cycle and which are expected to be settled within 12 months.
They mainly include:
\u00a0
The Group did not identify any material risks not provisioned in its financial statements.
Provisions for restructuring and social risks in the amount of \u20ac7.3\u00a0million cover future costs related particularly to the reorganisation of certain entities, on the one hand, and litigation with former employees, on the other.
This item includes provisions for legal and commercial risks in the amount of \u20ac12.3\u00a0million, which mainly cover the risks related to ongoing litigation with customers.
in \u20ac millions | 31 Dec. 2022 | Changes in scope of consoli- | Additions | Reversals not used | Reversals used | Other and exchange differences | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|
Restructuring and social risks | 7.8 | - | 1.5 | (1.0) | (1.1) | 0.1 | 7.3 |
Tax, legal and commercial risks | 18.1 | 0.3 | 2.0 | (4.3) | (1.3) | 0.1 | 14.9 |
Deferred commissions | 1.2 | - | 0.2 | - | - | - | 1.3 |
Other risks | 1.6 | - | 0.5 | (0.5) | (0.0) | 0.6 | 2.1 |
Total | 28.7 | 0.3 | 4.1 | (5.8) | (2.4) | 0.7 | 25.7 |
Long-term | 11.2 | 0.3 | 1.8 | (0.3) | (0.4) | 1.7 | 14.4 |
Short-term | 17.4 | - | 2.3 | (5.5) | (2.0) | (1.0) | 11.3 |
Profit (loss) impact of movements in provisions | |||||||
Operating margin | 2.8 | (5.2) | (1.8) | \u00a0 | \u00a0 | ||
Other operating income and expenses | 1.4 | (0.5) | (0.6) | \u00a0 | \u00a0 | ||
Income tax expense | \u00a0 | \u00a0 | - | (0.1) | - | \u00a0 | \u00a0 |
Profit (loss) from discontinued operations | \u00a0 | - | - | - | \u00a0 | \u00a0 |
in \u20ac millions | 31 Dec. 2021 | Changes in scope of consoli- | Additions | Reversals not used | Reversals used | Other and exchange differences | 31 Dec. 2022 |
|---|---|---|---|---|---|---|---|
Restructuring and social risks | 6.7 | 0.5 | 2.7 | (0.9) | (2.4) | 1.2 | 7.8 |
Tax, legal and commercial risks | 16.2 | 3.8 | 8.5 | (2.4) | (6.0) | (2.0) | 18.1 |
Deferred commissions | 1.4 | - | 0.0 | (0.0) | (0.1) | (0.1) | 1.2 |
Other risks | 7.7 | - | 0.2 | (1.7) | (2.9) | (1.7) | 1.6 |
Total | 31.9 | 4.3 | 11.4 | (5.1) | (11.3) | (2.6) | 28.7 |
Long-term | 5.0 | 4.3 | 3.8 | (0.0) | (2.3) | 0.4 | 11.2 |
Short-term | 26.9 | 0.1 | 7.6 | (5.1) | (9.0) | (3.0) | 17.4 |
Profit (loss) impact of movements in provisions | |||||||
Operating margin | 2.3 | (3.6) | (9.7) | \u00a0 | \u00a0 | ||
Other operating income and expenses | 9.2 | (1.4) | (1.7) | \u00a0 | \u00a0 | ||
Income tax expense | \u00a0 | \u00a0 | - | - | - | \u00a0 | \u00a0 |
Profit (loss) from discontinued operations | \u00a0 | - | - | - | \u00a0 | \u00a0 |
Post-employment benefits are granted under defined contribution plans or defined benefit plans.
\u00a0
A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.
\u00a0
The amounts that Econocom expects to pay directly in 2024 in respect of its employer contribution to the bodies in charge of collecting contributions, will represent around \u20ac1.2 million.
Actuarial valuations depend on a certain number of long-term variables. These variables are reviewed every year.
\u00a0 | France | Other countries(1) | ||
|---|---|---|---|---|
2023 | 2022 | 2023 | 2022 | |
Retirement age | 55-65 years old | 55-65 years old | 64-65 years old | 64-65 years old |
Salary increase rate and rights vested | 3.00% | 3.00% | 2.60% | 2.70% - 3.20% |
Inflation rate | 2.10% | 2.20% | 2.10% | 2.20% |
Discount rate | 3.25% | 3.50% | 3.25% | 3.50% |
Mortality table | INSEE 2017-2019 | INSEE 2016-2018 | - | - |
(1) Individually, the \u201cOther countries\u201d have no material impact. |
The employee turnover rate was determined based on statistics for each country and business. The employee turnover rate is applied depending on the age band of each employee and, for certain countries, depending on the employee\u2019s status (managerial grade/non-managerial grade).
A decrease of around 0.25 percentage points in the discount rate would lead to an increase in the provision of approximately \u20ac0.7 million. A 0.25 percentage point increase in the discount rate would lead to a \u20ac0.7 million decrease in the provision.
In accordance with IAS 19, the discount rates applied to determine the amount of the obligation are based on the yield on long-term private-sector bonds over a term matching that of the Group\u2019s obligations.
The pension reform in France has an immaterial impact on post-employment benefits because the retirement age assumptions adopted by the Econocom Group in its consolidated financial statements as at the end of 2022 are similar to the new provisions of the reform.
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Present value of obligation (a) | 59.2 | 57.8 |
Present value of assets (b) | 27.4 | 27.4 |
Impact of discontinued activities and disposals (c) | 4.8 | 0.3 |
Provision for pension obligations (a) \u2013 (b) \u2013 (c) | 27.0 | 30.2 |
Long-service awards | 0.3 | 0.4 |
Provisions for pension and other post-employment benefit obligations | 27.3 | 30.5 |
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 restated* |
|---|---|---|
Service cost | (2.2) | (5.5) |
Curtailment/termination | 0.0 | 1.3 |
Interest expense | (0.9) | (0.4) |
Expected return on plan assets | 1.0 | 0.3 |
Total costs recognised in profit or loss | (2.1) | (4.3) |
Total costs recognised in other items of comprehensive income | 0.3 | (10.5) |
* In accordance with IFRS 5 (see 2.2.4), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
Service cost is shown within \u201cEmployee benefits expense\u201d in the income statement. Interest expense, corresponding to the cost of discounting the obligation, is included in \u201cFinancial expenses\u201d. Reductions /terminations are mainly recognised under \u201cEmployee benefits expense\u201d.
in \u20ac millions | 31 Dec. 2022 | Changes in scope of consoli- | Income statement | Benefits | IFRS 5 | Actuarial gains and losses(1) | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|
France | 26.4 | - | 2.1 | (0.8) | (4.4) | (0.1) | 23.2 |
Other countries | 3.8 | - | 0.0 | (0.4) | - | 0.3 | 3.8 |
Provisions for pensions | 30.2 | - | 2.1 | (1.2) | (4.4) | 0.3 | 27.0 |
Long-service awards (France) | 0.4 | - | (0.0) | - | (0.0) | - | 0.3 |
Total | 30.5 | - | 2.1 | (1.2) | (4.5) | 0.3 | 27.3 |
(1) Cumulative revaluation differences carried in other comprehensive income (expense) amounted to \u20ac9.4 million in 2023, versus \u20ac9.7 million in 2022, a change of -\u20ac0.4 million between the two periods, resulting primarily from the change in actuarial assumptions. |
in \u20ac millions | 31 Dec. 2021 | Changes in scope of consoli- | Income statement | Benefits | IFRS 5 | Actuarial gains and losses(1) | 31 Dec. 2022 |
|---|---|---|---|---|---|---|---|
France | 31.4 | 0.1 | 3.8 | (0.5) | (0.0) | (8.4) | 26.4 |
Other countries | 4.8 | - | 0.5 | (0.7) | 1.4 | (2.1) | 3.8 |
Provisions for pensions | 36.2 | 0.1 | 4.3 | (1.2) | (1.4) | (10.5) | 30.2 |
Long-service awards (France) | 0.3 | - | 0.0 | - | - | - | 0.4 |
Total | 36.5 | 0.1 | 4.4 | (1.2) | (1.4) | (10.5) | 30.5 |
(1) Cumulative revaluation differences carried in other comprehensive income (expense) amounted to \u20ac9.7 million in 2022 compared to -\u20ac1.0 million in 2021, a change of +\u20ac10.6 million between the two periods, resulting primarily from the change in actuarial assumptions and from changes in the scope of consolidation. |
in \u20ac millions | 31 Dec. 2022 | Effects | Expected return | Benefits | Benefits | Reductions/ termination | Actuarial gains and losses | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|---|
France | 1.0 | - | 0.0 | - | (0.8) | - | - | 0.2 |
Belgium | 26.4 | - | 0.9 | 1.1 | (1.1) | 0.2 | (0.2) | 27.2 |
Total | 27.4 | - | 1.0 | 1.1 | (1.9) | 0.2 | (0.2) | 27.4 |
\u00a0
These plan assets are mainly invested in financial investments with banks and insurance companies.
\u00a0
in \u20ac millions | 31 Dec. 2021 | Effects | Expected return | Benefits | Benefits | Reductions/ termination | Actuarial gains and losses | 31 Dec. 2022 |
|---|---|---|---|---|---|---|---|---|
France | 1.5 | - | 0.0 | - | (0.5) | - | - | 1.0 |
Belgium | 25.2 | - | 0.2 | 1.1 | (0.7) | 0.2 | 0.4 | 26.4 |
Total | 26.7 | - | 0.3 | 1.1 | (1.2) | 0.2 | 0.4 | 27.4 |
\u00a0
Timing of estimated payments to be made to employees under the main defined benefit plans, either by the plan (plan assets) or directly by Econocom if there are no plan assets:
\u00a0
in \u20ac millions | Due in less than 1 year | 1-2 years | 2-3 years | 3-4 years | 4-10 years | Total |
|---|---|---|---|---|---|---|
Estimated payments | 3.0 | 4.8 | 3.7 | 4.0 | 33.4 | 48.6 |
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Impairment of inventories | (2.1) | (1.3) |
Reversals of impairment of inventories | 0.5 | 0.5 |
Net impairment losses/gains \u2013 inventories | (1.6) | (0.8) |
Impairment of doubtful receivables | (8.7) | (12.5) |
Reversals of impairment of doubtful receivables | 7.7 | 8.0 |
Gains and losses on receivables | 1.3 | 0.5 |
Net impairment losses/gains \u2013 trade receivables | 0.3 | (4.0) |
Total | (1.3) | (4.8) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | 31 Dec. 2022 | Additions | Reversals | Other changes | Reclassi- | 31 Dec. 2023 |
Impairment of doubtful receivables | (47.2) | (10.8) | 13.0 | 0.4 | 0.4 | (44.2) |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_0e7bfe39-ebce-49c7-9de3-4c718257696a": { "value": "Financial income and expenses relating to Technology Management & Financing operations reflect the unwinding of the discount during the year on the gross liability for repurchases of leased assets, the Group\u2019s residual interest in leased assets and lease payments outstanding.
Exchange losses result mainly from fluctuations in the pound sterling and US dollar.
The following table breaks down financial income from operating activities by type:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial income from operating activities related to Technology Management & Financing | 12.0 | 15.4 |
Exchange losses | 6.9 | 9.0 |
Miscellaneous financial income from operating activities | 0.1 | 0.6 |
Total financial income from operating activities | 19.0 | 25.0 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
The following table breaks down financial expenses from operating activities by type:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial expenses related to Technology Management &\u202fFinancing operations | (1.8) | (9.3) |
Exchange losses | (6.8) | (8.7) |
Factoring financial expenses | (8.3) | (3.8) |
Miscellaneous financial expenses from operating activities | (0.1) | (0.1) |
Total financial expenses from operating activities | (17.0) | (21.9) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u201cOther operating income and expenses\u201d, which are excluded from the operating margin, include:
\u00a0
in \u20ac millions | 2023 | Other | Other operating |
|---|---|---|---|
Restructuring costs | (4.3) | 1.4 | (5.7) |
Doubtful receivables & litigation | (2.6) | 0.7 | (3.3) |
Other | (1.4) | - | (1.4) |
Total 2023 | (8.4) | 2.1 | (10.5) |
in \u20ac millions, restated* | 2022 | Other | Other operating |
|---|---|---|---|
Restructuring costs | (10.7) | 0.0 | (10.7) |
Impairment of non-current assets and\u202fcost\u202fof\u202fvacant space | (2.6) | - | (2.6) |
Doubtful receivables & litigation | (8.4) | - | (8.4) |
Other | (5.1) | 0.1 | (5.2) |
Total 2022 | (26.8) | 0.1 | (27.0) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Costs related to reorganisations correspond to the continuation during the period of the performance improvement plans. These costs, net of provision reversals, amounted to \u20ac4.3 million and concern all activities and holding companies in an equivalent manner.
Expenses from doubtful receivables and litigation mainly relate to Italian and Dutch cases.
Lastly, other operating expenses notably include \u20ac0.5 million in acquisition costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_b38b5459-fabd-4cff-9afc-bc84507b05e9": { "value": "Financial income and expenses relating to Technology Management & Financing operations reflect the unwinding of the discount during the year on the gross liability for repurchases of leased assets, the Group\u2019s residual interest in leased assets and lease payments outstanding.
Exchange losses result mainly from fluctuations in the pound sterling and US dollar.
The following table breaks down financial expenses from operating activities by type:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial expenses related to Technology Management &\u202fFinancing operations | (1.8) | (9.3) |
Exchange losses | (6.8) | (8.7) |
Factoring financial expenses | (8.3) | (3.8) |
Miscellaneous financial expenses from operating activities | (0.1) | (0.1) |
Total financial expenses from operating activities | (17.0) | (21.9) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u201cOther operating income and expenses\u201d, which are excluded from the operating margin, include:
\u00a0
in \u20ac millions | 2023 | Other | Other operating |
|---|---|---|---|
Restructuring costs | (4.3) | 1.4 | (5.7) |
Doubtful receivables & litigation | (2.6) | 0.7 | (3.3) |
Other | (1.4) | - | (1.4) |
Total 2023 | (8.4) | 2.1 | (10.5) |
in \u20ac millions, restated* | 2022 | Other | Other operating |
|---|---|---|---|
Restructuring costs | (10.7) | 0.0 | (10.7) |
Impairment of non-current assets and\u202fcost\u202fof\u202fvacant space | (2.6) | - | (2.6) |
Doubtful receivables & litigation | (8.4) | - | (8.4) |
Other | (5.1) | 0.1 | (5.2) |
Total 2022 | (26.8) | 0.1 | (27.0) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Costs related to reorganisations correspond to the continuation during the period of the performance improvement plans. These costs, net of provision reversals, amounted to \u20ac4.3 million and concern all activities and holding companies in an equivalent manner.
Expenses from doubtful receivables and litigation mainly relate to Italian and Dutch cases.
Lastly, other operating expenses notably include \u20ac0.5 million in acquisition costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_cfde0066-2ab3-4bfb-81db-a773bbc490e5": { "value": "Financial income and expenses relating to Technology Management & Financing operations reflect the unwinding of the discount during the year on the gross liability for repurchases of leased assets, the Group\u2019s residual interest in leased assets and lease payments outstanding.
Exchange losses result mainly from fluctuations in the pound sterling and US dollar.
The following table breaks down financial income from operating activities by type:
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial income from operating activities related to Technology Management & Financing | 12.0 | 15.4 |
Exchange losses | 6.9 | 9.0 |
Miscellaneous financial income from operating activities | 0.1 | 0.6 |
Total financial income from operating activities | 19.0 | 25.0 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u201cOther operating income and expenses\u201d, which are excluded from the operating margin, include:
\u00a0
in \u20ac millions | 2023 | Other | Other operating |
|---|---|---|---|
Restructuring costs | (4.3) | 1.4 | (5.7) |
Doubtful receivables & litigation | (2.6) | 0.7 | (3.3) |
Other | (1.4) | - | (1.4) |
Total 2023 | (8.4) | 2.1 | (10.5) |
in \u20ac millions, restated* | 2022 | Other | Other operating |
|---|---|---|---|
Restructuring costs | (10.7) | 0.0 | (10.7) |
Impairment of non-current assets and\u202fcost\u202fof\u202fvacant space | (2.6) | - | (2.6) |
Doubtful receivables & litigation | (8.4) | - | (8.4) |
Other | (5.1) | 0.1 | (5.2) |
Total 2022 | (26.8) | 0.1 | (27.0) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Costs related to reorganisations correspond to the continuation during the period of the performance improvement plans. These costs, net of provision reversals, amounted to \u20ac4.3 million and concern all activities and holding companies in an equivalent manner.
Expenses from doubtful receivables and litigation mainly relate to Italian and Dutch cases.
Lastly, other operating expenses notably include \u20ac0.5 million in acquisition costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_83c7cbf6-8db2-4e40-ab52-5f829ee6668c": { "value": "in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Convertible bonds (OCEANEs) buybacks | - | 0.2 |
Other financial income | 1.1 | 0.2 |
Other financial income | 1.1 | 0.4 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Other financial income includes interest on bonds.
\u00a0
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial expenses on bonds | (5.0) | (7.2) |
Interest on short-term financing | (6.1) | (3.1) |
Expenses on non-current liabilities | (5.6) | (0.2) |
Interest expense on lease liabilities (IFRS 16) | (2.0) | (1.7) |
Financial component of pension and other post-employment benefits | (0.9) | (0.4) |
Other financial expenses | (1.3) | (1.3) |
Other financial expenses | (20.9) | (13.9) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2022 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Convertible bonds (OCEANEs) buybacks | - | 0.2 |
Other financial income | 1.1 | 0.2 |
Other financial income | 1.1 | 0.4 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Other financial income includes interest on bonds.
\u00a0
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial expenses on bonds | (5.0) | (7.2) |
Interest on short-term financing | (6.1) | (3.1) |
Expenses on non-current liabilities | (5.6) | (0.2) |
Interest expense on lease liabilities (IFRS 16) | (2.0) | (1.7) |
Financial component of pension and other post-employment benefits | (0.9) | (0.4) |
Other financial expenses | (1.3) | (1.3) |
Other financial expenses | (20.9) | (13.9) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2022 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Convertible bonds (OCEANEs) buybacks | - | 0.2 |
Other financial income | 1.1 | 0.2 |
Other financial income | 1.1 | 0.4 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
Other financial income includes interest on bonds.
\u00a0
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Financial expenses on bonds | (5.0) | (7.2) |
Interest on short-term financing | (6.1) | (3.1) |
Expenses on non-current liabilities | (5.6) | (0.2) |
Interest expense on lease liabilities (IFRS 16) | (2.0) | (1.7) |
Financial component of pension and other post-employment benefits | (0.9) | (0.4) |
Other financial expenses | (1.3) | (1.3) |
Other financial expenses | (20.9) | (13.9) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2022 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
The income tax expense for the year includes current taxes and deferred taxes.
Current tax is (i) the estimated amount of tax due in respect of taxable profit for a given period, as determined using tax rates that have been enacted or substantively enacted at the end of the reporting period, (ii) any adjustments to the amount of current tax in previous periods, and (iii) any other tax calculated on a net amount of income and expenses.
Deferred taxes are accounted for using the liability method for all temporary differences between the book value recorded in the consolidated balance sheet and the tax bases of assets and liabilities, except for non-tax deductible goodwill. Deferred taxes are determined based on the way in which the Group expects to recover or pay the book value of the assets and liabilities using the tax rates that have been enacted or substantially enacted at the reporting date.
Deferred tax assets and liabilities are not discounted and are offset when they relate to the same tax entity. They are classified in the balance sheet as non-current assets and liabilities.
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences or tax losses and tax credit carry forwards can be utilised.
in \u20ac millions | Notes | 2023 | 2022 restated* |
|---|---|---|---|
Current tax | \u00a0 | (15.8) | (19.8) |
Movements in tax provisions | 17 | 0.1 | - |
Deferred tax | 7.2 | (10.4) | (2.5) |
Total | \u00a0 | (26.1) | (22.3) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Profit before tax on continuing operations | 85.7 | 71.7 |
Income tax on the profit of continuing operations | (26.1) | (22.3) |
Effective tax rate as a percentage of profit before tax | 30.5% | 31.2% |
Effective income tax rate (excluding CVAE and IRAP) | 28.6% | 27.3% |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
The income tax expense amounted to \u20ac24.6 million, plus \u20ac1.5 million from the CVAE tax (Cotisation sur la Valeur Ajout\u00e9e des Entreprises) in France and from the IRAP tax (Imposta Regionale sulle Attivit\u00e0 Produttive) in Italy, for a total of \u20ac26.1\u00a0million.
Given the profit (loss) before tax of continuing operations of \u20ac85.7 million, the effective tax rate reported reached 30.5% (compared with 31.2% in 2022 restated); excluding CVAE/IRAP, the effective tax rate was 28.6% in 2023 (27.3% in 2022).
in \u20ac millions | 2023 | 2022 restated* |
|---|---|---|
Profit before tax on continuing operations | 85.7 | 71.7 |
Theoretical tax expense at\u202fcurrent\u202fBelgian\u202frate\u202f(25.00%) | (21.4) | (17.9) |
Unrecognised tax losses arising in the year | (1.4) | (4.2) |
Previously unrecognised tax losses used in the year | - | 0.2 |
Derecognition of previously recognised tax losses | (1.9) | - |
Recognition of previous deficits | 1.5 | 1.6 |
Adjustment to current and deferred tax | 0.4 | 1.3 |
Effect of taxes other than on income(1) | (1.1) | (2.6) |
Effect of foreign income tax rates and changes in foreign income tax rates | 0.1 | 0.2 |
Tax credits and other | 0.5 | 0.8 |
Other permanent differences | (2.8) | (1.7) |
Total differences | (4.7) | (4.4) |
Effective income tax expense | (26.1) | (22.3) |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. (1) Taxes classified as income tax expense correspond to taxes which are based on value added and which meet the requirements of IAS 12. They relate to the tax on value added in France (net of income tax) and to the IRAP tax (Imposta Regionale sulle Attivit\u00e0 Produttive) in Italy. |
\u00a0
in \u20ac millions | 31 Dec. 2022 \u00a0 | Income/ | Other compre- | Reclassi- | Reclassi- | Changes | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|
Pension obligations | 5.9 | 0.3 | (0.0) | 0.1 | (0.5) | - | 5.8 |
Temporary differences arising on provisions | 5.4 | (0.6) | - | 0.3 | (0.0) | 0.1 | 5.1 |
Other assets and\u202fliabilities* | 3.7 | (2.9) | 0.0 | (0.1) | (0.0) | (0.1) | 0.7 |
Tax loss carryforwards | 25.5 | (2.7) | - | (0.2) | (2.5) | - | 20.1 |
Impact of netting\u202fDTA/DTL | (12.7) | - | - | 3.7 | 2.3 | (0.1) | (6.9) |
Total deferred tax\u202fassets | 27.7 | (5.9) | (0.0) | 3.7 | (0.8) | - | 24.7 |
\u00a0 | |||||||
Deferred tax on\u202fTMF business | (16.9) | (4.8) | - | 0.0 | 1.7 | - | (20.0) |
Amortisable intangible\u202fassets | (8.1) | 0.6 | 1.6 | (0.2) | - | - | (6.1) |
Other assets and\u202fliabilities | (0.6) | (0.3) | - | 0.2 | 0.6 | - | (0.1) |
Impact of netting\u202fDTA/DTL | 12.7 | - | - | (3.7) | (2.3) | 0.1 | 6.9 |
Total deferred tax\u202fliabilities | (12.8) | (4.4) | 1.6 | (3.7) | - | 0.1 | (19.3) |
\u00a0 | |||||||
Net deferred tax assets (liabilities) | 14.9 | (10.4) | 1.5 | - | (0.8) | 0.1 | 5.4 |
** Includes deferred tax assets related to the Italian excess depreciation & amortisation. |
in \u20ac millions | 2023 | 31 Dec. 2022 restated |
|---|---|---|
Recoverable within 12 months, before netting DTA/DTL, by\u202ftax\u202fjurisdiction | (3.2) | (1.5) |
Recoverable after 12 months, before netting DTA/DTL, by\u202ftax\u202fjurisdiction | 8.6 | 16.3 |
Net deferred tax assets (liabilities) | 5.4 | 14.9 |
\u00a0 |
At 31 December 2023, the Group\u2019s tax loss carryforwards on continuing operations amounted to \u20ac178 million, versus \u20ac183.5\u00a0million at 31 December 2022.
The slight increase in tax loss carryforwards mainly concerned entities in France, Germany and the Netherlands. In parallel with this decrease, deficits were generated in Italy.
Unrecognised deferred tax assets on tax loss carryforwards totalled \u20ac24.4 million versus \u20ac23.7 million in 2022.
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|
Jurisdiction | Current tax | Deferred tax | Total |
Belgium | (0.8) | (2.8) | (3.6) |
France | (6.9) | (4.2) | (11.1) |
Italy | (2.3) | (2.2) | (4.5) |
Spain | (1.9) | (0.8) | (2.7) |
Germany | (0.9) | (1.3) | (2.2) |
United States | (1.2) | - | (1.2) |
Brazil | (1.1) | 0.0 | (1.1) |
The Netherlands | 0.7 | 0.3 | 1.0 |
Other | (1.3) | 0.6 | (0.7) |
Total | (15.7) | (10.4) | (26.1) |
Current tax is (i) the estimated amount of tax due in respect of taxable profit for a given period, as determined using tax rates that have been enacted or substantively enacted at the end of the reporting period, (ii) any adjustments to the amount of current tax in previous periods, and (iii) any other tax calculated on a net amount of income and expenses.
Deferred taxes are accounted for using the liability method for all temporary differences between the book value recorded in the consolidated balance sheet and the tax bases of assets and liabilities, except for non-tax deductible goodwill. Deferred taxes are determined based on the way in which the Group expects to recover or pay the book value of the assets and liabilities using the tax rates that have been enacted or substantially enacted at the reporting date.
Deferred tax assets and liabilities are not discounted and are offset when they relate to the same tax entity. They are classified in the balance sheet as non-current assets and liabilities.
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences or tax losses and tax credit carry forwards can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_626c6673-020b-4b70-8692-46616ab8bc5d": { "value": "The income tax expense for the year includes current taxes and deferred taxes.Current tax is (i) the estimated amount of tax due in respect of taxable profit for a given period, as determined using tax rates that have been enacted or substantively enacted at the end of the reporting period, (ii) any adjustments to the amount of current tax in previous periods, and (iii) any other tax calculated on a net amount of income and expenses.
Deferred taxes are accounted for using the liability method for all temporary differences between the book value recorded in the consolidated balance sheet and the tax bases of assets and liabilities, except for non-tax deductible goodwill. Deferred taxes are determined based on the way in which the Group expects to recover or pay the book value of the assets and liabilities using the tax rates that have been enacted or substantially enacted at the reporting date.
Deferred tax assets and liabilities are not discounted and are offset when they relate to the same tax entity. They are classified in the balance sheet as non-current assets and liabilities.
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences or tax losses and tax credit carry forwards can be utilised.in \u20ac millions | 31 Dec. 2022 \u00a0 | Income/ | Other compre- | Reclassi- | Reclassi- | Changes | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|
Pension obligations | 5.9 | 0.3 | (0.0) | 0.1 | (0.5) | - | 5.8 |
Temporary differences arising on provisions | 5.4 | (0.6) | - | 0.3 | (0.0) | 0.1 | 5.1 |
Other assets and\u202fliabilities* | 3.7 | (2.9) | 0.0 | (0.1) | (0.0) | (0.1) | 0.7 |
Tax loss carryforwards | 25.5 | (2.7) | - | (0.2) | (2.5) | - | 20.1 |
Impact of netting\u202fDTA/DTL | (12.7) | - | - | 3.7 | 2.3 | (0.1) | (6.9) |
Total deferred tax\u202fassets | 27.7 | (5.9) | (0.0) | 3.7 | (0.8) | - | 24.7 |
\u00a0 | |||||||
Deferred tax on\u202fTMF business | (16.9) | (4.8) | - | 0.0 | 1.7 | - | (20.0) |
Amortisable intangible\u202fassets | (8.1) | 0.6 | 1.6 | (0.2) | - | - | (6.1) |
Other assets and\u202fliabilities | (0.6) | (0.3) | - | 0.2 | 0.6 | - | (0.1) |
Impact of netting\u202fDTA/DTL | 12.7 | - | - | (3.7) | (2.3) | 0.1 | 6.9 |
Total deferred tax\u202fliabilities | (12.8) | (4.4) | 1.6 | (3.7) | - | 0.1 | (19.3) |
\u00a0 | |||||||
Net deferred tax assets (liabilities) | 14.9 | (10.4) | 1.5 | - | (0.8) | 0.1 | 5.4 |
** Includes deferred tax assets related to the Italian excess depreciation & amortisation. |
in \u20ac millions | 2023 | 31 Dec. 2022 restated |
|---|---|---|
Recoverable within 12 months, before netting DTA/DTL, by\u202ftax\u202fjurisdiction | (3.2) | (1.5) |
Recoverable after 12 months, before netting DTA/DTL, by\u202ftax\u202fjurisdiction | 8.6 | 16.3 |
Net deferred tax assets (liabilities) | 5.4 | 14.9 |
\u00a0 |
At 31 December 2023, the Group\u2019s tax loss carryforwards on continuing operations amounted to \u20ac178 million, versus \u20ac183.5\u00a0million at 31 December 2022.
The slight increase in tax loss carryforwards mainly concerned entities in France, Germany and the Netherlands. In parallel with this decrease, deficits were generated in Italy.
Unrecognised deferred tax assets on tax loss carryforwards totalled \u20ac24.4 million versus \u20ac23.7 million in 2022.
in \u20ac millions | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|
Jurisdiction | Current tax | Deferred tax | Total |
Belgium | (0.8) | (2.8) | (3.6) |
France | (6.9) | (4.2) | (11.1) |
Italy | (2.3) | (2.2) | (4.5) |
Spain | (1.9) | (0.8) | (2.7) |
Germany | (0.9) | (1.3) | (2.2) |
United States | (1.2) | - | (1.2) |
Brazil | (1.1) | 0.0 | (1.1) |
The Netherlands | 0.7 | 0.3 | 1.0 |
Other | (1.3) | 0.6 | (0.7) |
Total | (15.7) | (10.4) | (26.1) |
Current tax is (i) the estimated amount of tax due in respect of taxable profit for a given period, as determined using tax rates that have been enacted or substantively enacted at the end of the reporting period, (ii) any adjustments to the amount of current tax in previous periods, and (iii) any other tax calculated on a net amount of income and expenses.
Deferred taxes are accounted for using the liability method for all temporary differences between the book value recorded in the consolidated balance sheet and the tax bases of assets and liabilities, except for non-tax deductible goodwill. Deferred taxes are determined based on the way in which the Group expects to recover or pay the book value of the assets and liabilities using the tax rates that have been enacted or substantially enacted at the reporting date.
Deferred tax assets and liabilities are not discounted and are offset when they relate to the same tax entity. They are classified in the balance sheet as non-current assets and liabilities.
Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences or tax losses and tax credit carry forwards can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_27b4656b-68a4-456f-8835-d85141aa9732": { "value": "Basic earnings per share are calculated by dividing consolidated profit (loss) by the weighted average number of shares outstanding during the year, in other words excluding treasury shares on a pro rata basis.
Diluted earnings per share are calculated by taking into account all financial instruments carrying deferred rights to the parent company\u2019s share capital, issued either by the parent company itself or by any one of its subsidiaries. Dilution is calculated separately for each instrument, based on the conditions prevailing at the end of the reporting period and excluding non-dilutive instruments.
in \u20ac millions, except for per share data and number of shares | 2023 | 2022 restated* |
|---|---|---|
Consolidated profit (loss) | 62.6 | 65.3 |
Consolidated profit (loss) from continuing operations | 59.5 | 49.3 |
Consolidated profit (loss) from discontinued operations | 3.1 | 16.0 |
Adjusted profit (loss)(1) | 67.6 | 71.7 |
\u00a0 | ||
Average number of shares outstanding | 176,990,225 | 180,041,957 |
\u00a0 | ||
Consolidated earnings per share (in \u20ac) | 0.35 | 0.36 |
Earnings per share from continuing operations (in \u20ac) | 0.34 | 0.27 |
Earnings per share from discontinued operations (in \u20ac) | 0.02 | 0.09 |
Adjusted earnings per share(1) (in \u20ac) | 0.38 | 0.40 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. \u00a0 (1) Adjusted profit (loss) corresponds to profit (loss) before taking into account the following items:
|
in \u20ac millions, except for per share data and number of shares | 2023 | 2022 restated* |
|---|---|---|
Diluted earnings | 62.6 | 68.0 |
Diluted earnings from continuing operations | 59.5 | 52.0 |
Diluted earnings from discontinued operations | 3.1 | 16.0 |
\u00a0 | ||
Average number of shares outstanding | 176,990,225 | 180,041,957 |
Impact of stock options | 458,239 | 369,334 |
Impact of free shares | 792,603 | 2,561,507 |
Impact of convertible bonds (OCEANEs) | - | 18,291,081 |
Diluted average number of shares outstanding | 178,241,067 | 201,263,879 |
\u00a0 | ||
Diluted earnings per share (in \u20ac) | 0.35 | 0.34 |
Diluted earnings per share from continuing operations (in \u20ac) | 0.33 | 0.26 |
Diluted earnings per share from discontinued operations (in \u20ac) | 0.02 | 0.08 |
Adjusted diluted earnings per share (in \u20ac) | 0.38 | 0.37 |
* \u00a0In accordance with IFRS 5 (see 2.2.5), 2022 income and expenses of operations considered as discontinued in 2023 have been reclassified to \u201cProfit (loss) from discontinued operations\u201d in the 2022 income statement. |
\u00a0
In accordance with IFRS standards, the stock option expense recognised in the income statement was not restated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_5c379378-8301-4018-b963-cbc01e2af0a6": { "value": "Basic earnings per share are calculated by dividing consolidated profit (loss) by the weighted average number of shares outstanding during the year, in other words excluding treasury shares on a pro rata basis.Diluted earnings per share are calculated by taking into account all financial instruments carrying deferred rights to the parent company\u2019s share capital, issued either by the parent company itself or by any one of its subsidiaries. Dilution is calculated separately for each instrument, based on the conditions prevailing at the end of the reporting period and excluding non-dilutive instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_30349a50-767c-465b-8dc4-94bfa3a0f481": { "value": "Separately acquired intangible assets are initially measured at cost, which corresponds to their acquisition cost or their acquisition-date fair value for intangible assets acquired in a business combination. \u00a0
After initial recognition, they are carried at cost less any accumulated amortisation and impairment losses.
Intangible assets with finite useful lives are amortised over their economic useful life. The useful life of concessions, patents and licences is estimated at between three and seven years.
Intangible assets with indefinite useful lives are not amortised.
The Group carries out IT development projects. Expenses incurred in relation to these operations can be included in the cost of intangible assets. An internally generated intangible asset resulting from development (or from the development phase of an internal IT project) is only recognised if the Group can demonstrate all of the following:
If no internally generated intangible asset can be recognised, development costs are recognised in profit or loss for the year in which they are incurred.
After initial recognition, internally generated intangible assets are carried at cost less any accumulated amortisation and impairment losses, in accordance with the same method as that used for separately acquired intangible assets.
The useful life of information systems is estimated at between three and seven years.
Intangible assets acquired by the Group in business combinations are measured at their acquisition cost less any accumulated amortisation and impairment losses. They essentially include operating licences and computer software. They are depreciated on a straight line basis over their useful lives.
The customer portfolio acquired from the ECS group was valued using the MEEM method (Multi-period Excess Earnings Method) at \u20ac40 million and is being amortised over 20 years.
Useful life | In years |
|---|---|
Amortisable business assets | 3 - 5 |
ECS customer portfolio | 20 |
Franchises, patents, licences | 3 - 7 |
IT systems | 3 - 7 |
\u00a0
The Group has no intangible assets with indefinite useful lives except for the goodwill presented in note 9.
in \u20ac millions | Customer portfolio | Franchises, patents, | IT systems | Other | Total |
|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2022 | 54.0 | 36.5 | 57.8 | 3.4 | 151.8 |
Acquisitions | - | 1.7 | 7.7 | 3.4 | 12.9 |
Disposals/Retirements | - | (4.5) | (1.6) | - | (6.1) |
Changes in scope of\u202fconsolidation | - | - | - | - | - |
Transfers and other\u202fmovements | - | 1.2 | (2.4) | (0.1) | (1.3) |
Net reclassification of assets held for sale | - | (0.1) | (0.2) | (0.0) | (0.3) |
Gross value at 31\u202fDecember 2023 | 54.0 | 34.7 | 61.4 | 6.8 | 156.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (38.3) | (29.5) | (37.6) | (3.1) | (108.4) |
Additions | (2.0) | (2.4) | (5.2) | (0.1) | (9.7) |
Disposals/Retirements | - | 4.5 | 1.6 | - | 6.1 |
Changes in scope of\u202fconsolidation | - | - | - | - | - |
Reversal of impairment | - | - | - | - | - |
Transfers and other\u202fmovements | - | 0.9 | - | 0.1 | 1.0 |
Net reclassification of assets held for sale | - | 0.0 | 0.2 | 0.0 | 0.2 |
Accumulated depreciation and amortisation at 31\u202fDecember 2023 | (40.3) | (26.4) | (41.0) | (3.1) | (110.8) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember 2022 | 15.8 | 7.0 | 20.2 | 0.3 | 43.3 |
Net book value at 31\u202fDecember 2023 | 13.8 | 8.3 | 20.3 | 3.7 | 46.1 |
\u00a0
Customer portfolios and business assets are intangible assets which are recognised in connection with business combinations, amortised over the useful lives shown above.
Franchises, patents, licences, etc. consist mainly of licences acquired and amortised over their useful lives.
IT systems are mainly the result of developments made by the Group and are amortised over the periods set out above.
in \u20ac millions | Customer portfolio | Franchises, patents, | IT systems | Other | Total |
|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2021* | 54.6 | 25.6 | 48.5 | 1.8 | 130.5 |
Acquisitions | 0.1 | 1.5 | 8.3 | (0.0) | 9.9 |
Disposals/Retirements | - | (1.8) | (1.9) | - | (3.7) |
Changes in scope of\u202fconsolidation | - | 3.8 | 2.1 | - | 5.9 |
Transfers and other\u202fmovements | (0.0) | 0.7 | 0.5 | - | 1.1 |
Net reclassification of assets held for sale | (0.7) | 6.6 | 0.5 | 1.6 | 8.0 |
Gross value at 31\u202fDecember 2022 | 54.0 | 36.5 | 57.8 | 3.4 | 151.8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at\u202f31\u202fDecember 2021* | (36.6) | (22.9) | (33.2) | (1.2) | (93.9) |
Additions | (2.0) | (2.9) | (4.8) | (0.2) | (9.9) |
Disposals/Retirements | - | 1.8 | 1.6 | - | 3.4 |
Changes in scope of\u202fconsolidation | - | (1.0) | (1.1) | - | (2.0) |
Reversal of impairment | - | - | 0.0 | 0.9 | 0.9 |
Transfers and other\u202fmovements | - | - | (0.2) | (0.9) | (1.1) |
Net reclassification of assets held for sale | 0.3 | (4.4) | (0.0) | (1.6) | (5.7) |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (38.3) | (29.5) | (37.6) | (3.1) | (108.4) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember\u202f2021* | 18.1 | 2.7 | 15.3 | 0.6 | 36.6 |
Net book value at 31\u202fDecember 2022 | 15.8 | 7.0 | 20.2 | 0.3 | 43.3 |
* \u00a0The 2021 consolidated balance sheet was impacted by the IFRIC decision relating to the recognition of implementation costs for software in SaaS mode, as well as comparability adjustments for certain services included in the TMF contracts (see 1.2.1 and 1.3.2). |
Separately acquired intangible assets are initially measured at cost, which corresponds to their acquisition cost or their acquisition-date fair value for intangible assets acquired in a business combination. \u00a0
After initial recognition, they are carried at cost less any accumulated amortisation and impairment losses.
Intangible assets with finite useful lives are amortised over their economic useful life. The useful life of concessions, patents and licences is estimated at between three and seven years.
Intangible assets with indefinite useful lives are not amortised.
The Group carries out IT development projects. Expenses incurred in relation to these operations can be included in the cost of intangible assets. An internally generated intangible asset resulting from development (or from the development phase of an internal IT project) is only recognised if the Group can demonstrate all of the following:
If no internally generated intangible asset can be recognised, development costs are recognised in profit or loss for the year in which they are incurred.
After initial recognition, internally generated intangible assets are carried at cost less any accumulated amortisation and impairment losses, in accordance with the same method as that used for separately acquired intangible assets.
The useful life of information systems is estimated at between three and seven years.
Intangible assets acquired by the Group in business combinations are measured at their acquisition cost less any accumulated amortisation and impairment losses. They essentially include operating licences and computer software. They are depreciated on a straight line basis over their useful lives.
The customer portfolio acquired from the ECS group was valued using the MEEM method (Multi-period Excess Earnings Method) at \u20ac40 million and is being amortised over 20 years.
Useful life | In years |
|---|---|
Amortisable business assets | 3 - 5 |
ECS customer portfolio | 20 |
Franchises, patents, licences | 3 - 7 |
IT systems | 3 - 7 |
\u00a0
Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and impairment losses.
Depreciation is recognised on a straight-line basis over the estimated useful life of the assets taking into account any residual value.
Useful life | In years |
|---|---|
Land | Indefinite |
Buildings | 20 - 50 |
Fixtures | 5 - 10 |
IT equipment | 3 - 7 |
Vehicles | 4 - 7 |
Furniture | 5 - 10 |
\u00a0
Land is not depreciated.
When an item of property, plant and equipment comprises components with different useful lives, such components are recognised and depreciated separately.
Gains or losses from the sale of property, plant and equipment are determined on the basis of the difference between the proceeds from the sale and the net book value of the asset sold and are included in operating margin.
No borrowing costs were included in the cost of any of the Group\u2019s property, plant and equipment in the absence of any assets requiring a substantial period of time before they are ready for their intended use or sale.
Leases, as defined by IFRS 16, are entered in the statement of the consolidated financial position as an asset representing the right of use of the leased asset during the term of the contract.
On the date that the lease takes effect, the right of use is valued at its cost, including:
The right of use is depreciated over the useful life of the assets, which leads to a depreciation charge being entered on the income statement.
On the date that the lease takes effect, the rental liability is entered for an amount equal to the discounted value of rents over the duration of the contract, as defined by the Econocom Group. The valuation of the rental liability includes:
The rental liability is recognised at the depreciated cost, using the effective interest rate method, and leads to the recognition, on the income statement, of an interest charge for the period and variable payments (not taken into account in the initial valuation).
The liability may be revalued to offset the right of use in the following cases:
Leases mainly relate to property assets and the vehicle fleet. The accounting exemptions set out in the standard for the short-term contracts (term below or equal to 12 months) and with no tacit renewal, and leases on low value assets, have been applied.
The rental term is determined on a lease-by-lease basis and corresponds to the firm period of the commitment, taking into account optional periods that are reasonably certain to be exercised, except for vehicles for which Econocom will retain the portfolio approach, through simplification, given that the contracts are somewhat similar irrespective of the country and that this simplification does not give rise to material differences with regard to the recommended method set forth in IFRS 16.
For vehicles, the assumptions and measurement methods of this \u201cportfolio\u201d approach are as follows: a measurement is done at each period end, making it possible to update the lease liability and right of use; amortisations and financial expenses are then determined on a flat-rate basis based on an average term of use of the vehicles (amortisation) and on the rental payments actually paid for the difference.
The discount rate applied on the date of transition is based on the Group\u2019s incremental borrowing rate.
\u00a0
in \u20ac millions | Land | Fixtures, fittings | Furniture | Other property, | Fixed | Total |
|---|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2022 | 35.1 | 55.4 | 17.0 | 21.9 | 0.8 | 130.2 |
Acquisitions | 1.9 | 5.2 | 0.3 | 2.7 | - | 10.1 |
Disposals/Retirements | (2.1) | (6.7) | (1.1) | (0.1) | - | (9.9) |
Changes in scope of\u202fconsolidation | - | - | - | - | - | - |
Transfers and other\u202fmovements | (0.7) | 3.7 | (2.4) | (1.2) | (0.8) | (1.3) |
Net reclassification of assets held for sale | - | (1.1) | (3.5) | (4.1) | - | (8.7) |
Gross value at 31\u202fDecember 2023 | 34.2 | 56.6 | 10.3 | 19.3 | - | 120.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (21.7) | (44.7) | (12.1) | (13.0) | (0.8) | (92.2) |
Additions | (3.1) | (5.6) | (0.5) | (0.8) | - | (9.9) |
Disposals/Retirements | 2.0 | 6.6 | 1.1 | 0.0 | 0.0 | 9.7 |
Changes in scope of\u202fconsolidation | - | - | - | - | - | - |
Reversals of impairment | - | 0.0 | (0.0) | (0.0) | (0.0) | (0.1) |
Transfers and other\u202fmovements | 0.4 | (0.5) | 0.6 | (0.0) | 0.8 | 1.4 |
Net reclassification of assets held for sale | - | 0.8 | 1.8 | 0.0 | - | 2.6 |
Accumulated depreciation and amortisation at 31\u202fDecember 2023 | (22.3) | (43.4) | (9.0) | (13.8) | - | (88.4) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember 2022 | 13.4 | 10.7 | 4.9 | 8.9 | 0.0 | 38.0 |
Net book value at 31\u202fDecember 2023 | 11.9 | 13.3 | 1.3 | 5.5 | - | 32.0 |
\u00a0
Other property, plant and equipment notably comprise assets in progress.
in \u20ac millions | Land | Fixtures, | Furniture | Other property, | Fixed | Total |
|---|---|---|---|---|---|---|
Acquisition cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross value at 31\u202fDecember 2021 | 29.9 | 51.4 | 17.4 | 15.6 | 0.8 | 115.2 |
Acquisitions | 1.3 | 4.3 | 1.7 | 6.7 | - | 14.0 |
Disposals/Retirements | (0.1) | (1.0) | (0.1) | (0.1) | - | (1.3) |
Changes in scope of\u202fconsolidation | 3.6 | 0.2 | 0.5 | 1.6 | - | 5.9 |
Transfers and other\u202fmovements | 0.1 | 0.4 | (2.5) | (1.9) | - | (3.8) |
Net reclassification of assets held for sale | 0.2 | 0.0 | - | 0.0 | - | 0.2 |
Gross value at 31\u202fDecember 2022 | 35.1 | 55.4 | 17.0 | 21.9 | 0.8 | 130.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and impairment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Accumulated depreciation and amortisation at\u202f31\u202fDecember 2021 | (17.0) | (41.6) | (12.1) | (11.8) | (0.8) | (83.4) |
Additions | (2.4) | (4.2) | (2.2) | (0.7) | - | (9.5) |
Disposals/Retirements | 0.1 | 0.9 | 0.1 | - | - | 1.1 |
Changes in scope of\u202fconsolidation | (2.2) | (0.2) | (0.3) | (0.6) | - | (3.3) |
Reversals of impairment | - | - | - | - | - | - |
Transfers and other\u202fmovements | - | 0.4 | 2.5 | 0.1 | - | 3.0 |
Net reclassification of assets held for sale | (0.2) | - | - | - | - | (0.2) |
Accumulated depreciation and amortisation at 31\u202fDecember 2022 | (21.7) | (44.7) | (12.1) | (13.0) | (0.8) | (92.2) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value at 31\u202fDecember\u202f2021 | 12.9 | 9.8 | 5.3 | 3.8 | - | 31.8 |
Net book value at 31\u202fDecember 2022 | 13.4 | 10.7 | 4.9 | 8.9 | 0.0 | 38.0 |
Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and impairment losses.
Depreciation is recognised on a straight-line basis over the estimated useful life of the assets taking into account any residual value.
Useful life | In years |
|---|---|
Land | Indefinite |
Buildings | 20 - 50 |
Fixtures | 5 - 10 |
IT equipment | 3 - 7 |
Vehicles | 4 - 7 |
Furniture | 5 - 10 |
\u00a0
Land is not depreciated.
When an item of property, plant and equipment comprises components with different useful lives, such components are recognised and depreciated separately.
Gains or losses from the sale of property, plant and equipment are determined on the basis of the difference between the proceeds from the sale and the net book value of the asset sold and are included in operating margin.
No borrowing costs were included in the cost of any of the Group\u2019s property, plant and equipment in the absence of any assets requiring a substantial period of time before they are ready for their intended use or sale.
Leases, as defined by IFRS 16, are entered in the statement of the consolidated financial position as an asset representing the right of use of the leased asset during the term of the contract.
On the date that the lease takes effect, the right of use is valued at its cost, including:
The right of use is depreciated over the useful life of the assets, which leads to a depreciation charge being entered on the income statement.
On the date that the lease takes effect, the rental liability is entered for an amount equal to the discounted value of rents over the duration of the contract, as defined by the Econocom Group. The valuation of the rental liability includes:
The rental liability is recognised at the depreciated cost, using the effective interest rate method, and leads to the recognition, on the income statement, of an interest charge for the period and variable payments (not taken into account in the initial valuation).
The liability may be revalued to offset the right of use in the following cases:
Leases mainly relate to property assets and the vehicle fleet. The accounting exemptions set out in the standard for the short-term contracts (term below or equal to 12 months) and with no tacit renewal, and leases on low value assets, have been applied.
The rental term is determined on a lease-by-lease basis and corresponds to the firm period of the commitment, taking into account optional periods that are reasonably certain to be exercised, except for vehicles for which Econocom will retain the portfolio approach, through simplification, given that the contracts are somewhat similar irrespective of the country and that this simplification does not give rise to material differences with regard to the recommended method set forth in IFRS 16.
For vehicles, the assumptions and measurement methods of this \u201cportfolio\u201d approach are as follows: a measurement is done at each period end, making it possible to update the lease liability and right of use; amortisations and financial expenses are then determined on a flat-rate basis based on an average term of use of the vehicles (amortisation) and on the rental payments actually paid for the difference.
The discount rate applied on the date of transition is based on the Group\u2019s incremental borrowing rate.
Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and impairment losses.
Depreciation is recognised on a straight-line basis over the estimated useful life of the assets taking into account any residual value.
Useful life | In years |
|---|---|
Land | Indefinite |
Buildings | 20 - 50 |
Fixtures | 5 - 10 |
IT equipment | 3 - 7 |
Vehicles | 4 - 7 |
Furniture | 5 - 10 |
\u00a0
Land is not depreciated.
When an item of property, plant and equipment comprises components with different useful lives, such components are recognised and depreciated separately.
Gains or losses from the sale of property, plant and equipment are determined on the basis of the difference between the proceeds from the sale and the net book value of the asset sold and are included in operating margin.
No borrowing costs were included in the cost of any of the Group\u2019s property, plant and equipment in the absence of any assets requiring a substantial period of time before they are ready for their intended use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_16060da7-19af-4736-8c7b-bfe582f7d913": { "value": "Investments in non-consolidated companies are recorded at fair value. Changes in fair value are recognised under Income.
Since 31\u202fDecember 2021, there are no longer any entities accounted for using the equity method.
\u00a0
in \u20ac millions | Investments in | Other non-current\u00a0 | Total |
|---|---|---|---|
Balance at 31\u202fDecember\u202f2021 | 8.6 | 20.9 | 29.5 |
Increases | 0.2 | 2.7 | 2.9 |
Financial provisions | (1.1) | - | (1.1) |
Repayments/Disposals | (0.7) | (3.5) | (4.2) |
Financial reversals | 0.5 | - | 0.5 |
Changes in scope of\u202fconsolidation | 0.1 | 0.1 | 0.2 |
Transfers and other\u202fmovements | (3.5) | 0.1 | (3.5) |
Balance at 31\u202fDecember\u202f2022 | 4.1 | 20.3 | 24.4 |
Increases | - | 3.1 | 3.1 |
Financial provisions | - | - | - |
Repayments/Disposals | (0.1) | (1.3) | (1.5) |
Financial reversals | - | - | - |
Changes in scope of\u202fconsolidation | - | - | - |
Transfers and other\u202fmovements | - | 0.0 | 0.0 |
Net reclassification of assets held for sale | - | (0.4) | (0.4) |
Balance at 31\u202fDecember\u202f2023 | 4.0 | 21.7 | 25.6 |
(1) This relates to the Group\u2019s interest in non-controlled entities for \u20ac4.0\u202fmillion, including principally shares in H\u00e9lios (\u20ac2.4\u202fmillion), Histovery (\u20ac0.8\u202fmillion), Kartable (\u20ac0.5\u202fmillion), Neuradom (\u20ac0.2\u202fmillion) and JTRS (\u20ac0.1\u202fmillion). (2) Other non-current financial assets chiefly correspond to guarantees and deposits. |
\u00a0
\u00a0
2023 in \u20ac millions | 1 to 5 years | Beyond | Indefinite | Total |
|---|---|---|---|---|
Investments in non-consolidated companies | 0.1 | - | 3.9 | 4.0 |
Other investments | 5.9 | - | - | 5.9 |
Guarantees given to factors | 10.1 | - | - | 10.1 |
Other guarantees and deposits | 1.1 | 4.5 | - | 5.6 |
Total | 17.2 | 4.5 | 3.9 | 25.6 |
\u00a0
2022 in \u20ac millions | 1 to 5 years | Beyond | Indefinite | Total |
|---|---|---|---|---|
Investments in non-consolidated companies | 0.2 | - | 3.9 | 4.1 |
Other investments | 5.0 | - | - | 5.0 |
Guarantees given to factors | 10.2 | - | - | 10.2 |
Other guarantees and deposits | 1.4 | 3.7 | - | 5.1 |
Total | 16.8 | 3.7 | 3.9 | 24.4 |
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Government, long-term grants receivable | 0.2 | 1.7 |
Other long-term receivables | 19.4 | 19.6 |
Other receivables | 19.6 | 21.4 |
\u00a0
The \u201cGovernment, long-term grants receivable\u201d item corresponds to income tax receivables. Other receivables relate to loans granted to employees or associates.
The book values of other non-financial assets such as other long-term receivables, are reviewed for impairment at the end of each reporting date. If the book value of these assets exceeds their estimated recoverable amount, an impairment loss is recognised in operating profit.
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
1 to 5 years | 19.5 | 20.9 |
Beyond 5 years | 0.1 | 0.5 |
Total | 19.6 | 21.4 |
\u00a0
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 | ||||
|---|---|---|---|---|---|---|
Gross | Impairment | Net | Gross | Impairment | Net | |
Trade receivables | 770.6 | (44.2) | 726.4 | 856.4 | (47.2) | 809.2 |
Other receivables | 51.8 | (2.3) | 49.4 | 70.7 | (1.0) | 69.7 |
Trade and other receivables | 822.4 | (46.5) | 775.9 | 927.0 | (48.2) | 878.9 |
Costs of executing and obtaining contract | 34.5 | - | 34.5 | 31.3 | - | 31.3 |
\u00a0
The trade receivables item is broken down below by activity, for its amount net of impairment.
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
Recei- | Revenue accruals | Outstan- | Total | Recei- | Revenue accruals | Outstan- | Total | |
Products & Solutions | 138.3 | 44.3 | - | 182.6 | 154.3 | 48.1 | - | 202.4 |
Services | 20.0 | 24.4 | - | 44.4 | 13.2 | 22.1 | - | 35.3 |
Technology Management &\u202fFinancing | 228.2 | 1.1 | 270.1 | 499.5 | 228.1 | 5.6 | 337.8 | 571.5 |
Total | 386.5 | 69.8 | 270.1 | 726.4 | 395.6 | 75.8 | 337.8 | 809.2 |
\u00a0
At the end of 2023, the \u20ac270.1 million in outstanding rentals included a portion that is subject to own-book deals or refinanced with recourse for a net amount of \u20ac209.2 million, of which \u20ac136.0 million is non-current. The current portion includes not only own-book outstanding deals but also a portion that will be refinanced (when a refinancing agreement exists). The \u20ac67.7 million decrease in outstanding leases from the end of 2022 to the end of 2023 was due, for \u20ac93.5 million, to a reclassification as assets held for sale.
Revenue accruals were mainly due to the time lag between revenue recognition and invoicing, which leads to the recognition of contract assets (invoices to be issued). These lags were slightly less significant at the end of 2023 compared to the end of 2022.
The payment terms of our customers comply with the local regulations of the countries in which we operate and, where applicable, the usual business practices and payment schedules defined in our contracts.
Costs of securing and executing contracts are costs that are directly assigned to a customer contract and have not yet been rebilled. The majority of contract assets will be transformed into trade receivables in the coming months.
Other receivables represent amounts receivable from the Public Treasury and miscellaneous amounts due from third parties (suppliers, factor, etc.):
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
Tax receivables (excl. income tax) | 23.0 | 23.9 |
Receivables on factors | 13.3 | 27.7 |
Government grants receivable | 2.0 | 1.0 |
Due from suppliers | 1.1 | 10.2 |
Other | 10.0 | 6.8 |
Other receivables | 49.4 | 69.7 |
\u00a0
Other current assets amounted to \u20ac37.8 million compared to \u20ac36.3 million at 31 December 2022 and correspond to prepaid expenses in the amount of \u20ac32.6 million (compared to \u20ac26.0 million at 31 December 2022) and to the valuation of financial instruments in the amount of \u20ac5.2 million presented in Note 14.2.
\u00a0
Initially, receivables are impaired taking into account expected credit losses, if material:
Subsequently, if there is serious doubt as to its recoverability, a loss allowance is recognised for the amount that is not recoverable.
\u00a0\u00a0
in \u20ac millions | 31 Dec. 2022 | Additions | Reversals | Other changes | Reclassi- | 31 Dec. 2023 |
Impairment of doubtful receivables | (47.2) | (10.8) | 13.0 | 0.4 | 0.4 | (44.2) |
\u00a0
\u00a0
Additions and reversals in the income statement are recognised in the operating margin in the amount of \u20ac1.5 million, presented in Note 4.7, as well as in other operating income and other expenses for unusual items corresponding to non-usual events in terms of their frequency, nature or impact in the amount of \u20ac0.7 million as indicated in Note 5.
Reversals of \u20ac13.0 million include utilisations of \u20ac5.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_97138ae9-c478-4a8b-b7cf-e8195947f50a": { "value": "For the Group, inventories are:
\u00a0
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 | ||||
|---|---|---|---|---|---|---|
Gross | Impairment | Net | Gross | Impairment | Net | |
Equipment in the process of being refinanced | 18.7 | (1.3) | 17.4 | 19.2 | (0.1) | 19.1 |
Other inventories | 71.0 | (8.3) | 62.7 | 92.2 | (7.8) | 84.5 |
IT equipment and telecoms | 61.7 | (4.1) | 57.6 | 79.6 | (3.8) | 75.8 |
Spare parts and other inventories | 9.3 | (4.2) | 5.1 | 12.7 | (4.0) | 8.7 |
Total | 89.7 | (9.7) | 80.1 | 111.4 | (7.9) | 103.6 |
\u00a0
Inventories of IT and telecom equipment decreased by \u20ac18.2 million largely due to the development of business and further improved inventory management.
in \u20ac millions | 31 Dec. 2022 | Changes in inventories | Changes | Reclassi- | Other changes | 31 Dec. 2023 |
Equipment in the process of being refinanced | 19.2 | (6.4) | - | - | 5.9 | 18.7 |
Other inventories | 92.2 | (20.7) | - | (0.5) | - | 71.0 |
IT equipment and telecoms | 79.6 | (17.3) | - | (0.5) | - | 61.7 |
Spare parts and other inventories | 12.7 | (3.4) | - | - | - | 9.3 |
Total | 111.4 | (27.1) | - | (0.5) | 5.9 | 89.7 |
in \u20ac millions | 31 Dec. | Additions | Reversals | Reclassi- | Other changes | 31 Dec. 2023 |
Equipment in the process of being refinanced | (0.1) | (1.2) | - | - | - | (1.3) |
Other inventories | (7.8) | (0.9) | 0.5 | - | (0.2) | (8.3) |
IT equipment and telecoms | (3.8) | (0.5) | 0.4 | - | (0.2) | (4.1) |
Spare parts and other inventories | (4.0) | (0.4) | 0.1 | - | - | (4.2) |
Total | (7.9) | (2.1) | 0.5 | - | (0.2) | (9.7) |
\u00a0
\u00a0
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 | ||||
|---|---|---|---|---|---|---|
Gross | Impairment | Net | Gross | Impairment | Net | |
Trade receivables | 770.6 | (44.2) | 726.4 | 856.4 | (47.2) | 809.2 |
Other receivables | 51.8 | (2.3) | 49.4 | 70.7 | (1.0) | 69.7 |
Trade and other receivables | 822.4 | (46.5) | 775.9 | 927.0 | (48.2) | 878.9 |
Costs of executing and obtaining contract | 34.5 | - | 34.5 | 31.3 | - | 31.3 |
\u00a0
The trade receivables item is broken down below by activity, for its amount net of impairment.
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
Recei- | Revenue accruals | Outstan- | Total | Recei- | Revenue accruals | Outstan- | Total | |
Products & Solutions | 138.3 | 44.3 | - | 182.6 | 154.3 | 48.1 | - | 202.4 |
Services | 20.0 | 24.4 | - | 44.4 | 13.2 | 22.1 | - | 35.3 |
Technology Management &\u202fFinancing | 228.2 | 1.1 | 270.1 | 499.5 | 228.1 | 5.6 | 337.8 | 571.5 |
Total | 386.5 | 69.8 | 270.1 | 726.4 | 395.6 | 75.8 | 337.8 | 809.2 |
\u00a0
At the end of 2023, the \u20ac270.1 million in outstanding rentals included a portion that is subject to own-book deals or refinanced with recourse for a net amount of \u20ac209.2 million, of which \u20ac136.0 million is non-current. The current portion includes not only own-book outstanding deals but also a portion that will be refinanced (when a refinancing agreement exists). The \u20ac67.7 million decrease in outstanding leases from the end of 2022 to the end of 2023 was due, for \u20ac93.5 million, to a reclassification as assets held for sale.
Revenue accruals were mainly due to the time lag between revenue recognition and invoicing, which leads to the recognition of contract assets (invoices to be issued). These lags were slightly less significant at the end of 2023 compared to the end of 2022.
The payment terms of our customers comply with the local regulations of the countries in which we operate and, where applicable, the usual business practices and payment schedules defined in our contracts.
Costs of securing and executing contracts are costs that are directly assigned to a customer contract and have not yet been rebilled. The majority of contract assets will be transformed into trade receivables in the coming months.
Other receivables represent amounts receivable from the Public Treasury and miscellaneous amounts due from third parties (suppliers, factor, etc.):
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
Tax receivables (excl. income tax) | 23.0 | 23.9 |
Receivables on factors | 13.3 | 27.7 |
Government grants receivable | 2.0 | 1.0 |
Due from suppliers | 1.1 | 10.2 |
Other | 10.0 | 6.8 |
Other receivables | 49.4 | 69.7 |
\u00a0
Other current assets amounted to \u20ac37.8 million compared to \u20ac36.3 million at 31 December 2022 and correspond to prepaid expenses in the amount of \u20ac32.6 million (compared to \u20ac26.0 million at 31 December 2022) and to the valuation of financial instruments in the amount of \u20ac5.2 million presented in Note 14.2.
\u00a0
Initially, receivables are impaired taking into account expected credit losses, if material:
Subsequently, if there is serious doubt as to its recoverability, a loss allowance is recognised for the amount that is not recoverable.
\u00a0\u00a0
in \u20ac millions | 31 Dec. 2022 | Additions | Reversals | Other changes | Reclassi- | 31 Dec. 2023 |
Impairment of doubtful receivables | (47.2) | (10.8) | 13.0 | 0.4 | 0.4 | (44.2) |
\u00a0
\u00a0
Additions and reversals in the income statement are recognised in the operating margin in the amount of \u20ac1.5 million, presented in Note 4.7, as well as in other operating income and other expenses for unusual items corresponding to non-usual events in terms of their frequency, nature or impact in the amount of \u20ac0.7 million as indicated in Note 5.
Reversals of \u20ac13.0 million include utilisations of \u20ac5.1 million.
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
Trade payables | 648.2 | 741.2 |
of which reverse factoring trade payables | 26.2 | 104.6 |
Other payables | 178.4 | 191.0 |
Tax and social liabilities | 162.1 | 183.8 |
Dividends payable | 1.4 | 1.4 |
Customer prepayments and other payables | 14.9 | 5.7 |
Total trade and other payables | 826.6 | 932.1 |
\u00a0
The decrease in trade payables was mainly due to the unwinding, at the start of 2023, of a reverse factoring trade payable amounting to \u20ac53 million at 31 December 2022.\u00a0
\u00a0
\u00a0
Other current liabilities break down as follows:
in \u20ac millions | \u00a0 | 31 Dec. 2023 | 31 Dec. 2022 restated |
Contract liabilities | \u00a0 | 57.5 | 63.7 |
Deferred income | \u00a0 | 96.7 | 109.5 |
Other liabilities | \u00a0 | 36.4 | 15.4 |
Other current liabilities | \u00a0 | 133.1 | 124.8 |
\u00a0
Contract liabilities were mainly due to the receipt of advance payments and advance billingsfrom our customers.
The majority of contract liabilities are to be converted into revenue in the coming months.
", "dimensions": { "concept": "econocom:DisclosureOfOperatingAssetsAndLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_c9ba3786-6f2a-4de8-b773-3b2c87f13d84": { "value": "For the Group, inventories are:
\u00a0
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 | ||||
|---|---|---|---|---|---|---|
Gross | Impairment | Net | Gross | Impairment | Net | |
Equipment in the process of being refinanced | 18.7 | (1.3) | 17.4 | 19.2 | (0.1) | 19.1 |
Other inventories | 71.0 | (8.3) | 62.7 | 92.2 | (7.8) | 84.5 |
IT equipment and telecoms | 61.7 | (4.1) | 57.6 | 79.6 | (3.8) | 75.8 |
Spare parts and other inventories | 9.3 | (4.2) | 5.1 | 12.7 | (4.0) | 8.7 |
Total | 89.7 | (9.7) | 80.1 | 111.4 | (7.9) | 103.6 |
\u00a0
Inventories of IT and telecom equipment decreased by \u20ac18.2 million largely due to the development of business and further improved inventory management.
in \u20ac millions | 31 Dec. 2022 | Changes in inventories | Changes | Reclassi- | Other changes | 31 Dec. 2023 |
Equipment in the process of being refinanced | 19.2 | (6.4) | - | - | 5.9 | 18.7 |
Other inventories | 92.2 | (20.7) | - | (0.5) | - | 71.0 |
IT equipment and telecoms | 79.6 | (17.3) | - | (0.5) | - | 61.7 |
Spare parts and other inventories | 12.7 | (3.4) | - | - | - | 9.3 |
Total | 111.4 | (27.1) | - | (0.5) | 5.9 | 89.7 |
in \u20ac millions | 31 Dec. | Additions | Reversals | Reclassi- | Other changes | 31 Dec. 2023 |
Equipment in the process of being refinanced | (0.1) | (1.2) | - | - | - | (1.3) |
Other inventories | (7.8) | (0.9) | 0.5 | - | (0.2) | (8.3) |
IT equipment and telecoms | (3.8) | (0.5) | 0.4 | - | (0.2) | (4.1) |
Spare parts and other inventories | (4.0) | (0.4) | 0.1 | - | - | (4.2) |
Total | (7.9) | (2.1) | 0.5 | - | (0.2) | (9.7) |
\u00a0
or materials or supplies to be used in the rendering of services, measured at cost and impaired in line with the useful life of the infrastructure to which they relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_461bc6cc-9360-4494-a81e-02157132d963": { "value": "Other current assets amounted to \u20ac37.8 million compared to \u20ac36.3 million at 31 December 2022 and correspond to prepaid expenses in the amount of \u20ac32.6 million (compared to \u20ac26.0 million at 31 December 2022) and to the valuation of financial instruments in the amount of \u20ac5.2 million presented in Note 14.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_99c3c3bd-be12-4cb8-bc45-5a5a1ab41824": { "value": "Other current assets amounted to \u20ac37.8 million compared to \u20ac36.3 million at 31 December 2022 and correspond to prepaid expenses in the amount of \u20ac32.6 million (compared to \u20ac26.0 million at 31 December 2022) and to the valuation of financial instruments in the amount of \u20ac5.2 million presented in Note 14.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_bd9dd824-faee-43fc-967a-49538dd10110": { "value": "Initially, receivables are impaired taking into account expected credit losses, if material:
Subsequently, if there is serious doubt as to its recoverability, a loss allowance is recognised for the amount that is not recoverable.
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
Trade payables | 648.2 | 741.2 |
of which reverse factoring trade payables | 26.2 | 104.6 |
Other payables | 178.4 | 191.0 |
Tax and social liabilities | 162.1 | 183.8 |
Dividends payable | 1.4 | 1.4 |
Customer prepayments and other payables | 14.9 | 5.7 |
Total trade and other payables | 826.6 | 932.1 |
\u00a0
The decrease in trade payables was mainly due to the unwinding, at the start of 2023, of a reverse factoring trade payable amounting to \u20ac53 million at 31 December 2022.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_80d624f7-eb34-4abe-a78b-765e962f3dec": { "value": "\u00a0
Other current liabilities break down as follows:
in \u20ac millions | \u00a0 | 31 Dec. 2023 | 31 Dec. 2022 restated |
Contract liabilities | \u00a0 | 57.5 | 63.7 |
Deferred income | \u00a0 | 96.7 | 109.5 |
Other liabilities | \u00a0 | 36.4 | 15.4 |
Other current liabilities | \u00a0 | 133.1 | 124.8 |
\u00a0
Contract liabilities were mainly due to the receipt of advance payments and advance billingsfrom our customers.
The majority of contract liabilities are to be converted into revenue in the coming months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_c849bd95-cce6-428d-8bd2-55b3d49c9819": { "value": "\u00a0
Other current liabilities break down as follows:
in \u20ac millions | \u00a0 | 31 Dec. 2023 | 31 Dec. 2022 restated |
Contract liabilities | \u00a0 | 57.5 | 63.7 |
Deferred income | \u00a0 | 96.7 | 109.5 |
Other liabilities | \u00a0 | 36.4 | 15.4 |
Other current liabilities | \u00a0 | 133.1 | 124.8 |
\u00a0
Contract liabilities were mainly due to the receipt of advance payments and advance billingsfrom our customers.
The majority of contract liabilities are to be converted into revenue in the coming months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_4028772a-7cf0-46f1-bccd-b63af5715c68": { "value": "The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
The Group did not identify any material risks not provisioned in its financial statements.
Provisions for restructuring and social risks in the amount of \u20ac7.3\u00a0million cover future costs related particularly to the reorganisation of certain entities, on the one hand, and litigation with former employees, on the other.
This item includes provisions for legal and commercial risks in the amount of \u20ac12.3\u00a0million, which mainly cover the risks related to ongoing litigation with customers.
in \u20ac millions | 31 Dec. 2022 | Changes in scope of consoli- | Additions | Reversals not used | Reversals used | Other and exchange differences | 31 Dec. 2023 |
|---|---|---|---|---|---|---|---|
Restructuring and social risks | 7.8 | - | 1.5 | (1.0) | (1.1) | 0.1 | 7.3 |
Tax, legal and commercial risks | 18.1 | 0.3 | 2.0 | (4.3) | (1.3) | 0.1 | 14.9 |
Deferred commissions | 1.2 | - | 0.2 | - | - | - | 1.3 |
Other risks | 1.6 | - | 0.5 | (0.5) | (0.0) | 0.6 | 2.1 |
Total | 28.7 | 0.3 | 4.1 | (5.8) | (2.4) | 0.7 | 25.7 |
Long-term | 11.2 | 0.3 | 1.8 | (0.3) | (0.4) | 1.7 | 14.4 |
Short-term | 17.4 | - | 2.3 | (5.5) | (2.0) | (1.0) | 11.3 |
Profit (loss) impact of movements in provisions | |||||||
Operating margin | 2.8 | (5.2) | (1.8) | \u00a0 | \u00a0 | ||
Other operating income and expenses | 1.4 | (0.5) | (0.6) | \u00a0 | \u00a0 | ||
Income tax expense | \u00a0 | \u00a0 | - | (0.1) | - | \u00a0 | \u00a0 |
Profit (loss) from discontinued operations | \u00a0 | - | - | - | \u00a0 | \u00a0 |
in \u20ac millions | 31 Dec. 2021 | Changes in scope of consoli- | Additions | Reversals not used | Reversals used | Other and exchange differences | 31 Dec. 2022 |
|---|---|---|---|---|---|---|---|
Restructuring and social risks | 6.7 | 0.5 | 2.7 | (0.9) | (2.4) | 1.2 | 7.8 |
Tax, legal and commercial risks | 16.2 | 3.8 | 8.5 | (2.4) | (6.0) | (2.0) | 18.1 |
Deferred commissions | 1.4 | - | 0.0 | (0.0) | (0.1) | (0.1) | 1.2 |
Other risks | 7.7 | - | 0.2 | (1.7) | (2.9) | (1.7) | 1.6 |
Total | 31.9 | 4.3 | 11.4 | (5.1) | (11.3) | (2.6) | 28.7 |
Long-term | 5.0 | 4.3 | 3.8 | (0.0) | (2.3) | 0.4 | 11.2 |
Short-term | 26.9 | 0.1 | 7.6 | (5.1) | (9.0) | (3.0) | 17.4 |
Profit (loss) impact of movements in provisions | |||||||
Operating margin | 2.3 | (3.6) | (9.7) | \u00a0 | \u00a0 | ||
Other operating income and expenses | 9.2 | (1.4) | (1.7) | \u00a0 | \u00a0 | ||
Income tax expense | \u00a0 | \u00a0 | - | - | - | \u00a0 | \u00a0 |
Profit (loss) from discontinued operations | \u00a0 | - | - | - | \u00a0 | \u00a0 |
The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
Vendors warranties in connection with acquisitions carried out in prior years were non-significant.
In the context of disposals in previous years, the vendor warranties granted by the Group were not material.
There is only one covenant associated with our loans. A breach would not result in early redemption; rather, it would force the Group to pay a higher interest rate until the ratio is brought back within the relevant bounds. The ratio is calculated as of 31\u00a0December of each year, and corresponds to the ratio of financial debt to pro-forma EBITDA. This ratio may not exceed 3.
At 31 December 2023, this covenant was respected.
in \u20ac millions | Total guarantees given \u2013 2023 |
|---|---|
Guarantees given by Econocom to banks for securing credit lines and borrowings(1) | 568.7 |
Guarantees given by Econocom to refinancing institutions to cover certain operational risks, residual financial values, and invoice and payment mandates granted to Econocom(2) | 271.4 |
Guarantees given to customers and suppliers for the Group\u2019s sales activities and other | 141.5 |
Total guarantees given | 981.6 |
(1) Including \u20ac150.1 million recognised in financial liabilities. The guarantees relating to financing lines not yet drawn at 31 December 2023 totalled \u20ac418.6 million, versus \u20ac315.3 million as at 31 December 2022. (2) Including \u20ac185.4 million refinanced at 31 December 2023, including \u20ac24.9 million in the balance sheet relating to liabilities under financial leases with recourse. The amount of guarantees given to refinancers and not refinanced at 31 December 2023 was \u20ac86 million, versus \u20ac103.1 million as at 31 December 2022. |
The Group\u2019s off-balance sheet commitments can be analysed as follows by maturity and type of commitment:
in \u20ac millions | Less than 1 year | 1-5 years | More than 5 years | At 31 Dec. 2023 | At 31 Dec. 2022 |
|---|---|---|---|---|---|
Commitments given | 68.2 | 788.8 | 124.7 | 981.6 | 881.8 |
Commitments given to banks | 35.2 | 533.4 | 0.1 | 568.7 | 382.9 |
Commitments given to refinancers | - | 147.1 | 124.3 | 271.4 | 296.6 |
Commitments given to customers and\u202fsuppliers | 31.4 | 107.3 | 0.3 | 138.9 | 199.8 |
Other guarantees | 1.5 | 1.0 | - | 2.6 | 2.5 |
Commitments received | - | 1.2 | 0.0 | 1.2 | 6.7 |
Guarantees and pledges | - | 1.2 | 0.0 | 1.2 | 6.7 |
The contingent acquisition-related liabilities include options to commit to buy back non-controlling interests, contingent consideration and deferred payments, most of which have been granted subject to attainment of future financial targets. As such they are dependent on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
At the end of 2023, the Group had call options (and non-controlling interests had put options) on the remaining shares allowing it to acquire all or part of the share capital of the following entities: Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams. Under these options, Econocom agreed to acquire the shares and also has the right to be sold the shares by the non-controlling shareholders.
\u00a0
The table below shows changes in contingent acquisition-related liabilities over the year:
in \u20ac millions | Put and | Contingent considerations | Deferred payments | Total | Current portion | Non- |
|---|---|---|---|---|---|---|
31 Dec. 2022 | 58.1 | 1.5 | 1.6 | 61.2 | 24.9 | 36.3 |
Disposals and IFRS 5 reclassifications | (0.2) | - | - | (0.2) | \u00a0 | \u00a0 |
Increases against equity or goodwill | - | 0.6 | - | 0.6 | \u00a0 | \u00a0 |
Disbursements | (6.7) | - | (0.9) | (7.6) | \u00a0 | \u00a0 |
Change in fair value through equity | (6.6) | - | - | (6.6) | \u00a0 | \u00a0 |
Change in fair value through profit (loss) from non-current operating activities | - | (0.8) | - | (0.8) | \u00a0 | \u00a0 |
Change in fair value by operating margin | - | - | - | - | \u00a0 | \u00a0 |
31 Dec. 2023 | 44.6 | 1.3 | 0.7 | 46.7 | 23.8 | 22.9 |
\u00a0
Changes in the value of commitments to purchase non-controlling interests are recognised in equity.
Cross-option liabilities and contingent consideration liabilities are measured based on the estimated future performance of the entities concerned (e.g. EBIT multiples, expected future cash flows, etc.).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_6c4696f3-ada7-4634-a9d9-9e96b1d08ce1": { "value": "Financial instruments comprise:
Financial instruments (assets and liabilities) are recognised in the consolidated statement of financial position at their initial fair value plus or minus, in the case of a financial asset or financial liability not measured at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of that financial asset or financial liability.
The subsequent measurement of financial assets and liabilities is carried out, depending on their category, either at fair value (profit or loss or other comprehensive income (expense) or at amortised cost.
The classification of a financial asset in each of the three categories (financial asset at amortised cost, financial asset at fair value through profit or loss, financial asset at fair value through other comprehensive income (expense)) is based on the business model applied to it by the company and the characteristics of its contractual cash flows.
The classification of a financial liability in each of two categories (financial liability at amortised cost or financial liability at fair value through profit or loss).
The Group applies the concept of fair value set out in IFRS 13 \u201cFair Value Measurement\u201d, whereby fair value is \u201cthe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price)\u201d.
Amortised cost represents the fair value on initial recognition (net of transaction costs), plus interest calculated based on the effective interest rate and less cash outflows (coupons, principal repayments and, where applicable, redemption premiums). Accrued interest (income and expenses) is not recorded at the nominal interest rate of the financial instrument, but based on the instrument\u2019s effective interest rate.
The initial recognition of financial instruments in the consolidated statement of financial position along with their subsequent measurement as described above apply to the following interest rate definitions:
At each reporting date, the Group assesses whether the credit risk associated with a financial asset has increased significantly since initial recognition. In this case, the Group assesses the expected credit losses over the life of the asset.
Any loss of value is recognised in the income statement.
Financial instruments carried in both assets and liabilities are derecognised whenever the related risks and rewards are sold and the Group ceases to have control over those financial instruments (see note\u00a022).
\u00a0
The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
\u00a0\u00a0
\u00a0 | 31 Dec. 2022 | Change through profit or loss | Other comprehensive income (expense) | 31 Dec. 2023 |
|---|---|---|---|---|
Derivative instruments (positive fair value) | 10.2 | - | (5.0) | 5.2 |
Derivative instruments (negative fair value) | - | - | - | - |
Total\u00a0 | 10.2 | - | (5.0) | 5.2 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_73dace7e-3404-46a9-aad5-c84d02791baf": { "value": "The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
The Group uses the financial markets only for hedging exposure related to its business activities and not for speculative purposes.
Given the low foreign exchange risk, forward purchases and sales of foreign currency are recognised as instruments measured at fair value through profit or loss.
The Group uses interest rate swaps to hedge its exposure, notably on the floating-rate tranches of its Schuldschein notes. These derivate instruments are designated as a cash flow hedges and is eligible for hedge accounting under IFRS\u00a09.
Gains or losses on the hedging instruments are recognised directly in \u201cOther comprehensive income (expense)\u201d until the hedged item is itself recognised in the income statement. Hedging reserves are then transferred to the income statement.
The fair value of financial instruments is determined using market prices resulting from trades on a national stock exchange or over-the-counter markets.
When no market price is available, fair value is measured using other valuation methods such as discounted future cash flows. In any event, estimates of market value are based on certain interpretations required when measuring financial assets. As such, these estimates do not necessarily reflect the amounts that the Group would actually receive or pay if the instruments were traded on the market. The use of different estimates, methods and assumptions may have a material impact on estimated fair values.In view of their short-term nature, the book value of trade receivables, other receivables and cash and cash equivalents is considered as a good estimation of their fair value.Derivative instruments and non-consolidated equity investments are measured using Level 2 fair values.
Cash equivalents are recognised at their Level 1 fair value.
\u00a0
The Group\u2019s financial assets at 31 December 2023 may be analysed as follows:
in \u20ac millions | \u00a0 | Book value | \u00a0 | Level in the fair value hierarchy | |||
|---|---|---|---|---|---|---|---|
Balance sheet headings | Notes | Amortised cost | Fair value | Fair value through profit | Level 1 | Level 2 | Level 3 |
Non-current financial assets | 10.4 | 15.8 | - | 9.9 | - | 25.6 | - |
Long-term receivables | 10.5 | 19.6 | - | - | - | 14.5 | - |
Residual interest | 11.1 | 164.3 | - | - | - | 164.3 | - |
Trade receivables | 12.2 | 726.4 | - | - | - | 726.4 | - |
Other receivables | 12.2 | 49.4 | - | - | - | 49.4 | - |
Cash and cash equivalents | 15.1 | - | - | 226.6 | 226.6 | - | - |
Total financial assets | \u00a0 | 975.5 | - | 236.5 | 226.6 | 980.2 | - |
\u00a0
In view of their short-term nature, the book value of trade and other payables is considered as a good estimation of their fair value.
The market value of derivative instruments is measured based on valuations provided by bank counterparties or models widely used in financial markets, on the basis of data available at the reporting date.
\u00a0
in \u20ac millions | \u00a0 | Book value | Level in the fair value hierarchy | ||||
|---|---|---|---|---|---|---|---|
Balance sheet headings | Notes | Amortised cost | Fair value through profit | Fair value through equity | Level 1 | Level 2 | Level 3 |
Gross debt | 15.2 | 406.7 | - | - | - | 403.5 | - |
Non-convertible bonds | \u00a0 | 201.6 | - | - | - | 198.4 | - |
Bank debt, commercial paper and other | \u00a0 | 49.0 | - | - | - | 49.0 | - |
Liabilities relating to contracts refinanced with recourse | \u00a0 | 156.1 | - | - | - | 156.1 | - |
Gross commitments on residual\u202ffinancial assets | 11.2 | 107.1 | - | - | - | 107.1 | - |
Lease liabilities | 10.3 | 55.7 | - | - | - | 54.2 | - |
Acquisition-related liabilities | 13 | - | 1.3 | 45.3 | - | - | 46.7 |
Other non-current liabilities | \u00a0 | 6.4 | - | - | - | 6.4 | - |
Trade payables | 12.3 | 648.2 | - | - | - | 648.2 | - |
Other payables (excluding derivative instruments) | 12.3 | 178.4 | - | - | - | 178.4 | - |
Other current liabilities | 12.4 | 36.4 | - | - | - | 36.4 | - |
Total financial liabilities and\u202fother\u202fliabilities | \u00a0 | 1,438.9 | 1.3 | 45.3 | - | 1,434.2 | 46.7 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_f2e5a81e-29b4-45a4-8b66-52cb0cb57dd4": { "value": "IFRS 7 \u201cFinancial Instruments: Disclosures\u201d sets out a fair value hierarchy, as follows:The fair value of financial instruments is determined using market prices resulting from trades on a national stock exchange or over-the-counter markets.
When no market price is available, fair value is measured using other valuation methods such as discounted future cash flows. In any event, estimates of market value are based on certain interpretations required when measuring financial assets. As such, these estimates do not necessarily reflect the amounts that the Group would actually receive or pay if the instruments were traded on the market. The use of different estimates, methods and assumptions may have a material impact on estimated fair values.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_d605b717-6156-4fe4-a481-f4e7fc2ed088": { "value": "These include cash on hand and demand deposits, other highly-liquid investments with maturities of three months or less, and bank overdrafts. Bank overdrafts are included in \u201cFinancial liabilities\u201d within current liabilities in the balance sheet.
Changes in fair value are recognised through profit or loss under \u201cFinancial income from operating activities\u201d.
\u00a0
Cash as presented in the statement of cash flows includes cash and cash equivalents, presented net of bank overdrafts. Cash and cash equivalents may be broken down as follows at the end of 2023 and 2022:
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Cash in hand | 219.2 | 384.4 |
Demand deposits | 0.0 | 0.1 |
Sight deposits | 219.1 | 384.3 |
Cash equivalents | 7.4 | 20.4 |
Term accounts | 2.7 | - |
Marketable securities | 4.7 | 20.3 |
Cash and cash equivalents | 226.6 | 404.8 |
Bank overdrafts | (1.0) | (2.4) |
Cash and cash equivalents net of bank overdrafts | 225.5 | 402.4 |
\u00a0
The cash and cash equivalent balances corresponding to the share of Econocom\u2019s partners in companies fully consolidated but not wholly owned by Econocom totalled \u20ac9.8 million at 31 December 2023 versus \u20ac8.2 million at 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_beea0c3a-289e-4532-86bf-75a34075afd3": { "value": "These include cash on hand and demand deposits, other highly-liquid investments with maturities of three months or less, and bank overdrafts. Bank overdrafts are included in \u201cFinancial liabilities\u201d within current liabilities in the balance sheet.Changes in fair value are recognised through profit or loss under \u201cFinancial income from operating activities\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_b9aa2b16-7952-4040-8706-3511c99aa906": { "value": "Gross financial debt includes all interest-bearing debt and debt incurred through the receipt of financial instruments.
It does not include:
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Non-convertible bond debt (Schuldschein) | 199.5 | 199.3 |
Bond loans \u2013 non-current | 199.5 | 199.3 |
Other debt | 114.1 | 68.0 |
Financial lease liabilities(1) | 8.6 | 23.9 |
Financial liabilities \u2013 non-current | 122.7 | 91.9 |
Non-current interest-bearing liabilities | 322.1 | 291.1 |
Convertible bond (OCEANE) \u2013 current portion | - | 151.2 |
Non-convertible bond (Schuldschein bond) \u2013 current portion | 2.1 | 9.6 |
Bond loans \u2013 current portion | 2.1 | 160.8 |
Commercial paper | 20.0 | 32.5 |
Factoring financial liabilities(2) | 11.2 | 14.5 |
Reverse factoring financial liabilities | 4.2 | 0.1 |
Financial lease and similar liabilities(1) | 16.3 | 17.8 |
Other current borrowings and debt with recourse | 30.7 | 29.1 |
Financial liabilities \u2013 current portion(3) | 82.4 | 93.9 |
Current interest-bearing liabilities | 84.6 | 254.8 |
Total gross financial debt(3) | 406.7 | 545.9 |
(1) Primarily, liabilities relating to contracts refinanced with recourse. This debt is backed by customers\u2019 rental payments, but the Group retains a portion of the credit risk. The Group has therefore added back a similar amount of unassigned receivables in accordance with IAS 32 \u201cFinancial Instruments: Presentation\u201d. (2) Factoring liabilities consist of residual risks arising from factoring agreements. (3) Excluding bank overdrafts. |
In March 2018, Econocom Group issued OCEANE bonds in the amount of \u20ac200 million (\u20ac198.4 million after allocation of issue costs). Their main characteristics are detailed below:
The Group reimbursed this convertible bond on 6 March 2023.
Schuldschein 2016
In late November 2016, Econocom Group SE issued \u20ac150 million in Schuldschein notes on the Frankfurt market.
These notes, redeemable at maturity, comprise three tranches: \u20ac13 million at seven years, and \u20ac22 million and \u20ac115 million at five years. Notes belonging to the first two tranches pay fixed-rate interest (2.088% at seven years and 1.611% at five years). The interest on the third tranche includes a fixed-rate portion of 1.5% and a floating-rate portion indexed to six-month EURIBOR. An interest rate swap was put in place to cover the risk related to this floating rate. The swap hedged the risk of a rise in interest rates; however, it provided that if EURIBOR was negative, Econocom bore the interest rate risk.
The Group reimbursed this non-convertible bond in November 2023.
Schuldschein 2022
In May 2022, Econocom Group SE issued a \u20ac200 million Schuldschein bond on the Frankfurt market.
These notes, redeemable at maturity, breaks down into five tranches:
Interest rate swaps were put in place to cover the risk related to these floating rates. The swaps hedge the risk of a rise in interest rates; however, they provide that if EURIBOR is negative, Econocom bears the interest rate risk.
This transaction made it possible to secure the Group\u2019s liquidity under favourable conditions (notably thanks to the implementation of pre-hedging and hedging transactions that enabled it to post an average rate of 2.1%) and to extend the average maturity of the debt.
Since October 2015, Econocom has diversified its financing resources with the implementation of a commercial paper programme (NEUCP) at Econocom Group level with the Banque de France. Through this programme, capped at \u20ac200 million, the Group optimises its short-term resources to finance its WCR.\u00a0
With a long-term presence in this market, Econocom has benefited from regular access to this source of liquidity thanks to referrals from institutional investors confirming the Group\u2019s good standing.
\u00a0
2023 in \u20ac millions | Total | 1 to | Beyond |
|---|---|---|---|
Lease payables relating to contracts refinanced with recourse (non-current portion) | 8.6 | 8.6 | - |
Bond loans | 199.5 | 189.5 | 10.0 |
Other debt | 114.1 | 114.1 | - |
Total | 322.1 | 312.1 | 10.0 |
\u00a0
2022 in \u20ac millions | Total | 1 to | Beyond |
|---|---|---|---|
Lease payables relating to contracts refinanced with recourse (non-current portion) | 23.9 | 23.9 | - |
Bond loans | 199.3 | 189.3 | 10.0 |
Other debt | 68.0 | 54.2 | 13.8 |
Total | 291.1 | 267.4 | 23.8 |
\u00a0
The concept of net financial debt as used by the Group represents gross financial debt (see Note 15.2) less gross financial cash (see Note 15.1 \u201cCash and cash equivalents\u201d). This indicator is used for financial communication purposes, notably to calculate certain performance ratios.
in \u20ac millions | 31 Dec. 2022 | Cash flows | Non-cash flows | 31 Dec. 2023 | |||
|---|---|---|---|---|---|---|---|
Amortised cost of | Changes | Conver- | Other | ||||
Cash and cash equivalents* | 404.8 | (154.1) | - | - | 1.0 | (25.1) | 226.6 |
Bank overdrafts** | (2.4) | 1.3 | - | - | - | - | (1.0) |
Cash and cash equivalents net of bank overdrafts(1) | 402.4 | (152.8) | - | - | 1.0 | (25.1) | 225.5 |
Commercial paper and credit lines | (54.2) | 42.5 | - | - | - | (37.2) | (49.0) |
Net cash at bank | 348.2 | (110.3) | - | - | 1.0 | (62.3) | 176.6 |
Convertible bond (OCEANE) | (151.2) | 151.8 | (0.6) | - | - | - | - |
Bond debt (Schuldschein) | (208.9) | 15.7 | (8.4) | - | - | - | (201.6) |
Leases refinanced with recourse | (41.7) | 17.8 | - | (0.8) | (0.1) | - | (24.9) |
Factoring financial liabilities with recourse | (14.5) | 3.1 | - | - | (0.1) | 0.3 | (11.2) |
Reverse factoring liabilities | (0.1) | (4.1) | - | - | - | - | (4.2) |
Other liabilities | (75.3) | (118.5) | - | - | - | 78.0 | (115.8) |
Sub-total | (491.7) | 65.8 | (9.0) | (0.8) | (0.3) | 78.2 | (357.7) |
(Net financial debt)/Cash surplus | (143.5) | (44.5) | (9.0) | (0.8) | 0.7 | 15.9 | (181.2) |
* \u00a0 Positive gross cash and cash equivalents. ** \u00a0Including current bank overdrafts totalling \u20ac1.0 million at 31 December 2023 and \u20ac2.4 million at 31 December 2022. (1) The negative \u20ac176.9 million change in net cash and cash equivalents net of bank overdrafts as shown in the statement of cash flows is equal to the sum of monetary outflows of -\u20ac152.8 million, plus translation adjustments of \u20ac1.0 million and translation losses of \u20ac25.1 million. |
\u00a0
Net financial debt is to be compared with the future cash inflows expected from the own-book deals of the Technology Management & Financing activity, in the amount of \u20ac209.2 million.
in \u20ac millions | 31 Dec. 2021 | Cash flows | Non-cash flows | 31 Dec. 2022 | |||
|---|---|---|---|---|---|---|---|
Amortised cost of | Changes | Conver- | Other | ||||
Cash and cash equivalents* | 405.9 | (2.7) | - | 7.5 | 1.5 | (7.3) | 404.8 |
Bank overdrafts** | 0.0 | (2.1) | - | (0.2) | - | - | (2.4) |
Cash and cash equivalents net of bank overdrafts(1) | 405.9 | (4.8) | - | 7.3 | 1.5 | (7.3) | 402.4 |
Commercial paper and credit lines | (71.9) | 17.6 | - | - | - | - | (54.2) |
Net cash at bank | 334.0 | 12.8 | - | 7.3 | 1.5 | (7.3) | 348.2 |
Convertible bond (OCEANE) | (182.5) | 34.7 | (3.5) | - | - | - | (151.2) |
Bond debt (Euro PP) | (56.4) | 57.1 | (0.7) | - | - | - | - |
Bond debt (Schuldschein) | (13.0) | (192.6) | (3.2) | - | - | - | (208.9) |
Leases refinanced with recourse | (64.0) | 21.9 | - | - | (0.4) | - | (41.7) |
Factoring financial liabilities with recourse | (12.8) | (1.8) | - | - | 0.1 | - | (14.5) |
Reverse factoring financial liabilities | (5.2) | 4.9 | - | - | - | 0.2 | (0.1) |
Other liabilities | (67.0) | 1.5 | - | (9.8) | - | - | (75.3) |
Sub-total | (400.8) | (74.3) | (7.4) | (9.8) | 0.4 | 0.2 | (491.7) |
(Net financial debt)/Cash surplus | (66.8) | (61.5) | (7.4) | (2.5) | 1.9 | (7.1) | (143.5) |
* \u00a0 Positive gross cash and cash equivalents. ** \u00a0Including current bank overdrafts totalling \u20ac0.0 million at 31 December 2021 and \u20ac0.8 million at 31 December 2020. (1) The negative \u20ac242.7 million change in net cash and cash equivalents net of bank overdrafts as shown in the statement of cash flows is equal to the sum of monetary outflows of -\u20ac243.8 million, cash acquired of \u20ac7.5 million, translation adjustments of \u20ac1.4 million and translation losses of \u20ac7.8 million. |
Gross financial debt includes all interest-bearing debt and debt incurred through the receipt of financial instruments.
It does not include:
\u00a0
in \u20ac millions | 31 Dec. 2023 | 31 Dec. 2022 |
|---|---|---|
Non-convertible bond debt (Schuldschein) | 199.5 | 199.3 |
Bond loans \u2013 non-current | 199.5 | 199.3 |
Other debt | 114.1 | 68.0 |
Financial lease liabilities(1) | 8.6 | 23.9 |
Financial liabilities \u2013 non-current | 122.7 | 91.9 |
Non-current interest-bearing liabilities | 322.1 | 291.1 |
Convertible bond (OCEANE) \u2013 current portion | - | 151.2 |
Non-convertible bond (Schuldschein bond) \u2013 current portion | 2.1 | 9.6 |
Bond loans \u2013 current portion | 2.1 | 160.8 |
Commercial paper | 20.0 | 32.5 |
Factoring financial liabilities(2) | 11.2 | 14.5 |
Reverse factoring financial liabilities | 4.2 | 0.1 |
Financial lease and similar liabilities(1) | 16.3 | 17.8 |
Other current borrowings and debt with recourse | 30.7 | 29.1 |
Financial liabilities \u2013 current portion(3) | 82.4 | 93.9 |
Current interest-bearing liabilities | 84.6 | 254.8 |
Total gross financial debt(3) | 406.7 | 545.9 |
(1) Primarily, liabilities relating to contracts refinanced with recourse. This debt is backed by customers\u2019 rental payments, but the Group retains a portion of the credit risk. The Group has therefore added back a similar amount of unassigned receivables in accordance with IAS 32 \u201cFinancial Instruments: Presentation\u201d. (2) Factoring liabilities consist of residual risks arising from factoring agreements. (3) Excluding bank overdrafts. |
In March 2018, Econocom Group issued OCEANE bonds in the amount of \u20ac200 million (\u20ac198.4 million after allocation of issue costs). Their main characteristics are detailed below:
The Group reimbursed this convertible bond on 6 March 2023.
Schuldschein 2016
In late November 2016, Econocom Group SE issued \u20ac150 million in Schuldschein notes on the Frankfurt market.
These notes, redeemable at maturity, comprise three tranches: \u20ac13 million at seven years, and \u20ac22 million and \u20ac115 million at five years. Notes belonging to the first two tranches pay fixed-rate interest (2.088% at seven years and 1.611% at five years). The interest on the third tranche includes a fixed-rate portion of 1.5% and a floating-rate portion indexed to six-month EURIBOR. An interest rate swap was put in place to cover the risk related to this floating rate. The swap hedged the risk of a rise in interest rates; however, it provided that if EURIBOR was negative, Econocom bore the interest rate risk.
The Group reimbursed this non-convertible bond in November 2023.
Schuldschein 2022
In May 2022, Econocom Group SE issued a \u20ac200 million Schuldschein bond on the Frankfurt market.
These notes, redeemable at maturity, breaks down into five tranches:
Interest rate swaps were put in place to cover the risk related to these floating rates. The swaps hedge the risk of a rise in interest rates; however, they provide that if EURIBOR is negative, Econocom bears the interest rate risk.
This transaction made it possible to secure the Group\u2019s liquidity under favourable conditions (notably thanks to the implementation of pre-hedging and hedging transactions that enabled it to post an average rate of 2.1%) and to extend the average maturity of the debt.
Since October 2015, Econocom has diversified its financing resources with the implementation of a commercial paper programme (NEUCP) at Econocom Group level with the Banque de France. Through this programme, capped at \u20ac200 million, the Group optimises its short-term resources to finance its WCR.\u00a0
With a long-term presence in this market, Econocom has benefited from regular access to this source of liquidity thanks to referrals from institutional investors confirming the Group\u2019s good standing.
\u00a0
2023 in \u20ac millions | Total | 1 to | Beyond |
|---|---|---|---|
Lease payables relating to contracts refinanced with recourse (non-current portion) | 8.6 | 8.6 | - |
Bond loans | 199.5 | 189.5 | 10.0 |
Other debt | 114.1 | 114.1 | - |
Total | 322.1 | 312.1 | 10.0 |
\u00a0
2022 in \u20ac millions | Total | 1 to | Beyond |
|---|---|---|---|
Lease payables relating to contracts refinanced with recourse (non-current portion) | 23.9 | 23.9 | - |
Bond loans | 199.3 | 189.3 | 10.0 |
Other debt | 68.0 | 54.2 | 13.8 |
Total | 291.1 | 267.4 | 23.8 |
in \u20ac millions | 31 Dec. 2022 | Cash flows | Non-cash flows | 31 Dec. 2023 | |||
|---|---|---|---|---|---|---|---|
Amortised cost of | Changes | Conver- | Other | ||||
Cash and cash equivalents* | 404.8 | (154.1) | - | - | 1.0 | (25.1) | 226.6 |
Bank overdrafts** | (2.4) | 1.3 | - | - | - | - | (1.0) |
Cash and cash equivalents net of bank overdrafts(1) | 402.4 | (152.8) | - | - | 1.0 | (25.1) | 225.5 |
Commercial paper and credit lines | (54.2) | 42.5 | - | - | - | (37.2) | (49.0) |
Net cash at bank | 348.2 | (110.3) | - | - | 1.0 | (62.3) | 176.6 |
Convertible bond (OCEANE) | (151.2) | 151.8 | (0.6) | - | - | - | - |
Bond debt (Schuldschein) | (208.9) | 15.7 | (8.4) | - | - | - | (201.6) |
Leases refinanced with recourse | (41.7) | 17.8 | - | (0.8) | (0.1) | - | (24.9) |
Factoring financial liabilities with recourse | (14.5) | 3.1 | - | - | (0.1) | 0.3 | (11.2) |
Reverse factoring liabilities | (0.1) | (4.1) | - | - | - | - | (4.2) |
Other liabilities | (75.3) | (118.5) | - | - | - | 78.0 | (115.8) |
Sub-total | (491.7) | 65.8 | (9.0) | (0.8) | (0.3) | 78.2 | (357.7) |
(Net financial debt)/Cash surplus | (143.5) | (44.5) | (9.0) | (0.8) | 0.7 | 15.9 | (181.2) |
* \u00a0 Positive gross cash and cash equivalents. ** \u00a0Including current bank overdrafts totalling \u20ac1.0 million at 31 December 2023 and \u20ac2.4 million at 31 December 2022. (1) The negative \u20ac176.9 million change in net cash and cash equivalents net of bank overdrafts as shown in the statement of cash flows is equal to the sum of monetary outflows of -\u20ac152.8 million, plus translation adjustments of \u20ac1.0 million and translation losses of \u20ac25.1 million. |
\u00a0
Net financial debt is to be compared with the future cash inflows expected from the own-book deals of the Technology Management & Financing activity, in the amount of \u20ac209.2 million.
in \u20ac millions | 31 Dec. 2021 | Cash flows | Non-cash flows | 31 Dec. 2022 | |||
|---|---|---|---|---|---|---|---|
Amortised cost of | Changes | Conver- | Other | ||||
Cash and cash equivalents* | 405.9 | (2.7) | - | 7.5 | 1.5 | (7.3) | 404.8 |
Bank overdrafts** | 0.0 | (2.1) | - | (0.2) | - | - | (2.4) |
Cash and cash equivalents net of bank overdrafts(1) | 405.9 | (4.8) | - | 7.3 | 1.5 | (7.3) | 402.4 |
Commercial paper and credit lines | (71.9) | 17.6 | - | - | - | - | (54.2) |
Net cash at bank | 334.0 | 12.8 | - | 7.3 | 1.5 | (7.3) | 348.2 |
Convertible bond (OCEANE) | (182.5) | 34.7 | (3.5) | - | - | - | (151.2) |
Bond debt (Euro PP) | (56.4) | 57.1 | (0.7) | - | - | - | - |
Bond debt (Schuldschein) | (13.0) | (192.6) | (3.2) | - | - | - | (208.9) |
Leases refinanced with recourse | (64.0) | 21.9 | - | - | (0.4) | - | (41.7) |
Factoring financial liabilities with recourse | (12.8) | (1.8) | - | - | 0.1 | - | (14.5) |
Reverse factoring financial liabilities | (5.2) | 4.9 | - | - | - | 0.2 | (0.1) |
Other liabilities | (67.0) | 1.5 | - | (9.8) | - | - | (75.3) |
Sub-total | (400.8) | (74.3) | (7.4) | (9.8) | 0.4 | 0.2 | (491.7) |
(Net financial debt)/Cash surplus | (66.8) | (61.5) | (7.4) | (2.5) | 1.9 | (7.1) | (143.5) |
* \u00a0 Positive gross cash and cash equivalents. ** \u00a0Including current bank overdrafts totalling \u20ac0.0 million at 31 December 2021 and \u20ac0.8 million at 31 December 2020. (1) The negative \u20ac242.7 million change in net cash and cash equivalents net of bank overdrafts as shown in the statement of cash flows is equal to the sum of monetary outflows of -\u20ac243.8 million, cash acquired of \u20ac7.5 million, translation adjustments of \u20ac1.4 million and translation losses of \u20ac7.8 million. |
Cash flows are presented in the statement of cash flows, which analyses changes in cash flows from all activities, including continuing and discontinued operations as well as activities held for sale.
Cash as presented in the statement of cash flows includes cash and cash equivalents; it is presented net of bank overdrafts.
\u00a0
These changes in cash and cash equivalents in 2023 and 2022 break down as follows:
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Net cash and cash equivalents at 1 January | 402.4 | 405.9 |
Net cash and cash equivalents at 31 December | 225.5 | 402.4 |
Change in net cash and cash equivalents | (176.9) | (3.4) |
\u00a0
\u00a0
Positive net cash flows from (used in) operating activities totalled \u20ac51.3\u00a0million in 2023 compared to \u20ac126.7\u00a0million in 2022, resulting mainly from:
\u00a0
in \u20ac millions | Notes | 2023 | 2022 restated* |
|---|---|---|---|
Depreciation/amortisation of tangible and intangible assets | 10.1 / 10.2 / 10.3 | 39.3 | 36.4 |
Net additions to (reversals from) provisions for contingencies and\u202fexpenses | 17 | (4.0) | (2.6) |
Change in provisions for pensions and other post-employment benefit\u202fobligation | 18 | 0.9 | 3.2 |
Impairment of non-current financial assets | 10.4 | - | 0.6 |
Impairment of trade receivables, inventories and other current assets | 12.1 / 12.2 | (1.1) | (5.3) |
Total provisions, depreciation, amortisation and impairment | \u00a0 | 35.1 | 32.3 |
Change in residual interest in leased assets(1) | \u00a0 | (4.2) | 7.2 |
Cost of discounting residual interest in leased assets and gross liability for repurchases of leased assets | \u00a0 | (1.5) | 2.1 |
Losses (gains) on disposals of property, plant and equipment and\u202fintangible assets | \u00a0 | 0.0 | 0.1 |
Gains and losses on fair value remeasurement | 13 | (0.9) | 0.0 |
Expenses calculated for share-based payments | 16 | 1.6 | 5.4 |
Impact of sold operations and changes in consolidation methods and other income/expenses with no effect on cash and cash equivalents | \u00a0 | - | 0.3 |
Other non-cash expenses (income) | \u00a0 | (0.8) | 7.9 |
Non-cash expenses (income) | \u00a0 | 30.1 | 47.4 |
(1) Changes in the Group\u2019s residual interest in leased assets compare the discounted value of the residual interest from year to year, adjusted for currency impacts. The impact for the period of discounting is eliminated in the \u201cOther non-cash expenses (income)\u201d item. * \u00a0In accordance with IFRS 5, the restatement of the 2022 figures reflects the reclassification of operations considered discontinued in 2023 to \"Net change in cash and cash equivalents from discontinued operations\". |
The reconciliation of financial expense booked in the income statement with financial expense relating to the cost of debt as presented in the statement of cash flows can be presented as follows:
in \u20ac millions | 2023 consolidated income statement | Discounting | Currency impact | Cost of net debt in 2023 |
|---|---|---|---|---|
Financial income \u2013 operating activities | 2.0 | (1.5) | 3.3 | 3.8 |
Other financial income and expenses(1) | (19.8) | (4.5) | 1.5 | (22.8) |
Total | (17.8) | (6.0) | 4.8 | (19.0) |
(1) Including accrued interest on amortised OCEANE convertible bonds in the amount of \u20ac0.4 million. |
\u00a0
Change in working capital requirement can be analysed as follows:
in \u20ac millions | Notes | 31 Dec. 2022 | Change 2023 WCR | Reclass. assets/ liabilities held | Other changes(1) | 31 Dec. 2023 |
|---|---|---|---|---|---|---|
Other long-term receivables,\u202fgross | 10.5 | 26.1 | (0.5) | (0.6) | (2.5) | 22.5 |
Inventories, gross | 12.1 | 111.4 | (27.1) | (0.5) | 5.9 | 89.7 |
Trade receivables, gross | 12.2 | 927.0 | (12.5) | (105.6) | 13.4 | 822.4 |
Residual interest in leased\u202fassets(2) | 11.1 | 164.6 | - | - | (0.3) | 164.3 |
Current tax assets | \u00a0 | 9.5 | - | (0.2) | (1.1) | 8.3 |
Contract assets | 12.2 | 31.3 | 2.8 | - | 0.4 | 34.5 |
Other current assets | 12.2 | 36.3 | 12.5 | (0.1) | (10.9) | 37.8 |
Trade receivables and other\u202foperating assets | \u00a0 | 1,306.4 | (24.7) | (107.0) | 4.9 | 1,179.6 |
Other non-current liabilities | \u00a0 | (13.1) | 5.7 | 2.4 | (1.5) | (6.4) |
Gross commitments on residual\u202ffinancial assets(3) | 11.2 | (102.8) | (1.5) | 0.2 | (3.1) | (107.1) |
Current tax liabilities | \u00a0 | (10.7) | (0.6) | 0.3 | (1.7) | (12.7) |
Trade and other payables | 12.3 | (932.1) | 95.1 | 17.1 | (6.7) | (826.6) |
Contract liabilities | 12.4 | (63.7) | 3.9 | 2.3 | 0.0 | (57.5) |
Other current liabilities | 12.4 | (124.8) | (8.0) | 1.2 | (1.5) | (133.1) |
Trade and other operating\u202fpayables | \u00a0 | (1,247.2) | 94.4 | 23.6 | (14.2) | (1,143.4) |
Total change in working capital requirements | \u00a0 | \u00a0 | 69.6 | \u00a0 | \u00a0 | \u00a0 |
(1) \u00a0Mainly corresponding to changes in the scope of consolidation and in fair value, and translation adjustments. (2) \u00a0Changes in the residual interest in leased assets are shown in cash flows from operating activities. (3) Corresponding to changes in residual financial assets excluding the effects of currency translation and discounting in the period. |
Negative net cash flows from investing activities totalled -\u20ac31.3 million compared to -\u20ac85.0 million in 2022, primarily reflecting:
\u00a0
Negative net cash flows from financing activities amounted to -\u20ac180.9 million, compared to -\u20ac47.6 million in 2022, mainly reflecting:
Econocom Group SE destroyed 43,884,081 treasury shares by decision of the Extraordinary General Meeting of 22 June 2023, without modification of its share capital, which now amounts to \u20ac23,731,027.
The total number of shares was thus reduced to 179,045,899.
\u00a0
\u00a0 | Number of shares | Value in \u20ac millions | ||||
|---|---|---|---|---|---|---|
Total | Treasury | Outstan- | Share capital | Issue premium | Treasury shares | |
At 1 January 2022 | 222,281,980 | 37,303,151 | 184,978,829 | 23.7 | 194.8 | (106.0) |
Purchases of treasury shares,\u202fnet of sales | - | 8,174,542 | (8,174,542) | - | - | (25.4) |
Exercise of options and award of free shares | - | (1,300,000) | 1,300,000 | - | - | - |
Capital increase | 648,000 | - | 648,000 | 0.1 | 1.7 | \u00a0 |
Destruction of treasury\u202fshares | - | - | - | - | - | - |
Refund of issue premium | - | - | - | - | (25.3) | - |
At 31 December 2022 | 222,929,980 | 44,177,693 | 178,752,287 | 23.7 | 171.2 | (131.4) |
Purchases of treasury shares,\u202fnet of sales | \u00a0 | 7,051,234 | 7,051,234 | - | - | (18.5) |
Exercise of options and award of free shares | - | (900,000) | 900,000 | - | - | - |
Capital increase | - | - | - | - | - | - |
Destruction of treasury\u202fshares | (43,884,081) | (43,884,081) | - | - | - | 133.3 |
Refund of issue premium | - | - | - | - | (28.5) | - |
At 31 December 2023 | 179,045,899 | 6,444,846 | 172,601,053 | 23.7 | 142.7 | (16.6) |
\u00a0
At 31 December 2023, the number of dematerialised shares amounted to 117,179,349 and the number of registered shares to 61,866,550, a total of 179,045,899 shares.
In 2020, one shareholder claimed his shares, representing 7,424 Econocom shares. At 31 December 2020, the number of Econocom Group shares registered in the name of Caisse des D\u00e9p\u00f4ts et Consignations in the register of shares therefore amounted to 1,078,244 shares.
In 2022 and 2023, as there were no shareholder claims, the number of Econocom Group shares registered in the name of Caisse des D\u00e9p\u00f4ts et Consignations in the register of shares remained unchanged at 31 December 2023 at 1,078,244 shares.
\u00a0
At 31 December 2023, equity attributable to owners of the parent amounted to \u20ac413.9 million versus \u20ac390.2 million at 31 December 2022. The table below shows changes in this item:
in \u20ac millions | Attributable |
|---|---|
At 31 December 2022 | 390.2 |
Comprehensive income | 58.8 |
Share-based payments, net of tax | 1.6 |
Refund of issue premiums/Payments to shareholders | (28.5) |
Capital increase | - |
Treasury share transactions | (18.5) |
Change in fair value of liabilities under put options | 13.5 |
Impact of put options granted to non-controlling shareholders | - |
Miscellaneous (transactions impacting non-controlling interests and other transactions) | (3.1) |
At 31 December 2023 | 413.9 |
\u00a0 |
\u00a0
The Group regularly awards share purchase and subscription options, as well as free shares, to Management, certain corporate officers and selected employees. These transactions are recognised at fair value at the grant date using the Black-Scholes-Merton mathematical option pricing model.
Fair value, corresponding to the estimated cost of the services provided by the beneficiaries, is recognised on a straight-line basis in \u201cEmployee benefits expense\u201d over the vesting period. An offsetting entry is recorded to equity. Subsequent changes in the fair value of the options do not impact the initial measurement.
At the end of each reporting period, the Group revises the assumptions used to calculate the number of equity instruments. The impact of this revised estimate, if any, is taken to profit or loss and the expenses accrued adjusted accordingly. The offsetting entry is recorded in equity.
Stock subscription and purchase option plans have been granted to some of the Group\u2019s employees and corporate officers for an agreed unit price. Share subscription and purchase option plans are equity-settled share-based payment transactions. In accordance with the number of options expected to vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the proceeds received.
The characteristics of these plans are detailed below:
\u00a0
Stock option plans | 2014 subscription options | 2017 subscription options | 2022 acquisition options | Total |
|---|---|---|---|---|
Year granted | 2016 | 2017 | 2022 | |
Options outstanding at\u202f31\u202fDecember 2022 | 85,000 | 90,000 | 550,000 | 725,000 |
Options granted during the period | - | - | (200,000) | (200,000) |
Options exercised during the period | - | - | - | - |
Options lapsed, forfeited or cancelled | (85,000) | (90,000) | - | (175,000) |
Options outstanding at\u202f31\u202fDecember 2023 | - | - | 350,000 | 350,000 |
Rights granted in number of shares (comparable) at\u202f31\u202fDecember 2022 | 170,000 | 90,000 | 550,000 | 810,000 |
Rights granted in number of shares (comparable) at\u202f31\u202fDecember 2023 | - | - | 350,000 | 350,000 |
Option exercise price (in \u20ac) | 11.48 | 6.04 | 0.42 | \u00a0 |
Share purchase price (in \u20ac) | 5.85 | 6.04 | 0.42 | \u00a0 |
Average share price at the exercise date | - | - | - | \u00a0 |
Expiry date | Dec. 2023 | Dec. 2023 | Dec. 2024 | \u00a0 |
\u00a0
The fair values of the options were measured at the grant date using the Black-Scholes-Merton mathematical option pricing model. The table below shows the measurements along with the main assumptions used:
General information | Initial measurement assumptions (IFRS 2) | ||||||
|---|---|---|---|---|---|---|---|
Plan | Year granted | Options outstanding | Fair value | Volatility | Vesting period | Estimated future dividend | RFI(1) |
2022 | 2022 | 350,000 | 2.89 | 38% | 3 years | 4.26% | 0.36% |
(1) RFI: Risk-Free Interest rate. |
Options are measured at fair value at the grant date in accordance with IFRS\u00a02.
Volatility is calculated by an actuary based on a four-year record of daily prices preceding the option grant date, in line with the maturity of the options.
A detailed description of these stock option plans can be found in section 2.2 of the chapter on corporate governance.
As at 31 December 2023, 250,000 free shares had not been fully vested.
\u00a0
\u00a0 | Free shares unvested at | Award | Vesting | Loss or cancellation | Free shares unvested at | Vesting date |
|---|---|---|---|---|---|---|
2018 | 50,000 | - | - | (50,000) | - | March 2023 |
2021 | 700,000 | - | (700,000) | - | - | July 2023 |
500,000 | - | - | (250,000) | 250,000 | July 2024 | |
Total | 1,250,000 | - | (700,000) | (300,000) | 250,000 | - |
\u00a0
Each tranche is subject to performance and, where applicable, stock market price conditions.
The total expense recorded in profit or loss for the 2023 financial year in respect of share-based payments amounted to \u20ac1.4\u00a0million, and was recognised in \u201cEmployee benefits expense\u201d.
The total expense recorded in profit or loss for the 2022 financial year in respect of share-based payments amounted to \u20ac5.4\u00a0million, and was recognised in \u201cEmployee benefits expense\u201d.
\u00a0
The impact of provisions for pensions and other post-employment benefits on consolidated equity is set out in note 18.
Treasury shares acquired and the directly related transaction costs are recorded as a deduction from consolidated equity. When they are sold, the consideration received in exchange for the shares net of the transaction costs is recorded in equity.
\u00a0
At 31 December 2023, the Group held 6,444,846 treasury shares, equivalent to 3.60% of the total number of shares, through the parent company Econocom Group SE and its subsidiaries.
\u00a0
The Board of Directors recommends that at the General Meeting shareholders vote to refund the issue premium considered as paid-in capital, in an amount of \u20ac0.16 per share. The table below also shows the dividend per share paid by the Group in respect of previous years.
\u00a0
\u00a0 | Issue premium refund proposed | Issue premium refunded | Issue premium refunded |
|---|---|---|---|
Total in \u20ac millions | 27.6 | 28.6 | 25.9 |
Amount per share in \u20ac | 0.16 | 0.16 | 0.14 |
(1) Calculated based on the total number of shares outstanding at 31 December of each year. |
\u00a0
As this refund of the issue premium is subject to the approval of the General Meeting, it is not recognised as a liability in the financial statements for the year ended 31 December 2023.
\u00a0
Currency translation reserves correspond to the cumulative effect of the consolidation of subsidiaries with functional currencies other than the euro. Foreign exchange gains and losses recorded in equity attributable to owners of the parent and non-controlling interests amounted to a loss of \u20ac2.8\u00a0million versus a loss of \u20ac2.2\u00a0million at 31 December 2022. At 31\u00a0December 2023, changes in this item resulted chiefly from fluctuations in the value of the following currencies: pound sterling, US dollar and Polish zloty.
\u00a0
At 31 December 2023, non-controlling interests amounted to \u20ac60.8 million (\u20ac66.6 million at 31 December 2022). The table below shows changes in this item:
in \u20ac millions | Non-controlling interests |
|---|---|
At 31 December 2022 restated | 66.6 |
Share of comprehensive income attributable to non-controlling interests | (0.7) |
Shareholder remuneration | - |
Impact of put options granted to non-controlling shareholders | (6.9) |
Miscellaneous transactions impacting reserves of non-controlling interests | 1.7 |
At 31 December 2023 | 60.8 |
\u00a0
The share of profit (loss) recognised in the income statement for non-controlling interests represented a negative \u20ac0.9 million for 2023, compared to a positive \u20ac1.5 million in 2022.
At 31 December 2023, non-controlling interests primarily concerned Econocom Factory, Exaprobe, Helis, Lydis, Servicios Microinformatica and Trams.
Together these companies accounted for 9.4% of total assets and 14.6% of consolidated equity at 31 December 2023. Taken individually, none of these entities represents a significant percentage of Econocom Group\u2019s total assets or consolidated equity.
Econocom Finance SA current accounts vis-\u00e0-vis these companies amounted to -\u20ac8.5 million at 31 December 2023, compared to -\u20ac8.0 million at 31 December 2022.
After eliminating items between these companies and other Group companies, these entities contributed \u20ac375.1 million to revenue in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_2814ca4b-53cb-46f9-a864-51ca635c6816": { "value": "Econocom Group SE destroyed 43,884,081 treasury shares by decision of the Extraordinary General Meeting of 22 June 2023, without modification of its share capital, which now amounts to \u20ac23,731,027.
The total number of shares was thus reduced to 179,045,899.
\u00a0
\u00a0 | Number of shares | Value in \u20ac millions | ||||
|---|---|---|---|---|---|---|
Total | Treasury | Outstan- | Share capital | Issue premium | Treasury shares | |
At 1 January 2022 | 222,281,980 | 37,303,151 | 184,978,829 | 23.7 | 194.8 | (106.0) |
Purchases of treasury shares,\u202fnet of sales | - | 8,174,542 | (8,174,542) | - | - | (25.4) |
Exercise of options and award of free shares | - | (1,300,000) | 1,300,000 | - | - | - |
Capital increase | 648,000 | - | 648,000 | 0.1 | 1.7 | \u00a0 |
Destruction of treasury\u202fshares | - | - | - | - | - | - |
Refund of issue premium | - | - | - | - | (25.3) | - |
At 31 December 2022 | 222,929,980 | 44,177,693 | 178,752,287 | 23.7 | 171.2 | (131.4) |
Purchases of treasury shares,\u202fnet of sales | \u00a0 | 7,051,234 | 7,051,234 | - | - | (18.5) |
Exercise of options and award of free shares | - | (900,000) | 900,000 | - | - | - |
Capital increase | - | - | - | - | - | - |
Destruction of treasury\u202fshares | (43,884,081) | (43,884,081) | - | - | - | 133.3 |
Refund of issue premium | - | - | - | - | (28.5) | - |
At 31 December 2023 | 179,045,899 | 6,444,846 | 172,601,053 | 23.7 | 142.7 | (16.6) |
\u00a0
At 31 December 2023, the number of dematerialised shares amounted to 117,179,349 and the number of registered shares to 61,866,550, a total of 179,045,899 shares.
In 2020, one shareholder claimed his shares, representing 7,424 Econocom shares. At 31 December 2020, the number of Econocom Group shares registered in the name of Caisse des D\u00e9p\u00f4ts et Consignations in the register of shares therefore amounted to 1,078,244 shares.
In 2022 and 2023, as there were no shareholder claims, the number of Econocom Group shares registered in the name of Caisse des D\u00e9p\u00f4ts et Consignations in the register of shares remained unchanged at 31 December 2023 at 1,078,244 shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_2c1b2b14-a8df-4a74-aaed-a5323bf2ed51": { "value": "At 31 December 2023, equity attributable to owners of the parent amounted to \u20ac413.9 million versus \u20ac390.2 million at 31 December 2022. The table below shows changes in this item:
in \u20ac millions | Attributable |
|---|---|
At 31 December 2022 | 390.2 |
Comprehensive income | 58.8 |
Share-based payments, net of tax | 1.6 |
Refund of issue premiums/Payments to shareholders | (28.5) |
Capital increase | - |
Treasury share transactions | (18.5) |
Change in fair value of liabilities under put options | 13.5 |
Impact of put options granted to non-controlling shareholders | - |
Miscellaneous (transactions impacting non-controlling interests and other transactions) | (3.1) |
At 31 December 2023 | 413.9 |
\u00a0 |
The Group regularly awards share purchase and subscription options, as well as free shares, to Management, certain corporate officers and selected employees. These transactions are recognised at fair value at the grant date using the Black-Scholes-Merton mathematical option pricing model.
Fair value, corresponding to the estimated cost of the services provided by the beneficiaries, is recognised on a straight-line basis in \u201cEmployee benefits expense\u201d over the vesting period. An offsetting entry is recorded to equity. Subsequent changes in the fair value of the options do not impact the initial measurement.
At the end of each reporting period, the Group revises the assumptions used to calculate the number of equity instruments. The impact of this revised estimate, if any, is taken to profit or loss and the expenses accrued adjusted accordingly. The offsetting entry is recorded in equity.
Stock subscription and purchase option plans have been granted to some of the Group\u2019s employees and corporate officers for an agreed unit price. Share subscription and purchase option plans are equity-settled share-based payment transactions. In accordance with the number of options expected to vest, the fair value of the options granted is expensed over the vesting period. When the options are exercised, equity is increased by the proceeds received.
The characteristics of these plans are detailed below:
\u00a0
Stock option plans | 2014 subscription options | 2017 subscription options | 2022 acquisition options | Total |
|---|---|---|---|---|
Year granted | 2016 | 2017 | 2022 | |
Options outstanding at\u202f31\u202fDecember 2022 | 85,000 | 90,000 | 550,000 | 725,000 |
Options granted during the period | - | - | (200,000) | (200,000) |
Options exercised during the period | - | - | - | - |
Options lapsed, forfeited or cancelled | (85,000) | (90,000) | - | (175,000) |
Options outstanding at\u202f31\u202fDecember 2023 | - | - | 350,000 | 350,000 |
Rights granted in number of shares (comparable) at\u202f31\u202fDecember 2022 | 170,000 | 90,000 | 550,000 | 810,000 |
Rights granted in number of shares (comparable) at\u202f31\u202fDecember 2023 | - | - | 350,000 | 350,000 |
Option exercise price (in \u20ac) | 11.48 | 6.04 | 0.42 | \u00a0 |
Share purchase price (in \u20ac) | 5.85 | 6.04 | 0.42 | \u00a0 |
Average share price at the exercise date | - | - | - | \u00a0 |
Expiry date | Dec. 2023 | Dec. 2023 | Dec. 2024 | \u00a0 |
\u00a0
The fair values of the options were measured at the grant date using the Black-Scholes-Merton mathematical option pricing model. The table below shows the measurements along with the main assumptions used:
General information | Initial measurement assumptions (IFRS 2) | ||||||
|---|---|---|---|---|---|---|---|
Plan | Year granted | Options outstanding | Fair value | Volatility | Vesting period | Estimated future dividend | RFI(1) |
2022 | 2022 | 350,000 | 2.89 | 38% | 3 years | 4.26% | 0.36% |
(1) RFI: Risk-Free Interest rate. |
Options are measured at fair value at the grant date in accordance with IFRS\u00a02.
Volatility is calculated by an actuary based on a four-year record of daily prices preceding the option grant date, in line with the maturity of the options.
A detailed description of these stock option plans can be found in section 2.2 of the chapter on corporate governance.
As at 31 December 2023, 250,000 free shares had not been fully vested.
\u00a0
\u00a0 | Free shares unvested at | Award | Vesting | Loss or cancellation | Free shares unvested at | Vesting date |
|---|---|---|---|---|---|---|
2018 | 50,000 | - | - | (50,000) | - | March 2023 |
2021 | 700,000 | - | (700,000) | - | - | July 2023 |
500,000 | - | - | (250,000) | 250,000 | July 2024 | |
Total | 1,250,000 | - | (700,000) | (300,000) | 250,000 | - |
\u00a0
Each tranche is subject to performance and, where applicable, stock market price conditions.
The total expense recorded in profit or loss for the 2023 financial year in respect of share-based payments amounted to \u20ac1.4\u00a0million, and was recognised in \u201cEmployee benefits expense\u201d.
The total expense recorded in profit or loss for the 2022 financial year in respect of share-based payments amounted to \u20ac5.4\u00a0million, and was recognised in \u201cEmployee benefits expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_6e7e5032-765e-4a73-bbbb-34a52a81b1c2": { "value": "The Group regularly awards share purchase and subscription options, as well as free shares, to Management, certain corporate officers and selected employees. These transactions are recognised at fair value at the grant date using the Black-Scholes-Merton mathematical option pricing model.Fair value, corresponding to the estimated cost of the services provided by the beneficiaries, is recognised on a straight-line basis in \u201cEmployee benefits expense\u201d over the vesting period. An offsetting entry is recorded to equity. Subsequent changes in the fair value of the options do not impact the initial measurement.
At the end of each reporting period, the Group revises the assumptions used to calculate the number of equity instruments. The impact of this revised estimate, if any, is taken to profit or loss and the expenses accrued adjusted accordingly. The offsetting entry is recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_490af00d-b523-43aa-80c8-7267bdc1cb31": { "value": "Treasury shares acquired and the directly related transaction costs are recorded as a deduction from consolidated equity. When they are sold, the consideration received in exchange for the shares net of the transaction costs is recorded in equity.
\u00a0
At 31 December 2023, the Group held 6,444,846 treasury shares, equivalent to 3.60% of the total number of shares, through the parent company Econocom Group SE and its subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_b7e3d5bf-a16b-4976-b2d2-a87dfb2d859a": { "value": "Treasury shares acquired and the directly related transaction costs are recorded as a deduction from consolidated equity. When they are sold, the consideration received in exchange for the shares net of the transaction costs is recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_42d842ea-e9b1-46a2-ace6-087cbf098fae": { "value": "The Board of Directors recommends that at the General Meeting shareholders vote to refund the issue premium considered as paid-in capital, in an amount of \u20ac0.16 per share. The table below also shows the dividend per share paid by the Group in respect of previous years.
\u00a0
\u00a0 | Issue premium refund proposed | Issue premium refunded | Issue premium refunded |
|---|---|---|---|
Total in \u20ac millions | 27.6 | 28.6 | 25.9 |
Amount per share in \u20ac | 0.16 | 0.16 | 0.14 |
(1) Calculated based on the total number of shares outstanding at 31 December of each year. |
\u00a0
As this refund of the issue premium is subject to the approval of the General Meeting, it is not recognised as a liability in the financial statements for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fc_24a1166b-af04-4c12-a521-c6c5529b7a9a": { "value": "28600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fc_278a9623-1ed6-49a0-b8b9-2f91077b93c9": { "value": "0.16", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ff8aee07-7612-4192-86d7-b5cebe77c03c": { "value": "0.14", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "text_block_30ae4545-a4e6-4822-b99d-0f540bcce311": { "value": "The Group recognises provisions when it has a legal or constructive obligation towards a third party as a result of past events which is likely to result in an outflow of resources that can be reliably measured.The amount recognised represents the best estimate of the expenditure expected to be required to settle the present obligation, taking into account the risks and uncertainties known at the reporting date.
Long-term provisions cover risks which are not reasonably expected to materialise for several years, and concern social risks. They are discounted if required.
Short-term provisions primarily correspond to provisions for claims related to the Group\u2019s normal operating cycle and which are expected to be settled within 12 months.
They mainly include:
provisions for social risks (including risks arising from reorganisation measures);tax and legal risks (disputes in progress with customers, suppliers, agents or tax authorities);deferred commissions (calculated contract by contract based on the residual value of leased assets, less any residual commercial value of the contracts concerned);other provisions.A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_d476de2d-530d-4dd0-8126-3a675c7276ed": { "value": "Post-employment benefits are granted under defined contribution plans or defined benefit plans.A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_6de41aa4-88c9-4fdc-8396-a4de68d430ad": { "value": "A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_d58e821f-793a-4d2d-b345-3a6380d94772": { "value": "A defined contribution plan is a plan under which the Group pays fixed contributions to an external entity that is responsible for the plan\u2019s administrative and financial management. The employer is therefore free of any subsequent obligation as the agency is in charge of paying employees the amounts to which they are entitled (basic Social Security pension plan, supplementary pension plans).
The Belgian \u201cVandenbroucke Law\u201d states that employers must guarantee a minimum return on employee contributions. All Belgian defined contribution plans are therefore treated as defined benefit plans in accordance with IFRS. \u00a0
As from 1 January 2016, the Group has been required to guarantee a minimum return for contributions paid in. The return depends on the yield on Belgian 10-year government bonds but should be between 1.75% and 3.25%. There will be no distinction made between employer and employee contributions.
Employers are exposed to a financial risk as a result of this guaranteed minimum return for defined contribution plans in Belgium. They have a legal obligation to pay additional contributions if the plan does not have sufficient assets to pay all benefits relating to past service costs.
These plans are classified and accounted for as IAS 19 defined benefit plans.
Defined benefit plans are characterised by the employer\u2019s obligation to its employees. Provisions are therefore accrued to meet this obligation.
The defined benefit obligation is calculated using the projected unit credit method, which uses actuarial assumptions as regards salary increases, retirement age, mortality, employee turnover and the discount rate.
Changes in actuarial assumptions, or the difference between these assumptions and actual experience, result in actuarial gains or losses. These are recognised in other comprehensive income for the period in which they occur, in accordance with the Group\u2019s accounting principles.
For the Group, defined benefit post-employment plans primarily concern the benefits described below:
At Econocom International Italia and Asystel Italia, all rights arising after 1\u00a0January 2007 were transferred to a pension fund. Provisions therefore only concern rights vested at 31\u00a0December 2006 for which the Group was still liable at 31\u00a0December 2023.
The Group has plan assets in France and Belgium. The expected rate of return on plan assets has been set at the same level as the rate used to discount the obligation.
Provisions for pensions and other post-employment benefit obligations for activities held for sale are recognised under \u201cLiabilities held for sale\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_b0fb3ba5-8e65-40ed-9fc8-328c8a8b8dcb": { "value": "The reconciliation of financial expense booked in the income statement with financial expense relating to the cost of debt as presented in the statement of cash flows can be presented as follows:
in \u20ac millions | 2023 consolidated income statement | Discounting | Currency impact | Cost of net debt in 2023 |
|---|---|---|---|---|
Financial income \u2013 operating activities | 2.0 | (1.5) | 3.3 | 3.8 |
Other financial income and expenses(1) | (19.8) | (4.5) | 1.5 | (22.8) |
Total | (17.8) | (6.0) | 4.8 | (19.0) |
(1) Including accrued interest on amortised OCEANE convertible bonds in the amount of \u20ac0.4 million. |
Vendors warranties in connection with acquisitions carried out in prior years were non-significant.
In the context of disposals in previous years, the vendor warranties granted by the Group were not material.
There is only one covenant associated with our loans. A breach would not result in early redemption; rather, it would force the Group to pay a higher interest rate until the ratio is brought back within the relevant bounds. The ratio is calculated as of 31\u00a0December of each year, and corresponds to the ratio of financial debt to pro-forma EBITDA. This ratio may not exceed 3.
At 31 December 2023, this covenant was respected.
in \u20ac millions | Total guarantees given \u2013 2023 |
|---|---|
Guarantees given by Econocom to banks for securing credit lines and borrowings(1) | 568.7 |
Guarantees given by Econocom to refinancing institutions to cover certain operational risks, residual financial values, and invoice and payment mandates granted to Econocom(2) | 271.4 |
Guarantees given to customers and suppliers for the Group\u2019s sales activities and other | 141.5 |
Total guarantees given | 981.6 |
(1) Including \u20ac150.1 million recognised in financial liabilities. The guarantees relating to financing lines not yet drawn at 31 December 2023 totalled \u20ac418.6 million, versus \u20ac315.3 million as at 31 December 2022. (2) Including \u20ac185.4 million refinanced at 31 December 2023, including \u20ac24.9 million in the balance sheet relating to liabilities under financial leases with recourse. The amount of guarantees given to refinancers and not refinanced at 31 December 2023 was \u20ac86 million, versus \u20ac103.1 million as at 31 December 2022. |
The Group\u2019s off-balance sheet commitments can be analysed as follows by maturity and type of commitment:
in \u20ac millions | Less than 1 year | 1-5 years | More than 5 years | At 31 Dec. 2023 | At 31 Dec. 2022 |
|---|---|---|---|---|---|
Commitments given | 68.2 | 788.8 | 124.7 | 981.6 | 881.8 |
Commitments given to banks | 35.2 | 533.4 | 0.1 | 568.7 | 382.9 |
Commitments given to refinancers | - | 147.1 | 124.3 | 271.4 | 296.6 |
Commitments given to customers and\u202fsuppliers | 31.4 | 107.3 | 0.3 | 138.9 | 199.8 |
Other guarantees | 1.5 | 1.0 | - | 2.6 | 2.5 |
Commitments received | - | 1.2 | 0.0 | 1.2 | 6.7 |
Guarantees and pledges | - | 1.2 | 0.0 | 1.2 | 6.7 |
The Econocom Group derecognises all or part of a financial asset (or group of similar assets) when the contractual rights to the cash flows on the asset expire or when the Group has transferred the contractual rights to receive the cash flows of the financial asset and substantially all the risks and rewards of owning the asset (IFRS 9.3.2.3).
In the event that the Group has transferred contractual rights to receive the cash flows of a financial asset, the Econocom Group observes different situations that may or may not lead to the derecognition of the financial asset (IFRS 9.3.2.6):
When a financial asset is derecognised in full, a gain or loss on disposal is recorded in the income statement for the difference between the book value of the asset and the consideration received or receivable, adjusted where necessary for any gains or losses recognised in other comprehensive income (expense) and accumulated in equity.
When a financial asset is partially derecognised, the Group allocates the previous book value of the financial asset between the part that continues to be recognised in connection with the Group\u2019s continuing involvement and the part that is derecognised, based on the relative fair values of those parts on the date of the transfer. The difference between the book value allocated to the part derecognised and the sum of the consideration received for the part derecognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income (expense), is recognised in profit or loss. A cumulative gain or loss carried in other comprehensive income is allocated between the part that continues to be recognised and the part that is derecognised, based on the relative fair values of those parts.
The Econocom Group only derecognises a financial liability (or part of a financial liability) when it is extinguished, or when the obligation specified in the contract is extinguished or cancelled.
An entity retains an involvement in a divested asset when it retains the risks and rewards inherent in that asset. Conversely, an entity has no involvement in a divested asset if it has no interest in the future performance of the asset and no responsibility to make future payments in respect of the same asset.
The Econocom Group distinguishes between three types of outstanding lease refinancing contracts:
The Group\u2019s active risk management policy is aimed at limiting both credit risk and any other continuing involvement. As a result, the outstanding leases entered into by the Group with its customers are, in most cases, refinanced without recourse. The Group then derecognises these refinanced non-recourse outstanding loans.
It should be noted, however, that during these non-recourse refinancing transactions, the Group frequently sells, with an obligation to repurchase, the equipment underlying the leases at the same time as the outstanding amounts of these same contracts. These repurchase obligations, called \u201cGross liability for repurchases of leased assets\u201d, are presented in balance sheet liabilities as detailed in note\u202f11.2.
In February 2021, Les Abeilles obtained financing of \u20ac30\u202fmillion for three tugs over a period of seven years. Considering that this financing is equivalent to a disposal without recourse of the finance lease receivables held by Les Abeilles of the French Navy in respect of the contract they entered into, it was deconsolidated on 31\u202fDecember 2023 for an amount of \u20ac16\u202fmillion.
Econocom Digital Finance Limited is notably financed through two contracts assimilated to disposals without recourse of the outstanding leases it holds. In this respect, \u20ac75.5 million were deconsolidated at 31\u202fDecember 2023 (compared with \u20ac70.8\u202fmillion at 31 December 2022).
In certain limited cases, the Econocom Group retains its exposure to the credit risk on its outstanding leases transferred. In this situation, the Group transfers to the refinancer, for the duration of the lease, the ownership of the equipment underlying the leases as collateral for the transaction. In these cases of refinancing with recourse, the Group keeps the refinanced lease outstanding as trade receivables (\u201ccontinuing involvement\u201d as defined in IFRS 9) and recognises a financial liability equal to the total outstanding refinanced with recourse. These payables and debts amounted to \u20ac24.9\u202fmillion at 31\u202fDecember 2023, compared to \u20ac41.7\u202fmillion at 31\u00a0December\u202f2022.
In order to diversify the sources of financing of its working capital requirements and reduce credit risk, some of the Group\u2019s Services and Products & Solutions subsidiaries use factoring programmes and sell, throughout the year, a portion of their receivables to factoring companies. Factoring with contractual subrogation involves the transfer of ownership of trade receivables and all associated rights to the factor. This means transfer of the right to receive cash flows.
As required under IFRS 9 \u201cFinancial Instruments\u201d, these receivables are derecognised when substantially all the risks and rewards of ownership are transferred to the factor. Where this is not the case, they are maintained in the balance sheet after the transfer and a financial liability is recorded as an offsetting entry for the cash received.
At the end of December 2023, the Group had presented receivables to the factoring companies amounting to \u20ac257.7\u202fmillion, including \u20ac223.0\u202fmillion financed without recourse. The unfunded amount of \u20ac23.5\u202fmillion is presented in non-current financial assets and other receivables.
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Receivables presented to factoring companies: | 257.7 | 266.6 |
of which non factored receivables | 23.5 | 37.9 |
of which receivables sold with recourse* | 11.2 | 14.5 |
Receivables sold without recourse | 223.0 | 214.2 |
* \u00a0Receivables sold with recourse are maintained as assets and a financial liability is recorded as a liability for the amount of financing received. |
\u00a0
Reverse factoring is a transaction for the sale of trade receivables to a factor, organised by Econocom, the debtor company of the receivables. Reverse factoring agreements involve three parties who sign two contracts: a contract for the assignment of receivables between the supplier and the factor and an agreement between the factor and the customer (Econocom) who undertakes to pay the invoices assigned by the Econocom supplier to the factor. Agreements of this type have been signed by the Group in France, Belgium and Spain, with around ten factors, all of which are leading financial institutions.
Under IFRS 9, the debt is not extinguished if it is not legally extinguished and its terms and conditions are not substantially modified. In this case, the debt remains under trade payables. Otherwise, it is reclassified under financial liabilities.
Econocom used reverse factoring for an amount of \u20ac30.4 million at 31 December 2023 (versus \u20ac104.7 million as at the end of 2022). In view of the aforementioned provisions of the standard and of the characteristics of the contracts, the Group deemed that these amounts break down as follows:
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Reverse factoring liabilities recognised as trade payables | 26.2 | 104.6 |
Reverse factoring liabilities recognised as financial liabilities | 4.2 | 0.1 |
Total reverse factoring payables | 30.4 | 104.7 |
\u00a0
The total expense related to factoring and reverse factoring, recognised under \u201cOperating financial expenses\u201d, totalled \u20ac8.3 million in 2023 (\u20ac3.8 million in 2022).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_c0471298-5e3d-4408-b01f-678368cd5bb3": { "value": "In order to diversify the sources of financing of its working capital requirements and reduce credit risk, some of the Group\u2019s Services and Products & Solutions subsidiaries use factoring programmes and sell, throughout the year, a portion of their receivables to factoring companies. Factoring with contractual subrogation involves the transfer of ownership of trade receivables and all associated rights to the factor. This means transfer of the right to receive cash flows.
As required under IFRS 9 \u201cFinancial Instruments\u201d, these receivables are derecognised when substantially all the risks and rewards of ownership are transferred to the factor. Where this is not the case, they are maintained in the balance sheet after the transfer and a financial liability is recorded as an offsetting entry for the cash received.
At the end of December 2023, the Group had presented receivables to the factoring companies amounting to \u20ac257.7\u202fmillion, including \u20ac223.0\u202fmillion financed without recourse. The unfunded amount of \u20ac23.5\u202fmillion is presented in non-current financial assets and other receivables.
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Receivables presented to factoring companies: | 257.7 | 266.6 |
of which non factored receivables | 23.5 | 37.9 |
of which receivables sold with recourse* | 11.2 | 14.5 |
Receivables sold without recourse | 223.0 | 214.2 |
* \u00a0Receivables sold with recourse are maintained as assets and a financial liability is recorded as a liability for the amount of financing received. |
\u00a0
Reverse factoring is a transaction for the sale of trade receivables to a factor, organised by Econocom, the debtor company of the receivables. Reverse factoring agreements involve three parties who sign two contracts: a contract for the assignment of receivables between the supplier and the factor and an agreement between the factor and the customer (Econocom) who undertakes to pay the invoices assigned by the Econocom supplier to the factor. Agreements of this type have been signed by the Group in France, Belgium and Spain, with around ten factors, all of which are leading financial institutions.
Under IFRS 9, the debt is not extinguished if it is not legally extinguished and its terms and conditions are not substantially modified. In this case, the debt remains under trade payables. Otherwise, it is reclassified under financial liabilities.
Econocom used reverse factoring for an amount of \u20ac30.4 million at 31 December 2023 (versus \u20ac104.7 million as at the end of 2022). In view of the aforementioned provisions of the standard and of the characteristics of the contracts, the Group deemed that these amounts break down as follows:
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Reverse factoring liabilities recognised as trade payables | 26.2 | 104.6 |
Reverse factoring liabilities recognised as financial liabilities | 4.2 | 0.1 |
Total reverse factoring payables | 30.4 | 104.7 |
\u00a0
The total expense related to factoring and reverse factoring, recognised under \u201cOperating financial expenses\u201d, totalled \u20ac8.3 million in 2023 (\u20ac3.8 million in 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsTransferredDuringPeriodWhichDoNotQualifyForDerecognitionExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_ea863fc4-5ff8-461a-b0cb-3efe412531ec": { "value": "This note presents material transactions between the Group and its related parties.
The Group\u2019s key management personnel are the Chairman, the Vice-Chairman, the Executive Directors and the members of the Executive Committee.
The compensation conditions for the Chairman, the Vice-Chairman and the persons delegated to day-to-day management are set by the Board of Directors following a recommendation of the Compensation and Appointments Committee. The Board has given its Chairman a mandate to determine the compensation of the other senior managers of the Group upon the recommendations of the Compensation and Appointments Committee.
\u00a0
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Short-term benefits (including social costs) | (5.8) | (3.7) |
Retirement benefits and other post-employment benefits | - | - |
Other long-term benefits | - | - |
Termination benefits | (1.4) | (2.5) |
Share-based payments | (1.2) | (4.2) |
Directors\u2019 fees(1) | - | - |
Total | (8.4) | (10.5) |
(1) The table only shows compensation paid to key management personnel and excludes Directors\u2019 fees paid to non-executive Directors. |
\u00a0
The table above shows the amounts expensed for the members of the Executive Committee and the Executive Directors. This table does not show fees billed to Econocom Group entities by management, which are disclosed in note 22.2 below.
The compensation policy for Directors and members of the Executive Committee is set out in further detail chapter 2 \u201cCorporate governance\u201d, in note 2.
\u00a0
Transactions between the parent company and its subsidiaries, which are related parties, are eliminated on consolidation and are not presented in this note.
The related-party transactions outlined below primarily concern the main transactions carried out with the Chairman of the Board of Directors, its Vice-Chairman, the Executive Directors or with companies controlled by the Group or over which it exercises significant influence. These transactions exclude the components of compensation presented above.
\u00a0
Transactions between related parties are carried out on an arm\u2019s length basis.
in \u20ac millions | Income | Expenses | Receivables | Payables | ||||
|---|---|---|---|---|---|---|---|---|
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Econocom International BV (EIBV) | 0.1 | 0.1 | (2.1) | (1.8) | - | - | - | 0.1 |
SCI de Dion-Bouton | - | - | (3.0) | (2.8) | 2.6 | 2.5 | - | - |
SCI JMB | - | - | (1.2) | (1.2) | 0.3 | 0.3 | - | - |
SCI Maillot Pergol\u00e8se | - | - | (0.2) | (0.2) | - | - | - | - |
APL | - | - | (0.5) | (0.4) | 0.1 | 0.1 | - | 0.3 |
Orionisa Consulting | - | - | (0.1) | (0.2) | - | - | - | - |
M\u00e9tis | - | - | (1.3) | (2.5) | - | - | - | 2.0 |
Total | 0.1 | 0.1 | (8.4) | (9.0) | 3.0 | 2.9 | - | 2.4 |
\u00a0
SCI Dion-Bouton, of which Jean-Louis Bouchard is Managing Partner, owns the building in Puteaux. It received \u20ac3.0 million in rent in 2023 (\u20ac2.8 million in 2022). In addition, the Econocom Group booked receivables of \u20ac2.6 million representing the deposits paid by Econocom France SAS to SCI Dion-Bouton.
Econocom International BV (EIBV) \u2013 of which Jean-Louis Bouchard is a Partner \u2013 is a non-listed company that directly held 40.0% of the share capital of Econocom Group SE at 31 December 2023. It billed fees of \u20ac2.1 million to Econocom Group SE and its subsidiaries in 2023 for managing and coordinating the Group. These fees amounted to \u20ac1.8 million in 2022. It was also rebilled an amount of \u20ac0.1 million by Econocom Group entities.
SCI JMB, which owns the premises in Villeurbanne and of which Jean-Louis Bouchard is Managing Partner, billed the Group a total amount of \u20ac1.2 million for rent in 2023 (\u20ac1.2 million in 2022). Econocom SAS has a receivable of \u20ac0.3 million in guarantees.
Transactions with SCI Maillot Pergol\u00e8se, owner of the premises located in Les Ulis, of which Jean-Louis Bouchard is a Partner and Robert Bouchard Manager, represented rents and rental expenses of \u20ac0.2 million in 2023.
APL, of which Robert Bouchard is Manager, invoiced operational services in the amount of \u20ac0.5 million in 2023 (\u20ac0.4 million in 2022).
M\u00e9tis, controlled by Philippe Gouillioud, provided services for an amount of \u20ac1.3 million in 2023 (\u20ac2.5 million in 2022).
In 2017, Econocom Group committed to invest \u20ac3 million in investment fund Educapital I FCPI, which is managed by a management company (Educapital SAS), of which Marie-Christine Levet, an independent Director on the Econocom Group Board of Directors, is chairwoman and shareholder. At 31 December 2023, \u20ac2.5 million had already been contributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_c084257c-af2b-4901-9d98-8f9210bd6300": { "value": "The Group\u2019s key management personnel are the Chairman, the Vice-Chairman, the Executive Directors and the members of the Executive Committee.
The compensation conditions for the Chairman, the Vice-Chairman and the persons delegated to day-to-day management are set by the Board of Directors following a recommendation of the Compensation and Appointments Committee. The Board has given its Chairman a mandate to determine the compensation of the other senior managers of the Group upon the recommendations of the Compensation and Appointments Committee.
\u00a0
in \u20ac millions | 2023 | 2022 |
|---|---|---|
Short-term benefits (including social costs) | (5.8) | (3.7) |
Retirement benefits and other post-employment benefits | - | - |
Other long-term benefits | - | - |
Termination benefits | (1.4) | (2.5) |
Share-based payments | (1.2) | (4.2) |
Directors\u2019 fees(1) | - | - |
Total | (8.4) | (10.5) |
(1) The table only shows compensation paid to key management personnel and excludes Directors\u2019 fees paid to non-executive Directors. |
\u00a0
The table above shows the amounts expensed for the members of the Executive Committee and the Executive Directors. This table does not show fees billed to Econocom Group entities by management, which are disclosed in note 22.2 below.
The compensation policy for Directors and members of the Executive Committee is set out in further detail chapter 2 \u201cCorporate governance\u201d, in note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "text_block_749bc16b-7d71-4c1e-a1e4-fbedfa668e54": { "value": "Transactions between the parent company and its subsidiaries, which are related parties, are eliminated on consolidation and are not presented in this note.
The related-party transactions outlined below primarily concern the main transactions carried out with the Chairman of the Board of Directors, its Vice-Chairman, the Executive Directors or with companies controlled by the Group or over which it exercises significant influence. These transactions exclude the components of compensation presented above.
\u00a0
Transactions between related parties are carried out on an arm\u2019s length basis.
in \u20ac millions | Income | Expenses | Receivables | Payables | ||||
|---|---|---|---|---|---|---|---|---|
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Econocom International BV (EIBV) | 0.1 | 0.1 | (2.1) | (1.8) | - | - | - | 0.1 |
SCI de Dion-Bouton | - | - | (3.0) | (2.8) | 2.6 | 2.5 | - | - |
SCI JMB | - | - | (1.2) | (1.2) | 0.3 | 0.3 | - | - |
SCI Maillot Pergol\u00e8se | - | - | (0.2) | (0.2) | - | - | - | - |
APL | - | - | (0.5) | (0.4) | 0.1 | 0.1 | - | 0.3 |
Orionisa Consulting | - | - | (0.1) | (0.2) | - | - | - | - |
M\u00e9tis | - | - | (1.3) | (2.5) | - | - | - | 2.0 |
Total | 0.1 | 0.1 | (8.4) | (9.0) | 3.0 | 2.9 | - | 2.4 |
\u00a0
SCI Dion-Bouton, of which Jean-Louis Bouchard is Managing Partner, owns the building in Puteaux. It received \u20ac3.0 million in rent in 2023 (\u20ac2.8 million in 2022). In addition, the Econocom Group booked receivables of \u20ac2.6 million representing the deposits paid by Econocom France SAS to SCI Dion-Bouton.
Econocom International BV (EIBV) \u2013 of which Jean-Louis Bouchard is a Partner \u2013 is a non-listed company that directly held 40.0% of the share capital of Econocom Group SE at 31 December 2023. It billed fees of \u20ac2.1 million to Econocom Group SE and its subsidiaries in 2023 for managing and coordinating the Group. These fees amounted to \u20ac1.8 million in 2022. It was also rebilled an amount of \u20ac0.1 million by Econocom Group entities.
SCI JMB, which owns the premises in Villeurbanne and of which Jean-Louis Bouchard is Managing Partner, billed the Group a total amount of \u20ac1.2 million for rent in 2023 (\u20ac1.2 million in 2022). Econocom SAS has a receivable of \u20ac0.3 million in guarantees.
Transactions with SCI Maillot Pergol\u00e8se, owner of the premises located in Les Ulis, of which Jean-Louis Bouchard is a Partner and Robert Bouchard Manager, represented rents and rental expenses of \u20ac0.2 million in 2023.
APL, of which Robert Bouchard is Manager, invoiced operational services in the amount of \u20ac0.5 million in 2023 (\u20ac0.4 million in 2022).
M\u00e9tis, controlled by Philippe Gouillioud, provided services for an amount of \u20ac1.3 million in 2023 (\u20ac2.5 million in 2022).
In 2017, Econocom Group committed to invest \u20ac3 million in investment fund Educapital I FCPI, which is managed by a management company (Educapital SAS), of which Marie-Christine Levet, an independent Director on the Econocom Group Board of Directors, is chairwoman and shareholder. At 31 December 2023, \u20ac2.5 million had already been contributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493006G5O9JP185PU76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }