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"decimals": -3,
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"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
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},
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"decimals": -3,
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"decimals": -3,
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"decimals": -3,
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"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"f5752": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"decimals": -3,
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"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00",
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"unit": "iso4217:EUR"
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"decimals": -3,
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"entity": "scheme:5493007JS0ZHJVBUWP18",
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"entity": "scheme:5493007JS0ZHJVBUWP18",
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},
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"decimals": -3,
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},
"f5777": {
"value": "1.5 Segment information Consolidated statement of comprehensive income for the year ended 31 December 2022
\nin thousand EUR
\n31.12.2022
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nRetail service revenues
963 378
46 115
1 009 493
\nConvergent service revenues
288 030
288 030
\nMobile only service revenues
558 314
38 547
596 861
\nFixed only service revenues
73 568
7 568
81 136
\nIT & Integration services
43 466
43 466
\nEquipment sales
134 742
13 003
147 745
\nWholesale revenues
199 313
16 778
-5 913
210 178
\nOther revenues
35 756
62
-12 020
23 798
\nTotal revenues
1 333 189
75 958
17 933
1 391 214
\nDirect costs
-557 079
-34 899
17 932
-574 046
\nLabour costs
-149 793
-7 229
-157 022
\nIndirect costs, of which
-266 035
-17 679
-283 713
\nOperational taxes and fees
-26 452
-849
-27 301
\nDepreciation of right-of-use assets
-49 522
-4 190
-53 712
\nOther restructuring costs
-11 015
-17
-11 032
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-237 005
-9 544
-246 549
\nImpairment of goodwill
-22 433
-22 433
\nImpairment of fixed assets
1 066
-1 066
\nShare of profits (losses) of associates
390
390
\nOperating Profit (EBIT)
89 155
6 590
95 745
\nNet financial income (expense)
-13 862
-270
-14 132
\nProfit (loss) before taxation (PBT)
75 293
6 320
81 613
\nTax expense
-23 101
-353
-23 454
\nNet profit (loss) of the period
52 192
5 967
58 159
\nReconciliation from EBITDAaL to net profit (loss) for the period for the year ended 31 December 2022
\nin thousand EUR
\n31.12.2022
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nEBITDAaL
357 566
16 151
373 717
\nShare of profits (losses) of associates
390
390
\nImpairment of goodwill
-22 433
-22 433
\nImpairment of fixed assets
-1 066
-1 066
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-237 005
-9 544
-246 549
\nOther restructuring costs
-11 015
-17
-11 032
\nFinance lease costs
2 718
2 718
\nOperating profit (EBIT)
89 155
6 590
95 745
\nFinancial result
-13 862
-270
-14 132
\nProfit (loss) before taxation (PBT)
75 293
6 320
81 613
\nTax expense
-23 101
-353
-23 454
\nNet profit (loss) for the period
52 192
5 967
58 159
79
\nConsolidated statement of comprehensive income for the year ended 31 December 2021
\nin thousand EUR
\n31.12.2021
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nRetail service revenues
899 717
45 428
945 145
\nConvergent service revenues
254 975
254 975
\nMobile only service revenues
541 156
37 672
578 828
\nFixed only service revenues
63 322
7 756
71 078
\nIT & Integration services
40 264
40 264
\nEquipment sales
127 219
13 911
141 130
\nWholesale revenues
232 852
14 999
-5 911
241 940
\nOther revenues
47 717
1 952
-14 412
35 257
\nTotal revenues
1 307 505
76 290
-20 323
1 363 472
\nDirect costs
-553 503
-37 753
20 324
-570 932
\nLabour costs
-140 598
-8 017
-148 615
\nIndirect costs, of which
-271 393
-17 262
-288 656
\nOperational taxes and fees
-22 932
-2 851
-25 783
\nDepreciation of right-of-use assets
-49 680
-4 405
-54 085
\nOther restructuring costs
-3 877
-158
-4 035
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-271 124
-8 082
-279 206
\nImpairment of goodwill
-14 937
-14 937
\nImpairment of fixed assets
-1 638
-1 638
\nShare of profits (losses) of associates
276
276
\nOperating Profit (EBIT)
50 711
5 018
55 729
\nNet financial income (expense)
-3 106
-126
-3 232
\nProfit (loss) before taxation (PBT)
47 605
4 892
52 497
\nTax expense
-11 351
-1 423
-12 774
\nNet profit (loss) for the period
36 254
3 469
39 723
\nReconciliation from EBITDAaL to net profit (loss) for the period for the year ended 31 December 2021
\nin thousand EUR
\n31.12.2021
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nEBITDAaL
339 751
13 258
353 009
\nShare of profits (losses) of associates
276
276
\nImpairment of goodwill
-14 937
-14 937
\nImpairment of fixed assets
-1 638
-1 638
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-271 124
-8 082
-279 206
\nOther restructuring costs
-3 877
-158
-
-4 035
\nFinance lease costs
2 260
2 260
\nOperating profit (EBIT)
50 711
5 018
55 729
\nFinancial result
-3 106
-126
-3 232
\nProfit (loss) before taxation (PBT)
47 605
4 892
52 497
\nTax expense
-11 351
-1 423
-12 774
\nNet profit (loss) for the period
36 254
3 469
39 723
80
\nConsolidated statement of financial position for the year ended 31 December 2022
\nin thousand EUR
\n31.12.2022
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nGoodwill
16 177
50 864
67 041
\nOther intangible assets
760 158
24 468
784 626
\nProperty, plant and equipment
626 554
18 046
644 600
\nRights-of-use of assets
248 500
11 831
260 331
\nInterests in associates and joint ventures
6 151
6 151
\nNon-current assets included in the calculation of the net financial debt
1 370
1 370
\nNon-current derivative assets
9 926
9 926
\nOther
478
1 846
2 324
\nTotal non-current assets
1 669 314
107 055
1 776 369
\nInventories
24 384
1 109
25 493
\nTrade receivables
141 486
26 799
-1 840
166 445
\nPrepaid expenses
1 935
992
2 927
\nCurrent assets included in the calculation of the net financial debt
23 650
12 709
36 359
\nOther
84 667
6 258
-6 966
83 959
\nTotal current assets
276 121
47 867
-8 806
315 182
\nTotal assets
1 945 435
154 922
-8 806
2 091 551
\nTotal equity
688 982
688 982
\nNon-current employee benefits
28
28
\nNon-current fixed assets liabilities
141 088
9 260
150 348
\nNon-current liabilities included in the calculation of the net financial debt
120 794
120 794
\nNon-current lease liabilities
207 817
9 700
217 517
\nOther
64 262
4 153
68 415
\nTotal non-current liabilities
533 989
23 113
557 102
\nCurrent fixed assets payable
251 058
5 462
256 520
\nTrade payables
202 917
22 783
-1 840
223 860
\nCurrent employee benefits
35 972
1 069
37 041
\nDeferred income
996
996
\nCurrent financial liabilities
105 771
6 992
-6 996
105 797
\nCurrent lease liabilities
42 423
2 130
44 553
\nCurrent liabilities included in the calculation of the net financial debt
463
463
\nOthers
169 084
7 154
176 238
\nTotal current liabilities
808 682
45 590
-8 806
845 467
\nTotal equities and liabilities
1 342 671
68 703
680 176
2 091 551
81
\nConsolidated statement of financial position for the year ended 31 December 2021
\nin thousand EUR
\n31.12.2021
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nGoodwill
38 610
50 864
89 474
\nOther intangible assets
240 217
7 222
247 439
\nProperty, plant and equipment
643 980
18 790
662 770
\nRights-of-use assets
286 564
12 600
299 164
\nInterests in associates and joint ventures
5 760
5 760
\nNon-current assets included in the calculation of the net financial debt
2 219
2 219
\nOther
479
2 022
2 501
\nTotal non-current assets
1 217 829
91 489
1 309 327
\nInventories
22 849
1 175
24 024
\nTrade receivables
155 128
36 008
-3 009
188 127
\nPrepaid expenses
1 591
3 384
4 975
\nCurrent assets included in the calculation of the net financial debt
43 398
10 580
53 978
\nOther
83 663
3 197
-7 016
79 244
\nTotal current assets
306 028
54 344
-10 025
350 347
\nTotal assets
1 523 856
145 842
-10 025
1 659 672
\nTotal equity
624 156
624 156
\nNon-current employee benefits
73
73
\nNon-current liabilities included in the calculation of the net financial debt
121 809
121 809
\nNon-current lease liabilities
244 542
10 709
255 251
\nOther
82 271
5 523
87 794
\nTotal non-current liabilities
448 695
16 232
464 927
\nCurrent fixed assets payable
69 956
1 698
71 654
\nTrade payables
228 890
32 941
-3 009
258 822
\nCurrent employee benefits
32 427
1 653
34 110
\nDeferred income
191
191
\nCurrent financial liabilities
42 779
1 890
44 669
\nCurrent liabilities included in the calculation of the net financial debt
1 686
7 034
-7 016
1 704
\nOther
155 321
4 119
159 440
\nTotal current liabilities
531 280
49 335
-10 025
570 590
\nTotal equity and liabilities
979 974
65 567
614 131
1 659 672
82
\n2. Notes to the consolidated financial
\nstatements
\nNote 1: Description of business and basis of preparation of the
\nconsolidated financial statements
\n1.
Description of business
\nOrange Belgium S.A.
(the company\u2019s ultimate majority shareholder is Orange S.A.) is one of the main actors on the
\ntelecommunications market in Belgium and Luxembourg. Orange Belgium is listed on the Brussels Stock Exchange (OBEL). As a
\nconvergent actor, the company provides mobile telecommunication, internet and TV services to residential clients, as well as
\ninnovative mobile and fixed line services to businesses and large corporates. Orange Belgium also acts as a wholesale operator,
\nproviding its partners with access to its infrastructure and service capacities. Orange Belgium\u2019s high-performance mobile network
\nsupports 2G, 3G, 4G, 4G+ and 5G technology and is the subject of on-going investments.
\nOrange Communications Luxembourg S.A.
, incorporated under the laws of Luxembourg, was acquired as of 2 July 2007 by
\nOrange Belgium S.A. The purchase concerned 90% of the shares of Orange Communications Luxembourg S.A. The remaining 10%
\nof shares were acquired on 12 November 2008. The results of Orange Communications Luxembourg S.A. are fully consolidated by
\nthe company since 2 July 2007.
\nSmart Services Network S.A
. (SSN) is a Belgian company that distributes telecommunication and energy services including those
\nof Orange Belgium and Luminus. SSN\u2019s route to market is based on the principle of multi-level marketing. SSN\u2019s network consists
\nof more than 1,000 independent consultants.
\nSmart Services Network S.A.
, incorporated under the laws of Belgium, was created as of 30 September 2014. Orange Belgium
\nS.A. contributed in cash for 999,900 euros equivalent to 9,999 shares out of the 10,000 shares issued by the company. Atlas Services
\nBelgium S.A. contributed in cash for 100 euros equivalent to 1 share. This one share has been sold by Atlas Services Belgium S.A.
\nto Orange Belgium S.A. during the accounting year 2020.
\nIn 2016, Orange Belgium S.A. contributed in cash to the capital increase of Smart Services Network S.A. for 700,000 euros,
\nequivalent to 7,000 shares.
\nOn 25 March 2022, the carried forwarded losses have been integrated in the capital of the company for an amount of 1,041,610.41
\neuros and a capital increase of 341,610.41 euros has been funded. After these transactions, the capital of the company amounts to
\n1,000,000.00 euros.
\nIRISnet S.C.R.L
. is a company constituted in July 2012 in collaboration with the Brussels authorities in order to take over the
\nactivities performed by the temporary association Irisnet and is responsible for the operation of the Irisnet 2 optical fiber network
\nand for the provision of fixed telephony, data transmission services (internet, e-mail) and other network-related services (video-
\nconferencing, video surveillance, etc.).
\nThe take-over of the activities took place on 1 November 2012. In this new legal structure, Orange Belgium S.A. contributed in cash
\nfor 3,450,000 euros equivalent to 345,000 shares out of the 1,225,000 shares issued by the company.
\nWalcom Business Solutions S.A.
, incorporated under the laws of Belgium, was created as of 13 July 2017. Walcom Business
\nSolutions S.A. specializes in the sales of telecommunication products and services for the professional market. Orange Belgium
\nS.A. contributed in cash for 60,885 euros equivalent to 99 shares of the 100 shares issued by Walcom Business Solutions S.A.
\nWalcom S.A. contributed in cash for 615 euros equivalent to 1 share. The results of Walcom Business Solutions S.A. are fully
\nconsolidated by the company since 13 July 2017. As a result of the dissolution and liquidation of Walcom S.A. during the accounting
\nyear 2020 all shares are held now by Orange Belgium S.A.
\nA3Com S.A.
was already an exclusive Orange Belgium agent, specialized in telecommunications product sales and services for
\nresidential customers through a network of 12 Orange shops located in the Brussels region. A3Com S.A., incorporated under the
\nlaws of Belgium, was acquired as of 30 September 2017 by Orange Belgium S.A. The purchase concerned 100% of the 630 shares
\nof A3Com S.A. The results of A3Com S.A. are fully consolidated by the company since 1 October 2017.
\nA&S Partners S.A.,
also an existing Orange Belgium agent, provides telecommunications services to B2B customers within the
\nBrussels region via a dedicated sales team of 35 professionals under the name of AS Mobility. A&S Partners S.A., incorporated
\nunder the laws of Belgium, was acquired as of 30 September 2017 by Orange Belgium S.A. The purchase concerned 100% of the
\n620 shares of A&S Partners S.A. The results of A&S Partners S.A. are fully consolidated by the company since 1 October 2017.
83
\nUpsize N.V
. was a holding company that was acquired on 31 July 2019 for an enterprise value of \u20ac52.4 million. Upsize N.V. was
\n100% shareholder of BKM N.V. On 1 July 2022, Upsize N.V. has been merged with Orange Belgium S.A. Due to this transaction,
\nOrange Belgium S.A. became 100% shareholder of BKM N.V. The results of Upsize N.V. have been fully consolidated by the
\ncompany since 1 August 2019 till 30 June 2022.
\nBKM N.V.
is a nationwide ICT integrator and a pioneer in cloud UCC solutions. It has a solid track-record in the SME and CMA
\nmarkets in Belgium. BKM N.V. has 220 specialist staff who work in four areas of expertise: Unified Communications & Collaboration
\n(UCC) solutions; IT & security solutions; Document & Visual solutions; and Connectivity solutions. BKM N.V. is 100% shareholder of
\nCC@PS B.V.
\nCC@PS B.V
. provides document and visual solutions to low SME customers via a team of 13 professionals, mainly in West Flanders.
\nMWingz S.R.L
. is a joint operation between Orange Belgium S.A. and Proximus S.A., each owning 50% of the company that will
\nmanage the unilateral and shared mobile radio access network of both shareholders. In 2019 both companies decided to build a
\nshared mobile radio access network with the objective to meet customers\u2019 increasing demand for mobile network quality and deeper
\nindoor coverage. The agreement will also allow a faster and more comprehensive 5G roll-out in Belgium. While sharing the common
\npart of their mobile radio access networks, both companies will continue to have full control over their own core network and
\nspectrum assets ensuring differentiated services. MWingz S.R.L. is incorporated under the laws of Belgium and was created on 6
\nDecember 2019. Orange Belgium S.A. contributed in cash for 1 euro equivalent to 1 share out of the 2 shares issued by the Company.
\nProximus S.A. contributed in cash for 1 euro equivalent to 1 share. In April 2020, Orange Belgium participated in the capital increase
\nof MWingz S.R.L. for 1,599,999 million euros. Orange Belgium holds 50% of the shares of MWingz S.R.L. This company started
\noperational activities as from 1 April 2020.
\nOn 29 June 2016, Orange Belgium S.A. subscribed in the capital of
Belgian Mobile ID S.A
. (for 6.28% or 1,745,853.92 euros), with
\nfour banks and the two other mobile telecom operators of the country, to collaborate on the establishment of a mobile identification
\nsystem for both private and professional users. With this mobile solution, Belgian Mobile ID S.A. wants to make it easier for anyone
\nwith a mobile phone and a bank account or an eID to digitally log in, confirm transactions and even sign documents. In April 2018,
\nOrange Belgium S.A. further contributed in cash to the capital increase of Belgian Mobile ID S.A. for 1,846,294.43 euros (or 6.28%
\nof the total shares).
\nIn April 2019, Orange Belgium S.A. led the series B funding of
CommuniThings S.A
. through a \u20ac1.3m investment (for a stake of
\n10.45%). Orange Belgium S.A. invested directly into one of its Orange-Fab scale-ups, CommuniThings, and embarks on a
\ncommercial partnership to market state-of-the-art smart parking solutions. Orange Belgium S.A., Finance.Brussels S.A. and Essex
\nInnovation invested in total \u20ac3 million. In line with Orange\u2019s support of IoT solutions over its IoT networks, the investment will be
\ncombined with a long-term partnership to commercialize CommuniThings\u2019 smart parking solutions across Belgium. In addition, the
\ninvestment will serve CommuniThings\u2019 global expansion efforts as it spearheads the roll-out of its platform over IoT networks. In
\n2020, Orange Belgium participated in an additional capital increase of CommuniThings through a 0.35 million euros investment. In
\nApril 2021, Orange Belgium participated again in the capital increase of CommuniThings through a 0.35 million euros investment.
\nOrange Belgium S.A. holds, directly or indirectly (e.g. through other subsidiaries), less than 20% of the voting power of Belgian
\nMobile ID S.A. and CommuniThings S.A. and as such, it is presumed that Orange Belgium S.A. does not have significant influence.
\nMoreover, generating surplus value is not the main purpose of the investment in Belgian Mobile ID S.A. and CommuniThings S.A.
\nFollowing the period of exclusive negotiations that began on 22 November 2021 and the approval of the board of directors of Enodia,
\nOrange Belgium and Nethys have signed on 24 December 2021 an agreement for the acquisition by Orange Belgium of 75% less
\none share of
VOO S.A
. The transaction is based on an enterprise value of 1.8 billion euros for 100% of the capital. This acquisition
\nrepresents a major step forward in Orange Belgium's national convergent strategy and will increase investment and competition in
\nthe telecommunications sector for the benefit of customers and the competitiveness of the Walloon and Brussels regions.
\nVOO is a telecom operator that owns the cable network in the Walloon region and part of the Brussels region. VOO offers a portfolio
\nof fixed and mobile telephony, broadband Internet and television services. With the acquisition of VOO, Orange Belgium will have a
\nvery high-speed network in Wallonia and part of Brussels, thus reinforcing the deployment of its convergent strategy at national
\nlevel.
\nThe investment plan, consisting of cable modernization and fiber optic (FTTH) rollouts, and the pooling of the two companies\u2019 skills
\nwill make it possible to ensure and strengthen the quality of VOO's network in the long term, serving customers and the
\ncompetitiveness of the Walloon and Brussels regions. Orange's industrial project, the complementary nature of its assets and teams
\nand the excellent working conditions within the two companies will offer attractive prospects for the employees of VOO and Orange
\nBelgium. Orange Belgium is committed to developing WBCC, VOO's call center, and intends to strengthen BeTV.
84
\nNethys will retain a minority stake in VOO and governance rights to guarantee the implementation of the industrial and social project.
\nOrange is offering Nethys the possibility of converting its stake in VOO into Orange Belgium shares to secure the development of
\nVOO and Orange Belgium through further integration between the two companies.
\nThe enterprise value of 1.8 billion euros for 100% of the capital corresponds to an EBITDA multiple of 9.5x. This transaction will
\ngenerate significant synergies, mainly related to the transfer of VOO's MVNO business to Orange Belgium's network. Post synergies,
\nthe EBITDA multiple amounts to 6.5x. Orange Belgium, which currently has a very low debt leverage, will finance this transaction
\nthrough an intra-Group loan.
\nOn 20 March 2023, the European Commission has approved the acquisition of 75% minus one share of the capital of VOO SA by
\nOrange Belgium. This decision, which validates the commitments already taken by Orange Belgium, allows the company to move
\nforward with the acquisition.
85
\n2.
Scope of consolidation
\nThe parent company and the subsidiaries listed below are included in the scope of consolidation as at 31.12.2022:
\nOrange Belgium S.A.
\nParent company, incorporated under Belgian law
\nLimited company with publicly traded shares Avenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0456 810 810
\nOrange Communications Luxembourg S.A.
\n100% of the shares held by Orange Belgium S.A.
\n8, rue des M\u00e9rovingiens
\nL - 8070 Bertrange
\nLuxembourg
\nCompany identification number: LU 19749504
\nIRISnet S.C.R.L.
\n28.16% of the shares held by Orange Belgium S.A.
\nAccounted for by equity method
\nAvenue des Arts 21
\nB - 1000 Brussels
\nBelgium
\nCompany identification number: BE 0847 220 467
\nSmart Services Network S.A.
\n100% of the shares held by Orange Belgium S.A.
\nAvenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0563 470 723
\nWalcom Business Solutions S.A.
\n100% of the shares held by Orange Belgium S.A.
\nAvenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0678 686 036
\nA3Com S.A.
\n100% of the shares held by Orange Belgium S.A.
\nRue Am\u00e9ricaine 61-65
\n1050 Ixelles
\nBelgium
\nCompany identification number: BE 0471 336 856
\nA&S Partners S.A.
\n100% of the shares held by Orange Belgium S.A.
\nRue Am\u00e9ricaine 61-65
\n1050 Ixelles
\nBelgium
\nCompany identification number: BE 0885 920 794
\nUpsize N.V. (till 30 June 2022)
\n100% of the shares held by Orange Belgium S.A.
\nHerkenrodesingel 37 A
\nB - 3500 Hasselt
\nBelgium
\nCompany identification number: BE 0827 982 892
86
\nBKM N.V.
\n100% of the shares held by Orange Belgium S.A.
\n(since 1 July 2022)
\nHerkenrodesingel 37 A
\nB - 3500 Hasselt Belgium
\nCompany identification number: BE 0453 298 222
\nCC@PS B.V.
\n100% of the shares held by BKM N.V.
\nOmmegang Zuid 20
\nB \u2013 8840 Westrozebeke
\nBelgium
\nCompany identification number: BE 0867 295 509
\nMWINGZ S.R.L.
\n50% of the shares held by Orange Belgium S.A.
\nSimon Bolivarlaan 34
\nB - 1000 Brussel
\nBelgium
\nCompany identification number: BE 0738 987 372
\nThere are no significant restrictions on the assets and liabilities of the subsidiaries and associates included in the scope of
\nconsolidation.
\nSubsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to
\nbe consolidated until the date such control ceases.
\nDate of authorization for issue of the financial statements
\nOn 22 March 2023, the Board of Directors of Orange Belgium S.A. reviewed the 2022 consolidated financial statements and
\nauthorized them for issue.
\nThe 2022 consolidated financial statements will be approved on 3 May 2023 by the General Assembly of Shareholders which still
\nhas the power to amend the consolidated financial statements after issue.
87
\n3.
Basis of preparation
\nThe consolidated financial statements are presented in thousand euros except when otherwise indicated. The Group's functional
\nand presentation currency is the Euro. Each entity within the Group applies this functional currency for its financial statements.
\nAll amounts have been rounded to the nearest thousand, unless otherwise indicated.
\nStatement of compliance
\nThe consolidated financial statements of Orange Belgium S.A. and all its subsidiaries have been prepared in accordance with the
\nInternational Financial Reporting Standards (IFRS), as adopted by the European Union, and with the legal and regulatory
\nrequirements applicable in Belgium.
\nThe principles applied to prepare financial data relating to the 2022 financial year are based on:
\n-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2022;
\n-
the recognition and measurement alternatives allowed by the IFRS:
\nStandard
Alternative used
\nIAS 1
\nAccretion
expense
on
operating
liabilities
\n(employee benefits, environmental liabilities)
\nClassification as financial expenses
\nIAS 2
Inventories
\nMeasurement of inventories determined by the weighted
\naverage unit cost method
\nIAS 7
Interest paid and received dividends
Classification as net operating cash flows
\nIAS 16
Property, Plant and Equipment
Measurement at amortized historical cost
\nIAS 38
Intangible Assets
Measurement at amortized historical cost
\nIn the absence of any accounting standard or interpretation, management uses its judgment to define and apply an accounting
\npolicy that will result in relevant and reliable information, such that the financial statements:
\n-
fairly present the Group\u2019s financial position, financial performance and cash flows;
\n-
reflect the economic substance of transactions;
\n-
are neutral;
\n-
are prepared on a prudent basis; and
\n-
are complete in all material respects.
\nChanges to accounting policies are described below and in note 15 \u201cSignificant accounting policies\u201d.
\nChanges in accounting policy and disclosures
\nThe accounting policies and methods of computation adopted in the preparation of the consolidated financial statements have
\nremained unchanged compared to those followed in the preparation of the consolidated financial statements for the year ended 31
\nDecember 2021.
\nEBITDAaL and eCapex remained the key performance indicators.
\nThese operating performance indicators are used by the Group:
\n-
to manage and assess its operating and segment results; and
\n-
to implement its investment and resource allocation strategy.
\nThe Group\u2019s management believes that the presentation of these indicators is relevant as it provides readers with the same
\nmanagement indicators as those used internally.
\nEBITDAaL
corresponds to operating income before depreciation and amortization of fixed assets, effects resulting from business
\ncombinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets,
\nshare of profits (losses) of associates and joint ventures, and after interests on debts related to financed assets and on lease liabilities,
\nadjusted for:
\n-
significant litigation;
\n-
specific labour expenses;
\n-
fixed assets, investments, and businesses portfolio review;
\n-
restructuring program costs;
\n-
acquisition and integration costs;
\n-
and, where appropriate, other specific elements.
88
\nThe measurement indicator allows for the effects of certain specific factors to be isolated, irrespective of their recurrence and the
\ntype of income and expense, when they are linked to:
\n-
significant litigation:
\nSignificant litigation expenses correspond to risk reassessments regarding various litigations. Associated procedures are based on
\nthird-party decisions (regulatory authority, court, etc.) and occurring over a different period to the activities at the source of the
\nlitigation. By their very nature, costs are difficult to predict in terms of their source, amount and period;
\n-
fixed assets, investments and businesses portfolio review:
\nThe Group constantly reviews its fixed assets, investments, and businesses portfolio: as part of this review, decisions to dispose of
\nor to sell assets are implemented, which by their very nature have an impact on the period during which they occur;
\n-
restructuring program costs:
\nThe adjustment of Group activities in line with changes in the business environment may also incur other types of transformation
\ncosts. They include restructuring costs. These actions may have a negative effect on the period during which they are announced
\nand implemented. For illustrative purposes, and not limited to, this could include some of the transformation plans approved by the
\ninternal governance bodies;
\n-
acquisition and integration costs:
\nThe Group also incurs costs which are directly linked to the acquisition and integration of entities. These are primarily legal and
\nadvisory fees, registration fees and earn-outs;
\n-
where applicable, other specific elements that are systematically specified in relation to income and/or expenses
.
\nEBITDAaL is not a financial aggregate as defined by IFRS and is not comparable to similarly titled indicators used by other groups.
\nIt is provided as additional information only and should not be considered as a substitute for operating income or cash flow provided
\nby operating activities.
\neCapex
relate to acquisitions of property, plant and equipment and intangible assets excluding telecommunications licenses and
\nfinanced assets minus the price of disposal of fixed assets. They are used internally as an indicator to allocate resources. eCapex
\nare not a financial aggregate defined by IFRS and may not be comparable to similarly-titled indicators used by other companies.
\nThe Group uses organic cash flow from telecom activities as an operating performance measure for telecom activities as a whole.
\nOrganic cash flow from telecom activities corresponds to net cash provided by operating activities minus (i) lease liabilities
\nrepayments and debts related to financed assets repayments, (ii) purchases and sales of property, plant and equipment and
\nintangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunications licenses paid and excluding
\neffect of significant litigations paid (and received). Organic cash-flow from telecom activities is not a financial aggregate defined by
\nIFRS and may not be comparable to similarly-titled indicators used by other companies.
\nNew standards and interpretations applicable for the annual period beginning or after 1 January 2022
\nDespite their limited impact on Group operations, the following new amendments to IFRS have also been considered in the
\npreparation of the annual consolidated financial statements:
\n-
Amendment to IAS 16: Revenue generated before the intended use of an asset
\nThe amendment clarifies that an entity is not permitted to recognize revenue from the sale of manufactured items as a
\nreduction in the cost of the asset while the asset is being prepared for its intended use. Such sales proceeds are to be
\nrecognized in the income statement. This amendment has no effect on the Group's consolidated financial statements. This
\namendment has been applied by the Group since 1 January 2022.
\n-
Amendment to IAS 37: Onerous contract - Contract performance costs
\nThe amendment clarifies the incremental costs of performing an onerous contract to be included in the amount of the
\nprovision, i.e. direct labour and material costs as well as the allocation of other costs directly related to the contract, such as
\nthe depreciation charge relating to an asset used in the performance of the contract. The Group has applied this amendment
\nfrom 1 January 2022 and has not identified any significant impacts on the implementation of this amendment.
\n-
Annual improvements to IFRS: 2018-2020 cycle
\nThe 2018-2020 cycle of annual improvements to IFRSs has led the IASB Board to make minor amendments or clarifications
\nto the standards:
\n-
IFRS 1, First-time Adoption of IFRS
\n-
IFRS 9, Financial Instruments
\n-
IFRS 16, Leases
\n-
IAS 41, Agriculture.
\nThe changes made to the above standards have no impact on the Orange Group's consolidated financial statements because they
\nare either inapplicable to the Group or specify accounting treatments already applied by the Group.
89
\nConsideration of climate change risks
\n-
Natural disasters but also other accidental events related to climate change such as fires could lead to significant
\ndestruction of the Orange Group's facilities, resulting in both service interruptions and high repair costs. The frequency
\nand intensity of weather events related to the current climate change (floods, storms, heat waves) continue to increase,
\nwhich aggravates losses and increases the related damages. In the medium term, rising sea levels could affect sites and
\nfacilities close to the coast more often. While insurers' coverage of claims could further decrease, damage caused by large-
\nscale disasters is likely to result in significant costs, some of which could remain with the Orange Group and thus affect its
\nfinancial condition and prospects.
\n-
In the context of its activities, the Group is therefore more systematically integrating the risks related to climate change.
\nThis consideration is reflected in the assessment of these risks on the value of some of its assets through their depreciation
\nplan or as an event that could lead to the identification of an impairment index or on the possibility of obtaining financing
\nin the future. Climate risks are also taken into account through the Group's commitment to be Net Zero Carbon by 2040.
\nThis commitment has led to changes in certain choices in terms of investments related to its activity.
\n-
Numerous projects have been initiated within the Group to understand the impacts of climate change on its operations.
\nThe implementation of actions to limit the effects of the Group's activities on climate change is also underway. The outcome
\nof these projects could lead the Group to review certain accounting treatments, judgements or estimates of financial risks
\nwhose impact is still difficult to assess reliably. While climate resilience is a fast-moving topic, it requires the Group to
\nproperly assess the risks to which it is exposed. The Group has embarked on a process of analysis to diagnose the
\nexposure to climate risks of its various geographical locations according to the analysis of different scenarios of impacts
\nlinked to climate change. At 31 December 2022, the Group has not identified any significant impact reliably estimated on
\nits financial statements at the stage of progress of the projects launched.
\nImpact of the Ukraine conflict on Orange Belgium
\n-
Orange Belgium has not been impacted by the conflict in Ukraine, as it has no direct business relationships with the
\ncountry. The conflict in Ukraine impacted indirectly Orange Belgium because of the increase in energy prices and inflation.
\nEnergy prices have risen across Europe, including in Belgium, due to the disruption of gas supplies from Russia, which
\nhas been exacerbated by the conflict in Ukraine. In addition, the increase in energy prices had an impact on inflation, which
\nalso influenced some of the costs of Orange Belgium, which will mainly have an impact in 2023 following the labor cost
\nindexation. To deal with these evolutions, Orange Belgium applies a tight management of its cost, as well as an appropriate
\nprice policy.
\nStandards, amendments to standards and interpretations with mandatory application after 31 December 2022 and
\nnot applied early.
\n-
IAS 1 Amendment: Classification of liabilities as current or non-current
\nThe amendment to the standard clarifies the current requirements of IAS 1 on the classification of liabilities in an entity's
\nbalance sheet. This amendment is not expected to have a material effect on the Group's statement of financial position.
\nHowever, the implementation of this amendment could lead to the reclassification of certain liabilities from current to non-
\ncurrent and vice versa. The effective date of this amendment is 1 January 2024.
\n-
Amendment to IAS 1: Disclosure of Accounting Policies
\nThe amendment to the standard states that an entity shall now disclose meaningful information about accounting policies
\nrather than significant accounting policies. This amendment is expected to result in only marginal changes to the Group's
\ndisclosures in the notes to the consolidated financial statements. The effective date of this amendment is 1 January 2023.
\n-
Amendment to IAS 8: Definition of accounting estimates
\nThe amendment to the standard revised the definition of accounting estimates without changing the concept. This
\namendment is not expected to have any impact on the Group's consolidated financial statements and will only marginally
\nchange the information provided by the Group in its notes to the consolidated financial statements. The effective date of this
\namendment is 1 January 2023.
\n-
Amendment to IAS 12: Taxes - Deferred tax on an asset or liability acquired in a single transaction
\nThe amendment introduces a new exception to the exemption from initial recognition of deferred tax. As a result of this
\namendment, an entity does not apply the initial recognition exemption for transactions that give rise to deductible temporary
\ndifferences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial
\nrecognition of an asset and a liability in a transaction that is not a business combination and affects neither accounting profit
\nnor taxable profit. For example, this may arise on recognition of the lease liability and the related right of use under IFRS 16
\nat the inception of a lease. The Group's accounting policies are already aligned with the proposals in the amendment. The
\nprovisions of this amendment are applicable from 1 January 2023.
90
\n-
IFRS 17 and amendments to IFRS 9: Insurance Contracts
\nThe Group is not subject to the provisions of the new IFRS 17 dealing with the recognition and measurement of insurance
\ncontracts. The IFRS 9 amendment proposes provisions to provide comparative information to companies applying IFRS 17
\nfor the first time. This amendment is not expected to have any impact on the Group's consolidated financial statements The
\neffective date of this standard and the IFRS amendment is 1 January 2023.
\n-
IFRS 16 Amendment: Leases - Leaseback liability
\nThe amendment introduces a conceptual novelty that requires variable rents to be taken into account when determining the
\nlease liability arising from a sale and leaseback transaction. Subsequent changes in variable rents will not lead to the
\nrecognition of a gain or loss on the right of use, as the changes will only impact the lease liability and the income statement
\nfor the difference between the reduction in lease liability and the actual lease payments to be made. The number of
\ntransactions resulting in a sale and leaseback remains limited in the Group and generally do not include a significant variable
\nrent component. The Group is finalizing its analysis before confirming that the implementation of this amendment should not
\nhave a material impact on its financial position. The provisions of this amendment are applicable from 1 January 2024.
\nBasis of preparation
\nIn order to avoid differences in the information published by the Orange Belgium Group and its majority shareholder Orange S.A.,
\nthe Orange Belgium Group applies a reporting format and reporting standards that are similar to the ones used by Orange S.A.
\n4.
Uses of estimates and judgments
\nThe preparation of the Group's financial statements in compliance with IFRS requires management to make certain judgments,
\nestimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
\nJudgments in applying accounting policies
\nIn the process of applying the Group's accounting policies, management has not made any significant judgments and assumptions
\nconcerning the future and other key sources of estimating uncertainty at the balance sheet date, that have a significant risk of
\ncausing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, except for:
\nSignificant judgments with regard to the application of IFRS 15 \u2013 Revenue from contracts with customers
\nSignificant judgment is required in the following areas:
\na) Determination of the transaction price \u2013 more specifically the handset price in bundled offers:
\nThe issue of the handset sales price at Orange Belgium S.A. is only applicable for bundled offers (equipment + service). For all other
\noffers, the performance obligation is directly related to the specific sale price. Orange Belgium S.A. excluded the evaluation method
\nbased on market prices (IFRS 15.77) for the determination of the sales price of equipment in subsidized offers and more specifically
\nthe standalone selling price. The standalone selling price could indeed \u2013according to IFRS 15- be considered as \u201cthe market price\u201d.
\nHowever, for Orange Belgium S.A. the standalone selling prices are impossible to identify as
\n-
Extremely varying: at any given time, the same standalone equipment can be sold at different prices. The sales strategy of
\nour shops, the type of distribution channel, \u2026 are examples of circumstances that vary the sale price from one shop to
\nanother at a certain time.
\n-
Volatility: Orange observes that the prices of certain handsets equipment do vary quickly, even within one month.
\nTherefore, Orange Belgium S.A. decided that the expected cost plus a margin approach method is the most pertinent calculation
\nfor the price per specific equipment, as also used to determine the price of the offers. The starting point for calculating the upfront
\namount of equipment at Orange Belgium S.A. is the cost of the equipment however this is not simply equal to the purchase price,
\nother elements have to be taken into consideration and are part of the \u201cmargin\u201d. These elements are mainly logistic costs,
customs
\ntariffs, taxes or supplier\u2019s rebates.
\nb) Determination of the duration of the contract in order to allocate the transaction price to the different performance
\nobligations:
\nThe definition of the duration of a contract is only relevant for the subsidized bundled offers, the only contracts for which a revenue
\nrelocation between the performance obligations is necessary. The period of which both parties\u2019 rights and obligations are
\nenforceable never exceeds the nominal period in the contract. This is because, excluding modifications in the contract, enforceability
\nof rights and obligations is a matter of law. Hence, the enforceable period cannot extend beyond the nominal period. On the other
\nhand, enforceability of rights and obligations shall take into consideration business practices according to which one of the parties
\ndismisses the other party of its obligation. For Orange, this is typically the case when the Group authorizes or encourages early
\nrenewals.
91
\nEarly renewals are renewals before the end of the contract (contract duration mainly 24 months). Currently, Orange Belgium\u2019s
\ncustomer strategy is to give our clients the opportunity to renew their contract with no penalty after a duration of 22 months. The
\nenforceable period has been set at 22 months, as a consequence, those contracts are closed after 22 months without further action
\nto be taken.
\nc) Identification of performance obligations:
\nA contract as per IFRS15 is made of rights and obligations between the parties. The rights take the form of promises for Orange
\nBelgium to transfer goods and/or services to a customer.
\nA contract generally explicitly states the promises to be transferred to a customer. However they may not be limited to the goods
\nand services that are explicitly stated in that contract, some may also be implied by business practices which create valid
\ncustomer expectations.
\nAccess services and mobile equipment qualify as promised services and goods. The following services are however considered
\nimmaterial:
\n-
hotline
\n-
right for non-invoiced incoming calls
\n-
access to customer care
\n-
non-invoiced reserved numbers
\nSim-cards do not have a stand-alone value and have as such no impact on the determination of the performance obligation.
\nIn addition, Orange Belgium might offer some additional services or goods, in line with specific commercial practices. We identify
\nall rights granted to the customer in the terms of the contract and identify those that are material for the customer in the context of
\nthe contract.
\nDistinct goods and services
\nThere are two criteria to determine whether goods and/or services are distinct:
\n-
The customer can benefit from the goods or services on its own or together with resources that are readily available.
\n-
The entity\u2019s promise to transfer the good or service is separately identifiable from other promises in the contract.
\nIt is clear that the mobile equipment (handset) is distinct from the access service. Those two elements therefore qualify as distinct
\nperformance obligations within the contract.
\nThe access service, which is made of voice, data and sms also includes distinct performance obligations. However, given that those
\npromises are over the same period of time (right) and paid together (obligation), there is no need to consider that they are distinct.
\nSignificant judgments with regard to the application of IFRS 16 \u2013 Leases
\nSignificant judgment is required in the determination of non-cancellable lease term and the assessment of the exercise or not of
\ntermination, extension and purchase options.
\nCritical estimates and assumptions
\nEstimates made at each reporting date reflect conditions that existed at those dates (e.g. market prices, interest rates and foreign
\nexchange rates). Although these estimates are based on management's best knowledge of current events and actions that Orange
\nBelgium may undertake, actual results may differ from those estimates.
\nImpairment of non-financial assets
\nThe impairment test for the goodwill in relation to Orange Communications Luxembourg S.A. and BKM N.V. is based on value in use
\ncalculations based on a discounted cash flow model. The cash flows are derived from the financial projections for the next five years
\nand do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance
\nthe asset base of the cash generating unit being tested. The recoverable amount is most sensitive to the discount rate used for the
\ndiscounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
\nThe key assumptions used to determine the recoverable amount for the different cash generating units are further explained in Note
\n4.
\nFixed assets \u2013 Useful life assessment
\nAssessing assets\u2019 useful life according to the change in the technological, regulatory or economic environment (greater bandwidth
\ntechnologies, radio technology migration\u2026). Reference should be made to Note 5.
92
\nProvision for dismantling network sites
\nThe Group has recognized a provision for dismantling network sites obligations as for the rented building situated at Avenue du
\nBourget and the various antennas sites. In determining the amount of the provision, assumptions and estimates are required in
\nrelation to discount rates and the expected cost to dismantle and remove all plants from the sites (see Note 5).
\nOperational taxes: pylon
\nSince 1997, municipalities and provinces levy local taxes on an annual basis on masts, pylons, and antennas. These taxes do not
\nqualify as income taxes and are recorded as operational taxes, hence negatively impacting the profit before tax.
\nWhen a tax bill is received, the related cost is recorded. In the event no tax bill is received, the cost will be based upon the tax bill
\nof the previous year and the pylon tax liability expires if the company does not receive a tax bill within three years. As all tax bills are
\ndisputed, interests are calculated on the legal tax rate. When the case is closed at procedure level, basis and interests are reversed.
\nThis method is still used in Flanders and for the Brussels Region and was also applicable for the Walloon region until 2013. Since
\n2014, this tax, introduced by a decree of the Walloon region, became a regional tax.
\nOn 22 December 2016, the three mobile operators and the Walloon government concluded an agreement in principle on the issue
\nof taxing mobile infrastructure and to settle the dispute on the Walloon regional taxes for 2014. Orange Belgium committed to pay
\nan amount of 16.1 million euros over 4 years (i.e. 2016-2019) and to invest an incremental amount of 20 million euros in telecom
\ninfrastructure in the Walloon region in the period 2016-2019. In turn, the Walloon Region undertakes to no longer levy taxes on
\ntelecom infrastructure and to implement a legislative, regulatory, and administrative framework designed to facilitate the deployment
\nof this infrastructure. In addition, the Walloon Region would discourage municipalities and provinces from levying taxes on telecom
\ninfrastructure. The operators were entitled to deduct such local taxes levied in 2016-2019 by Walloon municipalities or provinces
\nfrom the 2019 settlement and investment amounts.
\nThe last instalment of the amount due by Orange Belgium on the basis of the 2016-2019 protocol agreement (4.5 million euros) has
\nnot yet been paid. This is due to the fact that Orange Belgium received local tax bills from Walloon municipalities falling under this
\nagreement and is therefore currently in negotiation with the Walloon government to confirm the exact magnitude as well to whom
\nthe last instalment should be paid. In December 2022 Orange Belgium has been contacted by the Walloon Region about the
\noutstanding amount to be paid. Orange Belgium has informed the Walloon Region that, after deduction of the local taxes levied in
\n2016-2019 on Orange Belgium, the outstanding amount still to be paid is 416.151,00 \u20ac. Orange Belgium now awaits an answer from
\nthe Walloon Region.
\nThe mobile operators have concluded a protocol agreement with the Walloon government for the period 2021-2022. This agreement
\nstipulates that the mobile operators will pay a contribution to a governmental budget fund to be set up by the Walloon government
\nto support the digitalization of the Walloon region, and more specifically local initiatives of Walloon municipalities or provinces.
\nAmount of the operator\u2019s contribution: 5.0 million euros (35,73% to be paid by Orange Belgium). The mobile operators will also do
\nadditional network investments for a total amount of 11.0 million euros (35,73% for Orange Belgium). This agreement will ensure a
\nfinancially stable environment by reducing the proliferation of local taxes.
\nFrom the first tranche of 0.9 million euros payable for 2021, an amount of 0.5 million euros has been effectively paid in December
\n2021 to the Walloon region. Orange Belgium did indeed receive tax bills from a couple of local authorities falling under the agreement
\nfor an amount of 0.4 million euros and did not pay the remaining balance thanks to an offsetting mechanism provided for by the
\nagreement.
\nAfter deduction of the local taxes levied for 2021 and 2022 to the second tranche of 446.625\u20ac of the protocol agreement, no
\ncontribution was due any more to the Walloon region in December 2022.
\nThe contribution to be paid to the Walloon region in February 2023 has been determined by the end of January 2023, considering
\nall local taxes 2021 and 2022 levied and/or known by that date.
According to this analysis, the amount of local taxes exceeds the
\namount due to the Walloon Region on 15 February 2023 and can be deducted. Consequently, there was no contribution to be paid
\nto the Walloon Region by 15 February 2023
\nGiven the uncertainties surrounding the lawfulness and amount of the pylon taxes and considering inter alia that this tax is not fully
\npayable at the beginning of each fiscal year and actually not paid, Orange Belgium continues to account for this as a risk in
\naccordance with IAS 37 (Provisions & contingent liabilities). However, the full year risk is estimated and recognized both as a liability
\nand charge at the beginning of each year. Interest charges related to the non-payment of this tax continue being recorded monthly.
\nThe provision for pylon tax is reassessed every quarter (see also note 3 and 6) using prudent best estimate assumptions based on
\nthe evolution of the regional tax framework, of the different court cases and of the new tax bills received. The management revises
\nthese estimates if the underlying circumstances evolve or in light of new information or experience. Consequently, estimates made
\nat 31 December 2022, may subsequently be changed.
93
\nNote 2: Sales, trade receivables, other current and non-current assets
\nin thousand EUR
\n31.12.2022
31.12.2021
\nBelgium
1 333 189
1 307 505
\nRetail service revenues
963 378
899 717
\nConvergent service revenues
288 030
254 975
\nMobile only service revenues
558 314
541 156
\nFixed only service revenues
73 568
63 322
\nIT & Integration services
43 466
40 264
\nEquipment sales
134 742
127 219
\nWholesale revenues
199 313
232 852
\nOther revenues
35 756
47 717
\nLuxembourg
75 958
76 290
\nRetail service revenues
46 115
45 428
\nConvergent service revenues
0
0
\nMobile only service revenues
38 547
37 672
\nFixed only service revenues
7 568
7 756
\nIT & Integration services
0
0
\nEquipment sales
13 003
13 911
\nWholesale revenues
16 778
14 999
\nOther revenues
62
1 952
\nInter-segment eliminations
-17 933
-20 323
\nTotal
1 391 214
1 363 472
\nOrange Belgium\u2019s total consolidated turnover amounted to 1,391.2 million euros in 2022, compared to 1,363.5 million euros in 2021,
\nan increase of 2.0% year-on-year.
\nThe total retail service revenues (i.e. mobile-only services, fixed-only services, convergent services and IT & Integration services)
\nincreased 6.8% year-on-year:
from 945.1 million euros in 2021 to 1,009.5. million euros in 2022. This is the result of Orange Belgium
\nmaintaining solid commercial performance over the year supported by a convergent strategy, the success of the \u201cSpecial Edition\u201d
\npromotion and device deals, reaching 2.8m subscribers (+2.5% yoy). This increase has mainly been driven by higher convergent
\nservice revenues (13.0%) and higher fixed only service revenues as a result of higher cable revenues due to an increasing customer
\nbase. The wholesale revenues have also been impacted by the end of contract of Mobile Viking MVNO (-14.0 million euros), the
\neffect of the regulation on \u2018voice\u2019 and a decrease in SMS volume (-22.5 million euros).
\nEquipment sales increased 4.7% year-on-year and the decrease in other revenues can be explained by less handset sales through
\nagents.
\nTrade receivables
\nin thousand EUR
\n31.12.2022
31.12.2021
\nTrade receivables - Gross value
199 651
222 266
\nAllowance for doubtful debtors
-33 206
-34 139
\nTotal trade receivables
166 445
188 127
\nAgeing Balance
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNot past due
143 392
128 435
\nLess than 180 days
6 349
30 152
\nBetween 180 days and 360 days
6 346
9 162
\nMore than 360 days
10 358
20 378
\nTotal trade receivables
166 445
188 127
94
\nChange in Provision for Trade receivables
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAllowances on trade receivables - Opening balance
-34 139
-32 033
\nNet addition with impact on income statement
-6 910
-8 672
\nLosses on trade receivables
7 843
6 566
\nAllowances on trade receivables - Closing balance
-33 206
-34 139
\nFor terms and conditions relating to related parties receivables, refer to Note 12.
\nTrade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
\ndebit). Trade receivables which are not paid via direct debits bear mainly a payment term of 30 days end of month.
\nThe Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
\nThe customer risk is spread over more than 3 million customers.
\nTotal Trade receivables amounted to 166.4 million euros at the end of 2022, compared with 188.1 million euros at the end of 2021.
\nThe decrease in trade receivables \u2013gross value can mainly be explained by the resolution of roaming discount disputed and collected
\nduring 2022.
\nAllowance for doubtful debtors \u2013 closing balance at year end 2022 \u2013 decreased to 33.2 million euros. This decrease has been partially
\ndriven by the recovery of fully depreciated receivable on the Police and Court domain of activity
\nImpairment of trade receivables is based on three methods:
\n-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging
\nbalance category. This analysis is performed over a homogenous group of receivables with similar credit characteristics
\nbecause they belong to a customer category (mass-market, small offices and home offices);
\n-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
\nfactors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method
\nis used for carriers and operators (national and international), local, regional and national authorities; and
\n-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables
\nimmediately upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group
\napplies a simplified approach of anticipated impairment at the time the asset is recognized. The percentage applied
\ndepends on the maximum revenue non-recoverability rate.
\nThe costs related to bad debts decreased to 6.9 million euros in 2022 (compared to 8.7 million euros in 2021).
\nSince 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
\nwere related to the top 400 B2B Airtime debtors (factored receivables around 1.5 million euros as at 31 December 2022).
\nOther assets
\nin thousand EUR
\n31.12.2022
31.12.2021
\nA
d
v
anc
e
s
and
downpayments
2 694
1
992
\nS
ecu
r
ity
dep
os
its
pa
i
d
720
701
\nO
ther
5
753
5
732
\nTotal other assets
9 167
8 425
\no/w other non-current assets
720
701
\no/w other current assets
8 447
7 724
95
\nNote 3: Expenses, prepaid and inventory
\nDirect costs
\nin thousand EUR
\n31.12.2022
31.12.2021
\nPurchase of material
-185 867
-185 409
\nOther direct costs
-381 269
-376 851
\nImpairment loss on trade and other receivables, including contract assets
-6 910
-8 672
\nTotal direct costs
-574 046
-570 932
\nThe direct costs in 2022 remained stable (increased by 0.5%) year-on-year and amount to 574.0 million euros compared to 571.0
\nmillion euros a year earlier.
\nPurchase of material
\nThe costs related to the purchase of material remained stable (increased by 0.2%) year-on-year and amount to 185.9 million euros
\nin 2022.
\nOther direct costs
\nThe other direct costs mainly consisting of interconnection costs, commissions, content and connectivity costs increased slightly by
\n0.6% year-on-year.
\nInterconnection costs
\nInterconnect expense decreased by 11.7 million euros to 189.4 million euros. Roaming cost increased by 10.7 million euros mainly
\ndue to more data traffic done by our travelling customer. SMS interconnect costs decreased by 10.1 million euros due to less traffic.
\nVoice interconnect costs decreased by 12.3 million euros largely due to the continued effect of new regulation applicable since July
\n2021 (decrease in Mobile and Fixed Termination Rate).
\nCommissions
\nCommission expenses decreased by 4.3 million euros in 2022 to 26.8 million euros, due to lower commissions paid to retail partners,
\nin line with the decrease of partner number.
\nContent costs
\nOrange Belgium\u2019s television content strategy is primarily based on developing partnerships with rights holders and service
\npublishers. Orange Belgium is mainly focused on its role of aggregating and distributing content to offer improved services to its
\ncustomers. The costs regarding television content amount to 33.4 million euros in 2022 compared to 31.1 million euros in 2021
\nresulting from the customer base increase.
\nConnectivity
\nConnectivity costs increased by 17.6 million euros in 2022 to 116.1 million euros. This is the result of the increase in wholesale
\naccess fees related to the convergent Love offer and the continuous growth of our customer base.
\nImpairment loss on trade and other receivables, including contract assets
\nThe costs related to bad debts amount to 6.9 million euros in 2022 compared to 8.7 million euros in 2021.
96
\nPrepaid expenses
\nin thousand EUR
\n31.12.2022
31.12.2021
\nPrepaid supplies and services
2 927
3 513
\nPrepaid spectrum fees
0
1 462
\nTotal Prepaid expenses
2 927
4 975
\nThe prepaid supplies and services decreased by 2.1 million euros compared to 2021, mainly related to 5G down payments at Orange
\nLuxembourg.
\nInventories
\nin thousand EUR
\n31.12.2022
31.12.2021
\nGross inventories
27 870
25 676
\nDepreciation
-2 377
-1 652
\nTotal Inventories
25 493
24 024
\nInventories - Cost recognized as an expense during the period
-183 961
-182 856
\nThe increase in Gross inventories is mainly explained by the out of stocks for some references related to the worldwide electronic
\ncomponent crisis noted at the end of 2021.
\nThe reserve for obsolete and slow-moving items (2.3 million euros) slightly increased in 2022 compared to 2021.
\nTrade payables and other current liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
\nTrade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables decreased by 35.0
\nmillion euros compared to 2021, mainly related to lower outstanding payables at year end for a number of suppliers due to late
\npayment runs. The change in legislation related to the payment terms applicable in B2B since beginning of 2022 has also had an
\nimpact by reducing the average payment terms for Belgian suppliers.
\nTotal amount of trade payables in the reverse factoring program with BNP Paribas amounted to 26.9 million euros as at 31 December
\n2021. This program has been stopped during the year 2022.
\nCurrent employee benefits
increased by 2.9 million euros in 2022 and is mainly due to the increase in holiday pay provision boosted
\nby the inflation rate to be applied on salaries paid in 2023.
\nOther current liabilities
are made of provisions for litigation, down payments received from customer and operating subsidies
\nreceived but not used yet at year end.
97
\nAs a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
\nIn order to make sure that the defined contribution pension plan in force guarantees the participants the minimum return required
\nby law at the date of departure, Orange Belgium ordered a complete actuarial computation under the Projected Unit Credit (PUC)
\nmethod. The actuary performed projections according to a pre-defined methodology and with certain assumptions. This report
\nindicates that the accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31
\nDecember 2022, no provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in
\nfuture cash contributions no asset has been recognized either.
\nPlease find below a reconciliation of the opening to the closing balance of the net defined benefit asset for Orange Belgium S.A.:
\nMovement in net defined benefit (asset) liability
\nin thousand EUR
\nDefined benefit
\nobligation
\nFair value of
\nplan assets
\nEffect of asset
\nceiling
\nNet defined
\n(asset) liability
\nBalance at 1 January 2022
170 419
-173 160
-2 741
0
\nIncluded in profit or loss
\nCurrent service cost
1 089
\nPast Service credit
\nInterest cost (income)
2 118
-2 187
\nTotal
\nIncluded in OCI
\nActuarial loss (gain)
\nReturn on plan assets excluding interest income
50 394
\nIncrease (decrease) due to effect of any business
\ncombinations / divestitures / transfers
\n6 351
-6 184
\nEffect of changes in financial assumptions and
\nexperience adjustments
\n-52 479
\nTotal
\nOther
\nContributions paid by the employer
4 254
-4 254
\nBenefits paid
-1 813
1 963
\nTotal
\nBalance at 31 December 2022
129 939
-133 428
-3 489
0
98
\nin thousand EUR
\nDefined benefit
\nobligation
\nFair value of
\nplan assets
\nEffect of asset
\nceiling
\nNet defined
\n(asset) liability
\nBalance at 1 January 2021
174 024
-176 713
-2 689
0
\nIncluded in profit or loss
\nCurrent service cost
1 189
\nPast Service credit
\nInterest cost (income)
1 555
-1 604
\nTotal
\nIncluded in OCI
\nActuarial loss (gain)
\nReturn on plan assets excluding interest income
7 111
\nEffect of changes in financial assumptions and
\nexperience adjustments
\n-8 409
\nTotal
\nOther
\nContributions paid by the employer
4 647
-4 647
\nBenefits paid
-2 587
2 693
\nTotal
\nBalance at 31 December 2021
170 419
-173 160
-2 741
0
\nThe contributions paid during 2022 for those plans amounted to 4.3 million euros paid by the employer and 1.1 million euros paid
\nby the employees. The plan assets at 31 December 2022 consisted of 145.1 million euros individual insurance reserves, which
\nbenefit from a weighted average guaranteed interest rate of 3,37 %, and 5.0 million euros reserves in collective financing funds.
\nThe current restructuring provisions slightly increased to 2.1 million euros in 2022.
\nThe current tax payables
are related to the tax calculation of the current year and increased in 2022 (see also Note 6 \u2013
\nOperational taxes and levies).
\nLabour costs (excluding termination benefits)
\nLabour costs increased by 5.7% to 157.0 million euros in 2022, compared to 148.6 million euros a year ago. This increase has been
\nmainly driven by inflation.
\nIndirect costs
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
99
\nOther indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.
\nNote 4: Goodwill
\nGoodwill
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nOrange Communications Luxembourg S.A.
68 729
-17 865
50 864
68 729
-17 865
50 864
\nOther goodwill
53 547
-37 370
16 177
53 547
-14 937
38 610
\nTotal goodwill
122 276
-55 235
67 041
122 276
-32 802
89 474
\nOrange Communications Luxembourg S.A.
\nThe acquisition of Orange Communications Luxembourg S.A. was completed in two phases. 90% of the shares were acquired on 2
\nJuly 2007. The remaining 10% were acquired on 12 November 2008. The reported goodwill is fully allocated to the segment
\n\u201cLuxembourg\u201d.
\nImpairment test on this goodwill is performed at least at the end of each financial year to assess whether its carrying amount does
\nor does not exceed its recoverable amount.
\nThe key operating assumptions used to determine the value in use are common across the Group\u2019s business segments. These
\nassumptions include:
\n-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\ncompetition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings
\nbases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\nservices, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\nadjacent sectors such as cable;
\n-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\nthe ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\ndeparture plans;
\n-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by
\ndecisions of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of
\nnetwork elements or obligations to open up networks to competitors.
\nFor Orange Communications Luxembourg S.A. cash flows have been estimated on a five-year business plan (2023 to 2027) approved
\nby the Strategic Committee. The management of Orange Communications Luxembourg foresees a progressive increase of adjusted
\nEBITDA over the period as the result of (i) a continuous top line growth coming both from an increase in market share and churn
\nreduction, and (ii) the increase in the direct margin mainly linked to the terminal sales activities which overcompensate the increase
\nof indirect costs related to salaries and energy costs. More precisely, the management ambitions a turnaround over this 5-year
\nperiod with a 1.80% (compared to 3.90 % last year) and 1.5 % (compared to 6.98 % last year) compounded annual growth rate
\n(CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to increase by 1.2% (compared to a
\ndecrease of 0.48% last year).
\nConsidering a perpetuity growth rate of 1.25% (compared to 1.0% in 2021) and a WACC of 6.25% (identical to 2021), those
\nassumptions would result in a positive amount.
100
\nSensitivity of recoverable amounts
\nA sensitivity analysis on those parameters was performed, using a growth rate varying from 0.25% to 2.25% and a discount rate
\nvarying from 5.25% to 7.25%.
\nBecause of the correlation between operating cash flow and investment capacity, sensitivity of net cash flow is used. Cash flow for
\nthe terminal year representing a significant portion of the recoverable amount, a change of plus or minus 10% of this cash flow is
\npresented in case sensitivity.
\n31 December 2022:
\n-
Headroom compared to the carrying value tested:
36.1 million euros
\n-
Effect on the headroom as a result of a variation of:
\n-
10% (increase/decrease) in cash flow of terminal year:
+/-9.5 million euros
\n-
1% increase in growth rate to perpetuity:
+ 26.1 million euros
\n-
1% decrease in growth rate to perpetuity:
-17.4 million euros
\n-
1% increase in discount rate:
-19.6 million euros
\n-
1% decrease in discount rate:
+ 29.5 million euros
\nOther goodwill
\nThis corresponds to:
\nMobistar Affiliate S.A.
\nThe acquisition of Mobistar Affiliate S.A. was completed in two phases: initial purchase of 20% shares in April 1999 and purchase
\nof the remaining 80% shares in May 2001. The goodwill resulting from the acquisition amounts to 10.6 million euros.
\nThe reported goodwill is fully allocated to the segment \u201cBelgium\u201d (see Segment information).
\nMobistar Enterprise Services S.A.
\nThe goodwill of Mobistar Enterprise Services S.A. resulting on the acquisition on 1 April 2010 and adjusted on 31 March 2011
\namounts to 793 thousand euros.
\nThe reported goodwill is fully allocated to the segment \u201cBelgium\u201d (see Segment information).
\nA&S Partners S.A.
\nA&S Partners S.A. was acquired as of 30 September 2017 by Orange Belgium S.A for a total consideration of 5.0 million euros. The
\npurchase concerned 100% of the shares. A total amount of 4.8 million euros has been allocated to goodwill for the segment
\n\u201cBelgium\u201d (see Segment information).
\nUpsize N.V. \u2013 BKM N.V.
\nUpsize N.V. was a holding company that was acquired on 31 July 2019. The purchase concerned 100% of the 60,000 shares of
\nUpsize N.V.
Upsize N.V. included BKM N.V. (100% owned) and CC@PS BV (100% owned by BKM N.V.) and is a nationwide ICT
\nintegrator and a pioneer in cloud UCC solutions. It has a solid track-record in the SME and CMA markets in Belgium and works in
\nfour areas of expertise: Unified Communications & Collaboration (UCC) solutions; IT & security solutions; Document & Visual
\nsolutions; and Connectivity solutions.
\nOrange Belgium accounted for the Upsize N.V. acquisition using the acquisition method, whereby the total purchase price of 51,6
\nmillion euros was allocated to the acquired identifiable net assets based on assessments of their respective fair values, and the
\nexcess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The purchase price
\nallocation has been finalized and recorded in the books on 30 June 2020. It resulted into the recognition of the fair value of the
\nintangible assets (19.0 million euros) fully related to the acquired customer relationships (18.0 million euros) and the Voxx-Telepo
\nsoftware platform (1.0 million euros). Together with the deferred tax impact of the above-mentioned adjustment (4.7 million euros),
\nand a goodwill of 37.4 million euros. The goodwill is attributable mainly to the synergies expected to be achieved from integrating
\nthe company into the Group\u2019s existing business. As a result, the final goodwill arising from the acquisition is fully allocated to the
\nsegment \u201cBelgium\u201d (see Segment information).
101
\nSince Upsize N.V. is considered to be generating largely independent cash inflows and the integration in Orange Belgium S.A. is not
\nfully completed, impairment test on this goodwill is performed at least at the end of each financial year to assess whether its carrying
\namount does or does not exceed its recoverable amount. Although Upsize N.V. was merged into Orange Belgium S.A. on 1 July
\n2022, the above conclusion on the cash flow generation remains valid.
\nThe key operating assumptions used to determine the value in use are common across the Group\u2019s business segments. These
\nassumptions include:
\n-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\ncompetition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings
\nbases;
\n-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
\nability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
\nplans;
\n-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies.
\nThe 2.5-year health crisis had a major impact on BKM operations. It has severely slowed down the sale and deployment of projects.
\nThe expected growth has not been achieved due the impact by mandatory \u201cwork from home\u201d policies postponing office ICT
\ninvestment. Moreover, the high pressure on the labor ICT market had also an impact on the capability for BKM to reinforce its sales
\nteam in 2022. The company has also suffered from the lack of availability of technical components reducing its capacity to deliver
\nmaterial to the customers. Despite close cost monitoring, margins have been also set under pressure.
\nThe cash flows have been estimated on a five-year business plan (2023 to 2027) approved by the Strategic Committee. The
\nmanagement of BKM N.V. foresees a progressive increase of adjusted EBITDA over the period as the result of (i) a continuous and
\nsustained top line growth coming both from an increase in market size and market share, and (ii) the continuation of its enhanced
\ntransformation program with a tight control of operating expenses. More precisely, the management ambitions a turnaround over
\nthis 5-year period with a compounded annual growth rate (CAGR) of revenues of 3.8% for BKM Group and an EBITDA growth rate
\nin the terminal value of 3.7% for BKM Group, while capital expenses are expected to amount to 0.5 million euros each year for BKM.
\nConsidering a perpetuity growth rate of 1.5% and a WACC of 9.75% those assumptions resulted in an impairment of 22.4 million
\neuros. After the impairment test performed at year end 2021, the goodwill was reduced by 14.9 million euros.
\nSensitivity of recoverable amounts
\nA sensitivity analysis on those parameters was performed, using a growth rate varying from 0.5% to 2.5% and a discount rate
\nvarying from 8.75% to 10.25%.
\nBecause of the correlation between operating cash flow and investment capacity, sensitivity of net cash flow is used. Cash flow for
\nthe terminal year representing a significant portion of the recoverable amount, a change of plus or minus 10% of this cash flow is
\npresented in case sensitivity.
\n31 December 2022:
\n-
There is no headroom anymore compared to the carrying value tested as this corresponds to the recoverable amount as
\nestimated at year end 2022.
\n-
Effect on the headroom as a result of a variation of:
\n-
10% (increase/decrease) in cash flow of terminal year:
+/-1.2 million euros
\n-
1% increase in growth rate to perpetuity:
+ 1.6 million euros
\n-
1% decrease in growth rate to perpetuity:
-1.3 million euros
\n-
1% increase in WACC:
-1.7 million euros
\n-
1% decrease in WACC:
+ 2.2 million euros
\nAnnual impairment test segment \u201cBelgium\u201d
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\nConcerning the goodwill of the segment \u201cBelgium\u201d, when considering the relationship between the market capitalization and the net
\nassets of the Group as at 31 December 2022, the market capitalization was higher than the net book value. For the purpose of this
\nimpairment test, we only considered the net assets of Orange Belgium and the Belgian subsidiaries and corrected the market
\ncapitalization of Orange Belgium S.A. with the calculated VIU value of Orange Communications Luxembourg S.A.
102
\nNote 5: Other intangible assets and property, plant and equipment
\nDepreciation and amortization
\nThe depreciation and amortization charge (including impairment of fixed assets) for the year was 247.6 million euros, down by 33.2
\nmillion euros compared to 2021. In 2021 an important acceleration of depreciation was recorded to consider the change in usage
\nperiod for the sites included in the ran-sharing project foreseeing a decommissioning process of those sites over the year next 3
\nyears.
\nAccelerated depreciations of fixed assets
\nThe changes in useful life on intangible assets and property, plant and equipment recognized during the year were determined on
\nan asset-by-asset basis in order to consider technology and IT evolution. Obsolescence, dismantling or losses are also considered
\nin this exercise.
\nDuring 2022, the change in useful life and/or recognized impairment charges on property, plant and equipment totals 18.9 million
\neuros (compared with 53.4 million euros in 2021) and shown as expense on the line \u201cDepreciation and amortization\u201d and \u201cimpairment
\nof fixed assets\u201d in the statement of comprehensive income.
\nImpact can be split as such:
\n-
14.0 million euros for the project RAN sharing with Proximus including Sites dismantling & RAN material radio swapped
\nfrom Huawei to Nokia (as a result of the RAN sharing agreement between Orange Belgium and Proximus, which contains
\na plan for the dismantling of 1,536 of Orange Belgium\u2019s sites till the end of 2025). Last year the impact was 46.9 million
\neuros.
\n-
1.4 million euros for Sleeping stock concerning our Network material in the DHL stock
\n-
1.4 million euros for SOX Inventory MES
\n-
0.4 million euros for Shops closing
\n-
0.9 million euros for IT software
\n-
0.8 million euros for other type of retirement
\nOther intangible assets
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of other intangible assets in the opening balance
247 439
249 978
\nAcquisitions of other intangible assets
615 027
79 337
\nDepreciation and amortization
-92 494
-81 682
\nReclassifications and other items*
14 654
-194
\nNet book value of other intangible assets in the closing balance
784 626
247 439
\n* Since 2022 and due to a change in telecom licenses fee structure, the net present value of the yearly fixed amounts of spectrum fees to be paid over the license
\nperiod is included in the acquisition cost of the licenses. A corresponding liability has been recorded in current and non-current fixed assets payable.
\nAcquisition of other intangible assets are mainly telecommunication licenses (556.9 million euros), software (54.8 million euros) and
\ninternal generated software development costs (3.3 million euros).
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
702 735
-81 779
0
620 956
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-17 316
0
11 823
\nSoftware
658 124
-529 130
0
128 994
\nOther intangible assets
153 724
-130 871
0
22 853
\nTotal
1 547 894
-759 096
-4 172
784 626
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
151 967
-64 631
0
87 336
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-15 520
0
13 619
\nSoftware
608 154
-488 421
0
119 733
\nOther intangible assets
150 883
-124 131
0
26 752
\nTotal
944 314
-692 703
-4 172
247 439
103
\nTelecommunication and other licenses held by Orange Belgium S.A.
\nType of Licence
\nAcquisition
\ncost
\nNet book
\nvalue end
\n2022
\nNet book value end
\n2021
\nUseful life
\nin months
\nRemaining
\nmonths
\nStart
\ndepreciation
\nperiod
\n4G
20 020
\n8 020
9 844
End
\nJune
\n2027
\n53
\nJune 2016
\n800 MHz
120 000
66 035
72 092
238
131
February 2014
\nLicense 3G 2
\nnd
\nRenewal 6 months
\n3 700
0
1 510
6
0
September 2021
\nLicense 2G 2
\nnd
\nRenewal 6 months (1)
\n7 189
0
2 935
6
0
September 2021
\nLicense 3G 3
\nrd
\nRenewal 6 months (1)
\n3 700
0
0
6
0
March 2022
\nLicense 2G 3
\nrd
\nRenewal 6 months (1)
\n7 189
0
0
6
0
March 2022
\nLicense 3G renewal 4 Months (1)
2 158
0
0
4
0
September 2022
\nLicense 2G renewal 4 Months (1)
4 193
0
0
4
0
September 2022
\nLicense 5G 3600 Mhz (2)
55 308
54 261
0
212
208
September 2022
\nLicense 5G 700 Mhz (2)
122 860
120 807
0
240
236
September 2022
\nLicense 800 Mhz (3)
17 542
16 070
0
144
132
January 2022
\nLicense 2600 Mhz (3)
5 897
4 825
0
78
66
January 2022
\nLicense 700 Mhz (3)
23 398
23 007
0
240
236
September 2022
\nLicense 3600 Mhz (3)
11 386
11 171
0
212
208
September 2022
\nLicense 900/1800/2100 Mhz (2) (3)
214 187
214 187
0
240
240
January 2023
\nLicense 1400 Mhz ( 2) (3)
89 135
89 135
0
240
240
June 2023
\nBKM PPA - unused perpetual licenses Voxx
1 058
913
955
300
259
August 2019
\nTotal
708 920
608 431
87 336
\nTelecommunication licenses
acquired by Orange Belgium S.A. during 2022:
\nThe two extensions of the licenses for short periods of respectively 6 and 4 months (1) are a result of a government decision with
\nthe intention of bridging the period until the final spectrum auction will take place. These auctions took place during 2022 as follows:
\n-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700
\nMHz, 1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
\n-
New spectrum allocations: 700, 3600 and 1400 MHz.
\nThe auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency
\nband and 100 MHz in the 3.6 GHz frequency band, for a total of \u20ac178 million. The commencement date was 1 September
\n2022 for a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
\nOn 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year
\nterm ended. Orange obtained 30Mhz for a price of \u20ac70 million. The spectrum was finally allocated on 16 November 2022 with
\na commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures,
\nthat will only become available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under
\nIAS 38 Intangible Assets as per 31 December 2022. Amortization will start accordingly to the availability for use on 1 July
\n2023.
\n-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
\nConcerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted
\nsuccessive temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted
\ntemporary rights until the end of 2022.
\nIn the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800
\nMHz band, and 2 X 15 MHz in the 2100 MHz band.
\nThe spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company
\ndetermined that the rights acquired under the 2022 auction procedures, that will only become available for use as of 1 July
\n2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December
\n2022. Amortization will start accordingly to the availability for use on 1 January 2023.
104
\nLicenses acquired or granted in 2022 have been capitalized as such:
\n(2) One off amount paid or to pay at commencement
\n(3) Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of
\nthe calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate
\nwill be recorded in financial expenses and annual payments will be applied against the debt itself.
\nInternally generated intangible assets
include software development costs generated by the Group staff.
\nOther intangible assets
mainly relate to software acquired or developed by external suppliers. They are mainly used for the network
\napplications or for administrative purposes.
\nThe useful lives of intangible assets applied in 2022 remain comparable to those used in 2021.
\nInvestments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
\nnot fully amortized. The same applies to the original site\u2019s research costs.
\nIntangible assets are not subject to title restriction or pledges as security for liabilities.
\nProperty, plant and equipment
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of property, plant and equipment in the opening balance
662 770
707 591
\nAcquisitions of property, plant and equipment
161 890
146 544
\nDisposals and retirements
0
-20
\nDepreciation and amortization
-154 055
-197 525
\nImpairment
-984
-1 444
\nReclassifications and other items
-25 021
7 624
\nNet book value of property, plant and equipment in the closing balance
644 600
662 770
\nThe amount of reclassifications and other items for the financial year 2022 is mainly related to the variation of the dismantling
\nprovision as at 31 December 2022 mainly as a result of the combined effect of the decreased dismantling cost per site, and the
\nincrease of the discount rate. Refer also to the key assumptions used in the section \u2018Provision for dismantling\u2019.
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nNet book
\nvalue
\nLand and buildings
106 671
-69 980
36 691
\nNetworks and terminals
2 114 842
-1 530 907
583 935
\nIT equipment
207 180
-189 329
17 851
\nOther property, plant and equipment
31 606
-25 483
6 123
\nTotal
2 460 299
-1 815 699
644 600
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nNet book
\nvalue
\nLand and buildings
103 937
-67 723
36 214
\nNetworks and terminals
2 085 284
-1 485 243
600 041
\nIT equipment
207 440
-187 373
20 067
\nOther property, plant and equipment
33 324
-26 876
6 448
\nTotal
2 429 985
-1 767 215
662 770
105
\nProvision for dismantling
\nin thousand EUR
\n31.12.2022
31.12.2021
\nProvisions for dismantling in the opening balance
89 721
82 592
\nDiscounting with impact on income statement
2 667
192
\nUtilizations without impact on income statement
-2 672
-688
\nChanges in provision with impact on assets
-24 826
7 625
\nProvisions for dismantling in the closing balance
64 890
89 721
\no/w non-current provisions
58 103
80 656
\no/w current provisions
6 787
9 065
\nThe key assumptions used to measure the network sites dismantling provision are as follows:
\n31.12.2022
31.12.2021
\nNumber of network sites, Orange Communications Luxembourg S.A. incl. (in units)
4 363
4 628
\nAverage dismantling cost per network site
\n9.9 till 2025 and
\n14.7 from 2026
\n14.9
\nInflation rate
\n9.5% for 2023, 4.9% for
\n2024, 2.7% from 2025
\n2.0 %
\nDiscount rate
3.099%
0.253 %
\nAlthough size and installation on site may slightly vary from site to site, the provision was calculated on an average dismantling cost
\nbased on the actual costs incurred in the past for similar activities till 2021. For 2021 those costs were estimated at 14,936. During
\n2022 a refined typology of sites has been implemented refining the expected dismantling costs per site\u2019s type leading to an average
\nof 9.893 euros per sites for the sites dismantled till end of 2025. The value per site amounts to 14,731 euros per site as from 2026.
\nThe increase of dismantling costs starting in 2026 is due to the cumulative inflation over the year 2023 to 2025 and the mix of sites
\ntypologies that results into a higher average cost of dismantling.
\nFor bigger sites, like MSC\u2019s (Mobile Switching Centre), the provision is calculated on the surface area of the sites rented and an
\naverage dismantling cost per m\u00b2 based on past similar experience.
\nAlthough it is not feasible to estimate the timing of the cash outflows, all network sites are assumed to be dismantled in the future.
\nSince 2011, the duration of the rental contracts is capped at 15 years. The approach was maintained to evaluate the provision in
\n2022.
\nThe dismantling provision decreased by 24.8 million euros. This is a combined effect of changes in average dismantling cost per
\nsite, an increase of expected inflation and an increase of discount rate.
\nNetwork sites dismantling provision is adjusted when there is sufficient objective evidence that future change in technology or in
\nlegislation will have an impact on the amount of the provision.
\nBesides network, the dismantling provision also includes 5.1 million euros of accruals related to buildings, Mobile Switching
\nCenters (MSC\u2019s) and Point-of-Presence (POP\u2019s).
\nCurrent fixed assets payable
\nCurrent fixed assets payable are non-interest bearing that are generally settled on 30 to 90 days term and are related to Property,
\nPlant and Equipment investments and, for December 2022, the amounts due for spectrum licenses acquired in 2022. The balance
\nincreased compared to last year (256.5 million euros in 2022, compared to 71.7 million euros a year ago), which is explained by the
\nrecognition of the amounts due in January 2023 and June 2023 for the spectrum licenses allocated on 16 November 2022 for a total
\nof 194.0 million euros, a decrease in legal payment term evolution (capped at 60 days for Belgian supplier since 1 January 2022)
\nand a decrease of outstanding invoices at year end.
\nNon-Current fixed assets payable
\nNon-current fixed assets payable correspond to the discounted value of the fixed amount to be paid over the lifetime of the
\ntelecommunication license.
106
\nNote 6: Taxes and levies
\nIncome tax in profit and loss statement
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCurrent income tax
-21 885
-15 114
\nDeferred tax expense arising to the origination and reversal of temporary differences
-1 569
2 340
\nTotal tax expenses
-23 454
-12 774
\nThe deferred tax expense arising to the origination and reversal of temporary differences amounting to -1.6 million euros consists of
\ntemporary differences on fixed assets (1.2 million euros), tax losses carried forward (-0.7 million euros), unrecognized deferred taxes
\nassets (-1.1 million euros) and other temporary differences (-1.0 million euros, mainly consisting of dismantling, other lease liabilities
\nand revenue from contracts with customers).
\nRelationship between tax expense and accounting profit
\nin thousand EUR
\n31.12.2022
31.12.2021
\nEarnings before income tax
81 613
52 497
\nGroup income tax rate
25.00
25.00
\nTheoretical income tax
-20 403
-13 124
\nEffect of difference between local standard rate and Group rate (*)
-63
55
\nEffect of permanent differences and other reconciling items (**)
-7.406
-6 504
\nEffect of tax (without base) affecting current tax (***)
3 570
3 913
\nEffect of tax (without base) affecting deferred tax
848
2 887
\nIncome tax
-23 454
-12 774
\nEffective tax rate
28.7%
24.3%
\n* local rate (Orange Communications Luxembourg S.A.= 27.19%) and Group rate (25.00%)
\n** consisting of non-deductible expenses, effect of application of patent income deduction and permanent differences
\n*** adjustment on prior years
\nTax expenses amounted to 23.5 million euros in 2022 compared to 12.8 million euros in 2021. The effective tax rate came out at
\n28.7%, which is an increase compared to the effective tax rate of 24.3% in 2021.
\nThe theoretical amount of tax expenses increased by 7.3 million euros in 2022, given the higher earnings before income tax. In 2022,
\nthe other non-deductible tax expenses and the losses on investments had a negative impact, partly offset by permanent differences
\nresulting in a net impact of 7.4 million euros (see **). Permanent differences result when an item of income and/or expense is treated
\ndifferently for book and tax purposes and the different treatment does not reverse in a subsequent year or result in a basis difference
\n(for example: disallowed expenses, effect on tax gain/loss on disposal of investments, asset retirement obligation, amongst others).
\nThe effect of permanent differences and other reconciling items equal to -7.4 million euros consists of the impairment of BKM N.V.
\nand Communithings S.A. and the liquidation of Walcom S.A.
(-7.1 million euros), disallowed expenses (-2.2 million euros), Asset
\nRetirement Obligation (2.5 million euros), effect of tax credits (-0.7 million euros and other permanent differences (0.1 million euros).
\nEffect of tax (without base) affecting the deferred tax amounted to 0.8 million euros in 2022.This amount mainly includes CIT included
\nin the manual adjustments (1.7 million euros) and a change in allowance for deferred taxes (-1.1 million euros).
\nA positive impact on the taxable year 2021 was recorded in 2022 for an amount of 5.0 million euros for Innovation Income
\nDeductions, Patent Income Deductions and Investment Deductions (these deduction are considered in the tax expense at the
\nmoment they are definitely granted by the tax administration, which happens in most cases in the following year) , partly offset by a
\nprovision for income tax (-1.2 million euros) (see ***).
\nTax position in the statement of financial position
\nMovements in current tax balances
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet current tax - opening balance
10 371
4 462
\nCash tax payments
-19 211
-9 508
\nCurrent income tax expense
21 885
15 114
\nChanges in consolidation scope, reclassification and translation adjustments
0
303
\nNet current tax -closing balance
13 045
10 371
\nDue to the recuperation of carried forward losses, Orange Communications Luxembourg S.A. had no significant current tax expense.
107
\nCash tax payments in 2022 include 18.3 million euros of prepayments for 2022.
\nMovements in deferred tax balances
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet deferred taxes - opening balance
-2 759
-5 029
\nChange in income statement
-1 569
2 340
\nChange in other comprehensive income
-2 482
-45
\nChanges in consolidation scope, reclassification and translation adjustments
0
-25
\nNet deferred taxes - closing balance
-6 810
-2 759
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAssets
Liabilities
\nIncome
\nstatement
\nAssets
Liabilities
\nIncome
\nstatement
\nFixed assets
0
2 935
1 211
0
4 146
1 423
\nTax losses carryforward
5 061
0
-649
5 710
0
-1 284
\nOther temporary differences
78 282
86 079
-992
87 076
91 398
2 201
\nDeferred taxes
83 343
89 014
-430
92 786
95 544
2 340
\nUnrecognized deferred taxes assets
-1 139
0
-1 139
0
0
0
\nNetting
-80 601
-80 601
0
-90 986
-90 986
0
\nTotal
1 604
8 413
-1 569
1 800
4 558
2 340
\nDeferred taxes recorded on Orange Belgium\u2019s operations are essentially related to the marked-to-market value of the interest rate
\nswap contracts, to the development costs for intranet sites, to the dismantling assets depreciation and to the depreciation of SIM
\ncards.
\nThe deferred tax asset on carried forward tax losses amounts to 5.1 million euros and is mainly related to Orange Communications
\nLuxembourg S.A. (4.0 million euros) and BKM N.V. (1.1 million euros). A deferred tax asset is only recognized when it is probable
\nthat the tax entity will have sufficient future taxable profits to recover them. The recoverability of the deferred tax has been assessed
\nbased on the business plans used for impairment testing. This analysis led to the impairment of carried forward tax losses of BKM
\nN.V. for 1.1 million euros.
\nCurrent operating taxes and levies payables
\nThe operating taxes and levies payables amounted to 85.8million euros in 2022 and consist of VAT payables (13.9 million euros);
\n71.4 million euros taxes charged to pylons and masts - plus default interests calculated at the legal rate; and of 0.4 million euros
\nrelated to the Settlements with the Walloon Region, and 0.1 million euros related to Spectrum fees payables.
\nCurrent operating taxes and levies receivables
\nThe operating taxes and levies receivables amounted to 3.7 million euros in 2022, compared to 9.2 million euros a year ago and
\nmainly consist of the recoverable VAT.
\nNote 7: Interests in associates
\nIn July 2012, the Group participated in the constitution of IRISnet S.C.R.L. The activity of IRISnet S.C.R.L. started on 1 November
\n2012. The Group owns 28.16%of IRISnet S.C.R.L. equity. The Group is represented on the Board of Directors by 2 out of 7 seats.
\nThis company is consolidated using the equity method. The net result of the year amounts to 390 thousand euros, resulting in a net
\ncarrying amount as at 31 December 2022 of 6,151 thousand euros.
108
\nNote 8: Financial assets, liabilities and financial result
\nFinancial result
\nin thousand EUR
\n31.12.2022
31.12.2021
\nFinancial Costs
-14 132
-3 232
\nFinancial Income
0
0
\nTotal Net Financial Costs
-14 132
-3 232
\nNet financial result decreased by 10.9 million euros to -14.1 million euros in 2022 which is mainly explained by the costs of guarantee
\nfor contract execution paid in the context of VOO acquisition and higher interest expenses related to the deterioration of the net
\ndebt situation of the company.
\nCash and cash equivalents, financial liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCash and cash equivalents
\nCash equivalents
0
-29 778
\nCash
-35 896
-23 957
\nTotal cash and cash equivalents
-35 896
-53 735
\nFinancial liabilities
\nIntercompany short-term borrowing
104 681
-44
\nThird parties short-term borrowing
1 116
1 505
\nIntercompany long-term borrowing
120 794
121 809
\nTotal borrowings
226 591
123 270
\nNet debt (Financial liabilities - Cash and cash equivalents)
190 695
69 536
\nThe net financial debt at the end of 2022 amounted to 190.7 million euros, an increase of Orange Belgium\u2019s net financial debt position
\nby 121.1 million euros compared to 69.5 million euros of net financial debt at the end of December 2021.
\nAt year ended 2022, Orange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not
\ndirectly exposed to adverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount
\nof 180 million euros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with
\nAtlas Services Belgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026
\nA large part of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting
\nin a shift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in
\n2023 once VOO acquisition and the remaining licenses acquired will be paid.
\nAt the end of 2021, Orange Belgium was finance by a Revolving Credit Facility (RCF) between Orange Belgium S.A. and Atlas
\nServices Belgium S.A. for an amount of 120 million euros contracted in March 2021 and presented as long term, with a maturity of
\n5 years.
\nChanges in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
\nbelow:
\nin thousand EUR
\nOther changes with no impact on cash
\nflows from financing activities
\n31.12.2021
Cash Flows
Acquisition
\nForeign
\nexchange
\nmovement
\nOther
31.12.2022
\nIntercompany short-term borrowing
44
104 703*
9
104 668
\nIntercompany long-term borrowing
121 809
-1 404**
0
0
389
120 794
\nThird party borrowing
1 505
0
0
0
-389
1 116
\n*In the cash flow statement, the 104.7 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an
\namount of 98.4 million euros related to cash pool variation and \u201cFinance costs, net\u201d for an amount of 6.3 million euros related to transaction costs incurred.
\n**As per Consolidated Cash flow statement the -1.4 million euros corresponds to debt issuance of 480.1 million euros and debt repayments of -481.5 million
\neuros.
\nThe intercompany short-term borrowing and third-party borrowings are presented in the line current financial liabilities in the consolidated statement of financial
\nposition.
109
\nFinancial risks
\nLiquidity risk
\nOrange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not directly exposed to
\nadverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount of 180 million
\neuros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with Atlas Services
\nBelgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026. In addition, Orange Belgium could
\nevoke other sources of funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large
\npart of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting in a
\nshift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in 2023
\nonce VOO acquisition and the remaining licenses acquired will be paid.
\nInterest rate risk
\nOrange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nCredit rating risk
\nDowngrades of Orange Belgium\u2019s credit rating or rating outlook could increase its borrowing costs and/or limit its
\nfinancing capacity
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities until March 2026. The current
\nfunding agreement does not foresee rating-based funding adjustments. As of 31 December 2022, the Net debt / EBITDAaL ratio
\nstood at 0.5x. However, rating downgrades could negatively impact the trading terms that Orange Belgium receives from its
\nsuppliers, thus increasing the operational financing needs and overall funding costs.
\nCounterparty risk on financial transactions
\nThe insolvency or deterioration in the financial position of a bank or other institution with which Orange Belgium has a
\nfinancial agreement may have a material adverse effect on the company and its financial position
\nOrange Belgium does not have any derivative exposure with financial institutions nor term deposits. In addition, the credit balances
\non its bank accounts are very limited given that it is operating a cash pooling structure with automatic sweeping of excess funds to
\nOrange S.A.
\nHowever, a default of one of its main banking partners would have a negative impact on its cash management operations. This risk
\nis mitigated by the fact that Orange Belgium\u2019s Treasury policy foresees working with at least three different banking partners with
\nan investment-grade rating.
\nCredit risk
\nCustomer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nOrange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
\nprocedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
\nOrange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
\nbase (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
\nthe counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
\npast due is provided in Note 2.
\nFor loans and other receivables, amounts past due but not provisioned are not material.
110
\nForeign exchange risk
\nExchange rate fluctuations could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nGiven the mainly local nature of its business Orange Belgium is not exposed to significant foreign currency risk.
\nGeneral risk management framework
\nA comprehensive, consistent and integrated risk management approach is in place to capitalize on synergies between Audit, Control
\nand Risk functions at all levels of the organization. This approach is intended to provide reasonable assurance that operating and
\nstrategic targets are met, that current laws and regulations are complied with, and that the financial information is reliable.
\nThe most important components of the risk management framework are discussed in detail in section 2 of the Corporate Governance
\nStatement.
\nInterest-bearing loans and borrowings
\nin thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
111
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
\nMaturity
\nThe following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
\nand undiscounted and exclude contractual interest payments and as well as the impact of netting agreements.
\nInterests are not included for the non-current financial liabilities due to the revolving nature of the credit facility and variable interest
\nconditions. Borrowings and repayments fluctuate over time, depending on working capital requirements.
\nin thousand EUR
\nYear ended December 2022
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
1 370
1 370
\nNon-current derivatives assets
9 926
9 926
\nTrade receivables
166 445
166 445
\nCurrent financial assets
463
463
\nCash and cash equivalents
35 896
35 896
\nFinancial liabilities
\nNon-current financial liabilities
120 794
120 794
\nNon-current derivatives liabilities
\nCurrent financial liabilities
105 797
105 797
\nCurrent derivatives liabilities
463
463
\nTrade payables
223 860
223 860
\nin thousand EUR
\nYear ended December 2021
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
2 219
2 219
\nNon-current derivatives assets
\nTrade receivables
188 127
188 127
\nCurrent financial assets
417
417
\nCurrent derivatives assets
243
243
\nCash and cash equivalents
53 735
53 735
\nFinancial liabilities
\nNon-current financial liabilities
121 809
121 809
\nNon-current derivatives liabilities
\nCurrent financial liabilities
1 461
1 461
\nCurrent derivatives liabilities
243
243
\nTrade payables
258 822
258 822
\nSensitivity
\nAs indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
\nterm debt of 120 million euros in 2022, a 0.5% variation of the floating rate would have 0.9 million euros impact on financing costs.
\nConsidering an average long-term debt of 103 million euros in 2021, a 0.6% variation of the floating rate would have a 0.1 million
\neuros impact on financing costs.
112
\nNon-current derivatives assets
\nNon-current derivatives assets amount to 9.9 million euros and correspond to the fair value of financial derivatives instruments set
\nin place in the context of the interests hedging strategy.
\nFair value of financial assets and liabilities
\nThe table below is presented according to IFRS 9:
\nin thousand EUR
\n31.12.2022
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
166 445
166 445
166 445
\nFinancial assets
1 370
1 370
1 370
\nEquity securities
FVR
1 370
1 370
1 370
\nFinancial assets at amortized cost
AC
0
0
0
\nCash and cash equivalents
35 896
35 896
35 896
\nCash
AC
35 896
35 896
35 896
\nCash equivalents
AC
0
0
0
\nTrade payables
AC
223 860
223 860
223 860
\nFinancial debts
AC
226 591
220 161
0
220 161
\nDerivatives (net amount)
\n(2)
\n-9 926
-9 926
-9 926
\n1.
AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\n2.
IFRS 9 classification for derivatives instruments depends on their hedging qualification (in 2022, the derivatives qualified as cash flow hedging
\ninstruments accounted at \u2018fair value through equity\u201d instruments
\nin thousand EUR
\n31.12.2021
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
188 127
188 127
188 127
\nFinancial assets
2
636
2
636
2
636
\nEquity securities
FVR
2
219
2
219
2
219
\nFinancial assets at amortized cost
AC
417
417
417
\nCash and cash equivalents
53 735
53 735
53 735
\nCash
AC
23 957
23 957
23 957
\nCash equivalents
AC
29 778
29 778
29 778
\nTrade payables
AC
258 822
258 822
258 822
\nFinancial debts
AC
123 270
123 270
123 270
\n1.
\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\nThe financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
\nhierarchy levels:
\n-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
\nmeasurement date;
\n-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
\n-
level 3: unobservable inputs for the asset or liability.
\nThe fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
\neach case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
\nfuture cash flows).
\nFor financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
\nreasonable approximation of fair value, due to the high liquidity of these elements.
\nFor financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
\ncash flows, discounted using rates observed by the Group at the end of the period.
\nThe Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
\nThe fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest
\nrates observed by the Group at the end of the period.
113
\nNote 9: Shareholders\u2019 equity
\nShare capital
\nNo changes have taken place during 2022.
\nShare capital
\n(in thousand EUR)
\nNumber of ordinary shares
\n(in units)
\nAs at 1 January 2022
131 721
59 944 757
\nAs at 31 December 2022
131 721
59 944 757
\nAll ordinary shares are fully paid and have a par value of 2.197 euros.
\nDividends
\nin thousand EUR
\n31.12.2022
31.12.2021
\nDividends on ordinary shares (paid out in 2022)
0
\nDividends on ordinary shares (paid out in 2021)
-30 007
\nTotal
0
-30 007
\nThe Orange Belgium Group policy is to balance the appropriate cash returns to equity holders with the requirement of maintaining
\na balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy and the build-
\nout of its network. Management monitors the return on capital, as well as the level of dividends to ordinary shareholders.
\nConsidering the spectrum acquired in 2022 and to be partially paid in 2023 and the balance sheet impact of the acquisition of VOO,
\nthe Board of Directors will not propose to the Annual General Meeting of Shareholders on 4 May 2023 to distribute in 2023 a gross
\nordinary dividend regarding the financial year 2022.
\nTreasury shares
\nAs a result of the OPA and the ending of the liquidity contract, Orange Belgium Group cancelled 69,657 treasury shares on 23 July
\n2021. No Treasury shares were hold at 31 December 2022 anymore.
\nNote 10: Commitments and contingencies
\nOperational activities commitments
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nHandsets purchases
248 708
200 825
47 883
0
\nOther goods and services purchases
91 222
30 077
34 934
26 211
\nInvestment commitments
77 635
77 495
140
0
\nOperational activities commitments
417 565
308 397
80 957
26 211
\nGuarantees granted
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nGuarantees granted
29 641
1 481
3 785
24 375
\nIn 2022, guarantees granted relate to network performance commitments granted to some corporate customers. No other security
\n(mortgage, pledge or other) has been granted on Orange Belgium assets as at 31 December 2022.
114
\nNote 11: (Non)-current provisions
\nin thousand EUR
\n31.12.2021
Additions
Utilisations
Reversal
Other effect
31.12.2022
\nProvisions for dismantling
89 721
0
-2 672
0
-22 159
64 890
\nProvisions for litigations
3 529
1 214
-236
-1 945
0
2 562
\nTotal provisions
93 250
1 214
-2 908
-1 945
-22 159
67 452
\nin thousand EUR
\n31.12.2020
Additions
Utilisations
Reversal
Other effect
31.12.2021
\nProvisions for dismantling
82 592
1 240
-688
0
6 577
89 721
\nProvisions for litigations
3 481
226
-160
-19
1
3 529
\nTotal provisions
86 073
1 466
-848
-19
6 578
93 250
\nAccruals for dismantling consist of current (6.8 million euros) and non-current provisions (58.1 million euros) (see also Note 5 \u2013
\nOther intangible assets).
\nProvisions for litigations are recorded in other (non)-current liabilities.
\nOutstanding litigation
\nOrange Belgium is engaged in various judicial procedures whereby third-party individuals or entities are claiming repair of damages
\nthey claim to have incurred. Each litigation is assessed on an individual basis in order to assess as to whether it is more likely than
\nnot that an outflow of resources will be necessary to settle the litigation and ensures that the assumptions to quantify the provisions
\nare valid.
\nOutstanding claims are built up during the previous years and it can be reasonably assumed that they will be subject to a Court
\ndecision or solved by means of a settlement agreement within the coming years.
\nSee Management report, section 6 for detailed information on the disputes.
\nNetwork sites dismantling provision
\nSee Note 5 \u2013 Other intangible assets and property, plant and equipment.
\nWaste Electrical and Electronic Equipment
\nAccording to the European Directive issued on that subject and to the IFRIC 6 interpretation, Orange Belgium is responsible for the
\ntreatment and disposal of any waste electrical and electronic equipment (i.e. network equipment, IT hardware...) acquired on or
\nbefore 13 August 2005.
\nOrange Belgium is currently selling its electrical and electronic equipment waste to a WEEE certified third-party supplier at a net
\nselling price which meets all European Directive obligations. The agreement with this supplier also includes Orange Belgium\u2019s
\nobligations for the period prior to 13 August 2005. No provision has to be recognized in this respect in Orange Belgium\u2019s financial
\nstatements.
115
\nNote 12: Related parties
\nRelationships with affiliated enterprises
\nBalance sheet and income statement
\nin thousand EUR
\n31.12.2022
31.12.2021
\nASSETS
\nCurrent receivables
-51 663
-33 167
\nLIABILITIES
\nCurrent interest-bearing loan
104 549
-215
\nNon-current interest-bearing loan
120 000
120 000
\nCurrent trade payables
20 966
36 903
\nINCOME AND CHARGES
\nSales
53 859
43 828
\nPurchases
-83 626
-74 850
\nInterests
-7 434
-833
\nThe ultimate parent entity of Orange Belgium S.A. is Orange S.A., 111 quai du Pr\u00e9sident Roosevelt, CS 70222, 92449 Issy les
\nMoulineaux Cedex, France.
\nRelated party transactions
\nin thousand EUR
\n31.12.2022
\nSales to
\nrelated parties
\nPurchases from
\nrelated parties
\nAmounts owed by
\nrelated parties
\nAmounts owed to
\nrelated parties
\nOrange - Traffic and services
36 781
-44 288
0
\nOrange - Cash pool
215
-6 289
-52 856
117 350
\nOrange Affiliates - Traffic and services
15 659
-22 347
493
8 347
\nAtlas Services Belgium - Loan
16
-870
13
119 818
\nBrand fees to Orange S.A.
1 188
-17 266
688
\nTotal
53 859
-91 060
-51 663
245 515
\nin thousand EUR
\n31.12.2021
\nSales to
\nrelated parties
\nPurchases from
\nrelated parties
\nAmounts owed by
\nrelated parties
\nAmounts owed to
\nrelated parties
\nOrange - Traffic and services
30 149
-40 343
-5 033
\nOrange - Cash pool
-226
-29 778
29 241
\nOrange Affiliates - Traffic and services
13 679
-17 738
1
631
7 687
\nAtlas Services Belgium - Loan
-565
13
119 760
\nBrand fees to Orange S.A.
-16 811
\nTotal
43 828
-75 683
-33 167
156 688
\nTerms and conditions of transactions with related parties
\nTerms and conditions for the sale and purchase of traffic and services, to the centralized treasury management agreement and to
\nthe revolving credit facility agreement are determined on an arm\u2019s length basis according to the normal market prices and conditions.
\nFollowing the rebranding exercise in 2016, Orange Belgium benefited from a three-year grace period. As from May 2019, a brand
\nfee is charged on a yearly basis by the ultimate parent Orange S.A. which is mainly calculated as a percentage of retail service
\nrevenues.
\nIn the context of VOO acquisition, the parent company has issued a guarantee of payment in favor the seller corresponding to the
\namount of the transaction. No allowance for doubtful debtors on amounts owed by related parties is outstanding at the balance
\nsheet date.
116
\nRelationships with Board of Directors members and senior management
\nin thousand EUR
\n31.12.2022
31.12.2021
\nShort-term employees benefits
3 862
3 809
\nPost-employment benefits
424
444
\nOther long-term benefits
673
594
\nTermination benefits
0
0
\nTotal
4 959
4 846
\nThe total remuneration attributed to the Board of Directors (excluding the normal compensation of the CEO which is included in the
\ntable above) is as follows:
\nin thousand EUR
\n31.12.2022
31.12.2021
\nTotal Remuneration
259
335
\nNote 13: Liabilities related to contracts with customers and other assets
\nrelated to contracts with customers
\nCustomer contract net assets and liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCustomer contract net assets
59 918
50 715
\nCosts of obtaining a contract
11 596
10 938
\nCosts to fulfill a contract
0
0
\nTotal customer contract net assets
71 514
61 653
\nPrepaid telephone cards
-14 383
-14 762
\nConnection fees
-584
-533
\nOther deferred revenue
-45 321
-40 062
\nOther customer contract liabilities
-797
-665
\nTotal deferred revenue related to customer contracts
-61 085
-56 022
\nTotal customer contract net assets and liabilities
10 429
5 631
\nThe following tables give an analysis of the balances of customer contract net assets:
\nin thousand EUR
\n2022
2021
\nCustomer contract net assets - in the opening balance
50 715
51 889
\nBusiness related variations
9 203
-1 174
\nChanges in the scope of consolidation
0
0
\nReclassifications and other items
0
0
\nReclassification to assets held for sale
0
0
\nCustomer contract net assets - in the closing balance
59 918
50 715
\nThe change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income)
\nin the statement of financial position is presented below.
\nin thousand EUR
\n2022
2021
\nDeferred revenue related to customer contracts - in the opening balance
56 022
58 968
\nBusiness related variations
5 063
-2 946
\nChanges in the scope of consolidation
0
0
\nReclassifications and other items
0
0
\nReclassification to assets held for sale
0
0
\nDeferred revenue related to customer contracts - in the closing balance
61 085
56 022
\nTrade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
\nconsideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
117
\nBy contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
\ncustomers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
\nof contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a
\nfixed period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for
\ntelephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over
\nthe price invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
\nContract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
\nespecially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in
\nthe legal environment governing offers.
\nContract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
\ncontract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not
\nyet transferred, such as contracts payable in advance or prepaid packages.
\nCustomer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal
\npart of the Group\u2019s operations.
\nin thousand EUR
\n2022
2021
\nCosts of obtaining a contract - in the opening balance
10 938
11 295
\nBusiness related variations
658
-357
\nChanges in the scope of consolidation
\nReclassifications and other items
\nReclassification to assets held for sale
\nCosts of obtaining a contract - in the closing balance
11 596
10 938
\nWhere a telecommunications service contract is signed via a third-party distributor, this distributor may receive business provider
\nremuneration, generally paid in the form of a commission for each contract or invoice-indexed commission. Where the commission
\nis incremental and would not have been paid in the absence of the contract, the commission cost is estimated and capitalized in the
\nbalance sheet. It should be noted that the Group has adopted the simplification measure authorized by IFRS 15 to recognize the
\ncosts of obtaining contracts as an expense when they are incurred if the amortization period of the asset, it would have recognized
\nin respect of them, would not have exceeded a year.
\nThe costs of obtaining fixed-period mobile service contracts are capitalized and released to profit or loss on a straight-line over the
\nenforceable contract term, as these costs are generally incurred each time the customer renews the fixed-period.
\nThere are no costs to fulfil a contract in Orange Belgium S.A.
\nThe following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December 2022. Unfulfilled
\nperformance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the
\ncontract. As allowed by the simplification method procedure in IFRS 15, these disclosures are only related to performance obligations
\nwith an internal term greater than one year.
\nin thousand EUR
\nTotal
\n2022.12
\nTotal
\n2021.12
\nLess than one year
Y01
66 542
61 114
\nBetween 1 and 2 years
Y02
21 027
20 087
\nBetween 2 and 3 years
Y03
312
122
\nBetween 3 and 4 years
Y04
63
15
\nBetween 4 and 5 years
Y05
\nMore than 5 years
Y99
\nTotal
\n87 944
81 338
\nOn the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price
\ncan be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. We have
\nelected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to
\nexclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less. These
\ncontracts are primarily monthly service contracts.
\nIn addition, certain contracts offer customers the ability to purchase additional services. These additional services are not included
\nin the transaction price and are recognized when the customer exercises the option (generally on a monthly basis). They are not
\ntherefore included in unfulfilled performance obligations.
118
\nNote 14: Lease agreements
\nIn the course of its activities, the Group regularly enters into leases as a lessee. The leases concern the following asset categories:
\n-
Land and buildings
\n-
Network and terminals
\n-
IT equipment; and
\n-
Other
\nLease liabilities
\nAs of 31 December 2022, lease liabilities amount to 262.1 million euros, including non-current lease liabilities of 217.5 million euros
\nand current lease liabilities of 44.6 million euros.
\nin thousand EUR
\n2022
2021
\nLease liabilities \u2013 in the opening balance
299 919
304 051
\nIncrease with counterpart in right-of-use
13 517
50 268
\nDecrease in liabilities following rental payments
-51 645
-51 834
\nImpact of changes in assessments
-21
-2 566
\nReclassification and other items
299
-2 566
\nLease liabilities \u2013 in the closing balance
262 069
299 919
\nO/w non-current lease liabilities
217 517
255 251
\nO/w current lease liabilities
44 553
44 669
\nThe decrease in the lease liability and in the right of use assets balances comes from the low level of lease agreements (new and
\nrenewals) signed in 2022 combined with the fact that on going contracts remains cashed out for similar amount as in 2021.
\nThe following table details the undiscounted future cash flows of lease liabilities:
\nin thousand EUR
\n31 December
\n2022
\n2023
2024
2025
2026
2076
\n2028 and
\nbeyond
\nUndiscounted lease liabilities
317 809
43 744
35 518
37 374
21 340
17 910
161 923
\nRight-of-use assets
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nLand and buildings
387 341
-139 285
248 056
\nNetworks and terminals
5 688
-4 725
963
\nIT equipment
3
0
-3
\nOther right-of-use
24 301
-12 970
-19
11 312
\nTotal right-of-use assets
417 333
-156 980
-22
260 331
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nLand and buildings
407 261
-121 046
286 215
\nNetworks and terminals
5 779
-4 068
1 711
\nIT equipment
3
-3
\nOther right-of-use
21 174
-9 917
-19
11 238
\nTotal right-of-use assets
434 217
-135 031
-22
299 164
\nin thousand EUR
\n2022
2021
\nNet book value of right-of-use assets -in the opening balance
299 164
303 803
\nIncrease (new right-of-use assets)
13 949
54 264
\nImpact of changes in the scope of consolidation
\nDepreciation
-52 942
-54 020
\nImpairment
-4
\nImpact of changes in the assessments
-139
-4 879
\nReclassifications and other items
299
\nNet book value of right-of-use assets -in the closing balance
260 331
299 164
\nThe total expenses relating to short-term leases for which the recognition exemption is applied is very limited
119
\nNote 15: Significant accounting policies
\n1. Summary of significant accounting policies
\n1.1. Transactions in foreign currencies
\nOn initial recognition in the functional currency, a foreign currency transaction is recorded by applying the spot exchange rate
\nbetween the functional currency and the foreign currency at the date of the transaction. At each balance sheet date, foreign monetary
\nassets and liabilities are translated using the closing rate.
\nExchange gains and losses are recognized as operational income and expenses when they are related to the operational activities.
\nExchange gains and losses are recognized as financial income and expenses only when they are related to the financing activities.
\n1.2. Business combinations, goodwill and goodwill impairment
\nBusiness combinations are accounted for applying the acquisition method:
\n-
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all
\ncontingent consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss
\nor through other comprehensive income in accordance with the applicable standards;
\n-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
\noccurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional
\namounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new
\ninformation obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected
\nthe amounts recognized at that date;
\n-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
\nassumed at the acquisition date and is recognized as an asset in the statement of financial position.
\nFor each business combination with ownership interest below 100%, non-controlling interests are measured:
\n-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
\n-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
\nrecognized for the share acquired.
\nAcquisition related costs are directly recognized in the income statement during the period in which they are incurred.
\nWhen a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
\ndate through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
\nrequired if the previously held equity interests would have been disposed.
\nGoodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
\nimpaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
\noperators with respect to the decline of local economic environments, the changes in the market capitalization values of
\ntelecommunication companies, as well as actual economic performance compared to market expectations represent external
\nindicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
\ntest should be performed more than once a year.
\nIAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
\nacquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
\nliabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
\nuse.
\nValue in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
\non economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
\nmanagement, as follows:
\n-
cash flow projections are based on five-year business plans;
\n-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next
\ntwo years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
\n-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
\nCarrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
\nassets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
\nNet book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
\nwith other CGUs and groups of CGUs.
120
\nFor a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
\nallocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
\nallocated (i.e. ownership interest).
\nImpairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\n1.3. Intangible assets
\nThis asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
\nof network design and development, the cost of purchased and internally generated software.
\nIntangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
\nintended use, i.e. costs of employee benefits, professional fees and testing costs.
\nWhen an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
\ncalculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
\npayment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
\ncosts. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the life time
\nof the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
\ncapitalized as such:
\n-
One off amount paid at the time the license becomes available for use
\n-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment
\nof the calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount
\nrate will be recorded in financial expenses and annual payments will be applied against the debt itself.
\nAfter initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
\nvalue of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
\nIntangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
\nasset may be impaired.
\nThe depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
\nof the mobile licenses starts when they are ready to operate.
\nAmortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
\nnecessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
\nThe license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
\nfull amount will be amortized on a straight-line basis over its remaining useful life of that date.
\nThe GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively. The GSM license
\nrenewal for 5 years was terminated in 2021 and replaced twice by short term license renewal for 6 months. These have been
\nextended twice during 2022. The last extension expired on 31 December 2022.
\nIn 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
\nNovember 2013 and is valid for a period of 20 years.
\nIn the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
\nMHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
\nfrequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
\n20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
\nof 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
121
\nThe useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
\ntheir amortization starts when the software is ready for use.
\nThe amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
\nyear-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
\nasset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
\nrecognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
\nexercise.
\nAmortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible
\nassets and property, plant and equipment\u201d.
\nResearch costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
\nwhen the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\nits intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
\nof resources to complete the asset and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
\nat cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
\nis complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
\ndevelopment, the asset is tested for impairment annually.
\n1.4. Property, plant and equipment
\nThe following items of property, plant and equipment are classified under the tangible assets category: building, network
\ninfrastructure and equipment, IT servers and personal computers, office furniture, leasehold improvements, equipment leased to
\ncustomers.
\nUpon recognition, tangible assets are measured at cost. The cost includes the purchase price, import duties and non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any costs directly attributable to bringing the asset to the
\nlocation and condition for it to be capable of operating in the expected manner. The cost of replacing part of an item of property,
\nplant and equipment is recognized as an asset when incurred and if the recognition criteria are met. All other repair and maintenance
\ncosts are recognized in profit or loss as incurred. The cost also includes the estimated cost to dismantle the network sites and to
\nrefurbish the rented premises when such obligation exists.
\nThe costs related to the installation & activation of the cable and that are directly attributable to bring the asset into working condition
\nfor its intended use, are recognized as an asset.
\nAfter initial recognition, tangible assets are measured at cost less any accumulated depreciation and impairment losses.
\nThe depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
\ntangible asset starts when it is ready to operate as intended.
\nThe useful life of each category of tangible assets has been determined as follows:
\n-
Building
20 years
\n-
Pylons and network constructions
20 years
\n-
Optical fiber
15 years
\n-
Network equipment
5-10 years
\n-
Messaging equipment
5 years
\n-
IT servers
5 years
\n-
Personal computers
4 years
\n-
Office furniture
5-10 years
\n-
Leasehold improvements
9 years or rental period if shorter
\n-
Cable equipment
3-4 years
\nThe residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
\nfrom previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
\nlife on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
\nalso considered in the exercise.
\nThe costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
\nlocation to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
\nGroup.
122
\nDepreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
\nand property, plant and equipment\u201d.
\nAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
\nderecognized.
\nAccelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at Orange
\nBelgium when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
\nthat asset will then be depreciated over the remaining period (of service).
\nThe asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts,
\nassuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
\nfuture. The dismantling asset is measured by using appropriate inflation and discount rates.
\nThe Group is required to dismantle technical equipment and restore technical sites.
\nWhen the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
\nThe provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
\nthe asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
\nfiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
\nadjusted where appropriate against the asset to which it relates. The provision is present-discounted.
\n1.5. Impairment of tangible and intangible items other than goodwill
\nThe Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
\nexists, or when annual impairment testing for an asset is required, Orange Belgium makes an estimate of the asset's recoverable
\namount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
\nin use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
\nthose from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
\nconsidered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
\nand the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
\nheading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
\nservice, site civil works never finally deployed.
\nFor assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
\nor cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
\nin the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
\nis limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
\nwould have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
\nis recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
\nrevaluation increase.
\n1.6. Borrowing costs
\nBorrowing costs are capitalized after 1 January 2009. Evaluation of the need to capitalize borrowing costs is made at project level.
\nUp to end of 2008, borrowing costs were recognized as an expense in the period in which they occurred.
\n1.7. Government grants
\nA government grant is recognized when there is a reasonable assurance that the grant will be received, and the conditions attached
\nto them are complied with.
\nWhen the grant relates to an expense item, it is recognized as income over the period necessary to match on a systematic basis to
\nthe costs that it is intended to compensate.
\nWhere the grant relates to an asset, the fair value is credited to the carrying amount of the asset and is released to the income
\nstatement over the expected useful life of the relevant asset by equal annual instalments.
123
\n1.8. Taxes
\nCurrent income taxes
\nCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
\nfrom or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
\nsubstantively enacted by the balance sheet date.
\nDeferred income tax
\nDeferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax basis
\nof assets and liabilities and their carrying amounts for financial reporting purposes.
\nDeferred income tax liabilities are recognized for all taxable temporary differences, except:
\n-
where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
\nthat is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit
\nor loss; and
\n-
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
\nventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax
\nlosses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and
\nthe carry forward of unused tax credits and unused tax losses can be utilized except:
\n-
where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
\nasset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
\naccounting profit nor taxable profit or loss; and
\n-
in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
\nventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences
\nwill reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be
\nutilized.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
\nlonger probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
\nUnrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has
\nbecome probable that future taxable profit will allow the deferred tax asset to be recovered.
\nDeferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
\nrealized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
\nsheet date.
\nDeferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax
\nassets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation
\nauthority.
\nSales tax
\nRevenues, expenses and assets are recognized net of the amount of sales tax except:
\n-
where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which
\ncase the sales tax is recognized as part of the acquisition cost of the asset or as part of the expense item as applicable;
\nand
\n-
receivables and payables that are stated with the amount of sales tax included.
\nThe net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
\nthe balance sheet.
124
\nOperational taxes: IFRIC 21
\nThe IFRIC 21 interpretation was adopted by the European Union in the first semester 2014. It defines the obligating event that gives
\nrise to a liability to pay a levy (as the activity that triggers the levy) and refers to other standards to determine whether the recognized
\nliability gives rise to an asset or expense.
\nOrange Belgium applies IFRIC 21 in the consolidated financial statements to a limited number of levies whose accounting is modified
\nby the interpretation: property withholding tax, tax on office space, tax on class 1/2/3 sites (hazardous and/or insalubrious sites),
\nsites tax and taxes on advertising boards, panels, etc.
\n1.9. Inventories
\nInventories are assets held for sale in the ordinary course of business, i.e. handsets and accessories.
\nInventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, cost
\nof conversion and other costs incurred in bringing the inventories to their present location and condition. The measurement of our
\ninventories is determined by the weighted average method. The weighted average unit cost is the total amount that has been paid
\nfor the inventory divided by the number of units in the inventory. Net realizable value is the estimated selling price in the ordinary
\ncourse of business, less estimated costs of completion and the estimated costs necessary to make the sale.
\n1.10. Cash and cash equivalents
\nCash and cash equivalents include cash on hand and cash deposits with a maximum term of 3 months. Cash and cash equivalents
\nheld with financial institutions are measured at nominal value. Banks and intercompany cash pooling overdrafts are classified as
\nshort-term financial liabilities.
\n1.11. Own shares (liquidity contract)
\nThe purchase of own (Orange Belgium) shares or obligations in the framework of a liquidity contract are accounted for as a deduction
\nfrom equity.
\n1.12. Long-term provisions
\nProvisions are recognized when Orange Belgium has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
\ncan be made of the amount of the obligation.
\nWhere Orange Belgium expects some or all of the provision to be reimbursed, the reimbursement is recognized as a separate asset
\nbut only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net
\nof any reimbursement.
\nIf the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where
\nappropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
\nrecognized as a borrowing cost.
\nThe estimate of the dismantling costs regarding the network sites and of the refurbishment costs related to the rented premises is
\nrecognized as an item of tangible asset. This estimate is also recognized as a provision that is measured by using appropriate
\ninflation and discount rates.
\n1.13. Employee benefits
\nShort-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
\nmedical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
\nShort-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
\nestimate of such liabilities can be made.
\nAs a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
125
\nIn order to ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law
\nat the date of departure regarding the access, Orange Belgium ordered a complete actuarial computation under the PUC method.
\nThe actuary performed projections according to a pre-defined methodology and with certain assumptions. This report indicates that
\nthe accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31 December 2022,
\nno provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in future cash
\ncontributions no asset has been recognized neither.
\n1.14. Leases
\nOrange Belgium S.A. classifies as a lease, a contract that conveys to the lessee the right to control the use of an identified asset for
\na given period, including a service contract if it contains a lease component.
\nOrange Belgium S.A. has defined four major lease contract categories:
\n1.
Land and buildings: these contracts mainly concern commercial (point of sale) or service activity (offices and head office) leases,
\nas well as leases of technical buildings not owned by the Group. Real estate leases entered into in Belgium generally have long
\nterms (between 7 and 11 years).
\n2.
Networks and terminals: the Group is required to lease a certain number of assets in connection with its mobile activities. This
\nis notably the case of lands to be used to install antennas, mobile sites leased from a third-party operator and certain \u201cTowerCos\u201d
\ncontracts (companies operating telecom towers). Leases are also entered into as part of fixed wireline access network activities.
\n3.
IT (& network) equipment: this asset category primarily comprises leases of servers and hosting space in datacenters.
\n4.
Other: this asset category primarily comprises leases of vehicles.
\nThere are no real relevant differences in the four categories in the context of IFRS 16, the rules and calculation methods are identical.
\nLeases are recognized in the consolidated statement of financial position via an asset reflecting the right to use the leased assets
\nand a liability reflecting the related lease obligations. In the consolidated income statement, amortization and depreciation of the
\nright-of-use asset is presented separately from the interest expense on the lease liability. In the consolidated statement of cash
\nflows, cash outflows relating to interest impact operating flows, while repayments of the lease liability impact financing flows.
\nFinally, Orange Belgium S.A. applies the following authorized practical expedients:
\n-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is
\napplied for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical
\nexpedient, the Group calls on its judgment and experience gained in the previous years to determine whether it is
\nreasonably certain to exercise a renewal option, taking account of the relevant facts and circumstances.
\n-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
\n-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
\n-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant
\nto IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
\na)
Accounting policies Lease Liabilities:
\nOrange Belgium S.A. recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability
\nis equal to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is
\nreasonably certain to pay at the end of the lease, such as the exercise price of a purchase option (where it is reasonably certain to
\nbe exercised), or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be
\nexercised).
\nOrange Belgium S.A. only takes into account the lease component of lease when measuring the lease liability. For certain asset
\nclasses where the lease includes service and lease components, the Group may recognize a single contract classified as a lease
\n(i.e. without distinction between the service and lease component).
\nOrange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by
\nany extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably
\ncertain not to exercise.
\nFor open-ended leases, Orange Belgium S.A. generally adopts the notice period as the enforceable period. The Group nonetheless
\nassesses, based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the
\nexistence of non-insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic
\nimportance of the leased asset when determining this enforceable period.
\nFor each contract, Orange Belgium S.A. applies a discount rate determined based on the loan yield specific to each contract,
\naccording to its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
126
\nIn order to determine the loan yield specific to each contract, Orange Belgium applies the following method:
\n-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
\n-
Application of Orange Belgium S.A.\u2019s credit spread according to the currency and maturity.
\n-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
\nAfter the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the
\nfollowing main cases:
\n-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
\noption will be exercised, or a termination option will not be exercised;
\n-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
\npayments; and
\n-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
\nb)
Accounting policies ROU assets:
\nA right-of use is recognized as an asset, with a corresponding lease liability. The right-of-use asset is equal to the amount of the
\nlease liability at inception.
\nWork performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
\nof-use asset and are recognized in accordance with other standards.
\nFinally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term
\nadopted by the Group.
\nc)
Accounting policies Identified assets:
\n-
In certain circumstances, Orange Belgium rents a space to set up an antenna. Most often, the space is a piece of land or
\na
part of a rooftop or balcony etc.\u2026 The identified asset is the part of land which is rented per the terms of the lease
\ncontract. In most circumstances, the lease contract does not allow the owner of the space to substitute it by another one.
\nConsequently, the contracts most often do not include a substitution right to the owner. All benefits from use of the part
\nof the land rented are obtained by Orange Belgium. In certain circumstances, Orange Belgium rents a space on the tower
\nand/or in the shelter from a third-party operator. This space can be defined as a dedicated space, volume or payload in
\nthe contract. The contract conveys the right to use an identified asset. The space in the tower and granted by the third-
\nparty operator is physically identifiable. Even in the case the space would not be explicitly specified in the contract, it will
\nbecome identified at the time the spot is made available for Orange Belgium to install its equipment. When the contract
\nallows the owner of the tower to substitute the space which is initially rented by Orange Belgium, this right either is generally
\nexercisable only in very specific cases (security, heightening of the tower\u2026) which cannot be anticipated at the beginning
\nof the contract, or is subject to the pre-approval of Orange. Consequently, this substitution right is deemed not substantive
\nfor the supplier. All the economic benefits from use of the space are obtained by Orange Belgium.
\n-
Fixed wireline: these leases mainly concern access to the local loop where Orange is a market challenger (total or partial
\nunbundling), as well as the lease of land transmission cables.
\n-
Regarding the access to the local loop, the identified asset is the dedicated pair of copper wires installed from the
\ntelephone exchange / central office to the customer's premises. In most cases, the purchase order forms explicitly
\nmention the specific pair of copper wires related to Orange. Even if the pair of copper wires is not explicitly specified
\nin the purchase order form, it will become identified when the subscriber\u2019s access is granted to Orange by the
\nincumbent. Then Orange is able to connect the pair of copper wires from its own DSLAM to the customer premises
\nset-top box. The full unbundling contracts do not permit any substitution right. All the economic benefits from the
\nuse of the dedicated pairs of copper are obtained by Orange. Indeed, Orange has the exclusive use of the dedicated
\npair of copper wires to deliver retail telecommunication services (voice and broadband) to its final customer in
\nexchange for a subscription fee, which is determined by Orange.
\nHowever, as this is not material (only 10 lines are still in use representing a total yearly cost of approximately 2,000
\neuros) for Orange Belgium S.A., these contracts are not part of the IFRS16 calculation.
\n-
Regarding the lease of land transmission cables, Orange Belgium lease either a specific cable or a capacity portion
\nof a cable.
\n\u2015
In some cases, the supplier grants Orange Belgium the use of an identified and fully dedicated cable (for
\nexample dark fiber cable) for a determined period. Orange Belgium is responsible for directing and operating
\nthe dark fiber
with its own active network equipment and resources. The identified asset is the dedicated
\ndark fiber installed by the supplier from a point A to a point B. In most cases, the contracts or the purchase
\norder forms explicitly mention the specific dark fiber involved (usually described by an identification number).
\nEven in the case where the dark fiber is not explicitly specified in the purchase order form, it will become
\nidentified at the time the access is granted to Orange by the supplier. Then Orange is able to connect its own
\nactive equipment to the dedicated dark fiber. Unless
a substantive substitution right is properly identified in
\na contract, Orange considers that the dedicated dark fibers are identified assets. Furthermore, all the
127
\neconomic benefits from the use of the dedicated dark fiber are obtained by Orange. Indeed, Orange has the
\nexclusive use of the dedicated fiber cable used for core network operations purposes.
\n\u2015
In some cases, the supplier grants Orange Belgium a high-speed access link connecting two geographic
\npoints for a determined transmission capacity and period. The supplier is responsible for directing and
\noperating the lines and their maintenance with its own active network equipment and resources. This form of
\ncapacity arrangement does not convey the right to use an identified asset. This form of leased lines
\narrangement (capacity arrangement) only conveys to Orange a right to access a capacity (i.e. a quantity) as
\nmentioned in the offers. This kind of agreement does not fall within the scope of IFRS 16.
\n1.15. Loyalty commissions
\nLoyalty commissions earned by the distribution channels on post-paid contracts are recognized upfront upon contract subscription.
\n1.16. Financial discounts
\nFinancial discounts granted to customers or received from suppliers for early payments are deducted from revenue and costs of
\nsales as incurred.
\n1.17. Dividend
\nA dividend declared by the General Assembly of the shareholders after the balance sheet date is not recognized as a liability at that
\ndate.
\n1.18. TV content contracts
\nExpenses related to acquired TV distribution rights are recognized in the profit and loss statement as incurred and not capitalized
\nas intangible asset and consequently amortized over the term of the contract. The Company believes that it only acquires the
\ndistribution right to air a certain channel and has no view or influence on future scheduling and content. As such, there is only a
\nlimited ability to predict significant audiences or revenues from future airings, which implies that the acquired TV distribution rights
\ndo not meet the requirements to be recognized as an intangible asset under IAS 38.
\n1.19 Segment reporting
\nDecisions on allocation of resources and operating segments\u2019 performance assessment of Group components are made by the
\nChief Executive Officer (main operational decision-maker) at operating segments\u2019 level, mainly composed by geographical locations.
\nThus, the operating segments are:
\n-
Belgium; and
\n-
Luxembourg.
\nThe use of shared resources is taken into account in segmental results based either on contractual agreements terms between legal
\nentities, or external benchmarks, or by allocating costs among all segments. The supply of shared resources is included in other
\nrevenues of the service provider, and the use of the resources is included in expenses taken into account for the calculation of the
\nservice user\u2019s EBITDAaL (as from accounting year 2019). The cost of shared resources may be affected by changes in contractual
\nrelationships or organization and may therefore impact the segment results disclosed from one year to another.
\n1.20. Financial instruments
\nThe standard IFRS 9 \"Financial instruments\" is of mandatory application since 1 January 2018.
\nIFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
\nhedge accounting.
\nClassification and measurement of financial assets and liabilities
\nThe classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
\ndepends on the combination of the following two criteria:
\n-
the Group\u2019s business model for managing financial assets; and
\n-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
\nBased on the combined analysis of these two criteria, IFRS 9 identifies three business models:
\n-
Financial assets measured at fair value through profit or loss (FVR)
\nCertain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable
\ndebt securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be
\ndesignated by Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at
\ninception and subsequently. All changes in fair value are recorded in net financial expenses.
128
\n-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
\n(FVOCI)
\nInvestment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at
\nfair value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value
\nat inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other
\ncomprehensive income that may not be reclassified to profit/loss.
\n-
Financial assets measured at amortized cost (AC)
\nThis category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
\nsubsequently measured at amortized cost using the effective interest method. If there is any objective evidence of impairment
\nof these assets, the value of the asset is reviewed at the end of each reporting period. An impairment loss is recognized in
\nthe income statement when impairment tests demonstrate that the financial asset carrying amount is higher than its
\nrecoverable amount. For trade receivables, the provisioning system also covers expected losses.
\nAssets previously classified as available-for-sale assets and held-to-maturity investments under IAS 39 are now presented in the
\nfollowing categories:
\n-
financial assets at fair value through profit or loss;
\n-
financial assets at fair value through other comprehensive income;
\n-
financial assets at fair value through other comprehensive income that may be reclassified to profit or loss; and
\n-
financial assets at amortized cost.
\nImpairment of financial assets
\nIFRS 9 introduced a new expected loss model for impairment of financial assets. The new standard requires expected credit losses
\nto be taken into account from the initial recognition of financial instruments. In addition to the existing provision system, the Group
\nhas elected to apply a simplified approach of anticipated impairment upon asset recognition.
\nHedge accounting
\nDerivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
\ndate regardless of whether they qualify for hedge accounting under IFRS 9.
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposure.
\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes
\ntherein are generally recognized in profit and loss.
\nThe Group designate certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable
\nforecast transactions arising from changes in foreign exchange rates and interests rates.
\nAt inception of designated hedging relationship, the Group documents the risk management objective and strategy for undertaking
\nthe hedge. The Group also document the economic relationship between the hedged item and the hedge instrument, including
\nwhether the changes in cash flows of hedged item and hedging instruments are expected to offset each other.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
\nis recognized in OCI and accumulated in the hedging reserve. Any ineffective portion of the hedge of changes in the fair value of the
\nderivative is recognized immediately in profit and loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedge instrument tis sold, expires, is terminated or exercised,
\nthen hedge accounting is terminated prospectively. When hedge accounting for cash flow hedged is discontinued, the amount that
\nhas been accumulated in the hedging reserve remains in equity until, for a hedge of transaction resulting in recognition of a non-
\nfinancial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified
\nto profit and loss in the same period or periods as the hedge expected future cash flow affect the profit and loss.
\nIf the hedge future cash flows are no longer expected to occur, then the amount that have been accumulated in the hedging reserve
\nand the cost of hedging reserve are immediately reclassified to profit and loss.
\nInterest-bearing loans and borrowings
\nLoans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
\ncosts.
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
\ninterest method.
\nGains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.
129
\nTrade and other short-term payables
\nTrade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
\neffect of discounting is immaterial.
\nOffsetting a financial asset and a financial liability
\nTrade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
\nmay legally be offset and a clear intention to settle them on a net basis exists.
\n1.21 Revenue from contracts with customers
\nIFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces
\nIAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.
\nMost revenue falls within the application scope of IFRS 15 \u201cRevenue from contracts with customers\u201d. Orange\u2019s products and
\nservices are offered to customers under service contracts only and contracts combining the equipment used to access services
\nand/or other service offers. Revenue is recognized net of VAT and other taxes collected on behalf of governments.
\n1.
Standalone service offers (mobile services only, fixed services only, convergent service)
\nOrange Belgium S.A. proposes to Mass market and Corporate markets customers a range of fixed and mobile telephone services,
\nfixed and mobile Internet access services and content offers (TV). Some contracts are for a fixed term (generally 12 or 24 months),
\nwhile others may be terminated at short notice (i.e. monthly arrangements or portions of services).
\nService revenue is recognized when the service is provided, based on use (e.g. minutes of traffic or bytes of data processed) or the
\nperiod (e.g. monthly service costs).
\nPostpaid mobile revenues are recognized without reference to actual data or voice usage/allowance. The voice or data allowance
\nor the postpaid tariff plan does not have any impact on the calculation of the transaction price or enforceable period. For limited
\ndata offers however, any actual excess data usage is billed and recognized as revenue as incurred.
\nUnder some content offers, Orange may act solely as an agent enabling the supply by a third-party of goods or services to the
\ncustomer and not as a principal in the supply of the content. In such cases, revenue is recognized net of amounts transferred to the
\nthird-party.
\nContracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased
\nand consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their
\nstandalone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
\nWhen contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or
\nconditional on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), Orange Belgium
\nSA defers these discounts or free offers over the enforceable period of the contract (period during which Orange Belgium S.A. and
\nthe customer have a firm commitment). Where applicable, the consideration payable to the customer is recognized as a deduction
\nfrom revenue in accordance with the specific terms and conditions of each contract.
\n2.
Separate equipment sales
\nOrange Belgium S.A. proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily
\nmobile phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the
\namount invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months.
\nWhere payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted
\nfrom the amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
\nWhen the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
\nrecognized in revenue on delivery and received over the service contract.
\nWhere Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control
\nuntil final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
\nproceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
130
\n3.
Bundled equipment and service offers
\nOrange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
\ncommunications contract).
\nEquipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
\nseparately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
\nproportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced
\nprice, where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin
\nbased on market practice.
\nThe provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
\nlease, as Orange maintains control of the box and modems.
\n4.
Service offers to carriers (wholesale)
\nThe Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
\nwholesale activities and International carrier offers:
\n-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026),
\nwhere contract services are not covered by a firm volume commitment. Revenue is recognized as the services are
\nprovided (which corresponds to transfer of control) over the contractual term; and
\n-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the
\namount indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract
\ncategory notably includes certain MVNO contracts. The related revenue is recognized progressively based on actual
\ntraffic during the period, to reflect transfer of control to the customer. In case MVNO contracts are structured with a
\nminimum commitment, minimum commitments are recognized as revenue unless usage exceeds the minimum
\ncommitment.
\nSpecific revenue streams and related recognition criteria are as follows:
\nSales of equipment
\nSales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
\nsales are recognized in revenue upon sale to the final customer.
\nRevenue from the sale of prepaid cards
\nSales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss
\nstatement as revenue upon usage.
\nInterconnection revenue
\nTraffic revenue paid by other telecommunication operators for use of our network is recognized upon usage.
\nRevenue sharing
\nRevenue arising from contracts with third-party content providers is recognized after deduction of the fees paid to them in
\nremuneration of the product or service delivered.
\nRevenue deferred until payment for which collection is not considered probable
\nRevenue of which the collectability is not reasonably assured at the point of sale is deferred until the payment has been received.
\n1.22
Earnings per share
\nThe Group discloses both basic earnings per share and diluted earnings per share for continuing operations:
\n-
basic earnings per share are calculated by dividing net income for the year attributable to the equity holders of the Group
\nby the weighted average number of ordinary shares outstanding during the period;
\n-
diluted earnings per share are calculated based on the same net income and weighted-average number of ordinary shares
\noutstanding after adjustment for the effects of all dilutive potential ordinary shares.
\nWhen basic earnings per share are negative, diluted earnings per share are identical to basic earnings per share. Treasury shares
\nowned, which deducted from the consolidated equity, do not enter into the calculation of earnings per share.
131
\n1.23
Joint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
\nobligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
\nA joint operator shall recognize in relation to its interest in a joint operation:
\n-
its assets, including its share of any assets held jointly;
\n-
its liabilities, including its share of any liabilities incurred jointly;
\n-
its revenue from the sale of its share of the output arising from the joint operation;
\n-
its share of the revenue from the sale of the output by the joint operation; and
\n-
its expenses, including its share of any expenses incurred jointly.
\nAs joint operator, the Group accounts for the assets, liabilities, revenues and expenses relating to its interest in its joint operations
\nin accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.
\nNote 16: Subsequent events
\nOrange Belgium and Telenet sign two commercial wholesale agreements providing access to each other\u2019s Hybrid Fiber
\nCoaxial and Fiber to the Home networks
\nOrange Belgium and Telenet have signed two commercial fixed wholesale agreements, which entry into force is subject to the
\ncompletion of the transaction related to the acquisition of 75% minus one share of VOO by Orange Belgium. The agreements will
\nprovide access to each other\u2019s fixed networks for a 15-year period and cover both current Hybrid Fiber Coaxial and future Fiber to
\nthe Home technologies in both network areas. Orange Belgium believes these agreements will foster investment, benefit the
\ncustomer and competition in the Belgian telecom market. With these agreements, Orange Belgium firstly secures an access to
\nTelenet\u2019s Hybrid Fiber Coaxial network and to its future Fiber to the Home network for 15 years, a key enabler to strengthen its
\nnationwide convergent strategy. Combined with its state-of-the-art mobile network and with the modernization of the VOO network
\nin the regions of Wallonia and Brussels-Capital, Orange Belgium will democratize the multi-gigabit fixed and mobile speed
\nexperience all over the country. Secondly, Orange Belgium will provide Telenet wholesale access to VOO and Brut\u00e9l\u00e9\u2019s Hybrid Fiber
\nCoaxial network and to its future Fiber to the Home network in the regions of Wallonia and Brussels-Capital. It will also secure
\nTelenet as a wholesale customer, increasing network penetration and return on modernization investments. The entry into force of
\nthese agreements is subject to completion of the transaction for the acquisition of 75% minus one share of VOO by Orange Belgium
\nwhich requires notably the approval of the European Commission.
\nRAN sharing agreement between Orange Belgium and Proximus
\nOn 25 November 2019, Orange Belgium and Proximus signed an agreement with the purpose of establishing a 50-50 joint venture
\non radio mobile access network sharing, covering 2G, 3G, 4G and 5G technologies. Telenet lodged a complaint with the national
\ncompetition authority against this agreement. On 10 January 2020 the Competition Authority decided by means of provisional
\nmeasures, that the BIPT could further assess the agreement for an additional period of 2 months. These measures expired on 16
\nMarch 2020 and Orange Belgium and Proximus have resumed works for the implementation of the project. On 1 April 2020 both
\ncompanies transferred the relevant people to the newly created joint operation \u201cMWingz\u201d.
\nOn 30 January 2023 the Prosecutor published its decision that the RAN-sharing agreement does not lead to a (potential) restriction
\nof competition, not at the level of the spectrum auction, nor in the retail and wholesale markets for mobile telecommunication
\nservices. By this decision, the Telenet complaint against the agreement is closed without further consequences for the agreement.
\nAs the deadline to appeal is expired, the decision is final.
\nVOO Acquisition
\nOn 20 March 2023, the European Commission has approved the acquisition of 75% minus one share of the capital of VOO SA by
\nOrange Belgium. This decision, which validates the commitments already taken by Orange Belgium, allows the company to move
\nforward with the acquisition.
\nNone of the above-mentioned events were adjusting events and no other adjusting events arose between the balance sheet date
\nand the date at which the financial statements have been authorized for issue.
132
\nNote 17: Glossary
\nFinancial KPIs
\nRevenues
\nrevenues in line with the offer
\nProvide Group revenues split in convergent services, mobile only services, fixed only services, IT & integration
\nservices, wholesale, equipment sales and other revenues.
\nretail service revenues
\nRevenue aggregation of revenues from convergent services, mobile only services, fixed only services, IT &
\nintegration services.
\nconvergent services
\nRevenues from B2C convergent offers (excluding equipment sales). A convergent offer is defined as an offer
\ncombining at least a broadband access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a mobile voice
\ncontract (excluding MVNOs: Mobile Virtual Network Operator). Convergent service revenues do not include
\nincoming and visitor roaming revenues.
\nmobile only services
\nRevenues from mobile offers (excluding B2C convergent offers and equipment sales) and M2M connectivity,
\nexcluding incoming and visitors roaming revenues.
\nfixed only services
\nRevenues from fixed offers (excluding B2C convergent offers and equipment sales) including (i) fixed broadband,
\n(ii) fixed narrowband, and (iii) data infrastructure, managed networks, and incoming phone calls to customer
\nrelations call centres.
\nIT & integration services
\nRevenues from collaborative services (consulting, integration, messaging, project management), application
\nservices (customer relationship management and infrastructure applications), hosting, cloud computing services,
\nsecurity services, video-conferencing and M2M services. It also includes equipment sales associated with the
\nsupply of these services.
\nWholesale
\nRevenues with third-party telecom operators for (i) mobile: incoming, visitor roaming, domestic mobile
\ninterconnection (i.e. network sharing and domestic roaming agreement) and MVNO, and for (ii) fixed carriers
\nservices.
\nequipment sales
\nRevenues from all mobile and fixed equipment sales, excluding (i) equipment sales associated with the supply of
\nIT & Integration services, and (ii) equipment sales to dealers and brokers.
\nother revenues
\nInclude (i) equipment sales to brokers and dealers, (ii) portal, on-line advertising revenues, (iii) corporate
\ntransversal business line activities, and (iv) other miscellaneous revenues.
\nProfit & Loss
\nData on a comparable basis
\nData based on comparable accounting principles, scope of consolidation and exchange rates are presented for
\nprevious periods. The transition from data on an historical basis to data on a comparable basis consists of
\nkeeping the results for the period ended and then restating the results for the corresponding period of the
\npreceding year for the purpose of presenting, over comparable periods, financial data with comparable
\naccounting principles, scope of consolidation and exchange rate.
\nThe method used is to apply to the data of the corresponding period of the preceding year, the accounting
\nprinciples and scope of consolidation for the period just ended as well as the average exchange rate used for the
\nincome statement for the period ended.
\nChanges in data on a comparable basis reflect organic business changes. Data on a comparable basis
\nis not a financial aggregate as defined by IFRS and may not be comparable to similarly-named indicators used
\nby other companies.
\nEBITDAaL
\n(since 1 January 2019)
\nEBITDA after lease is not a financial measure as defined by IFRS. It corresponds to the net profit before: taxes;
\nnet interest expense; share of profit/losses from associates; impairment of goodwill and fixed assets; effects
\nresulting from business combinations; reclassification of cumulative translation adjustment from liquidated
\nentities; depreciation and amortization; the effects of significant litigation, specific labour expenses; review of the
\ninvestments and business portfolio, restructuring costs.
\nCash flow statement
\nOperating cash flow
EBITDAaL minus eCapex since 1 January 2019.
\nOrganic cash flow
\nOrganic cash flows correspond to net cash provided by operating activities decreased by capex/eCapex and the
\nrepayment of lease liabilities, increased by proceeds from sale of property, plant and equipment and intangible
\nassets and adjusted for the payments for acquisition of telecommunications licenses.
\neCapex
\n(since 1 January 2019)
\nEconomic Capex is not a financial measure as defined by IFRS. It corresponds to capital expenditures on tangible
\nand intangible assets excluding telecommunication licenses and excluding investments through financial leases
\nless proceeds from the disposal of fixed and intangible assets.
\nlicences & spectrum
Cash out related to acquisitions of licences and spectrum.
\nchange in WCR
\nChange in net inventories, plus change in gross trade receivables, plus change in trade payables, plus
\nchange in other elements of WCR.
\nother operational items
\nMainly offset of non-cash items included in adjusted EBITDA, items not included in adjusted EBITDA but included
\nin net cash provided by operating activities, and change in fixed asset payables.
\nnet debt
Financial liabilities minus cash and cash equivalents.
\nnet debt variation
Variation of net debt level.
133
\nOperational KPIs
\nConvergent
\nB2Cconvergent customer base
\nNumber of B2C customers holding an offer combining at least a broadband access (xDSL, FTTx, cable or
\nFixed-4G (fLTE) with cell-lock) and a mobile voice contract (excluding MVNOs).
\nB2C convergent ARPO
\nAverage quarterly Revenues Per Offer (ARPO) of convergent services are calculated by dividing (a) the
\nrevenues from convergent offers billed to the B2C customers (excluding equipment sales) over the past three
\nmonths, by (b) the weighted average number of convergent offers over the same period. The weighted
\naverage number of convergent offers is the average of the monthly averages during the period in question.
\nThe monthly average is the arithmetic mean of the number of convergent offers at the start and end of the
\nmonth. Convergent ARPO is expressed as monthly revenues per convergent offer.
\nMobile
\nmobile customer base
\n(excl. MVNOs)
\nNumber of customers with active simcard, including (i) M2M and (ii) business and internet everywhere
\n(excluding MVNOs).
\nContract
\nCustomer with whom Orange has a formal contractual agreement with the customer billed on a monthly
\nbasis for access fees and any additional voice or data use.
\nPrepaid
\nCustomer with whom Orange has written contract with the customer paying in advance any data or voice
\nuse by purchasing vouchers in retail outlets for example.
\nM2M (machine-to-machine)
\nExchange of information between machines that is established between the central control system (server)
\nand any type of equipment, through one or several communication networks.
\nmobile B2C convergent
\ncustomers
\nNumber of mobile lines of B2C convergent customers.
\nmobile only customers
\nNumber of mobile customers (see definition of this term) excluding mobile convergent customers
\n(see definition of this term).
\nMVNO customers
Hosted MVNO customers on Orange networks.
\nmobile only ARPO
\nAverage quarterly Revenues Per Offer (ARPO) of mobile only services are calculated by dividing
\n(a) the revenues of mobile only services billed to the customers, generated over the past three months, by
\n(b) the weighted average number of mobile only customers (excluding M2M customers) over the same
\nperiod. The weighted average number of customers is the average of the monthly averages during the period
\nin question. The monthly average is the arithmetic mean of the number of customers at the start and end of
\nthe month. Mobile only ARPO is expressed as monthly revenues per customer.
\nFixed
\nnumber of lines (copper + FTTH)
Number of fixed lines operated by Orange.
\nB2C broadband convergent
\ncustomers
\nNumber of B2C customers holding an offer combining at least a broadband access (xDSL, FTTx, cable or
\nFixed-4G (fLTE) with cell-lock) and a mobile voice contract (excluding MVNOs).
\nfixed broadband only customers
\nNumber of fixed broadband customers excluding broadband convergent customers (see definition of this
\nterm).
\nfixed only broadband ARPO
\nAverage quarterly Revenues Per Offer (ARPO) of fixed only broadband services (xDSL, FTTH, Fixed-4G
\n(fLTE), satellite and Wimax) are calculated by dividing (a) the revenues from consumer fixed only broadband
\nservices over the past three months, by (b) the weighted average number of accesses over the same period.
\nThe weighted average number of accesses is the average of the monthly averages during the period in
\nquestion. The monthly average is the arithmetic mean of the number of accesses at the start and end of the
\nmonth. ARPO is expressed as monthly revenues per access.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5778": {
"value": "1.5 Segment information Consolidated statement of comprehensive income for the year ended 31 December 2022
\nin thousand EUR
\n31.12.2022
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nRetail service revenues
963 378
46 115
1 009 493
\nConvergent service revenues
288 030
288 030
\nMobile only service revenues
558 314
38 547
596 861
\nFixed only service revenues
73 568
7 568
81 136
\nIT & Integration services
43 466
43 466
\nEquipment sales
134 742
13 003
147 745
\nWholesale revenues
199 313
16 778
-5 913
210 178
\nOther revenues
35 756
62
-12 020
23 798
\nTotal revenues
1 333 189
75 958
17 933
1 391 214
\nDirect costs
-557 079
-34 899
17 932
-574 046
\nLabour costs
-149 793
-7 229
-157 022
\nIndirect costs, of which
-266 035
-17 679
-283 713
\nOperational taxes and fees
-26 452
-849
-27 301
\nDepreciation of right-of-use assets
-49 522
-4 190
-53 712
\nOther restructuring costs
-11 015
-17
-11 032
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-237 005
-9 544
-246 549
\nImpairment of goodwill
-22 433
-22 433
\nImpairment of fixed assets
1 066
-1 066
\nShare of profits (losses) of associates
390
390
\nOperating Profit (EBIT)
89 155
6 590
95 745
\nNet financial income (expense)
-13 862
-270
-14 132
\nProfit (loss) before taxation (PBT)
75 293
6 320
81 613
\nTax expense
-23 101
-353
-23 454
\nNet profit (loss) of the period
52 192
5 967
58 159
\nReconciliation from EBITDAaL to net profit (loss) for the period for the year ended 31 December 2022
\nin thousand EUR
\n31.12.2022
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nEBITDAaL
357 566
16 151
373 717
\nShare of profits (losses) of associates
390
390
\nImpairment of goodwill
-22 433
-22 433
\nImpairment of fixed assets
-1 066
-1 066
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-237 005
-9 544
-246 549
\nOther restructuring costs
-11 015
-17
-11 032
\nFinance lease costs
2 718
2 718
\nOperating profit (EBIT)
89 155
6 590
95 745
\nFinancial result
-13 862
-270
-14 132
\nProfit (loss) before taxation (PBT)
75 293
6 320
81 613
\nTax expense
-23 101
-353
-23 454
\nNet profit (loss) for the period
52 192
5 967
58 159
79
\nConsolidated statement of comprehensive income for the year ended 31 December 2021
\nin thousand EUR
\n31.12.2021
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nRetail service revenues
899 717
45 428
945 145
\nConvergent service revenues
254 975
254 975
\nMobile only service revenues
541 156
37 672
578 828
\nFixed only service revenues
63 322
7 756
71 078
\nIT & Integration services
40 264
40 264
\nEquipment sales
127 219
13 911
141 130
\nWholesale revenues
232 852
14 999
-5 911
241 940
\nOther revenues
47 717
1 952
-14 412
35 257
\nTotal revenues
1 307 505
76 290
-20 323
1 363 472
\nDirect costs
-553 503
-37 753
20 324
-570 932
\nLabour costs
-140 598
-8 017
-148 615
\nIndirect costs, of which
-271 393
-17 262
-288 656
\nOperational taxes and fees
-22 932
-2 851
-25 783
\nDepreciation of right-of-use assets
-49 680
-4 405
-54 085
\nOther restructuring costs
-3 877
-158
-4 035
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-271 124
-8 082
-279 206
\nImpairment of goodwill
-14 937
-14 937
\nImpairment of fixed assets
-1 638
-1 638
\nShare of profits (losses) of associates
276
276
\nOperating Profit (EBIT)
50 711
5 018
55 729
\nNet financial income (expense)
-3 106
-126
-3 232
\nProfit (loss) before taxation (PBT)
47 605
4 892
52 497
\nTax expense
-11 351
-1 423
-12 774
\nNet profit (loss) for the period
36 254
3 469
39 723
\nReconciliation from EBITDAaL to net profit (loss) for the period for the year ended 31 December 2021
\nin thousand EUR
\n31.12.2021
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nEBITDAaL
339 751
13 258
353 009
\nShare of profits (losses) of associates
276
276
\nImpairment of goodwill
-14 937
-14 937
\nImpairment of fixed assets
-1 638
-1 638
\nDepreciation, amortization of other intangible assets and property, plant and equipment
-271 124
-8 082
-279 206
\nOther restructuring costs
-3 877
-158
-
-4 035
\nFinance lease costs
2 260
2 260
\nOperating profit (EBIT)
50 711
5 018
55 729
\nFinancial result
-3 106
-126
-3 232
\nProfit (loss) before taxation (PBT)
47 605
4 892
52 497
\nTax expense
-11 351
-1 423
-12 774
\nNet profit (loss) for the period
36 254
3 469
39 723
80
\nConsolidated statement of financial position for the year ended 31 December 2022
\nin thousand EUR
\n31.12.2022
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nGoodwill
16 177
50 864
67 041
\nOther intangible assets
760 158
24 468
784 626
\nProperty, plant and equipment
626 554
18 046
644 600
\nRights-of-use of assets
248 500
11 831
260 331
\nInterests in associates and joint ventures
6 151
6 151
\nNon-current assets included in the calculation of the net financial debt
1 370
1 370
\nNon-current derivative assets
9 926
9 926
\nOther
478
1 846
2 324
\nTotal non-current assets
1 669 314
107 055
1 776 369
\nInventories
24 384
1 109
25 493
\nTrade receivables
141 486
26 799
-1 840
166 445
\nPrepaid expenses
1 935
992
2 927
\nCurrent assets included in the calculation of the net financial debt
23 650
12 709
36 359
\nOther
84 667
6 258
-6 966
83 959
\nTotal current assets
276 121
47 867
-8 806
315 182
\nTotal assets
1 945 435
154 922
-8 806
2 091 551
\nTotal equity
688 982
688 982
\nNon-current employee benefits
28
28
\nNon-current fixed assets liabilities
141 088
9 260
150 348
\nNon-current liabilities included in the calculation of the net financial debt
120 794
120 794
\nNon-current lease liabilities
207 817
9 700
217 517
\nOther
64 262
4 153
68 415
\nTotal non-current liabilities
533 989
23 113
557 102
\nCurrent fixed assets payable
251 058
5 462
256 520
\nTrade payables
202 917
22 783
-1 840
223 860
\nCurrent employee benefits
35 972
1 069
37 041
\nDeferred income
996
996
\nCurrent financial liabilities
105 771
6 992
-6 996
105 797
\nCurrent lease liabilities
42 423
2 130
44 553
\nCurrent liabilities included in the calculation of the net financial debt
463
463
\nOthers
169 084
7 154
176 238
\nTotal current liabilities
808 682
45 590
-8 806
845 467
\nTotal equities and liabilities
1 342 671
68 703
680 176
2 091 551
81
\nConsolidated statement of financial position for the year ended 31 December 2021
\nin thousand EUR
\n31.12.2021
\nOrange
\nBelgium
\nOrange
\nLuxembourg
\nInterco
\nelimination
\nOrange
\nBelgium
\nGroup
\nGoodwill
38 610
50 864
89 474
\nOther intangible assets
240 217
7 222
247 439
\nProperty, plant and equipment
643 980
18 790
662 770
\nRights-of-use assets
286 564
12 600
299 164
\nInterests in associates and joint ventures
5 760
5 760
\nNon-current assets included in the calculation of the net financial debt
2 219
2 219
\nOther
479
2 022
2 501
\nTotal non-current assets
1 217 829
91 489
1 309 327
\nInventories
22 849
1 175
24 024
\nTrade receivables
155 128
36 008
-3 009
188 127
\nPrepaid expenses
1 591
3 384
4 975
\nCurrent assets included in the calculation of the net financial debt
43 398
10 580
53 978
\nOther
83 663
3 197
-7 016
79 244
\nTotal current assets
306 028
54 344
-10 025
350 347
\nTotal assets
1 523 856
145 842
-10 025
1 659 672
\nTotal equity
624 156
624 156
\nNon-current employee benefits
73
73
\nNon-current liabilities included in the calculation of the net financial debt
121 809
121 809
\nNon-current lease liabilities
244 542
10 709
255 251
\nOther
82 271
5 523
87 794
\nTotal non-current liabilities
448 695
16 232
464 927
\nCurrent fixed assets payable
69 956
1 698
71 654
\nTrade payables
228 890
32 941
-3 009
258 822
\nCurrent employee benefits
32 427
1 653
34 110
\nDeferred income
191
191
\nCurrent financial liabilities
42 779
1 890
44 669
\nCurrent liabilities included in the calculation of the net financial debt
1 686
7 034
-7 016
1 704
\nOther
155 321
4 119
159 440
\nTotal current liabilities
531 280
49 335
-10 025
570 590
\nTotal equity and liabilities
979 974
65 567
614 131
1 659 672",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6438": {
"value": "1. Description of business
\nOrange Belgium S.A.
(the company\u2019s ultimate majority shareholder is Orange S.A.) is one of the main actors on the
\ntelecommunications market in Belgium and Luxembourg. Orange Belgium is listed on the Brussels Stock Exchange (OBEL). As a
\nconvergent actor, the company provides mobile telecommunication, internet and TV services to residential clients, as well as
\ninnovative mobile and fixed line services to businesses and large corporates. Orange Belgium also acts as a wholesale operator,
\nproviding its partners with access to its infrastructure and service capacities. Orange Belgium\u2019s high-performance mobile network
\nsupports 2G, 3G, 4G, 4G+ and 5G technology and is the subject of on-going investments.
\nOrange Communications Luxembourg S.A.
, incorporated under the laws of Luxembourg, was acquired as of 2 July 2007 by
\nOrange Belgium S.A. The purchase concerned 90% of the shares of Orange Communications Luxembourg S.A. The remaining 10%
\nof shares were acquired on 12 November 2008. The results of Orange Communications Luxembourg S.A. are fully consolidated by
\nthe company since 2 July 2007.
\nSmart Services Network S.A
. (SSN) is a Belgian company that distributes telecommunication and energy services including those
\nof Orange Belgium and Luminus. SSN\u2019s route to market is based on the principle of multi-level marketing. SSN\u2019s network consists
\nof more than 1,000 independent consultants.
\nSmart Services Network S.A.
, incorporated under the laws of Belgium, was created as of 30 September 2014. Orange Belgium
\nS.A. contributed in cash for 999,900 euros equivalent to 9,999 shares out of the 10,000 shares issued by the company. Atlas Services
\nBelgium S.A. contributed in cash for 100 euros equivalent to 1 share. This one share has been sold by Atlas Services Belgium S.A.
\nto Orange Belgium S.A. during the accounting year 2020.
\nIn 2016, Orange Belgium S.A. contributed in cash to the capital increase of Smart Services Network S.A. for 700,000 euros,
\nequivalent to 7,000 shares.
\nOn 25 March 2022, the carried forwarded losses have been integrated in the capital of the company for an amount of 1,041,610.41
\neuros and a capital increase of 341,610.41 euros has been funded. After these transactions, the capital of the company amounts to
\n1,000,000.00 euros.
\nIRISnet S.C.R.L
. is a company constituted in July 2012 in collaboration with the Brussels authorities in order to take over the
\nactivities performed by the temporary association Irisnet and is responsible for the operation of the Irisnet 2 optical fiber network
\nand for the provision of fixed telephony, data transmission services (internet, e-mail) and other network-related services (video-
\nconferencing, video surveillance, etc.).
\nThe take-over of the activities took place on 1 November 2012. In this new legal structure, Orange Belgium S.A. contributed in cash
\nfor 3,450,000 euros equivalent to 345,000 shares out of the 1,225,000 shares issued by the company.
\nWalcom Business Solutions S.A.
, incorporated under the laws of Belgium, was created as of 13 July 2017. Walcom Business
\nSolutions S.A. specializes in the sales of telecommunication products and services for the professional market. Orange Belgium
\nS.A. contributed in cash for 60,885 euros equivalent to 99 shares of the 100 shares issued by Walcom Business Solutions S.A.
\nWalcom S.A. contributed in cash for 615 euros equivalent to 1 share. The results of Walcom Business Solutions S.A. are fully
\nconsolidated by the company since 13 July 2017. As a result of the dissolution and liquidation of Walcom S.A. during the accounting
\nyear 2020 all shares are held now by Orange Belgium S.A.
\nA3Com S.A.
was already an exclusive Orange Belgium agent, specialized in telecommunications product sales and services for
\nresidential customers through a network of 12 Orange shops located in the Brussels region. A3Com S.A., incorporated under the
\nlaws of Belgium, was acquired as of 30 September 2017 by Orange Belgium S.A. The purchase concerned 100% of the 630 shares
\nof A3Com S.A. The results of A3Com S.A. are fully consolidated by the company since 1 October 2017.
\nA&S Partners S.A.,
also an existing Orange Belgium agent, provides telecommunications services to B2B customers within the
\nBrussels region via a dedicated sales team of 35 professionals under the name of AS Mobility. A&S Partners S.A., incorporated
\nunder the laws of Belgium, was acquired as of 30 September 2017 by Orange Belgium S.A. The purchase concerned 100% of the
\n620 shares of A&S Partners S.A. The results of A&S Partners S.A. are fully consolidated by the company since 1 October 2017.
83
\nUpsize N.V
. was a holding company that was acquired on 31 July 2019 for an enterprise value of \u20ac52.4 million. Upsize N.V. was
\n100% shareholder of BKM N.V. On 1 July 2022, Upsize N.V. has been merged with Orange Belgium S.A. Due to this transaction,
\nOrange Belgium S.A. became 100% shareholder of BKM N.V. The results of Upsize N.V. have been fully consolidated by the
\ncompany since 1 August 2019 till 30 June 2022.
\nBKM N.V.
is a nationwide ICT integrator and a pioneer in cloud UCC solutions. It has a solid track-record in the SME and CMA
\nmarkets in Belgium. BKM N.V. has 220 specialist staff who work in four areas of expertise: Unified Communications & Collaboration
\n(UCC) solutions; IT & security solutions; Document & Visual solutions; and Connectivity solutions. BKM N.V. is 100% shareholder of
\nCC@PS B.V.
\nCC@PS B.V
. provides document and visual solutions to low SME customers via a team of 13 professionals, mainly in West Flanders.
\nMWingz S.R.L
. is a joint operation between Orange Belgium S.A. and Proximus S.A., each owning 50% of the company that will
\nmanage the unilateral and shared mobile radio access network of both shareholders. In 2019 both companies decided to build a
\nshared mobile radio access network with the objective to meet customers\u2019 increasing demand for mobile network quality and deeper
\nindoor coverage. The agreement will also allow a faster and more comprehensive 5G roll-out in Belgium. While sharing the common
\npart of their mobile radio access networks, both companies will continue to have full control over their own core network and
\nspectrum assets ensuring differentiated services. MWingz S.R.L. is incorporated under the laws of Belgium and was created on 6
\nDecember 2019. Orange Belgium S.A. contributed in cash for 1 euro equivalent to 1 share out of the 2 shares issued by the Company.
\nProximus S.A. contributed in cash for 1 euro equivalent to 1 share. In April 2020, Orange Belgium participated in the capital increase
\nof MWingz S.R.L. for 1,599,999 million euros. Orange Belgium holds 50% of the shares of MWingz S.R.L. This company started
\noperational activities as from 1 April 2020.
\nOn 29 June 2016, Orange Belgium S.A. subscribed in the capital of
Belgian Mobile ID S.A
. (for 6.28% or 1,745,853.92 euros), with
\nfour banks and the two other mobile telecom operators of the country, to collaborate on the establishment of a mobile identification
\nsystem for both private and professional users. With this mobile solution, Belgian Mobile ID S.A. wants to make it easier for anyone
\nwith a mobile phone and a bank account or an eID to digitally log in, confirm transactions and even sign documents. In April 2018,
\nOrange Belgium S.A. further contributed in cash to the capital increase of Belgian Mobile ID S.A. for 1,846,294.43 euros (or 6.28%
\nof the total shares).
\nIn April 2019, Orange Belgium S.A. led the series B funding of
CommuniThings S.A
. through a \u20ac1.3m investment (for a stake of
\n10.45%). Orange Belgium S.A. invested directly into one of its Orange-Fab scale-ups, CommuniThings, and embarks on a
\ncommercial partnership to market state-of-the-art smart parking solutions. Orange Belgium S.A., Finance.Brussels S.A. and Essex
\nInnovation invested in total \u20ac3 million. In line with Orange\u2019s support of IoT solutions over its IoT networks, the investment will be
\ncombined with a long-term partnership to commercialize CommuniThings\u2019 smart parking solutions across Belgium. In addition, the
\ninvestment will serve CommuniThings\u2019 global expansion efforts as it spearheads the roll-out of its platform over IoT networks. In
\n2020, Orange Belgium participated in an additional capital increase of CommuniThings through a 0.35 million euros investment. In
\nApril 2021, Orange Belgium participated again in the capital increase of CommuniThings through a 0.35 million euros investment.
\nOrange Belgium S.A. holds, directly or indirectly (e.g. through other subsidiaries), less than 20% of the voting power of Belgian
\nMobile ID S.A. and CommuniThings S.A. and as such, it is presumed that Orange Belgium S.A. does not have significant influence.
\nMoreover, generating surplus value is not the main purpose of the investment in Belgian Mobile ID S.A. and CommuniThings S.A.
\nFollowing the period of exclusive negotiations that began on 22 November 2021 and the approval of the board of directors of Enodia,
\nOrange Belgium and Nethys have signed on 24 December 2021 an agreement for the acquisition by Orange Belgium of 75% less
\none share of
VOO S.A
. The transaction is based on an enterprise value of 1.8 billion euros for 100% of the capital. This acquisition
\nrepresents a major step forward in Orange Belgium's national convergent strategy and will increase investment and competition in
\nthe telecommunications sector for the benefit of customers and the competitiveness of the Walloon and Brussels regions.
\nVOO is a telecom operator that owns the cable network in the Walloon region and part of the Brussels region. VOO offers a portfolio
\nof fixed and mobile telephony, broadband Internet and television services. With the acquisition of VOO, Orange Belgium will have a
\nvery high-speed network in Wallonia and part of Brussels, thus reinforcing the deployment of its convergent strategy at national
\nlevel.
\nThe investment plan, consisting of cable modernization and fiber optic (FTTH) rollouts, and the pooling of the two companies\u2019 skills
\nwill make it possible to ensure and strengthen the quality of VOO's network in the long term, serving customers and the
\ncompetitiveness of the Walloon and Brussels regions. Orange's industrial project, the complementary nature of its assets and teams
\nand the excellent working conditions within the two companies will offer attractive prospects for the employees of VOO and Orange
\nBelgium. Orange Belgium is committed to developing WBCC, VOO's call center, and intends to strengthen BeTV.
84
\nNethys will retain a minority stake in VOO and governance rights to guarantee the implementation of the industrial and social project.
\nOrange is offering Nethys the possibility of converting its stake in VOO into Orange Belgium shares to secure the development of
\nVOO and Orange Belgium through further integration between the two companies.
\nThe enterprise value of 1.8 billion euros for 100% of the capital corresponds to an EBITDA multiple of 9.5x. This transaction will
\ngenerate significant synergies, mainly related to the transfer of VOO's MVNO business to Orange Belgium's network. Post synergies,
\nthe EBITDA multiple amounts to 6.5x. Orange Belgium, which currently has a very low debt leverage, will finance this transaction
\nthrough an intra-Group loan.
\nOn 20 March 2023, the European Commission has approved the acquisition of 75% minus one share of the capital of VOO SA by
\nOrange Belgium. This decision, which validates the commitments already taken by Orange Belgium, allows the company to move
\nforward with the acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6442": {
"value": "Orange Belgium S.A.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6444": {
"value": "Orange S.A.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6445": {
"value": "Orange S.A.",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6447": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6448": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6449": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6451": {
"value": "the company provides mobile telecommunication, internet and TV services to residential clients, as well as innovative mobile and fixed line services to businesses and large corporates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6605": {
"value": "2. Scope of consolidation
\nThe parent company and the subsidiaries listed below are included in the scope of consolidation as at 31.12.2022:
\nOrange Belgium S.A.
\nParent company, incorporated under Belgian law
\nLimited company with publicly traded shares Avenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0456 810 810
\nOrange Communications Luxembourg S.A.
\n100% of the shares held by Orange Belgium S.A.
\n8, rue des M\u00e9rovingiens
\nL - 8070 Bertrange
\nLuxembourg
\nCompany identification number: LU 19749504
\nIRISnet S.C.R.L.
\n28.16% of the shares held by Orange Belgium S.A.
\nAccounted for by equity method
\nAvenue des Arts 21
\nB - 1000 Brussels
\nBelgium
\nCompany identification number: BE 0847 220 467
\nSmart Services Network S.A.
\n100% of the shares held by Orange Belgium S.A.
\nAvenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0563 470 723
\nWalcom Business Solutions S.A.
\n100% of the shares held by Orange Belgium S.A.
\nAvenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0678 686 036
\nA3Com S.A.
\n100% of the shares held by Orange Belgium S.A.
\nRue Am\u00e9ricaine 61-65
\n1050 Ixelles
\nBelgium
\nCompany identification number: BE 0471 336 856
\nA&S Partners S.A.
\n100% of the shares held by Orange Belgium S.A.
\nRue Am\u00e9ricaine 61-65
\n1050 Ixelles
\nBelgium
\nCompany identification number: BE 0885 920 794
\nUpsize N.V. (till 30 June 2022)
\n100% of the shares held by Orange Belgium S.A.
\nHerkenrodesingel 37 A
\nB - 3500 Hasselt
\nBelgium
\nCompany identification number: BE 0827 982 892
86
\nBKM N.V.
\n100% of the shares held by Orange Belgium S.A.
\n(since 1 July 2022)
\nHerkenrodesingel 37 A
\nB - 3500 Hasselt Belgium
\nCompany identification number: BE 0453 298 222
\nCC@PS B.V.
\n100% of the shares held by BKM N.V.
\nOmmegang Zuid 20
\nB \u2013 8840 Westrozebeke
\nBelgium
\nCompany identification number: BE 0867 295 509
\nMWINGZ S.R.L.
\n50% of the shares held by Orange Belgium S.A.
\nSimon Bolivarlaan 34
\nB - 1000 Brussel
\nBelgium
\nCompany identification number: BE 0738 987 372
\nThere are no significant restrictions on the assets and liabilities of the subsidiaries and associates included in the scope of
\nconsolidation.
\nSubsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to
\nbe consolidated until the date such control ceases.
\nDate of authorization for issue of the financial statements
\nOn 22 March 2023, the Board of Directors of Orange Belgium S.A. reviewed the 2022 consolidated financial statements and
\nauthorized them for issue.
\nThe 2022 consolidated financial statements will be approved on 3 May 2023 by the General Assembly of Shareholders which still
\nhas the power to amend the consolidated financial statements after issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6610": {
"value": "Orange Belgium S.A.Avenue du Bourget 3 B - 1140 Brussels Belgium ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6620": {
"value": "Orange Communications Luxembourg S.A. 100% of the shares held by Orange Belgium S.A.
\n8, rue des M\u00e9rovingiens
\nL - 8070 Bertrange
\nLuxembourg
\nCompany identification number: LU 19749504
\nIRISnet S.C.R.L.
\n28.16% of the shares held by Orange Belgium S.A.
\nAccounted for by equity method
\nAvenue des Arts 21
\nB - 1000 Brussels
\nBelgium
\nCompany identification number: BE 0847 220 467
\nSmart Services Network S.A.
\n100% of the shares held by Orange Belgium S.A.
\nAvenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0563 470 723
\nWalcom Business Solutions S.A.
\n100% of the shares held by Orange Belgium S.A.
\nAvenue du Bourget 3
\nB - 1140 Brussels
\nBelgium
\nCompany identification number: BE 0678 686 036
\nA3Com S.A.
\n100% of the shares held by Orange Belgium S.A.
\nRue Am\u00e9ricaine 61-65
\n1050 Ixelles
\nBelgium
\nCompany identification number: BE 0471 336 856
\nA&S Partners S.A.
\n100% of the shares held by Orange Belgium S.A.
\nRue Am\u00e9ricaine 61-65
\n1050 Ixelles
\nBelgium
\nCompany identification number: BE 0885 920 794
\nUpsize N.V. (till 30 June 2022)
\n100% of the shares held by Orange Belgium S.A.
\nHerkenrodesingel 37 A
\nB - 3500 Hasselt
\nBelgium
\nCompany identification number: BE 0827 982 892
86
\nBKM N.V.
\n100% of the shares held by Orange Belgium S.A.
\n(since 1 July 2022)
\nHerkenrodesingel 37 A
\nB - 3500 Hasselt Belgium
\nCompany identification number: BE 0453 298 222
\nCC@PS B.V.
\n100% of the shares held by BKM N.V.
\nOmmegang Zuid 20
\nB \u2013 8840 Westrozebeke
\nBelgium
\nCompany identification number: BE 0867 295 509
\nMWINGZ S.R.L.
\n50% of the shares held by Orange Belgium S.A.
\nSimon Bolivarlaan 34
\nB - 1000 Brussel
\nBelgium
\nCompany identification number: BE 0738 987 372
\nThere are no significant restrictions on the assets and liabilities of the subsidiaries and associates included in the scope of
\nconsolidation.
\nSubsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to
\nbe consolidated until the date such control ceases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6702": {
"value": "Date of authorization for issue of the financial statements On 22 March 2023, the Board of Directors of Orange Belgium S.A. reviewed the 2022 consolidated financial statements and
\nauthorized them for issue.
\nThe 2022 consolidated financial statements will be approved on 3 May 2023 by the General Assembly of Shareholders which still
has the power to amend the consolidated financial statements after issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6721": {
"value": "3. Basis of preparation
\nThe consolidated financial statements are presented in thousand euros except when otherwise indicated. The Group's functional
\nand presentation currency is the Euro. Each entity within the Group applies this functional currency for its financial statements.
\nAll amounts have been rounded to the nearest thousand, unless otherwise indicated.
\nStatement of compliance
\nThe consolidated financial statements of Orange Belgium S.A. and all its subsidiaries have been prepared in accordance with the
\nInternational Financial Reporting Standards (IFRS), as adopted by the European Union, and with the legal and regulatory
\nrequirements applicable in Belgium.
\nThe principles applied to prepare financial data relating to the 2022 financial year are based on:
\n-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2022;
\n-
the recognition and measurement alternatives allowed by the IFRS:
\nStandard
Alternative used
\nIAS 1
\nAccretion
expense
on
operating
liabilities
\n(employee benefits, environmental liabilities)
\nClassification as financial expenses
\nIAS 2
Inventories
\nMeasurement of inventories determined by the weighted
\naverage unit cost method
\nIAS 7
Interest paid and received dividends
Classification as net operating cash flows
\nIAS 16
Property, Plant and Equipment
Measurement at amortized historical cost
\nIAS 38
Intangible Assets
Measurement at amortized historical cost
\nIn the absence of any accounting standard or interpretation, management uses its judgment to define and apply an accounting
\npolicy that will result in relevant and reliable information, such that the financial statements:
\n-
fairly present the Group\u2019s financial position, financial performance and cash flows;
\n-
reflect the economic substance of transactions;
\n-
are neutral;
\n-
are prepared on a prudent basis; and
\n-
are complete in all material respects.
\nChanges to accounting policies are described below and in note 15 \u201cSignificant accounting policies\u201d.
\nChanges in accounting policy and disclosures
\nThe accounting policies and methods of computation adopted in the preparation of the consolidated financial statements have
\nremained unchanged compared to those followed in the preparation of the consolidated financial statements for the year ended 31
\nDecember 2021.
\nEBITDAaL and eCapex remained the key performance indicators.
\nThese operating performance indicators are used by the Group:
\n-
to manage and assess its operating and segment results; and
\n-
to implement its investment and resource allocation strategy.
\nThe Group\u2019s management believes that the presentation of these indicators is relevant as it provides readers with the same
\nmanagement indicators as those used internally.
\nEBITDAaL
corresponds to operating income before depreciation and amortization of fixed assets, effects resulting from business
\ncombinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets,
\nshare of profits (losses) of associates and joint ventures, and after interests on debts related to financed assets and on lease liabilities,
\nadjusted for:
\n-
significant litigation;
\n-
specific labour expenses;
\n-
fixed assets, investments, and businesses portfolio review;
\n-
restructuring program costs;
\n-
acquisition and integration costs;
\n-
and, where appropriate, other specific elements.
88
\nThe measurement indicator allows for the effects of certain specific factors to be isolated, irrespective of their recurrence and the
\ntype of income and expense, when they are linked to:
\n-
significant litigation:
\nSignificant litigation expenses correspond to risk reassessments regarding various litigations. Associated procedures are based on
\nthird-party decisions (regulatory authority, court, etc.) and occurring over a different period to the activities at the source of the
\nlitigation. By their very nature, costs are difficult to predict in terms of their source, amount and period;
\n-
fixed assets, investments and businesses portfolio review:
\nThe Group constantly reviews its fixed assets, investments, and businesses portfolio: as part of this review, decisions to dispose of
\nor to sell assets are implemented, which by their very nature have an impact on the period during which they occur;
\n-
restructuring program costs:
\nThe adjustment of Group activities in line with changes in the business environment may also incur other types of transformation
\ncosts. They include restructuring costs. These actions may have a negative effect on the period during which they are announced
\nand implemented. For illustrative purposes, and not limited to, this could include some of the transformation plans approved by the
\ninternal governance bodies;
\n-
acquisition and integration costs:
\nThe Group also incurs costs which are directly linked to the acquisition and integration of entities. These are primarily legal and
\nadvisory fees, registration fees and earn-outs;
\n-
where applicable, other specific elements that are systematically specified in relation to income and/or expenses
.
\nEBITDAaL is not a financial aggregate as defined by IFRS and is not comparable to similarly titled indicators used by other groups.
\nIt is provided as additional information only and should not be considered as a substitute for operating income or cash flow provided
\nby operating activities.
\neCapex
relate to acquisitions of property, plant and equipment and intangible assets excluding telecommunications licenses and
\nfinanced assets minus the price of disposal of fixed assets. They are used internally as an indicator to allocate resources. eCapex
\nare not a financial aggregate defined by IFRS and may not be comparable to similarly-titled indicators used by other companies.
\nThe Group uses organic cash flow from telecom activities as an operating performance measure for telecom activities as a whole.
\nOrganic cash flow from telecom activities corresponds to net cash provided by operating activities minus (i) lease liabilities
\nrepayments and debts related to financed assets repayments, (ii) purchases and sales of property, plant and equipment and
\nintangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunications licenses paid and excluding
\neffect of significant litigations paid (and received). Organic cash-flow from telecom activities is not a financial aggregate defined by
\nIFRS and may not be comparable to similarly-titled indicators used by other companies.
\nNew standards and interpretations applicable for the annual period beginning or after 1 January 2022
\nDespite their limited impact on Group operations, the following new amendments to IFRS have also been considered in the
\npreparation of the annual consolidated financial statements:
\n-
Amendment to IAS 16: Revenue generated before the intended use of an asset
\nThe amendment clarifies that an entity is not permitted to recognize revenue from the sale of manufactured items as a
\nreduction in the cost of the asset while the asset is being prepared for its intended use. Such sales proceeds are to be
\nrecognized in the income statement. This amendment has no effect on the Group's consolidated financial statements. This
\namendment has been applied by the Group since 1 January 2022.
\n-
Amendment to IAS 37: Onerous contract - Contract performance costs
\nThe amendment clarifies the incremental costs of performing an onerous contract to be included in the amount of the
\nprovision, i.e. direct labour and material costs as well as the allocation of other costs directly related to the contract, such as
\nthe depreciation charge relating to an asset used in the performance of the contract. The Group has applied this amendment
\nfrom 1 January 2022 and has not identified any significant impacts on the implementation of this amendment.
\n-
Annual improvements to IFRS: 2018-2020 cycle
\nThe 2018-2020 cycle of annual improvements to IFRSs has led the IASB Board to make minor amendments or clarifications
\nto the standards:
\n-
IFRS 1, First-time Adoption of IFRS
\n-
IFRS 9, Financial Instruments
\n-
IFRS 16, Leases
\n-
IAS 41, Agriculture.
\nThe changes made to the above standards have no impact on the Orange Group's consolidated financial statements because they
\nare either inapplicable to the Group or specify accounting treatments already applied by the Group.
89
\nConsideration of climate change risks
\n-
Natural disasters but also other accidental events related to climate change such as fires could lead to significant
\ndestruction of the Orange Group's facilities, resulting in both service interruptions and high repair costs. The frequency
\nand intensity of weather events related to the current climate change (floods, storms, heat waves) continue to increase,
\nwhich aggravates losses and increases the related damages. In the medium term, rising sea levels could affect sites and
\nfacilities close to the coast more often. While insurers' coverage of claims could further decrease, damage caused by large-
\nscale disasters is likely to result in significant costs, some of which could remain with the Orange Group and thus affect its
\nfinancial condition and prospects.
\n-
In the context of its activities, the Group is therefore more systematically integrating the risks related to climate change.
\nThis consideration is reflected in the assessment of these risks on the value of some of its assets through their depreciation
\nplan or as an event that could lead to the identification of an impairment index or on the possibility of obtaining financing
\nin the future. Climate risks are also taken into account through the Group's commitment to be Net Zero Carbon by 2040.
\nThis commitment has led to changes in certain choices in terms of investments related to its activity.
\n-
Numerous projects have been initiated within the Group to understand the impacts of climate change on its operations.
\nThe implementation of actions to limit the effects of the Group's activities on climate change is also underway. The outcome
\nof these projects could lead the Group to review certain accounting treatments, judgements or estimates of financial risks
\nwhose impact is still difficult to assess reliably. While climate resilience is a fast-moving topic, it requires the Group to
\nproperly assess the risks to which it is exposed. The Group has embarked on a process of analysis to diagnose the
\nexposure to climate risks of its various geographical locations according to the analysis of different scenarios of impacts
\nlinked to climate change. At 31 December 2022, the Group has not identified any significant impact reliably estimated on
\nits financial statements at the stage of progress of the projects launched.
\nImpact of the Ukraine conflict on Orange Belgium
\n-
Orange Belgium has not been impacted by the conflict in Ukraine, as it has no direct business relationships with the
\ncountry. The conflict in Ukraine impacted indirectly Orange Belgium because of the increase in energy prices and inflation.
\nEnergy prices have risen across Europe, including in Belgium, due to the disruption of gas supplies from Russia, which
\nhas been exacerbated by the conflict in Ukraine. In addition, the increase in energy prices had an impact on inflation, which
\nalso influenced some of the costs of Orange Belgium, which will mainly have an impact in 2023 following the labor cost
\nindexation. To deal with these evolutions, Orange Belgium applies a tight management of its cost, as well as an appropriate
\nprice policy.
\nStandards, amendments to standards and interpretations with mandatory application after 31 December 2022 and
\nnot applied early.
\n-
IAS 1 Amendment: Classification of liabilities as current or non-current
\nThe amendment to the standard clarifies the current requirements of IAS 1 on the classification of liabilities in an entity's
\nbalance sheet. This amendment is not expected to have a material effect on the Group's statement of financial position.
\nHowever, the implementation of this amendment could lead to the reclassification of certain liabilities from current to non-
\ncurrent and vice versa. The effective date of this amendment is 1 January 2024.
\n-
Amendment to IAS 1: Disclosure of Accounting Policies
\nThe amendment to the standard states that an entity shall now disclose meaningful information about accounting policies
\nrather than significant accounting policies. This amendment is expected to result in only marginal changes to the Group's
\ndisclosures in the notes to the consolidated financial statements. The effective date of this amendment is 1 January 2023.
\n-
Amendment to IAS 8: Definition of accounting estimates
\nThe amendment to the standard revised the definition of accounting estimates without changing the concept. This
\namendment is not expected to have any impact on the Group's consolidated financial statements and will only marginally
\nchange the information provided by the Group in its notes to the consolidated financial statements. The effective date of this
\namendment is 1 January 2023.
\n-
Amendment to IAS 12: Taxes - Deferred tax on an asset or liability acquired in a single transaction
\nThe amendment introduces a new exception to the exemption from initial recognition of deferred tax. As a result of this
\namendment, an entity does not apply the initial recognition exemption for transactions that give rise to deductible temporary
\ndifferences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial
\nrecognition of an asset and a liability in a transaction that is not a business combination and affects neither accounting profit
\nnor taxable profit. For example, this may arise on recognition of the lease liability and the related right of use under IFRS 16
\nat the inception of a lease. The Group's accounting policies are already aligned with the proposals in the amendment. The
\nprovisions of this amendment are applicable from 1 January 2023.
90
\n-
IFRS 17 and amendments to IFRS 9: Insurance Contracts
\nThe Group is not subject to the provisions of the new IFRS 17 dealing with the recognition and measurement of insurance
\ncontracts. The IFRS 9 amendment proposes provisions to provide comparative information to companies applying IFRS 17
\nfor the first time. This amendment is not expected to have any impact on the Group's consolidated financial statements The
\neffective date of this standard and the IFRS amendment is 1 January 2023.
\n-
IFRS 16 Amendment: Leases - Leaseback liability
\nThe amendment introduces a conceptual novelty that requires variable rents to be taken into account when determining the
\nlease liability arising from a sale and leaseback transaction. Subsequent changes in variable rents will not lead to the
\nrecognition of a gain or loss on the right of use, as the changes will only impact the lease liability and the income statement
\nfor the difference between the reduction in lease liability and the actual lease payments to be made. The number of
\ntransactions resulting in a sale and leaseback remains limited in the Group and generally do not include a significant variable
\nrent component. The Group is finalizing its analysis before confirming that the implementation of this amendment should not
\nhave a material impact on its financial position. The provisions of this amendment are applicable from 1 January 2024.
\nBasis of preparation
\nIn order to avoid differences in the information published by the Orange Belgium Group and its majority shareholder Orange S.A.,
\nthe Orange Belgium Group applies a reporting format and reporting standards that are similar to the ones used by Orange S.A.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6728": {
"value": "Statement of compliance The consolidated financial statements of Orange Belgium S.A. and all its subsidiaries have been prepared in accordance with the
\nInternational Financial Reporting Standards (IFRS), as adopted by the European Union, and with the legal and regulatory
\nrequirements applicable in Belgium.
\nThe principles applied to prepare financial data relating to the 2022 financial year are based on:
\n-
all the standards and interpretations endorsed by the European Union compulsory as of 1 January 2022;
\n-
the recognition and measurement alternatives allowed by the IFRS:
\nStandard
Alternative used
\nIAS 1
\nAccretion
expense
on
operating
liabilities
\n(employee benefits, environmental liabilities)
\nClassification as financial expenses
\nIAS 2
Inventories
\nMeasurement of inventories determined by the weighted
\naverage unit cost method
\nIAS 7
Interest paid and received dividends
Classification as net operating cash flows
\nIAS 16
Property, Plant and Equipment
Measurement at amortized historical cost
\nIAS 38
Intangible Assets
Measurement at amortized historical cost
\nIn the absence of any accounting standard or interpretation, management uses its judgment to define and apply an accounting
\npolicy that will result in relevant and reliable information, such that the financial statements:
\n-
fairly present the Group\u2019s financial position, financial performance and cash flows;
\n-
reflect the economic substance of transactions;
\n-
are neutral;
\n-
are prepared on a prudent basis; and
\n-
are complete in all material respects.
\nChanges to accounting policies are described below and in note 15 \u201cSignificant accounting policies\u201d.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6776": {
"value": "Changes in accounting policy and disclosures The accounting policies and methods of computation adopted in the preparation of the consolidated financial statements have
\nremained unchanged compared to those followed in the preparation of the consolidated financial statements for the year ended 31
\nDecember 2021.
\nEBITDAaL and eCapex remained the key performance indicators.
\nThese operating performance indicators are used by the Group:
\n-
to manage and assess its operating and segment results; and
\n-
to implement its investment and resource allocation strategy.
\nThe Group\u2019s management believes that the presentation of these indicators is relevant as it provides readers with the same
\nmanagement indicators as those used internally.
\nEBITDAaL
corresponds to operating income before depreciation and amortization of fixed assets, effects resulting from business
\ncombinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets,
\nshare of profits (losses) of associates and joint ventures, and after interests on debts related to financed assets and on lease liabilities,
\nadjusted for:
\n-
significant litigation;
\n-
specific labour expenses;
\n-
fixed assets, investments, and businesses portfolio review;
\n-
restructuring program costs;
\n-
acquisition and integration costs;
\n-
and, where appropriate, other specific elements.
88
\nThe measurement indicator allows for the effects of certain specific factors to be isolated, irrespective of their recurrence and the
\ntype of income and expense, when they are linked to:
\n-
significant litigation:
\nSignificant litigation expenses correspond to risk reassessments regarding various litigations. Associated procedures are based on
\nthird-party decisions (regulatory authority, court, etc.) and occurring over a different period to the activities at the source of the
\nlitigation. By their very nature, costs are difficult to predict in terms of their source, amount and period;
\n-
fixed assets, investments and businesses portfolio review:
\nThe Group constantly reviews its fixed assets, investments, and businesses portfolio: as part of this review, decisions to dispose of
\nor to sell assets are implemented, which by their very nature have an impact on the period during which they occur;
\n-
restructuring program costs:
\nThe adjustment of Group activities in line with changes in the business environment may also incur other types of transformation
\ncosts. They include restructuring costs. These actions may have a negative effect on the period during which they are announced
\nand implemented. For illustrative purposes, and not limited to, this could include some of the transformation plans approved by the
\ninternal governance bodies;
\n-
acquisition and integration costs:
\nThe Group also incurs costs which are directly linked to the acquisition and integration of entities. These are primarily legal and
\nadvisory fees, registration fees and earn-outs;
\n-
where applicable, other specific elements that are systematically specified in relation to income and/or expenses
.
\nEBITDAaL is not a financial aggregate as defined by IFRS and is not comparable to similarly titled indicators used by other groups.
\nIt is provided as additional information only and should not be considered as a substitute for operating income or cash flow provided
\nby operating activities.
\neCapex
relate to acquisitions of property, plant and equipment and intangible assets excluding telecommunications licenses and
\nfinanced assets minus the price of disposal of fixed assets. They are used internally as an indicator to allocate resources. eCapex
\nare not a financial aggregate defined by IFRS and may not be comparable to similarly-titled indicators used by other companies.
\nThe Group uses organic cash flow from telecom activities as an operating performance measure for telecom activities as a whole.
\nOrganic cash flow from telecom activities corresponds to net cash provided by operating activities minus (i) lease liabilities
\nrepayments and debts related to financed assets repayments, (ii) purchases and sales of property, plant and equipment and
\nintangible assets net of the change in fixed assets payables, (iii) excluding effect of telecommunications licenses paid and excluding
\neffect of significant litigations paid (and received). Organic cash-flow from telecom activities is not a financial aggregate defined by
\nIFRS and may not be comparable to similarly-titled indicators used by other companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6859": {
"value": "New standards and interpretations applicable for the annual period beginning or after 1 January 2022 Despite their limited impact on Group operations, the following new amendments to IFRS have also been considered in the
\npreparation of the annual consolidated financial statements:
\n-
Amendment to IAS 16: Revenue generated before the intended use of an asset
\nThe amendment clarifies that an entity is not permitted to recognize revenue from the sale of manufactured items as a
\nreduction in the cost of the asset while the asset is being prepared for its intended use. Such sales proceeds are to be
\nrecognized in the income statement. This amendment has no effect on the Group's consolidated financial statements. This
\namendment has been applied by the Group since 1 January 2022.
\n-
Amendment to IAS 37: Onerous contract - Contract performance costs
\nThe amendment clarifies the incremental costs of performing an onerous contract to be included in the amount of the
\nprovision, i.e. direct labour and material costs as well as the allocation of other costs directly related to the contract, such as
\nthe depreciation charge relating to an asset used in the performance of the contract. The Group has applied this amendment
\nfrom 1 January 2022 and has not identified any significant impacts on the implementation of this amendment.
\n-
Annual improvements to IFRS: 2018-2020 cycle
\nThe 2018-2020 cycle of annual improvements to IFRSs has led the IASB Board to make minor amendments or clarifications
\nto the standards:
\n-
IFRS 1, First-time Adoption of IFRS
\n-
IFRS 9, Financial Instruments
\n-
IFRS 16, Leases
\n-
IAS 41, Agriculture.
\nThe changes made to the above standards have no impact on the Orange Group's consolidated financial statements because they
\nare either inapplicable to the Group or specify accounting treatments already applied by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6902": {
"value": "Consideration of climate change risks
\n-
Natural disasters but also other accidental events related to climate change such as fires could lead to significant
\ndestruction of the Orange Group's facilities, resulting in both service interruptions and high repair costs. The frequency
\nand intensity of weather events related to the current climate change (floods, storms, heat waves) continue to increase,
\nwhich aggravates losses and increases the related damages. In the medium term, rising sea levels could affect sites and
\nfacilities close to the coast more often. While insurers' coverage of claims could further decrease, damage caused by large-
\nscale disasters is likely to result in significant costs, some of which could remain with the Orange Group and thus affect its
\nfinancial condition and prospects.
\n-
In the context of its activities, the Group is therefore more systematically integrating the risks related to climate change.
\nThis consideration is reflected in the assessment of these risks on the value of some of its assets through their depreciation
\nplan or as an event that could lead to the identification of an impairment index or on the possibility of obtaining financing
\nin the future. Climate risks are also taken into account through the Group's commitment to be Net Zero Carbon by 2040.
\nThis commitment has led to changes in certain choices in terms of investments related to its activity.
\n-
Numerous projects have been initiated within the Group to understand the impacts of climate change on its operations.
\nThe implementation of actions to limit the effects of the Group's activities on climate change is also underway. The outcome
\nof these projects could lead the Group to review certain accounting treatments, judgements or estimates of financial risks
\nwhose impact is still difficult to assess reliably. While climate resilience is a fast-moving topic, it requires the Group to
\nproperly assess the risks to which it is exposed. The Group has embarked on a process of analysis to diagnose the
\nexposure to climate risks of its various geographical locations according to the analysis of different scenarios of impacts
\nlinked to climate change. At 31 December 2022, the Group has not identified any significant impact reliably estimated on
\nits financial statements at the stage of progress of the projects launched.
\nImpact of the Ukraine conflict on Orange Belgium
\n-
Orange Belgium has not been impacted by the conflict in Ukraine, as it has no direct business relationships with the
\ncountry. The conflict in Ukraine impacted indirectly Orange Belgium because of the increase in energy prices and inflation.
\nEnergy prices have risen across Europe, including in Belgium, due to the disruption of gas supplies from Russia, which
\nhas been exacerbated by the conflict in Ukraine. In addition, the increase in energy prices had an impact on inflation, which
\nalso influenced some of the costs of Orange Belgium, which will mainly have an impact in 2023 following the labor cost
\nindexation. To deal with these evolutions, Orange Belgium applies a tight management of its cost, as well as an appropriate
\nprice policy.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6937": {
"value": "Standards, amendments to standards and interpretations with mandatory application after 31 December 2022 and not applied early.
\n-
IAS 1 Amendment: Classification of liabilities as current or non-current
\nThe amendment to the standard clarifies the current requirements of IAS 1 on the classification of liabilities in an entity's
\nbalance sheet. This amendment is not expected to have a material effect on the Group's statement of financial position.
\nHowever, the implementation of this amendment could lead to the reclassification of certain liabilities from current to non-
\ncurrent and vice versa. The effective date of this amendment is 1 January 2024.
\n-
Amendment to IAS 1: Disclosure of Accounting Policies
\nThe amendment to the standard states that an entity shall now disclose meaningful information about accounting policies
\nrather than significant accounting policies. This amendment is expected to result in only marginal changes to the Group's
\ndisclosures in the notes to the consolidated financial statements. The effective date of this amendment is 1 January 2023.
\n-
Amendment to IAS 8: Definition of accounting estimates
\nThe amendment to the standard revised the definition of accounting estimates without changing the concept. This
\namendment is not expected to have any impact on the Group's consolidated financial statements and will only marginally
\nchange the information provided by the Group in its notes to the consolidated financial statements. The effective date of this
\namendment is 1 January 2023.
\n-
Amendment to IAS 12: Taxes - Deferred tax on an asset or liability acquired in a single transaction
\nThe amendment introduces a new exception to the exemption from initial recognition of deferred tax. As a result of this
\namendment, an entity does not apply the initial recognition exemption for transactions that give rise to deductible temporary
\ndifferences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial
\nrecognition of an asset and a liability in a transaction that is not a business combination and affects neither accounting profit
\nnor taxable profit. For example, this may arise on recognition of the lease liability and the related right of use under IFRS 16
\nat the inception of a lease. The Group's accounting policies are already aligned with the proposals in the amendment. The
\nprovisions of this amendment are applicable from 1 January 2023.
90
\n-
IFRS 17 and amendments to IFRS 9: Insurance Contracts
\nThe Group is not subject to the provisions of the new IFRS 17 dealing with the recognition and measurement of insurance
\ncontracts. The IFRS 9 amendment proposes provisions to provide comparative information to companies applying IFRS 17
\nfor the first time. This amendment is not expected to have any impact on the Group's consolidated financial statements The
\neffective date of this standard and the IFRS amendment is 1 January 2023.
\n-
IFRS 16 Amendment: Leases - Leaseback liability
\nThe amendment introduces a conceptual novelty that requires variable rents to be taken into account when determining the
\nlease liability arising from a sale and leaseback transaction. Subsequent changes in variable rents will not lead to the
\nrecognition of a gain or loss on the right of use, as the changes will only impact the lease liability and the income statement
\nfor the difference between the reduction in lease liability and the actual lease payments to be made. The number of
\ntransactions resulting in a sale and leaseback remains limited in the Group and generally do not include a significant variable
\nrent component. The Group is finalizing its analysis before confirming that the implementation of this amendment should not
\nhave a material impact on its financial position. The provisions of this amendment are applicable from 1 January 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7001": {
"value": "4. Uses of estimates and judgments
\nThe preparation of the Group's financial statements in compliance with IFRS requires management to make certain judgments,
\nestimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
\nJudgments in applying accounting policies
\nIn the process of applying the Group's accounting policies, management has not made any significant judgments and assumptions
\nconcerning the future and other key sources of estimating uncertainty at the balance sheet date, that have a significant risk of
\ncausing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, except for:
\nSignificant judgments with regard to the application of IFRS 15 \u2013 Revenue from contracts with customers
\nSignificant judgment is required in the following areas:
\na) Determination of the transaction price \u2013 more specifically the handset price in bundled offers:
\nThe issue of the handset sales price at Orange Belgium S.A. is only applicable for bundled offers (equipment + service). For all other
\noffers, the performance obligation is directly related to the specific sale price. Orange Belgium S.A. excluded the evaluation method
\nbased on market prices (IFRS 15.77) for the determination of the sales price of equipment in subsidized offers and more specifically
\nthe standalone selling price. The standalone selling price could indeed \u2013according to IFRS 15- be considered as \u201cthe market price\u201d.
\nHowever, for Orange Belgium S.A. the standalone selling prices are impossible to identify as
\n-
Extremely varying: at any given time, the same standalone equipment can be sold at different prices. The sales strategy of
\nour shops, the type of distribution channel, \u2026 are examples of circumstances that vary the sale price from one shop to
\nanother at a certain time.
\n-
Volatility: Orange observes that the prices of certain handsets equipment do vary quickly, even within one month.
\nTherefore, Orange Belgium S.A. decided that the expected cost plus a margin approach method is the most pertinent calculation
\nfor the price per specific equipment, as also used to determine the price of the offers. The starting point for calculating the upfront
\namount of equipment at Orange Belgium S.A. is the cost of the equipment however this is not simply equal to the purchase price,
\nother elements have to be taken into consideration and are part of the \u201cmargin\u201d. These elements are mainly logistic costs,
customs
\ntariffs, taxes or supplier\u2019s rebates.
\nb) Determination of the duration of the contract in order to allocate the transaction price to the different performance
\nobligations:
\nThe definition of the duration of a contract is only relevant for the subsidized bundled offers, the only contracts for which a revenue
\nrelocation between the performance obligations is necessary. The period of which both parties\u2019 rights and obligations are
\nenforceable never exceeds the nominal period in the contract. This is because, excluding modifications in the contract, enforceability
\nof rights and obligations is a matter of law. Hence, the enforceable period cannot extend beyond the nominal period. On the other
\nhand, enforceability of rights and obligations shall take into consideration business practices according to which one of the parties
\ndismisses the other party of its obligation. For Orange, this is typically the case when the Group authorizes or encourages early
\nrenewals.
91
\nEarly renewals are renewals before the end of the contract (contract duration mainly 24 months). Currently, Orange Belgium\u2019s
\ncustomer strategy is to give our clients the opportunity to renew their contract with no penalty after a duration of 22 months. The
\nenforceable period has been set at 22 months, as a consequence, those contracts are closed after 22 months without further action
\nto be taken.
\nc) Identification of performance obligations:
\nA contract as per IFRS15 is made of rights and obligations between the parties. The rights take the form of promises for Orange
\nBelgium to transfer goods and/or services to a customer.
\nA contract generally explicitly states the promises to be transferred to a customer. However they may not be limited to the goods
\nand services that are explicitly stated in that contract, some may also be implied by business practices which create valid
\ncustomer expectations.
\nAccess services and mobile equipment qualify as promised services and goods. The following services are however considered
\nimmaterial:
\n-
hotline
\n-
right for non-invoiced incoming calls
\n-
access to customer care
\n-
non-invoiced reserved numbers
\nSim-cards do not have a stand-alone value and have as such no impact on the determination of the performance obligation.
\nIn addition, Orange Belgium might offer some additional services or goods, in line with specific commercial practices. We identify
\nall rights granted to the customer in the terms of the contract and identify those that are material for the customer in the context of
\nthe contract.
\nDistinct goods and services
\nThere are two criteria to determine whether goods and/or services are distinct:
\n-
The customer can benefit from the goods or services on its own or together with resources that are readily available.
\n-
The entity\u2019s promise to transfer the good or service is separately identifiable from other promises in the contract.
\nIt is clear that the mobile equipment (handset) is distinct from the access service. Those two elements therefore qualify as distinct
\nperformance obligations within the contract.
\nThe access service, which is made of voice, data and sms also includes distinct performance obligations. However, given that those
\npromises are over the same period of time (right) and paid together (obligation), there is no need to consider that they are distinct.
\nSignificant judgments with regard to the application of IFRS 16 \u2013 Leases
\nSignificant judgment is required in the determination of non-cancellable lease term and the assessment of the exercise or not of
\ntermination, extension and purchase options.
\nCritical estimates and assumptions
\nEstimates made at each reporting date reflect conditions that existed at those dates (e.g. market prices, interest rates and foreign
\nexchange rates). Although these estimates are based on management's best knowledge of current events and actions that Orange
\nBelgium may undertake, actual results may differ from those estimates.
\nImpairment of non-financial assets
\nThe impairment test for the goodwill in relation to Orange Communications Luxembourg S.A. and BKM N.V. is based on value in use
\ncalculations based on a discounted cash flow model. The cash flows are derived from the financial projections for the next five years
\nand do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance
\nthe asset base of the cash generating unit being tested. The recoverable amount is most sensitive to the discount rate used for the
\ndiscounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
\nThe key assumptions used to determine the recoverable amount for the different cash generating units are further explained in Note
\n4.
\nFixed assets \u2013 Useful life assessment
\nAssessing assets\u2019 useful life according to the change in the technological, regulatory or economic environment (greater bandwidth
\ntechnologies, radio technology migration\u2026). Reference should be made to Note 5.
92
\nProvision for dismantling network sites
\nThe Group has recognized a provision for dismantling network sites obligations as for the rented building situated at Avenue du
\nBourget and the various antennas sites. In determining the amount of the provision, assumptions and estimates are required in
\nrelation to discount rates and the expected cost to dismantle and remove all plants from the sites (see Note 5).
\nOperational taxes: pylon
\nSince 1997, municipalities and provinces levy local taxes on an annual basis on masts, pylons, and antennas. These taxes do not
\nqualify as income taxes and are recorded as operational taxes, hence negatively impacting the profit before tax.
\nWhen a tax bill is received, the related cost is recorded. In the event no tax bill is received, the cost will be based upon the tax bill
\nof the previous year and the pylon tax liability expires if the company does not receive a tax bill within three years. As all tax bills are
\ndisputed, interests are calculated on the legal tax rate. When the case is closed at procedure level, basis and interests are reversed.
\nThis method is still used in Flanders and for the Brussels Region and was also applicable for the Walloon region until 2013. Since
\n2014, this tax, introduced by a decree of the Walloon region, became a regional tax.
\nOn 22 December 2016, the three mobile operators and the Walloon government concluded an agreement in principle on the issue
\nof taxing mobile infrastructure and to settle the dispute on the Walloon regional taxes for 2014. Orange Belgium committed to pay
\nan amount of 16.1 million euros over 4 years (i.e. 2016-2019) and to invest an incremental amount of 20 million euros in telecom
\ninfrastructure in the Walloon region in the period 2016-2019. In turn, the Walloon Region undertakes to no longer levy taxes on
\ntelecom infrastructure and to implement a legislative, regulatory, and administrative framework designed to facilitate the deployment
\nof this infrastructure. In addition, the Walloon Region would discourage municipalities and provinces from levying taxes on telecom
\ninfrastructure. The operators were entitled to deduct such local taxes levied in 2016-2019 by Walloon municipalities or provinces
\nfrom the 2019 settlement and investment amounts.
\nThe last instalment of the amount due by Orange Belgium on the basis of the 2016-2019 protocol agreement (4.5 million euros) has
\nnot yet been paid. This is due to the fact that Orange Belgium received local tax bills from Walloon municipalities falling under this
\nagreement and is therefore currently in negotiation with the Walloon government to confirm the exact magnitude as well to whom
\nthe last instalment should be paid. In December 2022 Orange Belgium has been contacted by the Walloon Region about the
\noutstanding amount to be paid. Orange Belgium has informed the Walloon Region that, after deduction of the local taxes levied in
\n2016-2019 on Orange Belgium, the outstanding amount still to be paid is 416.151,00 \u20ac. Orange Belgium now awaits an answer from
\nthe Walloon Region.
\nThe mobile operators have concluded a protocol agreement with the Walloon government for the period 2021-2022. This agreement
\nstipulates that the mobile operators will pay a contribution to a governmental budget fund to be set up by the Walloon government
\nto support the digitalization of the Walloon region, and more specifically local initiatives of Walloon municipalities or provinces.
\nAmount of the operator\u2019s contribution: 5.0 million euros (35,73% to be paid by Orange Belgium). The mobile operators will also do
\nadditional network investments for a total amount of 11.0 million euros (35,73% for Orange Belgium). This agreement will ensure a
\nfinancially stable environment by reducing the proliferation of local taxes.
\nFrom the first tranche of 0.9 million euros payable for 2021, an amount of 0.5 million euros has been effectively paid in December
\n2021 to the Walloon region. Orange Belgium did indeed receive tax bills from a couple of local authorities falling under the agreement
\nfor an amount of 0.4 million euros and did not pay the remaining balance thanks to an offsetting mechanism provided for by the
\nagreement.
\nAfter deduction of the local taxes levied for 2021 and 2022 to the second tranche of 446.625\u20ac of the protocol agreement, no
\ncontribution was due any more to the Walloon region in December 2022.
\nThe contribution to be paid to the Walloon region in February 2023 has been determined by the end of January 2023, considering
\nall local taxes 2021 and 2022 levied and/or known by that date.
According to this analysis, the amount of local taxes exceeds the
\namount due to the Walloon Region on 15 February 2023 and can be deducted. Consequently, there was no contribution to be paid
\nto the Walloon Region by 15 February 2023
\nGiven the uncertainties surrounding the lawfulness and amount of the pylon taxes and considering inter alia that this tax is not fully
\npayable at the beginning of each fiscal year and actually not paid, Orange Belgium continues to account for this as a risk in
\naccordance with IAS 37 (Provisions & contingent liabilities). However, the full year risk is estimated and recognized both as a liability
\nand charge at the beginning of each year. Interest charges related to the non-payment of this tax continue being recorded monthly.
\nThe provision for pylon tax is reassessed every quarter (see also note 3 and 6) using prudent best estimate assumptions based on
\nthe evolution of the regional tax framework, of the different court cases and of the new tax bills received. The management revises
\nthese estimates if the underlying circumstances evolve or in light of new information or experience. Consequently, estimates made
\nat 31 December 2022, may subsequently be changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7180": {
"value": "in thousand EUR 31.12.2022
31.12.2021
\nBelgium
1 333 189
1 307 505
\nRetail service revenues
963 378
899 717
\nConvergent service revenues
288 030
254 975
\nMobile only service revenues
558 314
541 156
\nFixed only service revenues
73 568
63 322
\nIT & Integration services
43 466
40 264
\nEquipment sales
134 742
127 219
\nWholesale revenues
199 313
232 852
\nOther revenues
35 756
47 717
\nLuxembourg
75 958
76 290
\nRetail service revenues
46 115
45 428
\nConvergent service revenues
0
0
\nMobile only service revenues
38 547
37 672
\nFixed only service revenues
7 568
7 756
\nIT & Integration services
0
0
\nEquipment sales
13 003
13 911
\nWholesale revenues
16 778
14 999
\nOther revenues
62
1 952
\nInter-segment eliminations
-17 933
-20 323
\nTotal
1 391 214
1 363 472
\nOrange Belgium\u2019s total consolidated turnover amounted to 1,391.2 million euros in 2022, compared to 1,363.5 million euros in 2021,
\nan increase of 2.0% year-on-year.
\nThe total retail service revenues (i.e. mobile-only services, fixed-only services, convergent services and IT & Integration services)
\nincreased 6.8% year-on-year:
from 945.1 million euros in 2021 to 1,009.5. million euros in 2022. This is the result of Orange Belgium
\nmaintaining solid commercial performance over the year supported by a convergent strategy, the success of the \u201cSpecial Edition\u201d
\npromotion and device deals, reaching 2.8m subscribers (+2.5% yoy). This increase has mainly been driven by higher convergent
\nservice revenues (13.0%) and higher fixed only service revenues as a result of higher cable revenues due to an increasing customer
\nbase. The wholesale revenues have also been impacted by the end of contract of Mobile Viking MVNO (-14.0 million euros), the
\neffect of the regulation on \u2018voice\u2019 and a decrease in SMS volume (-22.5 million euros).
\nEquipment sales increased 4.7% year-on-year and the decrease in other revenues can be explained by less handset sales through
\nagents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7258": {
"value": "Trade receivables in thousand EUR
\n31.12.2022
31.12.2021
\nTrade receivables - Gross value
199 651
222 266
\nAllowance for doubtful debtors
-33 206
-34 139
\nTotal trade receivables
166 445
188 127
\nAgeing Balance
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNot past due
143 392
128 435
\nLess than 180 days
6 349
30 152
\nBetween 180 days and 360 days
6 346
9 162
\nMore than 360 days
10 358
20 378
\nTotal trade receivables
166 445
188 127
94
\nChange in Provision for Trade receivables
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAllowances on trade receivables - Opening balance
-34 139
-32 033
\nNet addition with impact on income statement
-6 910
-8 672
\nLosses on trade receivables
7 843
6 566
\nAllowances on trade receivables - Closing balance
-33 206
-34 139
\nFor terms and conditions relating to related parties receivables, refer to Note 12.
\nTrade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
\ndebit). Trade receivables which are not paid via direct debits bear mainly a payment term of 30 days end of month.
\nThe Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
\nThe customer risk is spread over more than 3 million customers.
\nTotal Trade receivables amounted to 166.4 million euros at the end of 2022, compared with 188.1 million euros at the end of 2021.
\nThe decrease in trade receivables \u2013gross value can mainly be explained by the resolution of roaming discount disputed and collected
\nduring 2022.
\nAllowance for doubtful debtors \u2013 closing balance at year end 2022 \u2013 decreased to 33.2 million euros. This decrease has been partially
\ndriven by the recovery of fully depreciated receivable on the Police and Court domain of activity
\nImpairment of trade receivables is based on three methods:
\n-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging
\nbalance category. This analysis is performed over a homogenous group of receivables with similar credit characteristics
\nbecause they belong to a customer category (mass-market, small offices and home offices);
\n-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
\nfactors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method
\nis used for carriers and operators (national and international), local, regional and national authorities; and
\n-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables
\nimmediately upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group
\napplies a simplified approach of anticipated impairment at the time the asset is recognized. The percentage applied
\ndepends on the maximum revenue non-recoverability rate.
\nThe costs related to bad debts decreased to 6.9 million euros in 2022 (compared to 8.7 million euros in 2021).
\nSince 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
\nwere related to the top 400 B2B Airtime debtors (factored receivables around 1.5 million euros as at 31 December 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7304": {
"value": "Change in Provision for Trade receivables in thousand EUR
\n31.12.2022
31.12.2021
\nAllowances on trade receivables - Opening balance
-34 139
-32 033
\nNet addition with impact on income statement
-6 910
-8 672
\nLosses on trade receivables
7 843
6 566
\nAllowances on trade receivables - Closing balance
-33 206
-34 139
\nFor terms and conditions relating to related parties receivables, refer to Note 12.
\nTrade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
\ndebit). Trade receivables which are not paid via direct debits bear mainly a payment term of 30 days end of month.
\nThe Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
\nThe customer risk is spread over more than 3 million customers.
\nTotal Trade receivables amounted to 166.4 million euros at the end of 2022, compared with 188.1 million euros at the end of 2021.
\nThe decrease in trade receivables \u2013gross value can mainly be explained by the resolution of roaming discount disputed and collected
\nduring 2022.
\nAllowance for doubtful debtors \u2013 closing balance at year end 2022 \u2013 decreased to 33.2 million euros. This decrease has been partially
\ndriven by the recovery of fully depreciated receivable on the Police and Court domain of activity
\nImpairment of trade receivables is based on three methods:
\n-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging
\nbalance category. This analysis is performed over a homogenous group of receivables with similar credit characteristics
\nbecause they belong to a customer category (mass-market, small offices and home offices);
\n-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
\nfactors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method
\nis used for carriers and operators (national and international), local, regional and national authorities; and
\n-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables
\nimmediately upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group
\napplies a simplified approach of anticipated impairment at the time the asset is recognized. The percentage applied
\ndepends on the maximum revenue non-recoverability rate.
\nThe costs related to bad debts decreased to 6.9 million euros in 2022 (compared to 8.7 million euros in 2021).
\nSince 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
\nwere related to the top 400 B2B Airtime debtors (factored receivables around 1.5 million euros as at 31 December 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7305": {
"value": "Change in Provision for Trade receivablesin thousand EUR
\n31.12.2022
31.12.2021
\nAllowances on trade receivables - Opening balance
-34 139
-32 033
\nNet addition with impact on income statement
-6 910
-8 672
\nLosses on trade receivables
7 843
6 566
\nAllowances on trade receivables - Closing balance
-33 206
-34 139
\nFor terms and conditions relating to related parties receivables, refer to Note 12.
\nTrade receivables are non-interest bearing and are generally paid via direct debits (62% of service revenues are collected by direct
\ndebit). Trade receivables which are not paid via direct debits bear mainly a payment term of 30 days end of month.
\nThe Group is not dependent on any major customers, none representing more than 10% of the company\u2019s consolidated revenues.
\nThe customer risk is spread over more than 3 million customers.
\nTotal Trade receivables amounted to 166.4 million euros at the end of 2022, compared with 188.1 million euros at the end of 2021.
\nThe decrease in trade receivables \u2013gross value can mainly be explained by the resolution of roaming discount disputed and collected
\nduring 2022.
\nAllowance for doubtful debtors \u2013 closing balance at year end 2022 \u2013 decreased to 33.2 million euros. This decrease has been partially
\ndriven by the recovery of fully depreciated receivable on the Police and Court domain of activity
\nImpairment of trade receivables is based on three methods:
\n-
A collective statistical method: this is based on historical losses and leads to a separate impairment rate for each aging
\nbalance category. This analysis is performed over a homogenous group of receivables with similar credit characteristics
\nbecause they belong to a customer category (mass-market, small offices and home offices);
\n-
A stand-alone method: the assessment of impairment probability and its amount are based on a set of relevant qualitative
\nfactors (ageing of late payment, other balances with the counterparty, rating from independent agencies, \u2026). This method
\nis used for carriers and operators (national and international), local, regional and national authorities; and
\n-
A provisioning method based on anticipated loss: IFRS 9 requires recognition of expected losses on receivables
\nimmediately upon recognition of the financial instruments. In addition to the pre-existing provisioning system, the Group
\napplies a simplified approach of anticipated impairment at the time the asset is recognized. The percentage applied
\ndepends on the maximum revenue non-recoverability rate.
\nThe costs related to bad debts decreased to 6.9 million euros in 2022 (compared to 8.7 million euros in 2021).
\nSince 2017, Orange Belgium S.A. entered into a factoring program with Belfius Commercial Finance. The eligible trade receivables
\nwere related to the top 400 B2B Airtime debtors (factored receivables around 1.5 million euros as at 31 December 2022).
Goodwill
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nOrange Communications Luxembourg S.A.
68 729
-17 865
50 864
68 729
-17 865
50 864
\nOther goodwill
53 547
-37 370
16 177
53 547
-14 937
38 610
\nTotal goodwill
122 276
-55 235
67 041
122 276
-32 802
89 474
Annual impairment test segment \u201cBelgium\u201d
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\nConcerning the goodwill of the segment \u201cBelgium\u201d, when considering the relationship between the market capitalization and the net
\nassets of the Group as at 31 December 2022, the market capitalization was higher than the net book value. For the purpose of this
\nimpairment test, we only considered the net assets of Orange Belgium and the Belgian subsidiaries and corrected the market
\ncapitalization of Orange Belgium S.A. with the calculated VIU value of Orange Communications Luxembourg S.A.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7353": {
"value": "Other assets
\nin thousand EUR
\n31.12.2022
31.12.2021
\nA
d
v
anc
e
s
and
downpayments
2 694
1
992
\nS
ecu
r
ity
dep
os
its
pa
i
d
720
701
\nO
ther
5
753
5
732
\nTotal other assets
9 167
8 425
\no/w other non-current assets
720
701
\no/w other current assets
8 447
7 724
Prepaid expenses
\nin thousand EUR
\n31.12.2022
31.12.2021
\nPrepaid supplies and services
2 927
3 513
\nPrepaid spectrum fees
0
1 462
\nTotal Prepaid expenses
2 927
4 975
\nThe prepaid supplies and services decreased by 2.1 million euros compared to 2021, mainly related to 5G down payments at Orange
\nLuxembourg.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7355": {
"value": "Other assets in thousand EUR
\n31.12.2022
31.12.2021
\nA
d
v
anc
e
s
and
downpayments
2 694
1
992
\nS
ecu
r
ity
dep
os
its
pa
i
d
720
701
\nO
ther
5
753
5
732
\nTotal other assets
9 167
8 425
\no/w other non-current assets
720
701
\no/w other current assets
8 447
7 724",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7356": {
"value": "Other assets in thousand EUR
\n31.12.2022
31.12.2021
\nA
d
v
anc
e
s
and
downpayments
2 694
1
992
\nS
ecu
r
ity
dep
os
its
pa
i
d
720
701
\nO
ther
5
753
5
732
\nTotal other assets
9 167
8 425
\no/w other non-current assets
720
701
\no/w other current assets
8 447
7 724",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7357": {
"value": "Other assets in thousand EUR
\n31.12.2022
31.12.2021
\nA
d
v
anc
e
s
and
downpayments
2 694
1
992
\nS
ecu
r
ity
dep
os
its
pa
i
d
720
701
\nO
ther
5
753
5
732
\nTotal other assets
9 167
8 425
\no/w other non-current assets
720
701
\no/w other current assets
8 447
7 724",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7416": {
"value": "Note 3: Expenses, prepaid and inventory Direct costs
\nin thousand EUR
\n31.12.2022
31.12.2021
\nPurchase of material
-185 867
-185 409
\nOther direct costs
-381 269
-376 851
\nImpairment loss on trade and other receivables, including contract assets
-6 910
-8 672
\nTotal direct costs
-574 046
-570 932
\nThe direct costs in 2022 remained stable (increased by 0.5%) year-on-year and amount to 574.0 million euros compared to 571.0
\nmillion euros a year earlier.
\nPurchase of material
\nThe costs related to the purchase of material remained stable (increased by 0.2%) year-on-year and amount to 185.9 million euros
\nin 2022.
\nOther direct costs
\nThe other direct costs mainly consisting of interconnection costs, commissions, content and connectivity costs increased slightly by
\n0.6% year-on-year.
\nInterconnection costs
\nInterconnect expense decreased by 11.7 million euros to 189.4 million euros. Roaming cost increased by 10.7 million euros mainly
\ndue to more data traffic done by our travelling customer. SMS interconnect costs decreased by 10.1 million euros due to less traffic.
\nVoice interconnect costs decreased by 12.3 million euros largely due to the continued effect of new regulation applicable since July
\n2021 (decrease in Mobile and Fixed Termination Rate).
\nCommissions
\nCommission expenses decreased by 4.3 million euros in 2022 to 26.8 million euros, due to lower commissions paid to retail partners,
\nin line with the decrease of partner number.
\nContent costs
\nOrange Belgium\u2019s television content strategy is primarily based on developing partnerships with rights holders and service
\npublishers. Orange Belgium is mainly focused on its role of aggregating and distributing content to offer improved services to its
\ncustomers. The costs regarding television content amount to 33.4 million euros in 2022 compared to 31.1 million euros in 2021
\nresulting from the customer base increase.
\nConnectivity
\nConnectivity costs increased by 17.6 million euros in 2022 to 116.1 million euros. This is the result of the increase in wholesale
\naccess fees related to the convergent Love offer and the continuous growth of our customer base.
\nImpairment loss on trade and other receivables, including contract assets
\nThe costs related to bad debts amount to 6.9 million euros in 2022 compared to 8.7 million euros in 2021.
96
\nPrepaid expenses
\nin thousand EUR
\n31.12.2022
31.12.2021
\nPrepaid supplies and services
2 927
3 513
\nPrepaid spectrum fees
0
1 462
\nTotal Prepaid expenses
2 927
4 975
\nThe prepaid supplies and services decreased by 2.1 million euros compared to 2021, mainly related to 5G down payments at Orange
\nLuxembourg.
\nInventories
\nin thousand EUR
\n31.12.2022
31.12.2021
\nGross inventories
27 870
25 676
\nDepreciation
-2 377
-1 652
\nTotal Inventories
25 493
24 024
\nInventories - Cost recognized as an expense during the period
-183 961
-182 856
\nThe increase in Gross inventories is mainly explained by the out of stocks for some references related to the worldwide electronic
\ncomponent crisis noted at the end of 2021.
\nThe reserve for obsolete and slow-moving items (2.3 million euros) slightly increased in 2022 compared to 2021.
\nTrade payables and other current liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
\nTrade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables decreased by 35.0
\nmillion euros compared to 2021, mainly related to lower outstanding payables at year end for a number of suppliers due to late
\npayment runs. The change in legislation related to the payment terms applicable in B2B since beginning of 2022 has also had an
\nimpact by reducing the average payment terms for Belgian suppliers.
\nTotal amount of trade payables in the reverse factoring program with BNP Paribas amounted to 26.9 million euros as at 31 December
\n2021. This program has been stopped during the year 2022.
\nCurrent employee benefits
increased by 2.9 million euros in 2022 and is mainly due to the increase in holiday pay provision boosted
\nby the inflation rate to be applied on salaries paid in 2023.
\nOther current liabilities
are made of provisions for litigation, down payments received from customer and operating subsidies
\nreceived but not used yet at year end.
97
\nAs a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
\nIn order to make sure that the defined contribution pension plan in force guarantees the participants the minimum return required
\nby law at the date of departure, Orange Belgium ordered a complete actuarial computation under the Projected Unit Credit (PUC)
\nmethod. The actuary performed projections according to a pre-defined methodology and with certain assumptions. This report
\nindicates that the accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31
\nDecember 2022, no provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in
\nfuture cash contributions no asset has been recognized either.
\nPlease find below a reconciliation of the opening to the closing balance of the net defined benefit asset for Orange Belgium S.A.:
\nMovement in net defined benefit (asset) liability
\nin thousand EUR
\nDefined benefit
\nobligation
\nFair value of
\nplan assets
\nEffect of asset
\nceiling
\nNet defined
\n(asset) liability
\nBalance at 1 January 2022
170 419
-173 160
-2 741
0
\nIncluded in profit or loss
\nCurrent service cost
1 089
\nPast Service credit
\nInterest cost (income)
2 118
-2 187
\nTotal
\nIncluded in OCI
\nActuarial loss (gain)
\nReturn on plan assets excluding interest income
50 394
\nIncrease (decrease) due to effect of any business
\ncombinations / divestitures / transfers
\n6 351
-6 184
\nEffect of changes in financial assumptions and
\nexperience adjustments
\n-52 479
\nTotal
\nOther
\nContributions paid by the employer
4 254
-4 254
\nBenefits paid
-1 813
1 963
\nTotal
\nBalance at 31 December 2022
129 939
-133 428
-3 489
0
98
\nin thousand EUR
\nDefined benefit
\nobligation
\nFair value of
\nplan assets
\nEffect of asset
\nceiling
\nNet defined
\n(asset) liability
\nBalance at 1 January 2021
174 024
-176 713
-2 689
0
\nIncluded in profit or loss
\nCurrent service cost
1 189
\nPast Service credit
\nInterest cost (income)
1 555
-1 604
\nTotal
\nIncluded in OCI
\nActuarial loss (gain)
\nReturn on plan assets excluding interest income
7 111
\nEffect of changes in financial assumptions and
\nexperience adjustments
\n-8 409
\nTotal
\nOther
\nContributions paid by the employer
4 647
-4 647
\nBenefits paid
-2 587
2 693
\nTotal
\nBalance at 31 December 2021
170 419
-173 160
-2 741
0
\nThe contributions paid during 2022 for those plans amounted to 4.3 million euros paid by the employer and 1.1 million euros paid
\nby the employees. The plan assets at 31 December 2022 consisted of 145.1 million euros individual insurance reserves, which
\nbenefit from a weighted average guaranteed interest rate of 3,37 %, and 5.0 million euros reserves in collective financing funds.
\nThe current restructuring provisions slightly increased to 2.1 million euros in 2022.
\nThe current tax payables
are related to the tax calculation of the current year and increased in 2022 (see also Note 6 \u2013
\nOperational taxes and levies).
\nLabour costs (excluding termination benefits)
\nLabour costs increased by 5.7% to 157.0 million euros in 2022, compared to 148.6 million euros a year ago. This increase has been
\nmainly driven by inflation.
\nIndirect costs
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
99
\nOther indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7419": {
"value": "Direct costs in thousand EUR
\n31.12.2022
31.12.2021
\nPurchase of material
-185 867
-185 409
\nOther direct costs
-381 269
-376 851
\nImpairment loss on trade and other receivables, including contract assets
-6 910
-8 672
\nTotal direct costs
-574 046
-570 932
\nThe direct costs in 2022 remained stable (increased by 0.5%) year-on-year and amount to 574.0 million euros compared to 571.0
\nmillion euros a year earlier.
\nPurchase of material
\nThe costs related to the purchase of material remained stable (increased by 0.2%) year-on-year and amount to 185.9 million euros
\nin 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7420": {
"value": "Direct costsin thousand EUR
\n31.12.2022
31.12.2021
\nPurchase of material
-185 867
-185 409
\nOther direct costs
-381 269
-376 851
\nImpairment loss on trade and other receivables, including contract assets
-6 910
-8 672
\nTotal direct costs
-574 046
-570 932
\nThe direct costs in 2022 remained stable (increased by 0.5%) year-on-year and amount to 574.0 million euros compared to 571.0
\nmillion euros a year earlier.
Other direct costs
\nThe other direct costs mainly consisting of interconnection costs, commissions, content and connectivity costs increased slightly by
\n0.6% year-on-year.
\nInterconnection costs
\nInterconnect expense decreased by 11.7 million euros to 189.4 million euros. Roaming cost increased by 10.7 million euros mainly
\ndue to more data traffic done by our travelling customer. SMS interconnect costs decreased by 10.1 million euros due to less traffic.
\nVoice interconnect costs decreased by 12.3 million euros largely due to the continued effect of new regulation applicable since July
\n2021 (decrease in Mobile and Fixed Termination Rate).
\nCommissions
\nCommission expenses decreased by 4.3 million euros in 2022 to 26.8 million euros, due to lower commissions paid to retail partners,
\nin line with the decrease of partner number.
\nContent costs
\nOrange Belgium\u2019s television content strategy is primarily based on developing partnerships with rights holders and service
\npublishers. Orange Belgium is mainly focused on its role of aggregating and distributing content to offer improved services to its
\ncustomers. The costs regarding television content amount to 33.4 million euros in 2022 compared to 31.1 million euros in 2021
\nresulting from the customer base increase.
\nConnectivity
\nConnectivity costs increased by 17.6 million euros in 2022 to 116.1 million euros. This is the result of the increase in wholesale
\naccess fees related to the convergent Love offer and the continuous growth of our customer base.
Indirect costs in thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
Other indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7454": {
"value": "Commissions Commission expenses decreased by 4.3 million euros in 2022 to 26.8 million euros, due to lower commissions paid to retail partners,
\nin line with the decrease of partner number.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7498": {
"value": "Inventories in thousand EUR
\n31.12.2022
31.12.2021
\nGross inventories
27 870
25 676
\nDepreciation
-2 377
-1 652
\nTotal Inventories
25 493
24 024
\nInventories - Cost recognized as an expense during the period
-183 961
-182 856
\nThe increase in Gross inventories is mainly explained by the out of stocks for some references related to the worldwide electronic
\ncomponent crisis noted at the end of 2021.
\nThe reserve for obsolete and slow-moving items (2.3 million euros) slightly increased in 2022 compared to 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7520": {
"value": "Trade payables and other current liabilities in thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
\nTrade payables
are non-interest bearing and are generally settled on 30 to 60-day terms. The trade payables decreased by 35.0
\nmillion euros compared to 2021, mainly related to lower outstanding payables at year end for a number of suppliers due to late
\npayment runs. The change in legislation related to the payment terms applicable in B2B since beginning of 2022 has also had an
\nimpact by reducing the average payment terms for Belgian suppliers.
\nTotal amount of trade payables in the reverse factoring program with BNP Paribas amounted to 26.9 million euros as at 31 December
\n2021. This program has been stopped during the year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7521": {
"value": "Trade payables and other current liabilities in thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
Other current liabilities
are made of provisions for litigation, down payments received from customer and operating subsidies
\nreceived but not used yet at year end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7522": {
"value": "Trade payables and other current liabilities in thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
Note 11: (Non)-current provisions
\nin thousand EUR
\n31.12.2021
Additions
Utilisations
Reversal
Other effect
31.12.2022
\nProvisions for dismantling
89 721
0
-2 672
0
-22 159
64 890
\nProvisions for litigations
3 529
1 214
-236
-1 945
0
2 562
\nTotal provisions
93 250
1 214
-2 908
-1 945
-22 159
67 452
\nin thousand EUR
\n31.12.2020
Additions
Utilisations
Reversal
Other effect
31.12.2021
\nProvisions for dismantling
82 592
1 240
-688
0
6 577
89 721
\nProvisions for litigations
3 481
226
-160
-19
1
3 529
\nTotal provisions
86 073
1 466
-848
-19
6 578
93 250
\nAccruals for dismantling consist of current (6.8 million euros) and non-current provisions (58.1 million euros) (see also Note 5 \u2013
\nOther intangible assets).
\nProvisions for litigations are recorded in other (non)-current liabilities.
\nOutstanding litigation
\nOrange Belgium is engaged in various judicial procedures whereby third-party individuals or entities are claiming repair of damages
\nthey claim to have incurred. Each litigation is assessed on an individual basis in order to assess as to whether it is more likely than
\nnot that an outflow of resources will be necessary to settle the litigation and ensures that the assumptions to quantify the provisions
\nare valid.
\nOutstanding claims are built up during the previous years and it can be reasonably assumed that they will be subject to a Court
\ndecision or solved by means of a settlement agreement within the coming years.
\nSee Management report, section 6 for detailed information on the disputes.
\nNetwork sites dismantling provision
\nSee Note 5 \u2013 Other intangible assets and property, plant and equipment.
\nWaste Electrical and Electronic Equipment
\nAccording to the European Directive issued on that subject and to the IFRIC 6 interpretation, Orange Belgium is responsible for the
\ntreatment and disposal of any waste electrical and electronic equipment (i.e. network equipment, IT hardware...) acquired on or
\nbefore 13 August 2005.
\nOrange Belgium is currently selling its electrical and electronic equipment waste to a WEEE certified third-party supplier at a net
\nselling price which meets all European Directive obligations. The agreement with this supplier also includes Orange Belgium\u2019s
\nobligations for the period prior to 13 August 2005. No provision has to be recognized in this respect in Orange Belgium\u2019s financial
\nstatements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7523": {
"value": "Trade payables and other current liabilities in thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
Labour costs (excluding termination benefits)
\nLabour costs increased by 5.7% to 157.0 million euros in 2022, compared to 148.6 million euros a year ago. This increase has been
\nmainly driven by inflation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7524": {
"value": "Trade payables and other current liabilities in thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
Current employee benefits
increased by 2.9 million euros in 2022 and is mainly due to the increase in holiday pay provision boosted
\nby the inflation rate to be applied on salaries paid in 2023.
As a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
\nIn order to make sure that the defined contribution pension plan in force guarantees the participants the minimum return required
\nby law at the date of departure, Orange Belgium ordered a complete actuarial computation under the Projected Unit Credit (PUC)
\nmethod. The actuary performed projections according to a pre-defined methodology and with certain assumptions. This report
\nindicates that the accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31
\nDecember 2022, no provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in
\nfuture cash contributions no asset has been recognized either.
\nPlease find below a reconciliation of the opening to the closing balance of the net defined benefit asset for Orange Belgium S.A.:
\nMovement in net defined benefit (asset) liability
\nin thousand EUR
\nDefined benefit
\nobligation
\nFair value of
\nplan assets
\nEffect of asset
\nceiling
\nNet defined
\n(asset) liability
\nBalance at 1 January 2022
170 419
-173 160
-2 741
0
\nIncluded in profit or loss
\nCurrent service cost
1 089
\nPast Service credit
\nInterest cost (income)
2 118
-2 187
\nTotal
\nIncluded in OCI
\nActuarial loss (gain)
\nReturn on plan assets excluding interest income
50 394
\nIncrease (decrease) due to effect of any business
\ncombinations / divestitures / transfers
\n6 351
-6 184
\nEffect of changes in financial assumptions and
\nexperience adjustments
\n-52 479
\nTotal
\nOther
\nContributions paid by the employer
4 254
-4 254
\nBenefits paid
-1 813
1 963
\nTotal
\nBalance at 31 December 2022
129 939
-133 428
-3 489
0
in thousand EUR
\nDefined benefit
\nobligation
\nFair value of
\nplan assets
\nEffect of asset
\nceiling
\nNet defined
\n(asset) liability
\nBalance at 1 January 2021
174 024
-176 713
-2 689
0
\nIncluded in profit or loss
\nCurrent service cost
1 189
\nPast Service credit
\nInterest cost (income)
1 555
-1 604
\nTotal
\nIncluded in OCI
\nActuarial loss (gain)
\nReturn on plan assets excluding interest income
7 111
\nEffect of changes in financial assumptions and
\nexperience adjustments
\n-8 409
\nTotal
\nOther
\nContributions paid by the employer
4 647
-4 647
\nBenefits paid
-2 587
2 693
\nTotal
\nBalance at 31 December 2021
170 419
-173 160
-2 741
0
\nThe contributions paid during 2022 for those plans amounted to 4.3 million euros paid by the employer and 1.1 million euros paid
\nby the employees. The plan assets at 31 December 2022 consisted of 145.1 million euros individual insurance reserves, which
\nbenefit from a weighted average guaranteed interest rate of 3,37 %, and 5.0 million euros reserves in collective financing funds.
\nThe current restructuring provisions slightly increased to 2.1 million euros in 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7525": {
"value": "Trade payables and other current liabilitiesin thousand EUR
\n31.12.2022
31.12.2021
\nTrade payables
223 860
258 822
\nS
ala
r
ies and
te
rm
ination pay
2 825
2 527
\nP
e
r
formance
and
p
r
ofit
-sharing
bo
n
u
s
,
p
en
s
io
n
s
9 569
9 435
\nSocial security contributions
5 876
6 099
\nHoliday
pay
18 527
15 698
\nO
ther
244
352
\nCurrent employee benefits
37 041
34 110
\nCurrent restructuring provisions
2 105
1 127
\nOther current liabilities
7 096
7 082
\nCurrent tax payables
13 322
10 653
\nDeferred income
996
191
The current tax payables
are related to the tax calculation of the current year and increased in 2022 (see also Note 6 \u2013
\nOperational taxes and levies).
Note 6: Taxes and levies
\nIncome tax in profit and loss statement
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCurrent income tax
-21 885
-15 114
\nDeferred tax expense arising to the origination and reversal of temporary differences
-1 569
2 340
\nTotal tax expenses
-23 454
-12 774
\nThe deferred tax expense arising to the origination and reversal of temporary differences amounting to -1.6 million euros consists of
\ntemporary differences on fixed assets (1.2 million euros), tax losses carried forward (-0.7 million euros), unrecognized deferred taxes
\nassets (-1.1 million euros) and other temporary differences (-1.0 million euros, mainly consisting of dismantling, other lease liabilities
\nand revenue from contracts with customers).
\nRelationship between tax expense and accounting profit
\nin thousand EUR
\n31.12.2022
31.12.2021
\nEarnings before income tax
81 613
52 497
\nGroup income tax rate
25.00
25.00
\nTheoretical income tax
-20 403
-13 124
\nEffect of difference between local standard rate and Group rate (*)
-63
55
\nEffect of permanent differences and other reconciling items (**)
-7.406
-6 504
\nEffect of tax (without base) affecting current tax (***)
3 570
3 913
\nEffect of tax (without base) affecting deferred tax
848
2 887
\nIncome tax
-23 454
-12 774
\nEffective tax rate
28.7%
24.3%
\n* local rate (Orange Communications Luxembourg S.A.= 27.19%) and Group rate (25.00%)
\n** consisting of non-deductible expenses, effect of application of patent income deduction and permanent differences
\n*** adjustment on prior years
\nTax expenses amounted to 23.5 million euros in 2022 compared to 12.8 million euros in 2021. The effective tax rate came out at
\n28.7%, which is an increase compared to the effective tax rate of 24.3% in 2021.
\nThe theoretical amount of tax expenses increased by 7.3 million euros in 2022, given the higher earnings before income tax. In 2022,
\nthe other non-deductible tax expenses and the losses on investments had a negative impact, partly offset by permanent differences
\nresulting in a net impact of 7.4 million euros (see **). Permanent differences result when an item of income and/or expense is treated
\ndifferently for book and tax purposes and the different treatment does not reverse in a subsequent year or result in a basis difference
\n(for example: disallowed expenses, effect on tax gain/loss on disposal of investments, asset retirement obligation, amongst others).
\nThe effect of permanent differences and other reconciling items equal to -7.4 million euros consists of the impairment of BKM N.V.
\nand Communithings S.A. and the liquidation of Walcom S.A.
(-7.1 million euros), disallowed expenses (-2.2 million euros), Asset
\nRetirement Obligation (2.5 million euros), effect of tax credits (-0.7 million euros and other permanent differences (0.1 million euros).
\nEffect of tax (without base) affecting the deferred tax amounted to 0.8 million euros in 2022.This amount mainly includes CIT included
\nin the manual adjustments (1.7 million euros) and a change in allowance for deferred taxes (-1.1 million euros).
\nA positive impact on the taxable year 2021 was recorded in 2022 for an amount of 5.0 million euros for Innovation Income
\nDeductions, Patent Income Deductions and Investment Deductions (these deduction are considered in the tax expense at the
\nmoment they are definitely granted by the tax administration, which happens in most cases in the following year) , partly offset by a
\nprovision for income tax (-1.2 million euros) (see ***).
\nTax position in the statement of financial position
\nMovements in current tax balances
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet current tax - opening balance
10 371
4 462
\nCash tax payments
-19 211
-9 508
\nCurrent income tax expense
21 885
15 114
\nChanges in consolidation scope, reclassification and translation adjustments
0
303
\nNet current tax -closing balance
13 045
10 371
\nDue to the recuperation of carried forward losses, Orange Communications Luxembourg S.A. had no significant current tax expense.
Cash tax payments in 2022 include 18.3 million euros of prepayments for 2022.
\nMovements in deferred tax balances
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet deferred taxes - opening balance
-2 759
-5 029
\nChange in income statement
-1 569
2 340
\nChange in other comprehensive income
-2 482
-45
\nChanges in consolidation scope, reclassification and translation adjustments
0
-25
\nNet deferred taxes - closing balance
-6 810
-2 759
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAssets
Liabilities
\nIncome
\nstatement
\nAssets
Liabilities
\nIncome
\nstatement
\nFixed assets
0
2 935
1 211
0
4 146
1 423
\nTax losses carryforward
5 061
0
-649
5 710
0
-1 284
\nOther temporary differences
78 282
86 079
-992
87 076
91 398
2 201
\nDeferred taxes
83 343
89 014
-430
92 786
95 544
2 340
\nUnrecognized deferred taxes assets
-1 139
0
-1 139
0
0
0
\nNetting
-80 601
-80 601
0
-90 986
-90 986
0
\nTotal
1 604
8 413
-1 569
1 800
4 558
2 340
\nDeferred taxes recorded on Orange Belgium\u2019s operations are essentially related to the marked-to-market value of the interest rate
\nswap contracts, to the development costs for intranet sites, to the dismantling assets depreciation and to the depreciation of SIM
\ncards.
\nThe deferred tax asset on carried forward tax losses amounts to 5.1 million euros and is mainly related to Orange Communications
\nLuxembourg S.A. (4.0 million euros) and BKM N.V. (1.1 million euros). A deferred tax asset is only recognized when it is probable
\nthat the tax entity will have sufficient future taxable profits to recover them. The recoverability of the deferred tax has been assessed
\nbased on the business plans used for impairment testing. This analysis led to the impairment of carried forward tax losses of BKM
\nN.V. for 1.1 million euros.
\nCurrent operating taxes and levies payables
\nThe operating taxes and levies payables amounted to 85.8million euros in 2022 and consist of VAT payables (13.9 million euros);
\n71.4 million euros taxes charged to pylons and masts - plus default interests calculated at the legal rate; and of 0.4 million euros
\nrelated to the Settlements with the Walloon Region, and 0.1 million euros related to Spectrum fees payables.
\nCurrent operating taxes and levies receivables
\nThe operating taxes and levies receivables amounted to 3.7 million euros in 2022, compared to 9.2 million euros a year ago and
\nmainly consist of the recoverable VAT.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7757": {
"value": "Indirect costs in thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
99
\nOther indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7758": {
"value": "Indirect costs in thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
99
\nOther indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7759": {
"value": "Indirect costs in thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
99
\nOther indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7761": {
"value": "Indirect costsin thousand EUR
\n31.12.2022
31.12.2021
\nCommercial expenses
-28 521
-33 789
\nOther IT and network expenses
-103 872
-97 359
\nProperty expenses
-11 055
-8 508
\nGeneral expenses
-62 782
-63 587
\nOther indirect income
33 177
28 848
\nOther indirect costs
-56 948
-60 177
\nDepreciation of right-of-use assets
-53 712
-54 085
\nTotal indirect costs
-283 713
-288 656
\nof which operational taxes and fees
-27 301
-25 783
\nThe indirect costs decreased 1.7% year-on-year to 283.7 million euros in 2022 compared to 288.7 million euros in 2021.
\nThe commercial expenses decreased by 5.3 million euros in 2022 mainly due to lower CRM costs driven by lower volumes combined
\nwith fewer media campaigns.
\nOther IT and network expenses increased by 6.7% year-on-year mainly due to more network energy costs partially offset by costs
\nefficiencies.
\nProperty expenses increased 29.9% year-on-year mainly explained by more energy costs on buildings and by inflation.
\nGeneral expenses remained stable.
Other indirect income increased by 4.3 million euros year-on-year, mainly due to positive outcome of litigation files and increased
\ninsurance revenues.
\nChanges in other indirect costs can mainly be explained by increase in the provision for pylon taxes, using best estimate assumptions
\nbased on the evolution of the regional tax framework, of the different court cases and of the new tax bills received by Orange Belgium
\nS.A. during 2022 compensated by a decrease in spectrum fees. For the later, the annual fees conditions defined in the Royal Decrees
\nrelated to the spectrum licenses granted in 2022 resulted into eligibility of those cost for capitalization instead of a recognition in
\noperating costs up to end of 2021.
\nOther restructuring costs
\nIn 2022 Orange Belgium booked restructuring costs for 11.0 million euros out of which 2.8 million euros are costs related to
\nacquisition and integration.
\nIn 2021 Orange Belgium booked redundancy costs for 4.0 million euros. No costs related to acquisition and integration were
\nrecorded.
Depreciation and amortization
\nThe depreciation and amortization charge (including impairment of fixed assets) for the year was 247.6 million euros, down by 33.2
\nmillion euros compared to 2021. In 2021 an important acceleration of depreciation was recorded to consider the change in usage
\nperiod for the sites included in the ran-sharing project foreseeing a decommissioning process of those sites over the year next 3
\nyears.
\nAccelerated depreciations of fixed assets
\nThe changes in useful life on intangible assets and property, plant and equipment recognized during the year were determined on
\nan asset-by-asset basis in order to consider technology and IT evolution. Obsolescence, dismantling or losses are also considered
\nin this exercise.
\nDuring 2022, the change in useful life and/or recognized impairment charges on property, plant and equipment totals 18.9 million
\neuros (compared with 53.4 million euros in 2021) and shown as expense on the line \u201cDepreciation and amortization\u201d and \u201cimpairment
\nof fixed assets\u201d in the statement of comprehensive income.
\nImpact can be split as such:
\n-
14.0 million euros for the project RAN sharing with Proximus including Sites dismantling & RAN material radio swapped
\nfrom Huawei to Nokia (as a result of the RAN sharing agreement between Orange Belgium and Proximus, which contains
\na plan for the dismantling of 1,536 of Orange Belgium\u2019s sites till the end of 2025). Last year the impact was 46.9 million
\neuros.
\n-
1.4 million euros for Sleeping stock concerning our Network material in the DHL stock
\n-
1.4 million euros for SOX Inventory MES
\n-
0.4 million euros for Shops closing
\n-
0.9 million euros for IT software
\n-
0.8 million euros for other type of retirement
\nOther intangible assets
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of other intangible assets in the opening balance
247 439
249 978
\nAcquisitions of other intangible assets
615 027
79 337
\nDepreciation and amortization
-92 494
-81 682
\nReclassifications and other items*
14 654
-194
\nNet book value of other intangible assets in the closing balance
784 626
247 439
\n* Since 2022 and due to a change in telecom licenses fee structure, the net present value of the yearly fixed amounts of spectrum fees to be paid over the license
\nperiod is included in the acquisition cost of the licenses. A corresponding liability has been recorded in current and non-current fixed assets payable.
\nAcquisition of other intangible assets are mainly telecommunication licenses (556.9 million euros), software (54.8 million euros) and
\ninternal generated software development costs (3.3 million euros).
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
702 735
-81 779
0
620 956
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-17 316
0
11 823
\nSoftware
658 124
-529 130
0
128 994
\nOther intangible assets
153 724
-130 871
0
22 853
\nTotal
1 547 894
-759 096
-4 172
784 626
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
151 967
-64 631
0
87 336
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-15 520
0
13 619
\nSoftware
608 154
-488 421
0
119 733
\nOther intangible assets
150 883
-124 131
0
26 752
\nTotal
944 314
-692 703
-4 172
247 439
Telecommunication and other licenses held by Orange Belgium S.A.
\nType of Licence
\nAcquisition
\ncost
\nNet book
\nvalue end
\n2022
\nNet book value end
\n2021
\nUseful life
\nin months
\nRemaining
\nmonths
\nStart
\ndepreciation
\nperiod
\n4G
20 020
\n8 020
9 844
End
\nJune
\n2027
\n53
\nJune 2016
\n800 MHz
120 000
66 035
72 092
238
131
February 2014
\nLicense 3G 2
\nnd
\nRenewal 6 months
\n3 700
0
1 510
6
0
September 2021
\nLicense 2G 2
\nnd
\nRenewal 6 months (1)
\n7 189
0
2 935
6
0
September 2021
\nLicense 3G 3
\nrd
\nRenewal 6 months (1)
\n3 700
0
0
6
0
March 2022
\nLicense 2G 3
\nrd
\nRenewal 6 months (1)
\n7 189
0
0
6
0
March 2022
\nLicense 3G renewal 4 Months (1)
2 158
0
0
4
0
September 2022
\nLicense 2G renewal 4 Months (1)
4 193
0
0
4
0
September 2022
\nLicense 5G 3600 Mhz (2)
55 308
54 261
0
212
208
September 2022
\nLicense 5G 700 Mhz (2)
122 860
120 807
0
240
236
September 2022
\nLicense 800 Mhz (3)
17 542
16 070
0
144
132
January 2022
\nLicense 2600 Mhz (3)
5 897
4 825
0
78
66
January 2022
\nLicense 700 Mhz (3)
23 398
23 007
0
240
236
September 2022
\nLicense 3600 Mhz (3)
11 386
11 171
0
212
208
September 2022
\nLicense 900/1800/2100 Mhz (2) (3)
214 187
214 187
0
240
240
January 2023
\nLicense 1400 Mhz ( 2) (3)
89 135
89 135
0
240
240
June 2023
\nBKM PPA - unused perpetual licenses Voxx
1 058
913
955
300
259
August 2019
\nTotal
708 920
608 431
87 336
\nTelecommunication licenses
acquired by Orange Belgium S.A. during 2022:
\nThe two extensions of the licenses for short periods of respectively 6 and 4 months (1) are a result of a government decision with
\nthe intention of bridging the period until the final spectrum auction will take place. These auctions took place during 2022 as follows:
\n-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700
\nMHz, 1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
\n-
New spectrum allocations: 700, 3600 and 1400 MHz.
\nThe auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency
\nband and 100 MHz in the 3.6 GHz frequency band, for a total of \u20ac178 million. The commencement date was 1 September
\n2022 for a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
\nOn 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year
\nterm ended. Orange obtained 30Mhz for a price of \u20ac70 million. The spectrum was finally allocated on 16 November 2022 with
\na commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures,
\nthat will only become available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under
\nIAS 38 Intangible Assets as per 31 December 2022. Amortization will start accordingly to the availability for use on 1 July
\n2023.
\n-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
\nConcerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted
\nsuccessive temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted
\ntemporary rights until the end of 2022.
\nIn the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800
\nMHz band, and 2 X 15 MHz in the 2100 MHz band.
\nThe spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company
\ndetermined that the rights acquired under the 2022 auction procedures, that will only become available for use as of 1 July
\n2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December
\n2022. Amortization will start accordingly to the availability for use on 1 January 2023.
Licenses acquired or granted in 2022 have been capitalized as such:
\n(2) One off amount paid or to pay at commencement
\n(3) Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of
\nthe calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate
\nwill be recorded in financial expenses and annual payments will be applied against the debt itself.
\nInternally generated intangible assets
include software development costs generated by the Group staff.
\nOther intangible assets
mainly relate to software acquired or developed by external suppliers. They are mainly used for the network
\napplications or for administrative purposes.
\nThe useful lives of intangible assets applied in 2022 remain comparable to those used in 2021.
\nInvestments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
\nnot fully amortized. The same applies to the original site\u2019s research costs.
\nIntangible assets are not subject to title restriction or pledges as security for liabilities.
\nProperty, plant and equipment
\nin thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of property, plant and equipment in the opening balance
662 770
707 591
\nAcquisitions of property, plant and equipment
161 890
146 544
\nDisposals and retirements
0
-20
\nDepreciation and amortization
-154 055
-197 525
\nImpairment
-984
-1 444
\nReclassifications and other items
-25 021
7 624
\nNet book value of property, plant and equipment in the closing balance
644 600
662 770
\nThe amount of reclassifications and other items for the financial year 2022 is mainly related to the variation of the dismantling
\nprovision as at 31 December 2022 mainly as a result of the combined effect of the decreased dismantling cost per site, and the
\nincrease of the discount rate. Refer also to the key assumptions used in the section \u2018Provision for dismantling\u2019.
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nNet book
\nvalue
\nLand and buildings
106 671
-69 980
36 691
\nNetworks and terminals
2 114 842
-1 530 907
583 935
\nIT equipment
207 180
-189 329
17 851
\nOther property, plant and equipment
31 606
-25 483
6 123
\nTotal
2 460 299
-1 815 699
644 600
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nNet book
\nvalue
\nLand and buildings
103 937
-67 723
36 214
\nNetworks and terminals
2 085 284
-1 485 243
600 041
\nIT equipment
207 440
-187 373
20 067
\nOther property, plant and equipment
33 324
-26 876
6 448
\nTotal
2 429 985
-1 767 215
662 770
Note 14: Lease agreements In the course of its activities, the Group regularly enters into leases as a lessee. The leases concern the following asset categories:
\n-
Land and buildings
\n-
Network and terminals
\n-
IT equipment; and
\n-
Other
\nLease liabilities
\nAs of 31 December 2022, lease liabilities amount to 262.1 million euros, including non-current lease liabilities of 217.5 million euros
\nand current lease liabilities of 44.6 million euros.
\nin thousand EUR
\n2022
2021
\nLease liabilities \u2013 in the opening balance
299 919
304 051
\nIncrease with counterpart in right-of-use
13 517
50 268
\nDecrease in liabilities following rental payments
-51 645
-51 834
\nImpact of changes in assessments
-21
-2 566
\nReclassification and other items
299
-2 566
\nLease liabilities \u2013 in the closing balance
262 069
299 919
\nO/w non-current lease liabilities
217 517
255 251
\nO/w current lease liabilities
44 553
44 669
\nThe decrease in the lease liability and in the right of use assets balances comes from the low level of lease agreements (new and
\nrenewals) signed in 2022 combined with the fact that on going contracts remains cashed out for similar amount as in 2021.
\nThe following table details the undiscounted future cash flows of lease liabilities:
\nin thousand EUR
\n31 December
\n2022
\n2023
2024
2025
2026
2076
\n2028 and
\nbeyond
\nUndiscounted lease liabilities
317 809
43 744
35 518
37 374
21 340
17 910
161 923
\nRight-of-use assets
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nLand and buildings
387 341
-139 285
248 056
\nNetworks and terminals
5 688
-4 725
963
\nIT equipment
3
0
-3
\nOther right-of-use
24 301
-12 970
-19
11 312
\nTotal right-of-use assets
417 333
-156 980
-22
260 331
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nLand and buildings
407 261
-121 046
286 215
\nNetworks and terminals
5 779
-4 068
1 711
\nIT equipment
3
-3
\nOther right-of-use
21 174
-9 917
-19
11 238
\nTotal right-of-use assets
434 217
-135 031
-22
299 164
\nin thousand EUR
\n2022
2021
\nNet book value of right-of-use assets -in the opening balance
299 164
303 803
\nIncrease (new right-of-use assets)
13 949
54 264
\nImpact of changes in the scope of consolidation
\nDepreciation
-52 942
-54 020
\nImpairment
-4
\nImpact of changes in the assessments
-139
-4 879
\nReclassifications and other items
299
\nNet book value of right-of-use assets -in the closing balance
260 331
299 164
\nThe total expenses relating to short-term leases for which the recognition exemption is applied is very limited
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7845": {
"value": "Note 4: Goodwill Goodwill
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nOrange Communications Luxembourg S.A.
68 729
-17 865
50 864
68 729
-17 865
50 864
\nOther goodwill
53 547
-37 370
16 177
53 547
-14 937
38 610
\nTotal goodwill
122 276
-55 235
67 041
122 276
-32 802
89 474
\nOrange Communications Luxembourg S.A.
\nThe acquisition of Orange Communications Luxembourg S.A. was completed in two phases. 90% of the shares were acquired on 2
\nJuly 2007. The remaining 10% were acquired on 12 November 2008. The reported goodwill is fully allocated to the segment
\n\u201cLuxembourg\u201d.
\nImpairment test on this goodwill is performed at least at the end of each financial year to assess whether its carrying amount does
\nor does not exceed its recoverable amount.
\nThe key operating assumptions used to determine the value in use are common across the Group\u2019s business segments. These
\nassumptions include:
\n-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\ncompetition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings
\nbases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\nservices, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\nadjacent sectors such as cable;
\n-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\nthe ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\ndeparture plans;
\n-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by
\ndecisions of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of
\nnetwork elements or obligations to open up networks to competitors.
\nFor Orange Communications Luxembourg S.A. cash flows have been estimated on a five-year business plan (2023 to 2027) approved
\nby the Strategic Committee. The management of Orange Communications Luxembourg foresees a progressive increase of adjusted
\nEBITDA over the period as the result of (i) a continuous top line growth coming both from an increase in market share and churn
\nreduction, and (ii) the increase in the direct margin mainly linked to the terminal sales activities which overcompensate the increase
\nof indirect costs related to salaries and energy costs. More precisely, the management ambitions a turnaround over this 5-year
\nperiod with a 1.80% (compared to 3.90 % last year) and 1.5 % (compared to 6.98 % last year) compounded annual growth rate
\n(CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to increase by 1.2% (compared to a
\ndecrease of 0.48% last year).
\nConsidering a perpetuity growth rate of 1.25% (compared to 1.0% in 2021) and a WACC of 6.25% (identical to 2021), those
\nassumptions would result in a positive amount.
100
\nSensitivity of recoverable amounts
\nA sensitivity analysis on those parameters was performed, using a growth rate varying from 0.25% to 2.25% and a discount rate
\nvarying from 5.25% to 7.25%.
\nBecause of the correlation between operating cash flow and investment capacity, sensitivity of net cash flow is used. Cash flow for
\nthe terminal year representing a significant portion of the recoverable amount, a change of plus or minus 10% of this cash flow is
\npresented in case sensitivity.
\n31 December 2022:
\n-
Headroom compared to the carrying value tested:
36.1 million euros
\n-
Effect on the headroom as a result of a variation of:
\n-
10% (increase/decrease) in cash flow of terminal year:
+/-9.5 million euros
\n-
1% increase in growth rate to perpetuity:
+ 26.1 million euros
\n-
1% decrease in growth rate to perpetuity:
-17.4 million euros
\n-
1% increase in discount rate:
-19.6 million euros
\n-
1% decrease in discount rate:
+ 29.5 million euros
\nOther goodwill
\nThis corresponds to:
\nMobistar Affiliate S.A.
\nThe acquisition of Mobistar Affiliate S.A. was completed in two phases: initial purchase of 20% shares in April 1999 and purchase
\nof the remaining 80% shares in May 2001. The goodwill resulting from the acquisition amounts to 10.6 million euros.
\nThe reported goodwill is fully allocated to the segment \u201cBelgium\u201d (see Segment information).
\nMobistar Enterprise Services S.A.
\nThe goodwill of Mobistar Enterprise Services S.A. resulting on the acquisition on 1 April 2010 and adjusted on 31 March 2011
\namounts to 793 thousand euros.
\nThe reported goodwill is fully allocated to the segment \u201cBelgium\u201d (see Segment information).
\nA&S Partners S.A.
\nA&S Partners S.A. was acquired as of 30 September 2017 by Orange Belgium S.A for a total consideration of 5.0 million euros. The
\npurchase concerned 100% of the shares. A total amount of 4.8 million euros has been allocated to goodwill for the segment
\n\u201cBelgium\u201d (see Segment information).
\nUpsize N.V. \u2013 BKM N.V.
\nUpsize N.V. was a holding company that was acquired on 31 July 2019. The purchase concerned 100% of the 60,000 shares of
\nUpsize N.V.
Upsize N.V. included BKM N.V. (100% owned) and CC@PS BV (100% owned by BKM N.V.) and is a nationwide ICT
\nintegrator and a pioneer in cloud UCC solutions. It has a solid track-record in the SME and CMA markets in Belgium and works in
\nfour areas of expertise: Unified Communications & Collaboration (UCC) solutions; IT & security solutions; Document & Visual
\nsolutions; and Connectivity solutions.
\nOrange Belgium accounted for the Upsize N.V. acquisition using the acquisition method, whereby the total purchase price of 51,6
\nmillion euros was allocated to the acquired identifiable net assets based on assessments of their respective fair values, and the
\nexcess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The purchase price
\nallocation has been finalized and recorded in the books on 30 June 2020. It resulted into the recognition of the fair value of the
\nintangible assets (19.0 million euros) fully related to the acquired customer relationships (18.0 million euros) and the Voxx-Telepo
\nsoftware platform (1.0 million euros). Together with the deferred tax impact of the above-mentioned adjustment (4.7 million euros),
\nand a goodwill of 37.4 million euros. The goodwill is attributable mainly to the synergies expected to be achieved from integrating
\nthe company into the Group\u2019s existing business. As a result, the final goodwill arising from the acquisition is fully allocated to the
\nsegment \u201cBelgium\u201d (see Segment information).
101
\nSince Upsize N.V. is considered to be generating largely independent cash inflows and the integration in Orange Belgium S.A. is not
\nfully completed, impairment test on this goodwill is performed at least at the end of each financial year to assess whether its carrying
\namount does or does not exceed its recoverable amount. Although Upsize N.V. was merged into Orange Belgium S.A. on 1 July
\n2022, the above conclusion on the cash flow generation remains valid.
\nThe key operating assumptions used to determine the value in use are common across the Group\u2019s business segments. These
\nassumptions include:
\n-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\ncompetition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings
\nbases;
\n-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
\nability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
\nplans;
\n-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies.
\nThe 2.5-year health crisis had a major impact on BKM operations. It has severely slowed down the sale and deployment of projects.
\nThe expected growth has not been achieved due the impact by mandatory \u201cwork from home\u201d policies postponing office ICT
\ninvestment. Moreover, the high pressure on the labor ICT market had also an impact on the capability for BKM to reinforce its sales
\nteam in 2022. The company has also suffered from the lack of availability of technical components reducing its capacity to deliver
\nmaterial to the customers. Despite close cost monitoring, margins have been also set under pressure.
\nThe cash flows have been estimated on a five-year business plan (2023 to 2027) approved by the Strategic Committee. The
\nmanagement of BKM N.V. foresees a progressive increase of adjusted EBITDA over the period as the result of (i) a continuous and
\nsustained top line growth coming both from an increase in market size and market share, and (ii) the continuation of its enhanced
\ntransformation program with a tight control of operating expenses. More precisely, the management ambitions a turnaround over
\nthis 5-year period with a compounded annual growth rate (CAGR) of revenues of 3.8% for BKM Group and an EBITDA growth rate
\nin the terminal value of 3.7% for BKM Group, while capital expenses are expected to amount to 0.5 million euros each year for BKM.
\nConsidering a perpetuity growth rate of 1.5% and a WACC of 9.75% those assumptions resulted in an impairment of 22.4 million
\neuros. After the impairment test performed at year end 2021, the goodwill was reduced by 14.9 million euros.
\nSensitivity of recoverable amounts
\nA sensitivity analysis on those parameters was performed, using a growth rate varying from 0.5% to 2.5% and a discount rate
\nvarying from 8.75% to 10.25%.
\nBecause of the correlation between operating cash flow and investment capacity, sensitivity of net cash flow is used. Cash flow for
\nthe terminal year representing a significant portion of the recoverable amount, a change of plus or minus 10% of this cash flow is
\npresented in case sensitivity.
\n31 December 2022:
\n-
There is no headroom anymore compared to the carrying value tested as this corresponds to the recoverable amount as
\nestimated at year end 2022.
\n-
Effect on the headroom as a result of a variation of:
\n-
10% (increase/decrease) in cash flow of terminal year:
+/-1.2 million euros
\n-
1% increase in growth rate to perpetuity:
+ 1.6 million euros
\n-
1% decrease in growth rate to perpetuity:
-1.3 million euros
\n-
1% increase in WACC:
-1.7 million euros
\n-
1% decrease in WACC:
+ 2.2 million euros
\nAnnual impairment test segment \u201cBelgium\u201d
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\nConcerning the goodwill of the segment \u201cBelgium\u201d, when considering the relationship between the market capitalization and the net
\nassets of the Group as at 31 December 2022, the market capitalization was higher than the net book value. For the purpose of this
\nimpairment test, we only considered the net assets of Orange Belgium and the Belgian subsidiaries and corrected the market
\ncapitalization of Orange Belgium S.A. with the calculated VIU value of Orange Communications Luxembourg S.A.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7846": {
"value": "Note 4: GoodwillGoodwill
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nAcquisition
\nValue
\nAccumulated
\nimpairment
\nlosses
\nNet carrying
\namount
\nOrange Communications Luxembourg S.A.
68 729
-17 865
50 864
68 729
-17 865
50 864
\nOther goodwill
53 547
-37 370
16 177
53 547
-14 937
38 610
\nTotal goodwill
122 276
-55 235
67 041
122 276
-32 802
89 474
\nOrange Communications Luxembourg S.A.
\nThe acquisition of Orange Communications Luxembourg S.A. was completed in two phases. 90% of the shares were acquired on 2
\nJuly 2007. The remaining 10% were acquired on 12 November 2008. The reported goodwill is fully allocated to the segment
\n\u201cLuxembourg\u201d.
\nImpairment test on this goodwill is performed at least at the end of each financial year to assess whether its carrying amount does
\nor does not exceed its recoverable amount.
\nThe key operating assumptions used to determine the value in use are common across the Group\u2019s business segments. These
\nassumptions include:
\n-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\ncompetition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings
\nbases, regulatory authority decisions on pricing of services to customers and on access and pricing of inter-operator
\nservices, technology migration of networks, competition authorities\u2019 decisions in terms of concentration or regulation of
\nadjacent sectors such as cable;
\n-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition,
\nthe ability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee
\ndeparture plans;
\n-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies, by
\ndecisions of regulatory authorities relating to licenses and spectrum allocation, mobile network coverage, sharing of
\nnetwork elements or obligations to open up networks to competitors.
\nFor Orange Communications Luxembourg S.A. cash flows have been estimated on a five-year business plan (2023 to 2027) approved
\nby the Strategic Committee. The management of Orange Communications Luxembourg foresees a progressive increase of adjusted
\nEBITDA over the period as the result of (i) a continuous top line growth coming both from an increase in market share and churn
\nreduction, and (ii) the increase in the direct margin mainly linked to the terminal sales activities which overcompensate the increase
\nof indirect costs related to salaries and energy costs. More precisely, the management ambitions a turnaround over this 5-year
\nperiod with a 1.80% (compared to 3.90 % last year) and 1.5 % (compared to 6.98 % last year) compounded annual growth rate
\n(CAGR) of revenues and adjusted EBITDA respectively, while capital expenses are expected to increase by 1.2% (compared to a
\ndecrease of 0.48% last year).
\nConsidering a perpetuity growth rate of 1.25% (compared to 1.0% in 2021) and a WACC of 6.25% (identical to 2021), those
\nassumptions would result in a positive amount.
Sensitivity of recoverable amounts
\nA sensitivity analysis on those parameters was performed, using a growth rate varying from 0.25% to 2.25% and a discount rate
\nvarying from 5.25% to 7.25%.
\nBecause of the correlation between operating cash flow and investment capacity, sensitivity of net cash flow is used. Cash flow for
\nthe terminal year representing a significant portion of the recoverable amount, a change of plus or minus 10% of this cash flow is
\npresented in case sensitivity.
\n31 December 2022:
\n-
Headroom compared to the carrying value tested:
36.1 million euros
\n-
Effect on the headroom as a result of a variation of:
\n-
10% (increase/decrease) in cash flow of terminal year:
+/-9.5 million euros
\n-
1% increase in growth rate to perpetuity:
+ 26.1 million euros
\n-
1% decrease in growth rate to perpetuity:
-17.4 million euros
\n-
1% increase in discount rate:
-19.6 million euros
\n-
1% decrease in discount rate:
+ 29.5 million euros
\nOther goodwill
\nThis corresponds to:
\nMobistar Affiliate S.A.
\nThe acquisition of Mobistar Affiliate S.A. was completed in two phases: initial purchase of 20% shares in April 1999 and purchase
\nof the remaining 80% shares in May 2001. The goodwill resulting from the acquisition amounts to 10.6 million euros.
\nThe reported goodwill is fully allocated to the segment \u201cBelgium\u201d (see Segment information).
\nMobistar Enterprise Services S.A.
\nThe goodwill of Mobistar Enterprise Services S.A. resulting on the acquisition on 1 April 2010 and adjusted on 31 March 2011
\namounts to 793 thousand euros.
\nThe reported goodwill is fully allocated to the segment \u201cBelgium\u201d (see Segment information).
\nA&S Partners S.A.
\nA&S Partners S.A. was acquired as of 30 September 2017 by Orange Belgium S.A for a total consideration of 5.0 million euros. The
\npurchase concerned 100% of the shares. A total amount of 4.8 million euros has been allocated to goodwill for the segment
\n\u201cBelgium\u201d (see Segment information).
\nUpsize N.V. \u2013 BKM N.V.
\nUpsize N.V. was a holding company that was acquired on 31 July 2019. The purchase concerned 100% of the 60,000 shares of
\nUpsize N.V.
Upsize N.V. included BKM N.V. (100% owned) and CC@PS BV (100% owned by BKM N.V.) and is a nationwide ICT
\nintegrator and a pioneer in cloud UCC solutions. It has a solid track-record in the SME and CMA markets in Belgium and works in
\nfour areas of expertise: Unified Communications & Collaboration (UCC) solutions; IT & security solutions; Document & Visual
\nsolutions; and Connectivity solutions.
\nOrange Belgium accounted for the Upsize N.V. acquisition using the acquisition method, whereby the total purchase price of 51,6
\nmillion euros was allocated to the acquired identifiable net assets based on assessments of their respective fair values, and the
\nexcess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The purchase price
\nallocation has been finalized and recorded in the books on 30 June 2020. It resulted into the recognition of the fair value of the
\nintangible assets (19.0 million euros) fully related to the acquired customer relationships (18.0 million euros) and the Voxx-Telepo
\nsoftware platform (1.0 million euros). Together with the deferred tax impact of the above-mentioned adjustment (4.7 million euros),
\nand a goodwill of 37.4 million euros. The goodwill is attributable mainly to the synergies expected to be achieved from integrating
\nthe company into the Group\u2019s existing business. As a result, the final goodwill arising from the acquisition is fully allocated to the
\nsegment \u201cBelgium\u201d (see Segment information).
Since Upsize N.V. is considered to be generating largely independent cash inflows and the integration in Orange Belgium S.A. is not
\nfully completed, impairment test on this goodwill is performed at least at the end of each financial year to assess whether its carrying
\namount does or does not exceed its recoverable amount. Although Upsize N.V. was merged into Orange Belgium S.A. on 1 July
\n2022, the above conclusion on the cash flow generation remains valid.
\nThe key operating assumptions used to determine the value in use are common across the Group\u2019s business segments. These
\nassumptions include:
\n-
key revenue assumptions, which reflect market level, penetration rate of the offerings and market share, positioning of the
\ncompetition\u2019s offerings and their potential impact on market price levels and their transposition to the Group\u2019s offerings
\nbases;
\n-
key cost assumptions, on the level of marketing expenses required to renew product lines and keep up with competition, the
\nability to adjust costs to potential changes in revenues or the effects of natural attrition and committed employee departure
\nplans;
\n-
key assumptions on the level of capital expenditure, which may be affected by the roll-out of new technologies.
\nThe 2.5-year health crisis had a major impact on BKM operations. It has severely slowed down the sale and deployment of projects.
\nThe expected growth has not been achieved due the impact by mandatory \u201cwork from home\u201d policies postponing office ICT
\ninvestment. Moreover, the high pressure on the labor ICT market had also an impact on the capability for BKM to reinforce its sales
\nteam in 2022. The company has also suffered from the lack of availability of technical components reducing its capacity to deliver
\nmaterial to the customers. Despite close cost monitoring, margins have been also set under pressure.
\nThe cash flows have been estimated on a five-year business plan (2023 to 2027) approved by the Strategic Committee. The
\nmanagement of BKM N.V. foresees a progressive increase of adjusted EBITDA over the period as the result of (i) a continuous and
\nsustained top line growth coming both from an increase in market size and market share, and (ii) the continuation of its enhanced
\ntransformation program with a tight control of operating expenses. More precisely, the management ambitions a turnaround over
\nthis 5-year period with a compounded annual growth rate (CAGR) of revenues of 3.8% for BKM Group and an EBITDA growth rate
\nin the terminal value of 3.7% for BKM Group, while capital expenses are expected to amount to 0.5 million euros each year for BKM.
\nConsidering a perpetuity growth rate of 1.5% and a WACC of 9.75% those assumptions resulted in an impairment of 22.4 million
\neuros. After the impairment test performed at year end 2021, the goodwill was reduced by 14.9 million euros.
\nSensitivity of recoverable amounts
\nA sensitivity analysis on those parameters was performed, using a growth rate varying from 0.5% to 2.5% and a discount rate
\nvarying from 8.75% to 10.25%.
\nBecause of the correlation between operating cash flow and investment capacity, sensitivity of net cash flow is used. Cash flow for
\nthe terminal year representing a significant portion of the recoverable amount, a change of plus or minus 10% of this cash flow is
\npresented in case sensitivity.
\n31 December 2022:
\n-
There is no headroom anymore compared to the carrying value tested as this corresponds to the recoverable amount as
\nestimated at year end 2022.
\n-
Effect on the headroom as a result of a variation of:
\n-
10% (increase/decrease) in cash flow of terminal year:
+/-1.2 million euros
\n-
1% increase in growth rate to perpetuity:
+ 1.6 million euros
\n-
1% decrease in growth rate to perpetuity:
-1.3 million euros
\n-
1% increase in WACC:
-1.7 million euros
\n-
1% decrease in WACC:
+ 2.2 million euros
\nAnnual impairment test segment \u201cBelgium\u201d
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\nConcerning the goodwill of the segment \u201cBelgium\u201d, when considering the relationship between the market capitalization and the net
\nassets of the Group as at 31 December 2022, the market capitalization was higher than the net book value. For the purpose of this
\nimpairment test, we only considered the net assets of Orange Belgium and the Belgian subsidiaries and corrected the market
\ncapitalization of Orange Belgium S.A. with the calculated VIU value of Orange Communications Luxembourg S.A.
Other intangible assets in thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of other intangible assets in the opening balance
247 439
249 978
\nAcquisitions of other intangible assets
615 027
79 337
\nDepreciation and amortization
-92 494
-81 682
\nReclassifications and other items*
14 654
-194
\nNet book value of other intangible assets in the closing balance
784 626
247 439
\n* Since 2022 and due to a change in telecom licenses fee structure, the net present value of the yearly fixed amounts of spectrum fees to be paid over the license
\nperiod is included in the acquisition cost of the licenses. A corresponding liability has been recorded in current and non-current fixed assets payable.
\nAcquisition of other intangible assets are mainly telecommunication licenses (556.9 million euros), software (54.8 million euros) and
\ninternal generated software development costs (3.3 million euros).
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
702 735
-81 779
0
620 956
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-17 316
0
11 823
\nSoftware
658 124
-529 130
0
128 994
\nOther intangible assets
153 724
-130 871
0
22 853
\nTotal
1 547 894
-759 096
-4 172
784 626
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
151 967
-64 631
0
87 336
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-15 520
0
13 619
\nSoftware
608 154
-488 421
0
119 733
\nOther intangible assets
150 883
-124 131
0
26 752
\nTotal
944 314
-692 703
-4 172
247 439
Telecommunication and other licenses held by Orange Belgium S.A.
\nType of Licence
\nAcquisition
\ncost
\nNet book
\nvalue end
\n2022
\nNet book value end
\n2021
\nUseful life
\nin months
\nRemaining
\nmonths
\nStart
\ndepreciation
\nperiod
\n4G
20 020
\n8 020
9 844
End
\nJune
\n2027
\n53
\nJune 2016
\n800 MHz
120 000
66 035
72 092
238
131
February 2014
\nLicense 3G 2
\nnd
\nRenewal 6 months
\n3 700
0
1 510
6
0
September 2021
\nLicense 2G 2
\nnd
\nRenewal 6 months (1)
\n7 189
0
2 935
6
0
September 2021
\nLicense 3G 3
\nrd
\nRenewal 6 months (1)
\n3 700
0
0
6
0
March 2022
\nLicense 2G 3
\nrd
\nRenewal 6 months (1)
\n7 189
0
0
6
0
March 2022
\nLicense 3G renewal 4 Months (1)
2 158
0
0
4
0
September 2022
\nLicense 2G renewal 4 Months (1)
4 193
0
0
4
0
September 2022
\nLicense 5G 3600 Mhz (2)
55 308
54 261
0
212
208
September 2022
\nLicense 5G 700 Mhz (2)
122 860
120 807
0
240
236
September 2022
\nLicense 800 Mhz (3)
17 542
16 070
0
144
132
January 2022
\nLicense 2600 Mhz (3)
5 897
4 825
0
78
66
January 2022
\nLicense 700 Mhz (3)
23 398
23 007
0
240
236
September 2022
\nLicense 3600 Mhz (3)
11 386
11 171
0
212
208
September 2022
\nLicense 900/1800/2100 Mhz (2) (3)
214 187
214 187
0
240
240
January 2023
\nLicense 1400 Mhz ( 2) (3)
89 135
89 135
0
240
240
June 2023
\nBKM PPA - unused perpetual licenses Voxx
1 058
913
955
300
259
August 2019
\nTotal
708 920
608 431
87 336
\nTelecommunication licenses
acquired by Orange Belgium S.A. during 2022:
\nThe two extensions of the licenses for short periods of respectively 6 and 4 months (1) are a result of a government decision with
\nthe intention of bridging the period until the final spectrum auction will take place. These auctions took place during 2022 as follows:
\n-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700
\nMHz, 1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
\n-
New spectrum allocations: 700, 3600 and 1400 MHz.
\nThe auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency
\nband and 100 MHz in the 3.6 GHz frequency band, for a total of \u20ac178 million. The commencement date was 1 September
\n2022 for a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
\nOn 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year
\nterm ended. Orange obtained 30Mhz for a price of \u20ac70 million. The spectrum was finally allocated on 16 November 2022 with
\na commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures,
\nthat will only become available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under
\nIAS 38 Intangible Assets as per 31 December 2022. Amortization will start accordingly to the availability for use on 1 July
\n2023.
\n-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
\nConcerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted
\nsuccessive temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted
\ntemporary rights until the end of 2022.
\nIn the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800
\nMHz band, and 2 X 15 MHz in the 2100 MHz band.
\nThe spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company
\ndetermined that the rights acquired under the 2022 auction procedures, that will only become available for use as of 1 July
\n2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December
\n2022. Amortization will start accordingly to the availability for use on 1 January 2023.
Licenses acquired or granted in 2022 have been capitalized as such:
\n(2) One off amount paid or to pay at commencement
\n(3) Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of
\nthe calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate
\nwill be recorded in financial expenses and annual payments will be applied against the debt itself.
\nInternally generated intangible assets
include software development costs generated by the Group staff.
\nOther intangible assets
mainly relate to software acquired or developed by external suppliers. They are mainly used for the network
\napplications or for administrative purposes.
\nThe useful lives of intangible assets applied in 2022 remain comparable to those used in 2021.
\nInvestments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
\nnot fully amortized. The same applies to the original site\u2019s research costs.
\nIntangible assets are not subject to title restriction or pledges as security for liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8113": {
"value": "Other intangible assets in thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of other intangible assets in the opening balance
247 439
249 978
\nAcquisitions of other intangible assets
615 027
79 337
\nDepreciation and amortization
-92 494
-81 682
\nReclassifications and other items*
14 654
-194
\nNet book value of other intangible assets in the closing balance
784 626
247 439
\n* Since 2022 and due to a change in telecom licenses fee structure, the net present value of the yearly fixed amounts of spectrum fees to be paid over the license
\nperiod is included in the acquisition cost of the licenses. A corresponding liability has been recorded in current and non-current fixed assets payable.
\nAcquisition of other intangible assets are mainly telecommunication licenses (556.9 million euros), software (54.8 million euros) and
\ninternal generated software development costs (3.3 million euros).
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
702 735
-81 779
0
620 956
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-17 316
0
11 823
\nSoftware
658 124
-529 130
0
128 994
\nOther intangible assets
153 724
-130 871
0
22 853
\nTotal
1 547 894
-759 096
-4 172
784 626
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nTelecommunication licenses
151 967
-64 631
0
87 336
\nBrand
4 172
0
-4 172
0
\nSubscriber bases
29 139
-15 520
0
13 619
\nSoftware
608 154
-488 421
0
119 733
\nOther intangible assets
150 883
-124 131
0
26 752
\nTotal
944 314
-692 703
-4 172
247 439
103
\nTelecommunication and other licenses held by Orange Belgium S.A.
\nType of Licence
\nAcquisition
\ncost
\nNet book
\nvalue end
\n2022
\nNet book value end
\n2021
\nUseful life
\nin months
\nRemaining
\nmonths
\nStart
\ndepreciation
\nperiod
\n4G
20 020
\n8 020
9 844
End
\nJune
\n2027
\n53
\nJune 2016
\n800 MHz
120 000
66 035
72 092
238
131
February 2014
\nLicense 3G 2
\nnd
\nRenewal 6 months
\n3 700
0
1 510
6
0
September 2021
\nLicense 2G 2
\nnd
\nRenewal 6 months (1)
\n7 189
0
2 935
6
0
September 2021
\nLicense 3G 3
\nrd
\nRenewal 6 months (1)
\n3 700
0
0
6
0
March 2022
\nLicense 2G 3
\nrd
\nRenewal 6 months (1)
\n7 189
0
0
6
0
March 2022
\nLicense 3G renewal 4 Months (1)
2 158
0
0
4
0
September 2022
\nLicense 2G renewal 4 Months (1)
4 193
0
0
4
0
September 2022
\nLicense 5G 3600 Mhz (2)
55 308
54 261
0
212
208
September 2022
\nLicense 5G 700 Mhz (2)
122 860
120 807
0
240
236
September 2022
\nLicense 800 Mhz (3)
17 542
16 070
0
144
132
January 2022
\nLicense 2600 Mhz (3)
5 897
4 825
0
78
66
January 2022
\nLicense 700 Mhz (3)
23 398
23 007
0
240
236
September 2022
\nLicense 3600 Mhz (3)
11 386
11 171
0
212
208
September 2022
\nLicense 900/1800/2100 Mhz (2) (3)
214 187
214 187
0
240
240
January 2023
\nLicense 1400 Mhz ( 2) (3)
89 135
89 135
0
240
240
June 2023
\nBKM PPA - unused perpetual licenses Voxx
1 058
913
955
300
259
August 2019
\nTotal
708 920
608 431
87 336
\nTelecommunication licenses
acquired by Orange Belgium S.A. during 2022:
\nThe two extensions of the licenses for short periods of respectively 6 and 4 months (1) are a result of a government decision with
\nthe intention of bridging the period until the final spectrum auction will take place. These auctions took place during 2022 as follows:
\n-
On 14 January 2022, the BIPT published the call for candidates for the auction on the allocation of new 5G spectrum (700
\nMHz, 1400 MHz, 3600 MHz) and the renewal of the existing 2G and 3G spectrum (900MHz, 1800 MHz, 2100MHz).
\n-
New spectrum allocations: 700, 3600 and 1400 MHz.
\nThe auctions for the core 5G frequency bands ended on 20 June 2022. Orange obtained 2x10 MHz in the 700 MHz frequency
\nband and 100 MHz in the 3.6 GHz frequency band, for a total of \u20ac178 million. The commencement date was 1 September
\n2022 for a period of 20 years for 700 MHz and until May 2040 for the 3.6 GHz band.
\nOn 20 July 2022 the supplemental auction to allocate 90 MHz of spectrum in the 1400 MHz frequency band for a 20-year
\nterm ended. Orange obtained 30Mhz for a price of \u20ac70 million. The spectrum was finally allocated on 16 November 2022 with
\na commencement date on 1 July 2023. The Company determined that the rights acquired under the 2022 auction procedures,
\nthat will only become available for use as of 1 July 2023, meet the definition and recognition criteria of intangible assets under
\nIAS 38 Intangible Assets as per 31 December 2022. Amortization will start accordingly to the availability for use on 1 July
\n2023.
\n-
Renewal of existing spectrum attributions: 900, 1800 and 2100 MHz.
\nConcerning the licenses in the 900 MHz, 1800 MHz and 2100 MHz bands, which expired in March 2021, the BIPT granted
\nsuccessive temporary rights of use in these bands for a period of six months. The last decision of 13 September 2022 granted
\ntemporary rights until the end of 2022.
\nIn the auction, that ended June 20, 2022, Orange Belgium obtained 2 X 10 MHz in the 900 MHz band, 2 X 15 MHz in the 1800
\nMHz band, and 2 X 15 MHz in the 2100 MHz band.
\nThe spectrum was finally allocated on 16 November 2022 with a commencement date on 1 January 2023. The Company
\ndetermined that the rights acquired under the 2022 auction procedures, that will only become available for use as of 1 July
\n2023, meet the definition and recognition criteria of intangible assets under IAS 38 Intangible Assets as per 31 December
\n2022. Amortization will start accordingly to the availability for use on 1 January 2023.
104
\nLicenses acquired or granted in 2022 have been capitalized as such:
\n(2) One off amount paid or to pay at commencement
\n(3) Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. The net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment of
\nthe calculation for the maturity of the debt. As from the booking of the debt, unwinding based on the original discount rate
\nwill be recorded in financial expenses and annual payments will be applied against the debt itself.
\nInternally generated intangible assets
include software development costs generated by the Group staff.
\nOther intangible assets
mainly relate to software acquired or developed by external suppliers. They are mainly used for the network
\napplications or for administrative purposes.
\nThe useful lives of intangible assets applied in 2022 remain comparable to those used in 2021.
\nInvestments related to original software acquisition may be fully amortized as well but upgrades of these software, still in use, are
\nnot fully amortized. The same applies to the original site\u2019s research costs.
\nIntangible assets are not subject to title restriction or pledges as security for liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8446": {
"value": "Property, plant and equipment in thousand EUR
\n31.12.2022
31.12.2021
\nNet book value of property, plant and equipment in the opening balance
662 770
707 591
\nAcquisitions of property, plant and equipment
161 890
146 544
\nDisposals and retirements
0
-20
\nDepreciation and amortization
-154 055
-197 525
\nImpairment
-984
-1 444
\nReclassifications and other items
-25 021
7 624
\nNet book value of property, plant and equipment in the closing balance
644 600
662 770
\nThe amount of reclassifications and other items for the financial year 2022 is mainly related to the variation of the dismantling
\nprovision as at 31 December 2022 mainly as a result of the combined effect of the decreased dismantling cost per site, and the
\nincrease of the discount rate. Refer also to the key assumptions used in the section \u2018Provision for dismantling\u2019.
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nNet book
\nvalue
\nLand and buildings
106 671
-69 980
36 691
\nNetworks and terminals
2 114 842
-1 530 907
583 935
\nIT equipment
207 180
-189 329
17 851
\nOther property, plant and equipment
31 606
-25 483
6 123
\nTotal
2 460 299
-1 815 699
644 600
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation and
\namortization
\nNet book
\nvalue
\nLand and buildings
103 937
-67 723
36 214
\nNetworks and terminals
2 085 284
-1 485 243
600 041
\nIT equipment
207 440
-187 373
20 067
\nOther property, plant and equipment
33 324
-26 876
6 448
\nTotal
2 429 985
-1 767 215
662 770",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8544": {
"value": "Provision for dismantling
\nin thousand EUR
\n31.12.2022
31.12.2021
\nProvisions for dismantling in the opening balance
89 721
82 592
\nDiscounting with impact on income statement
2 667
192
\nUtilizations without impact on income statement
-2 672
-688
\nChanges in provision with impact on assets
-24 826
7 625
\nProvisions for dismantling in the closing balance
64 890
89 721
\no/w non-current provisions
58 103
80 656
\no/w current provisions
6 787
9 065
\nThe key assumptions used to measure the network sites dismantling provision are as follows:
\n31.12.2022
31.12.2021
\nNumber of network sites, Orange Communications Luxembourg S.A. incl. (in units)
4 363
4 628
\nAverage dismantling cost per network site
\n9.9 till 2025 and
\n14.7 from 2026
\n14.9
\nInflation rate
\n9.5% for 2023, 4.9% for
\n2024, 2.7% from 2025
\n2.0 %
\nDiscount rate
3.099%
0.253 %
\nAlthough size and installation on site may slightly vary from site to site, the provision was calculated on an average dismantling cost
\nbased on the actual costs incurred in the past for similar activities till 2021. For 2021 those costs were estimated at 14,936. During
\n2022 a refined typology of sites has been implemented refining the expected dismantling costs per site\u2019s type leading to an average
\nof 9.893 euros per sites for the sites dismantled till end of 2025. The value per site amounts to 14,731 euros per site as from 2026.
\nThe increase of dismantling costs starting in 2026 is due to the cumulative inflation over the year 2023 to 2025 and the mix of sites
\ntypologies that results into a higher average cost of dismantling.
\nFor bigger sites, like MSC\u2019s (Mobile Switching Centre), the provision is calculated on the surface area of the sites rented and an
\naverage dismantling cost per m\u00b2 based on past similar experience.
\nAlthough it is not feasible to estimate the timing of the cash outflows, all network sites are assumed to be dismantled in the future.
\nSince 2011, the duration of the rental contracts is capped at 15 years. The approach was maintained to evaluate the provision in
\n2022.
\nThe dismantling provision decreased by 24.8 million euros. This is a combined effect of changes in average dismantling cost per
\nsite, an increase of expected inflation and an increase of discount rate.
\nNetwork sites dismantling provision is adjusted when there is sufficient objective evidence that future change in technology or in
\nlegislation will have an impact on the amount of the provision.
\nBesides network, the dismantling provision also includes 5.1 million euros of accruals related to buildings, Mobile Switching
\nCenters (MSC\u2019s) and Point-of-Presence (POP\u2019s).
Note 11: (Non)-current provisions
\nin thousand EUR
\n31.12.2021
Additions
Utilisations
Reversal
Other effect
31.12.2022
\nProvisions for dismantling
89 721
0
-2 672
0
-22 159
64 890
\nProvisions for litigations
3 529
1 214
-236
-1 945
0
2 562
\nTotal provisions
93 250
1 214
-2 908
-1 945
-22 159
67 452
\nin thousand EUR
\n31.12.2020
Additions
Utilisations
Reversal
Other effect
31.12.2021
\nProvisions for dismantling
82 592
1 240
-688
0
6 577
89 721
\nProvisions for litigations
3 481
226
-160
-19
1
3 529
\nTotal provisions
86 073
1 466
-848
-19
6 578
93 250
\nAccruals for dismantling consist of current (6.8 million euros) and non-current provisions (58.1 million euros) (see also Note 5 \u2013
\nOther intangible assets).
\nProvisions for litigations are recorded in other (non)-current liabilities.
\nOutstanding litigation
\nOrange Belgium is engaged in various judicial procedures whereby third-party individuals or entities are claiming repair of damages
\nthey claim to have incurred. Each litigation is assessed on an individual basis in order to assess as to whether it is more likely than
\nnot that an outflow of resources will be necessary to settle the litigation and ensures that the assumptions to quantify the provisions
\nare valid.
\nOutstanding claims are built up during the previous years and it can be reasonably assumed that they will be subject to a Court
\ndecision or solved by means of a settlement agreement within the coming years.
\nSee Management report, section 6 for detailed information on the disputes.
\nNetwork sites dismantling provision
\nSee Note 5 \u2013 Other intangible assets and property, plant and equipment.
\nWaste Electrical and Electronic Equipment
\nAccording to the European Directive issued on that subject and to the IFRIC 6 interpretation, Orange Belgium is responsible for the
\ntreatment and disposal of any waste electrical and electronic equipment (i.e. network equipment, IT hardware...) acquired on or
\nbefore 13 August 2005.
\nOrange Belgium is currently selling its electrical and electronic equipment waste to a WEEE certified third-party supplier at a net
\nselling price which meets all European Directive obligations. The agreement with this supplier also includes Orange Belgium\u2019s
\nobligations for the period prior to 13 August 2005. No provision has to be recognized in this respect in Orange Belgium\u2019s financial
\nstatements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8728": {
"value": "Movements in deferred tax balances in thousand EUR
\n31.12.2022
31.12.2021
\nNet deferred taxes - opening balance
-2 759
-5 029
\nChange in income statement
-1 569
2 340
\nChange in other comprehensive income
-2 482
-45
\nChanges in consolidation scope, reclassification and translation adjustments
0
-25
\nNet deferred taxes - closing balance
-6 810
-2 759
\nin thousand EUR
\n31.12.2022
31.12.2021
\nAssets
Liabilities
\nIncome
\nstatement
\nAssets
Liabilities
\nIncome
\nstatement
\nFixed assets
0
2 935
1 211
0
4 146
1 423
\nTax losses carryforward
5 061
0
-649
5 710
0
-1 284
\nOther temporary differences
78 282
86 079
-992
87 076
91 398
2 201
\nDeferred taxes
83 343
89 014
-430
92 786
95 544
2 340
\nUnrecognized deferred taxes assets
-1 139
0
-1 139
0
0
0
\nNetting
-80 601
-80 601
0
-90 986
-90 986
0
\nTotal
1 604
8 413
-1 569
1 800
4 558
2 340
\nDeferred taxes recorded on Orange Belgium\u2019s operations are essentially related to the marked-to-market value of the interest rate
\nswap contracts, to the development costs for intranet sites, to the dismantling assets depreciation and to the depreciation of SIM
\ncards.
\nThe deferred tax asset on carried forward tax losses amounts to 5.1 million euros and is mainly related to Orange Communications
\nLuxembourg S.A. (4.0 million euros) and BKM N.V. (1.1 million euros). A deferred tax asset is only recognized when it is probable
\nthat the tax entity will have sufficient future taxable profits to recover them. The recoverability of the deferred tax has been assessed
\nbased on the business plans used for impairment testing. This analysis led to the impairment of carried forward tax losses of BKM
\nN.V. for 1.1 million euros.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8818": {
"value": "Current operating taxes and levies payables The operating taxes and levies payables amounted to 85.8million euros in 2022 and consist of VAT payables (13.9 million euros);
\n71.4 million euros taxes charged to pylons and masts - plus default interests calculated at the legal rate; and of 0.4 million euros
\nrelated to the Settlements with the Walloon Region, and 0.1 million euros related to Spectrum fees payables.
\nCurrent operating taxes and levies receivables
\nThe operating taxes and levies receivables amounted to 3.7 million euros in 2022, compared to 9.2 million euros a year ago and
\nmainly consist of the recoverable VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8828": {
"value": "Note 7: Interests in associates In July 2012, the Group participated in the constitution of IRISnet S.C.R.L. The activity of IRISnet S.C.R.L. started on 1 November
\n2012. The Group owns 28.16%of IRISnet S.C.R.L. equity. The Group is represented on the Board of Directors by 2 out of 7 seats.
\nThis company is consolidated using the equity method. The net result of the year amounts to 390 thousand euros, resulting in a net
\ncarrying amount as at 31 December 2022 of 6,151 thousand euros.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8829": {
"value": "Note 7: Interests in associates In July 2012, the Group participated in the constitution of IRISnet S.C.R.L. The activity of IRISnet S.C.R.L. started on 1 November
\n2012. The Group owns 28.16%of IRISnet S.C.R.L. equity. The Group is represented on the Board of Directors by 2 out of 7 seats.
\nThis company is consolidated using the equity method. The net result of the year amounts to 390 thousand euros, resulting in a net
\ncarrying amount as at 31 December 2022 of 6,151 thousand euros.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8849": {
"value": "Note 8: Financial assets, liabilities and financial result Financial result
\nin thousand EUR
\n31.12.2022
31.12.2021
\nFinancial Costs
-14 132
-3 232
\nFinancial Income
0
0
\nTotal Net Financial Costs
-14 132
-3 232
\nNet financial result decreased by 10.9 million euros to -14.1 million euros in 2022 which is mainly explained by the costs of guarantee
\nfor contract execution paid in the context of VOO acquisition and higher interest expenses related to the deterioration of the net
\ndebt situation of the company.
\nCash and cash equivalents, financial liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCash and cash equivalents
\nCash equivalents
0
-29 778
\nCash
-35 896
-23 957
\nTotal cash and cash equivalents
-35 896
-53 735
\nFinancial liabilities
\nIntercompany short-term borrowing
104 681
-44
\nThird parties short-term borrowing
1 116
1 505
\nIntercompany long-term borrowing
120 794
121 809
\nTotal borrowings
226 591
123 270
\nNet debt (Financial liabilities - Cash and cash equivalents)
190 695
69 536
\nThe net financial debt at the end of 2022 amounted to 190.7 million euros, an increase of Orange Belgium\u2019s net financial debt position
\nby 121.1 million euros compared to 69.5 million euros of net financial debt at the end of December 2021.
\nAt year ended 2022, Orange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not
\ndirectly exposed to adverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount
\nof 180 million euros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with
\nAtlas Services Belgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026
\nA large part of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting
\nin a shift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in
\n2023 once VOO acquisition and the remaining licenses acquired will be paid.
\nAt the end of 2021, Orange Belgium was finance by a Revolving Credit Facility (RCF) between Orange Belgium S.A. and Atlas
\nServices Belgium S.A. for an amount of 120 million euros contracted in March 2021 and presented as long term, with a maturity of
\n5 years.
\nChanges in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
\nbelow:
\nin thousand EUR
\nOther changes with no impact on cash
\nflows from financing activities
\n31.12.2021
Cash Flows
Acquisition
\nForeign
\nexchange
\nmovement
\nOther
31.12.2022
\nIntercompany short-term borrowing
44
104 703*
9
104 668
\nIntercompany long-term borrowing
121 809
-1 404**
0
0
389
120 794
\nThird party borrowing
1 505
0
0
0
-389
1 116
\n*In the cash flow statement, the 104.7 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an
\namount of 98.4 million euros related to cash pool variation and \u201cFinance costs, net\u201d for an amount of 6.3 million euros related to transaction costs incurred.
\n**As per Consolidated Cash flow statement the -1.4 million euros corresponds to debt issuance of 480.1 million euros and debt repayments of -481.5 million
\neuros.
\nThe intercompany short-term borrowing and third-party borrowings are presented in the line current financial liabilities in the consolidated statement of financial
\nposition.
109
\nFinancial risks
\nLiquidity risk
\nOrange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not directly exposed to
\nadverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount of 180 million
\neuros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with Atlas Services
\nBelgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026. In addition, Orange Belgium could
\nevoke other sources of funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large
\npart of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting in a
\nshift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in 2023
\nonce VOO acquisition and the remaining licenses acquired will be paid.
\nInterest rate risk
\nOrange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nCredit rating risk
\nDowngrades of Orange Belgium\u2019s credit rating or rating outlook could increase its borrowing costs and/or limit its
\nfinancing capacity
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities until March 2026. The current
\nfunding agreement does not foresee rating-based funding adjustments. As of 31 December 2022, the Net debt / EBITDAaL ratio
\nstood at 0.5x. However, rating downgrades could negatively impact the trading terms that Orange Belgium receives from its
\nsuppliers, thus increasing the operational financing needs and overall funding costs.
\nCounterparty risk on financial transactions
\nThe insolvency or deterioration in the financial position of a bank or other institution with which Orange Belgium has a
\nfinancial agreement may have a material adverse effect on the company and its financial position
\nOrange Belgium does not have any derivative exposure with financial institutions nor term deposits. In addition, the credit balances
\non its bank accounts are very limited given that it is operating a cash pooling structure with automatic sweeping of excess funds to
\nOrange S.A.
\nHowever, a default of one of its main banking partners would have a negative impact on its cash management operations. This risk
\nis mitigated by the fact that Orange Belgium\u2019s Treasury policy foresees working with at least three different banking partners with
\nan investment-grade rating.
\nCredit risk
\nCustomer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nOrange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
\nprocedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
\nOrange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
\nbase (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
\nthe counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
\npast due is provided in Note 2.
\nFor loans and other receivables, amounts past due but not provisioned are not material.
110
\nForeign exchange risk
\nExchange rate fluctuations could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nGiven the mainly local nature of its business Orange Belgium is not exposed to significant foreign currency risk.
\nGeneral risk management framework
\nA comprehensive, consistent and integrated risk management approach is in place to capitalize on synergies between Audit, Control
\nand Risk functions at all levels of the organization. This approach is intended to provide reasonable assurance that operating and
\nstrategic targets are met, that current laws and regulations are complied with, and that the financial information is reliable.
\nThe most important components of the risk management framework are discussed in detail in section 2 of the Corporate Governance
\nStatement.
\nInterest-bearing loans and borrowings
\nin thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
111
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
\nMaturity
\nThe following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
\nand undiscounted and exclude contractual interest payments and as well as the impact of netting agreements.
\nInterests are not included for the non-current financial liabilities due to the revolving nature of the credit facility and variable interest
\nconditions. Borrowings and repayments fluctuate over time, depending on working capital requirements.
\nin thousand EUR
\nYear ended December 2022
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
1 370
1 370
\nNon-current derivatives assets
9 926
9 926
\nTrade receivables
166 445
166 445
\nCurrent financial assets
463
463
\nCash and cash equivalents
35 896
35 896
\nFinancial liabilities
\nNon-current financial liabilities
120 794
120 794
\nNon-current derivatives liabilities
\nCurrent financial liabilities
105 797
105 797
\nCurrent derivatives liabilities
463
463
\nTrade payables
223 860
223 860
\nin thousand EUR
\nYear ended December 2021
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
2 219
2 219
\nNon-current derivatives assets
\nTrade receivables
188 127
188 127
\nCurrent financial assets
417
417
\nCurrent derivatives assets
243
243
\nCash and cash equivalents
53 735
53 735
\nFinancial liabilities
\nNon-current financial liabilities
121 809
121 809
\nNon-current derivatives liabilities
\nCurrent financial liabilities
1 461
1 461
\nCurrent derivatives liabilities
243
243
\nTrade payables
258 822
258 822
\nSensitivity
\nAs indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
\nterm debt of 120 million euros in 2022, a 0.5% variation of the floating rate would have 0.9 million euros impact on financing costs.
\nConsidering an average long-term debt of 103 million euros in 2021, a 0.6% variation of the floating rate would have a 0.1 million
\neuros impact on financing costs.
112
\nNon-current derivatives assets
\nNon-current derivatives assets amount to 9.9 million euros and correspond to the fair value of financial derivatives instruments set
\nin place in the context of the interests hedging strategy.
\nFair value of financial assets and liabilities
\nThe table below is presented according to IFRS 9:
\nin thousand EUR
\n31.12.2022
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
166 445
166 445
166 445
\nFinancial assets
1 370
1 370
1 370
\nEquity securities
FVR
1 370
1 370
1 370
\nFinancial assets at amortized cost
AC
0
0
0
\nCash and cash equivalents
35 896
35 896
35 896
\nCash
AC
35 896
35 896
35 896
\nCash equivalents
AC
0
0
0
\nTrade payables
AC
223 860
223 860
223 860
\nFinancial debts
AC
226 591
220 161
0
220 161
\nDerivatives (net amount)
\n(2)
\n-9 926
-9 926
-9 926
\n1.
AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\n2.
IFRS 9 classification for derivatives instruments depends on their hedging qualification (in 2022, the derivatives qualified as cash flow hedging
\ninstruments accounted at \u2018fair value through equity\u201d instruments
\nin thousand EUR
\n31.12.2021
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
188 127
188 127
188 127
\nFinancial assets
2
636
2
636
2
636
\nEquity securities
FVR
2
219
2
219
2
219
\nFinancial assets at amortized cost
AC
417
417
417
\nCash and cash equivalents
53 735
53 735
53 735
\nCash
AC
23 957
23 957
23 957
\nCash equivalents
AC
29 778
29 778
29 778
\nTrade payables
AC
258 822
258 822
258 822
\nFinancial debts
AC
123 270
123 270
123 270
\n1.
\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\nThe financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
\nhierarchy levels:
\n-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
\nmeasurement date;
\n-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
\n-
level 3: unobservable inputs for the asset or liability.
\nThe fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
\neach case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
\nfuture cash flows).
\nFor financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
\nreasonable approximation of fair value, due to the high liquidity of these elements.
\nFor financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
\ncash flows, discounted using rates observed by the Group at the end of the period.
\nThe Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
\nThe fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest
\nrates observed by the Group at the end of the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8850": {
"value": "Note 8: Financial assets, liabilities and financial resultFinancial result
\nin thousand EUR
\n31.12.2022
31.12.2021
\nFinancial Costs
-14 132
-3 232
\nFinancial Income
0
0
\nTotal Net Financial Costs
-14 132
-3 232
\nNet financial result decreased by 10.9 million euros to -14.1 million euros in 2022 which is mainly explained by the costs of guarantee
\nfor contract execution paid in the context of VOO acquisition and higher interest expenses related to the deterioration of the net
\ndebt situation of the company.
\nCash and cash equivalents, financial liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCash and cash equivalents
\nCash equivalents
0
-29 778
\nCash
-35 896
-23 957
\nTotal cash and cash equivalents
-35 896
-53 735
\nFinancial liabilities
\nIntercompany short-term borrowing
104 681
-44
\nThird parties short-term borrowing
1 116
1 505
\nIntercompany long-term borrowing
120 794
121 809
\nTotal borrowings
226 591
123 270
\nNet debt (Financial liabilities - Cash and cash equivalents)
190 695
69 536
\nThe net financial debt at the end of 2022 amounted to 190.7 million euros, an increase of Orange Belgium\u2019s net financial debt position
\nby 121.1 million euros compared to 69.5 million euros of net financial debt at the end of December 2021.
\nAt year ended 2022, Orange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not
\ndirectly exposed to adverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount
\nof 180 million euros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with
\nAtlas Services Belgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026
\nA large part of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting
\nin a shift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in
\n2023 once VOO acquisition and the remaining licenses acquired will be paid.
\nAt the end of 2021, Orange Belgium was finance by a Revolving Credit Facility (RCF) between Orange Belgium S.A. and Atlas
\nServices Belgium S.A. for an amount of 120 million euros contracted in March 2021 and presented as long term, with a maturity of
\n5 years.
\nChanges in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
\nbelow:
\nin thousand EUR
\nOther changes with no impact on cash
\nflows from financing activities
\n31.12.2021
Cash Flows
Acquisition
\nForeign
\nexchange
\nmovement
\nOther
31.12.2022
\nIntercompany short-term borrowing
44
104 703*
9
104 668
\nIntercompany long-term borrowing
121 809
-1 404**
0
0
389
120 794
\nThird party borrowing
1 505
0
0
0
-389
1 116
\n*In the cash flow statement, the 104.7 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an
\namount of 98.4 million euros related to cash pool variation and \u201cFinance costs, net\u201d for an amount of 6.3 million euros related to transaction costs incurred.
\n**As per Consolidated Cash flow statement the -1.4 million euros corresponds to debt issuance of 480.1 million euros and debt repayments of -481.5 million
\neuros.
\nThe intercompany short-term borrowing and third-party borrowings are presented in the line current financial liabilities in the consolidated statement of financial
\nposition.
Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8853": {
"value": "Financial result
\nin thousand EUR
\n31.12.2022
31.12.2021
\nFinancial Costs
-14 132
-3 232
\nFinancial Income
0
0
\nTotal Net Financial Costs
-14 132
-3 232
\nNet financial result decreased by 10.9 million euros to -14.1 million euros in 2022 which is mainly explained by the costs of guarantee
\nfor contract execution paid in the context of VOO acquisition and higher interest expenses related to the deterioration of the net
\ndebt situation of the company.
Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8854": {
"value": "Financial result
\nin thousand EUR
\n31.12.2022
31.12.2021
\nFinancial Costs
-14 132
-3 232
\nFinancial Income
0
0
\nTotal Net Financial Costs
-14 132
-3 232
\nNet financial result decreased by 10.9 million euros to -14.1 million euros in 2022 which is mainly explained by the costs of guarantee
\nfor contract execution paid in the context of VOO acquisition and higher interest expenses related to the deterioration of the net
\ndebt situation of the company.
Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8855": {
"value": "Financial result
\nin thousand EUR
\n31.12.2022
31.12.2021
\nFinancial Costs
-14 132
-3 232
\nFinancial Income
0
0
\nTotal Net Financial Costs
-14 132
-3 232
\nNet financial result decreased by 10.9 million euros to -14.1 million euros in 2022 which is mainly explained by the costs of guarantee
\nfor contract execution paid in the context of VOO acquisition and higher interest expenses related to the deterioration of the net
\ndebt situation of the company.
Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
The combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8873": {
"value": "Cash and cash equivalents, financial liabilities in thousand EUR
\n31.12.2022
31.12.2021
\nCash and cash equivalents
\nCash equivalents
0
-29 778
\nCash
-35 896
-23 957
\nTotal cash and cash equivalents
-35 896
-53 735
\nFinancial liabilities
\nIntercompany short-term borrowing
104 681
-44
\nThird parties short-term borrowing
1 116
1 505
\nIntercompany long-term borrowing
120 794
121 809
\nTotal borrowings
226 591
123 270
\nNet debt (Financial liabilities - Cash and cash equivalents)
190 695
69 536
\nThe net financial debt at the end of 2022 amounted to 190.7 million euros, an increase of Orange Belgium\u2019s net financial debt position
\nby 121.1 million euros compared to 69.5 million euros of net financial debt at the end of December 2021.
\nAt year ended 2022, Orange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not
\ndirectly exposed to adverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount
\nof 180 million euros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with
\nAtlas Services Belgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026
\nA large part of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting
\nin a shift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in
\n2023 once VOO acquisition and the remaining licenses acquired will be paid.
\nAt the end of 2021, Orange Belgium was finance by a Revolving Credit Facility (RCF) between Orange Belgium S.A. and Atlas
\nServices Belgium S.A. for an amount of 120 million euros contracted in March 2021 and presented as long term, with a maturity of
\n5 years.
\nChanges in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented
\nbelow:
\nin thousand EUR
\nOther changes with no impact on cash
\nflows from financing activities
\n31.12.2021
Cash Flows
Acquisition
\nForeign
\nexchange
\nmovement
\nOther
31.12.2022
\nIntercompany short-term borrowing
44
104 703*
9
104 668
\nIntercompany long-term borrowing
121 809
-1 404**
0
0
389
120 794
\nThird party borrowing
1 505
0
0
0
-389
1 116
\n*In the cash flow statement, the 104.7 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an
\namount of 98.4 million euros related to cash pool variation and \u201cFinance costs, net\u201d for an amount of 6.3 million euros related to transaction costs incurred.
\n**As per Consolidated Cash flow statement the -1.4 million euros corresponds to debt issuance of 480.1 million euros and debt repayments of -481.5 million
\neuros.
\nThe intercompany short-term borrowing and third-party borrowings are presented in the line current financial liabilities in the consolidated statement of financial
\nposition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8917": {
"value": "Changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement (see 1.3) are presented below:
\nin thousand EUR
\nOther changes with no impact on cash
\nflows from financing activities
\n31.12.2021
Cash Flows
Acquisition
\nForeign
\nexchange
\nmovement
\nOther
31.12.2022
\nIntercompany short-term borrowing
44
104 703*
9
104 668
\nIntercompany long-term borrowing
121 809
-1 404**
0
0
389
120 794
\nThird party borrowing
1 505
0
0
0
-389
1 116
\n*In the cash flow statement, the 104.7 million euros are included in the headers \u201cIncrease (decrease) of bank overdrafts and short-term borrowings\u201d for an
\namount of 98.4 million euros related to cash pool variation and \u201cFinance costs, net\u201d for an amount of 6.3 million euros related to transaction costs incurred.
\n**As per Consolidated Cash flow statement the -1.4 million euros corresponds to debt issuance of 480.1 million euros and debt repayments of -481.5 million
\neuros.
\nThe intercompany short-term borrowing and third-party borrowings are presented in the line current financial liabilities in the consolidated statement of financial
position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8971": {
"value": "Financial risks Liquidity risk
\nOrange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not directly exposed to
\nadverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount of 180 million
\neuros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with Atlas Services
\nBelgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026. In addition, Orange Belgium could
\nevoke other sources of funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large
\npart of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting in a
\nshift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in 2023
\nonce VOO acquisition and the remaining licenses acquired will be paid.
\nInterest rate risk
\nOrange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nCredit rating risk
\nDowngrades of Orange Belgium\u2019s credit rating or rating outlook could increase its borrowing costs and/or limit its
\nfinancing capacity
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities until March 2026. The current
\nfunding agreement does not foresee rating-based funding adjustments. As of 31 December 2022, the Net debt / EBITDAaL ratio
\nstood at 0.5x. However, rating downgrades could negatively impact the trading terms that Orange Belgium receives from its
\nsuppliers, thus increasing the operational financing needs and overall funding costs.
\nCounterparty risk on financial transactions
\nThe insolvency or deterioration in the financial position of a bank or other institution with which Orange Belgium has a
\nfinancial agreement may have a material adverse effect on the company and its financial position
\nOrange Belgium does not have any derivative exposure with financial institutions nor term deposits. In addition, the credit balances
\non its bank accounts are very limited given that it is operating a cash pooling structure with automatic sweeping of excess funds to
\nOrange S.A.
\nHowever, a default of one of its main banking partners would have a negative impact on its cash management operations. This risk
\nis mitigated by the fact that Orange Belgium\u2019s Treasury policy foresees working with at least three different banking partners with
\nan investment-grade rating.
\nCredit risk
\nCustomer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nOrange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
\nprocedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
\nOrange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
\nbase (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
\nthe counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
\npast due is provided in Note 2.
\nFor loans and other receivables, amounts past due but not provisioned are not material.
110
\nForeign exchange risk
\nExchange rate fluctuations could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nGiven the mainly local nature of its business Orange Belgium is not exposed to significant foreign currency risk.
\nGeneral risk management framework
\nA comprehensive, consistent and integrated risk management approach is in place to capitalize on synergies between Audit, Control
\nand Risk functions at all levels of the organization. This approach is intended to provide reasonable assurance that operating and
\nstrategic targets are met, that current laws and regulations are complied with, and that the financial information is reliable.
\nThe most important components of the risk management framework are discussed in detail in section 2 of the Corporate Governance
\nStatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8974": {
"value": "Liquidity risk Orange Belgium\u2019s results and outlook could be affected if the terms of access to funding becomes difficult
\nOrange Belgium is financed through long-term credit facilities granted by Orange Group entities and is thus not directly exposed to
\nadverse changes in market conditions. Combined with the credit facility agreement with Orange SA for an amount of 180 million
\neuros ensured till March 2023 (after which 60 million euros ensured until March 2024) and the refinanced loan with Atlas Services
\nBelgium S.A. for an amount of 120 million euros current funding is ensured until mid-June 2026. In addition, Orange Belgium could
\nevoke other sources of funding such as bank loans or bonds should financing limitations be imposed by the Orange Group. A large
\npart of these facilities has been used at the end of December 2022 to finance the payment of the spectrum licenses resulting in a
\nshift from assets to short term financial liability. This short-term liability position will be consolidated into a long-term loan in 2023
\nonce VOO acquisition and the remaining licenses acquired will be paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8987": {
"value": "Interest rate risk Orange Belgium\u2019s business activities could be adversely affected by interest rate fluctuations
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9021": {
"value": "Credit risk Customer payment defaults could adversely affect Orange Belgium\u2019s financial results and liquidity position
\nOrange Belgium\u2019s credit policy foresees that all customers who wish to trade on credit terms are subject to credit verification
\nprocedures. If the risk is deemed not acceptable, payment terms are defined as prepayment or cash on delivery.
\nOrange considers that it has limited concentration in credit risk with respect to trade receivables due to its large and diverse customer
\nbase (residential, professional, and large business customers) operating in numerous industries. In addition, the maximum value of
\nthe counterparty risk on these financial assets is equal to their recognized net carrying value. An analysis of net trade receivables
\npast due is provided in Note 2.
\nFor loans and other receivables, amounts past due but not provisioned are not material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9057": {
"value": "Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
111
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
\nMaturity
\nThe following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
\nand undiscounted and exclude contractual interest payments and as well as the impact of netting agreements.
\nInterests are not included for the non-current financial liabilities due to the revolving nature of the credit facility and variable interest
\nconditions. Borrowings and repayments fluctuate over time, depending on working capital requirements.
\nin thousand EUR
\nYear ended December 2022
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
1 370
1 370
\nNon-current derivatives assets
9 926
9 926
\nTrade receivables
166 445
166 445
\nCurrent financial assets
463
463
\nCash and cash equivalents
35 896
35 896
\nFinancial liabilities
\nNon-current financial liabilities
120 794
120 794
\nNon-current derivatives liabilities
\nCurrent financial liabilities
105 797
105 797
\nCurrent derivatives liabilities
463
463
\nTrade payables
223 860
223 860
\nin thousand EUR
\nYear ended December 2021
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
2 219
2 219
\nNon-current derivatives assets
\nTrade receivables
188 127
188 127
\nCurrent financial assets
417
417
\nCurrent derivatives assets
243
243
\nCash and cash equivalents
53 735
53 735
\nFinancial liabilities
\nNon-current financial liabilities
121 809
121 809
\nNon-current derivatives liabilities
\nCurrent financial liabilities
1 461
1 461
\nCurrent derivatives liabilities
243
243
\nTrade payables
258 822
258 822
\nSensitivity
\nAs indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
\nterm debt of 120 million euros in 2022, a 0.5% variation of the floating rate would have 0.9 million euros impact on financing costs.
\nConsidering an average long-term debt of 103 million euros in 2021, a 0.6% variation of the floating rate would have a 0.1 million
\neuros impact on financing costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9058": {
"value": "Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548
\nAs at 31 December 2022, the Group held hedging derivative financial instruments qualifying for hedge accounting.
\nAlthough Orange Belgium\u2019s long-term credit facilities bear interest at variable rates, the exposure to interest rate risk was considered
\nlow till end of 2022.
\nHowever, in the framework of the provision of funding by Atlas Services Belgium SA for the acquisition of VOO and for the purposes
\nof spectrum purchase, Orange Belgium concluded in 2022 a financing agreement, to be used at VOO closing date, based on floating
\ninterest rate. In view of the amount borrowed and the variability of the interest rate, Orange Belgium decided to deploy a hedge
\nstrategy. To operationalize this strategy, Orange Belgium entered a framework agreement intended to allow for interest rates hedges
\nrelated to the credit facility agreement referred to above.
\nOrange Belgium proposed to use a hedging instrument or pre-hedge to fix all or part of the effect of the variability of the 6-month
\nrate. The instrument chosen is the IRS (Interest Rate Swap) or forward IRS (which corresponds to an IRS with a deferred start). The
\nmain conditions of this IRS are interest to be received by Orange Belgium on the basis of the 6-month EURIBOR rate and interest
\nto be paid by Orange Belgium on the basis of the 5-year fixed rate.
111
\nThe combination of the floating rate loan (paid by Orange Belgium), the floating rate IRS (received by Orange Belgium) and the fixed
\nrate IRS (paid by Orange Belgium), transforms the floating rate loan into a 5-year fixed rate loan.
\nHedge derivative instruments open at the end of the year 2022 are:
\nStart Date
End date
Option
Exercise price
Floating rate
Notional Amount
\n15/05/2023
15/05/2028
IRS
2,7740%
EURIBOR 6 mois
350 000 000
\n15/05/2023
15/05/2028
IRS
2,8600%
EURIBOR 6 mois
175 000 000
\nAs at 31 December 2021, the Group held no hedging derivative financial instrument qualifying for hedge accounting.
\nThe carrying amount of cash and cash equivalents, trade receivables and other assets, trade payables and other payables is deemed
\nto represent their fair value considering the associated short-term maturity. Other non-current financial assets are measured at
\namortized costs which are deemed to represent their fair value.
\nMaturity
\nThe following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
\nand undiscounted and exclude contractual interest payments and as well as the impact of netting agreements.
\nInterests are not included for the non-current financial liabilities due to the revolving nature of the credit facility and variable interest
\nconditions. Borrowings and repayments fluctuate over time, depending on working capital requirements.
\nin thousand EUR
\nYear ended December 2022
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
1 370
1 370
\nNon-current derivatives assets
9 926
9 926
\nTrade receivables
166 445
166 445
\nCurrent financial assets
463
463
\nCash and cash equivalents
35 896
35 896
\nFinancial liabilities
\nNon-current financial liabilities
120 794
120 794
\nNon-current derivatives liabilities
\nCurrent financial liabilities
105 797
105 797
\nCurrent derivatives liabilities
463
463
\nTrade payables
223 860
223 860
\nin thousand EUR
\nYear ended December 2021
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
2 219
2 219
\nNon-current derivatives assets
\nTrade receivables
188 127
188 127
\nCurrent financial assets
417
417
\nCurrent derivatives assets
243
243
\nCash and cash equivalents
53 735
53 735
\nFinancial liabilities
\nNon-current financial liabilities
121 809
121 809
\nNon-current derivatives liabilities
\nCurrent financial liabilities
1 461
1 461
\nCurrent derivatives liabilities
243
243
\nTrade payables
258 822
258 822
\nSensitivity
\nAs indicated above, the main risk area related to external variable elements is the cost of borrowing. Considering an average long-
\nterm debt of 120 million euros in 2022, a 0.5% variation of the floating rate would have 0.9 million euros impact on financing costs.
\nConsidering an average long-term debt of 103 million euros in 2021, a 0.6% variation of the floating rate would have a 0.1 million
\neuros impact on financing costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9059": {
"value": "Interest-bearing loans and borrowings in thousand EUR
\nNominal
\namount end
\n2022
\nNominal
\namount end
\n2021
\nInterest
\nrate
\nMaturity
31.12.2022
31.12.2021
\nUnsecured revolving credit facility
\nagreement with Atlas Services Belgium
\n120 000
120 000
EURIBOR + 0.69
10.03.2026
120 000
120 000
\nLong-term loans
\n7 738
\n7 738
\n1.70% -
\n5.48%
\n31.03.2024 -
\n01.08.2036
\n794
1 809
\nTotal long-term loans and borrowings
120 794
121 809
\nCash-pool related credit facility with
\nOrange
\n0
60 000
EONIA + 0.17
on demand
0
0
\nCash-pool related credit facility with
\nOrange
\n180 000
\nESTER + 0.11
on demand
98 405
0
\nUncommitted credit lines with various banks
\n20 900
20 900
determined upon
\nwithdrawal
\non demand
\nShort-term loans
\n0
3 119
\nST within
\n1 year
\nrelated to
\nLT loan
\n31.12.2023
1 116
1 505
\nTransactions costs on short-term loan
6 276
43
\nTotal short-term loans and borrowings
105 797
1 548",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9198": {
"value": "Maturity
\nThe following are the remaining contractual maturities of financial assets and liabilities at the reporting date. The amounts are gross
\nand undiscounted and exclude contractual interest payments and as well as the impact of netting agreements.
\nInterests are not included for the non-current financial liabilities due to the revolving nature of the credit facility and variable interest
\nconditions. Borrowings and repayments fluctuate over time, depending on working capital requirements.
\nin thousand EUR
\nYear ended December 2022
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
1 370
1 370
\nNon-current derivatives assets
9 926
9 926
\nTrade receivables
166 445
166 445
\nCurrent financial assets
463
463
\nCash and cash equivalents
35 896
35 896
\nFinancial liabilities
\nNon-current financial liabilities
120 794
120 794
\nNon-current derivatives liabilities
\nCurrent financial liabilities
105 797
105 797
\nCurrent derivatives liabilities
463
463
\nTrade payables
223 860
223 860
\nin thousand EUR
\nYear ended December 2021
Amount
\nWithin
\n1 year
\nWithin
\n2-5 years
\nMore than
\n5 years
\nFinancial assets
\nNon-current financial assets
2 219
2 219
\nNon-current derivatives assets
\nTrade receivables
188 127
188 127
\nCurrent financial assets
417
417
\nCurrent derivatives assets
243
243
\nCash and cash equivalents
53 735
53 735
\nFinancial liabilities
\nNon-current financial liabilities
121 809
121 809
\nNon-current derivatives liabilities
\nCurrent financial liabilities
1 461
1 461
\nCurrent derivatives liabilities
243
243
\nTrade payables
258 822
258 822
Non-current derivatives assets
\nNon-current derivatives assets amount to 9.9 million euros and correspond to the fair value of financial derivatives instruments set
\nin place in the context of the interests hedging strategy.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9307": {
"value": "Fair value of financial assets and liabilities The table below is presented according to IFRS 9:
\nin thousand EUR
\n31.12.2022
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
166 445
166 445
166 445
\nFinancial assets
1 370
1 370
1 370
\nEquity securities
FVR
1 370
1 370
1 370
\nFinancial assets at amortized cost
AC
0
0
0
\nCash and cash equivalents
35 896
35 896
35 896
\nCash
AC
35 896
35 896
35 896
\nCash equivalents
AC
0
0
0
\nTrade payables
AC
223 860
223 860
223 860
\nFinancial debts
AC
226 591
220 161
0
220 161
\nDerivatives (net amount)
\n(2)
\n-9 926
-9 926
-9 926
\n1.
AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\n2.
IFRS 9 classification for derivatives instruments depends on their hedging qualification (in 2022, the derivatives qualified as cash flow hedging
\ninstruments accounted at \u2018fair value through equity\u201d instruments
\nin thousand EUR
\n31.12.2021
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
188 127
188 127
188 127
\nFinancial assets
2
636
2
636
2
636
\nEquity securities
FVR
2
219
2
219
2
219
\nFinancial assets at amortized cost
AC
417
417
417
\nCash and cash equivalents
53 735
53 735
53 735
\nCash
AC
23 957
23 957
23 957
\nCash equivalents
AC
29 778
29 778
29 778
\nTrade payables
AC
258 822
258 822
258 822
\nFinancial debts
AC
123 270
123 270
123 270
\n1.
\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\nThe financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
\nhierarchy levels:
\n-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
\nmeasurement date;
\n-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
\n-
level 3: unobservable inputs for the asset or liability.
\nThe fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
\neach case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
\nfuture cash flows).
\nFor financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
\nreasonable approximation of fair value, due to the high liquidity of these elements.
\nFor financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
\ncash flows, discounted using rates observed by the Group at the end of the period.
\nThe Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
\nThe fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest
rates observed by the Group at the end of the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9308": {
"value": "Fair value of financial assets and liabilities The table below is presented according to IFRS 9:
\nin thousand EUR
\n31.12.2022
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
166 445
166 445
166 445
\nFinancial assets
1 370
1 370
1 370
\nEquity securities
FVR
1 370
1 370
1 370
\nFinancial assets at amortized cost
AC
0
0
0
\nCash and cash equivalents
35 896
35 896
35 896
\nCash
AC
35 896
35 896
35 896
\nCash equivalents
AC
0
0
0
\nTrade payables
AC
223 860
223 860
223 860
\nFinancial debts
AC
226 591
220 161
0
220 161
\nDerivatives (net amount)
\n(2)
\n-9 926
-9 926
-9 926
\n1.
AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\n2.
IFRS 9 classification for derivatives instruments depends on their hedging qualification (in 2022, the derivatives qualified as cash flow hedging
\ninstruments accounted at \u2018fair value through equity\u201d instruments
\nin thousand EUR
\n31.12.2021
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
188 127
188 127
188 127
\nFinancial assets
2
636
2
636
2
636
\nEquity securities
FVR
2
219
2
219
2
219
\nFinancial assets at amortized cost
AC
417
417
417
\nCash and cash equivalents
53 735
53 735
53 735
\nCash
AC
23 957
23 957
23 957
\nCash equivalents
AC
29 778
29 778
29 778
\nTrade payables
AC
258 822
258 822
258 822
\nFinancial debts
AC
123 270
123 270
123 270
\n1.
\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\nThe financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
\nhierarchy levels:
\n-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
\nmeasurement date;
\n-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
\n-
level 3: unobservable inputs for the asset or liability.
\nThe fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
\neach case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
\nfuture cash flows).
\nFor financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
\nreasonable approximation of fair value, due to the high liquidity of these elements.
\nFor financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
\ncash flows, discounted using rates observed by the Group at the end of the period.
\nThe Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
\nThe fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest
rates observed by the Group at the end of the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9309": {
"value": "Fair value of financial assets and liabilities The table below is presented according to IFRS 9:
\nin thousand EUR
\n31.12.2022
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
166 445
166 445
166 445
\nFinancial assets
1 370
1 370
1 370
\nEquity securities
FVR
1 370
1 370
1 370
\nFinancial assets at amortized cost
AC
0
0
0
\nCash and cash equivalents
35 896
35 896
35 896
\nCash
AC
35 896
35 896
35 896
\nCash equivalents
AC
0
0
0
\nTrade payables
AC
223 860
223 860
223 860
\nFinancial debts
AC
226 591
220 161
0
220 161
\nDerivatives (net amount)
\n(2)
\n-9 926
-9 926
-9 926
\n1.
AC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\n2.
IFRS 9 classification for derivatives instruments depends on their hedging qualification (in 2022, the derivatives qualified as cash flow hedging
\ninstruments accounted at \u2018fair value through equity\u201d instruments
\nin thousand EUR
\n31.12.2021
\nClassification under
\nIFRS 9
\n(1)
\nBook
\nvalue
\nEstimated
\nfair value
\nLevel 1
\nand cash
\nLevel 2
Level 3
\nTrade receivables
AC
188 127
188 127
188 127
\nFinancial assets
2
636
2
636
2
636
\nEquity securities
FVR
2
219
2
219
2
219
\nFinancial assets at amortized cost
AC
417
417
417
\nCash and cash equivalents
53 735
53 735
53 735
\nCash
AC
23 957
23 957
23 957
\nCash equivalents
AC
29 778
29 778
29 778
\nTrade payables
AC
258 822
258 822
258 822
\nFinancial debts
AC
123 270
123 270
123 270
\n1.
\u201cAC\u201d stands for \u201camortized cost\u201d, \u201cFVR\u201d stands for \u201cfair value through profit or loss\u201d
\nThe financial assets and liabilities measured at fair value in the statement of financial position have been classified based on three
\nhierarchy levels:
\n-
level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
\nmeasurement date;
\n-
level 2: inputs that are observable for the asset or liability, either directly or indirectly;
\n-
level 3: unobservable inputs for the asset or liability.
\nThe fair value of investment securities uses a valuation technique determined according to the most appropriate financial criteria in
\neach case (comparable transactions, multiples for comparable companies, shareholders\u2019 agreement, discounted present value of
\nfuture cash flows).
\nFor financial assets at amortized cost, the Group considers that the carrying amount of cash and trade receivables provide a
\nreasonable approximation of fair value, due to the high liquidity of these elements.
\nFor financial liabilities at amortized cost, the fair value of financial liabilities is determined using the present value of estimated future
\ncash flows, discounted using rates observed by the Group at the end of the period.
\nThe Group considers the carrying value of trade payables to be a reasonable approximation of fair value, due to the high liquidity.
\nThe fair value of derivatives is determined using the present value of estimated future cash flows, discounted using the interest
rates observed by the Group at the end of the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9479": {
"value": "Note 9: Shareholders\u2019 equity Share capital
\nNo changes have taken place during 2022.
\nShare capital
\n(in thousand EUR)
\nNumber of ordinary shares
\n(in units)
\nAs at 1 January 2022
131 721
59 944 757
\nAs at 31 December 2022
131 721
59 944 757
\nAll ordinary shares are fully paid and have a par value of 2.197 euros.
\nDividends
\nin thousand EUR
\n31.12.2022
31.12.2021
\nDividends on ordinary shares (paid out in 2022)
0
\nDividends on ordinary shares (paid out in 2021)
-30 007
\nTotal
0
-30 007
\nThe Orange Belgium Group policy is to balance the appropriate cash returns to equity holders with the requirement of maintaining
\na balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy and the build-
\nout of its network. Management monitors the return on capital, as well as the level of dividends to ordinary shareholders.
\nConsidering the spectrum acquired in 2022 and to be partially paid in 2023 and the balance sheet impact of the acquisition of VOO,
\nthe Board of Directors will not propose to the Annual General Meeting of Shareholders on 4 May 2023 to distribute in 2023 a gross
\nordinary dividend regarding the financial year 2022.
\nTreasury shares
\nAs a result of the OPA and the ending of the liquidity contract, Orange Belgium Group cancelled 69,657 treasury shares on 23 July
\n2021. No Treasury shares were hold at 31 December 2022 anymore.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9482": {
"value": "Share capital No changes have taken place during 2022.
\nShare capital
\n(in thousand EUR)
\nNumber of ordinary shares
\n(in units)
\nAs at 1 January 2022
131 721
59 944 757
\nAs at 31 December 2022
131 721
59 944 757
\nAll ordinary shares are fully paid and have a par value of 2.197 euros.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9498": {
"value": "Dividends in thousand EUR
\n31.12.2022
31.12.2021
\nDividends on ordinary shares (paid out in 2022)
0
\nDividends on ordinary shares (paid out in 2021)
-30 007
\nTotal
0
-30 007
\nThe Orange Belgium Group policy is to balance the appropriate cash returns to equity holders with the requirement of maintaining
\na balanced and sound financial position, while leaving sufficient leeway to continue to invest in its convergent strategy and the build-
\nout of its network. Management monitors the return on capital, as well as the level of dividends to ordinary shareholders.
\nConsidering the spectrum acquired in 2022 and to be partially paid in 2023 and the balance sheet impact of the acquisition of VOO,
\nthe Board of Directors will not propose to the Annual General Meeting of Shareholders on 4 May 2023 to distribute in 2023 a gross
\nordinary dividend regarding the financial year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9518": {
"value": "Treasury shares As a result of the OPA and the ending of the liquidity contract, Orange Belgium Group cancelled 69,657 treasury shares on 23 July
2021. No Treasury shares were hold at 31 December 2022 anymore.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9525": {
"value": "Note 10: Commitments and contingencies Operational activities commitments
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nHandsets purchases
248 708
200 825
47 883
0
\nOther goods and services purchases
91 222
30 077
34 934
26 211
\nInvestment commitments
77 635
77 495
140
0
\nOperational activities commitments
417 565
308 397
80 957
26 211
\nGuarantees granted
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nGuarantees granted
29 641
1 481
3 785
24 375
\nIn 2022, guarantees granted relate to network performance commitments granted to some corporate customers. No other security
\n(mortgage, pledge or other) has been granted on Orange Belgium assets as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9526": {
"value": "Note 10: Commitments and contingencies Operational activities commitments
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nHandsets purchases
248 708
200 825
47 883
0
\nOther goods and services purchases
91 222
30 077
34 934
26 211
\nInvestment commitments
77 635
77 495
140
0
\nOperational activities commitments
417 565
308 397
80 957
26 211
\nGuarantees granted
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nGuarantees granted
29 641
1 481
3 785
24 375
\nIn 2022, guarantees granted relate to network performance commitments granted to some corporate customers. No other security
\n(mortgage, pledge or other) has been granted on Orange Belgium assets as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9527": {
"value": "Note 10: Commitments and contingencies Operational activities commitments
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nHandsets purchases
248 708
200 825
47 883
0
\nOther goods and services purchases
91 222
30 077
34 934
26 211
\nInvestment commitments
77 635
77 495
140
0
\nOperational activities commitments
417 565
308 397
80 957
26 211
\nGuarantees granted
\nin thousand EUR
\nTotal
Less than one year
From one to five years
More than five years
\nGuarantees granted
29 641
1 481
3 785
24 375
\nIn 2022, guarantees granted relate to network performance commitments granted to some corporate customers. No other security
\n(mortgage, pledge or other) has been granted on Orange Belgium assets as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9674": {
"value": "Note 12: Related parties Relationships with affiliated enterprises
\nBalance sheet and income statement
\nin thousand EUR
\n31.12.2022
31.12.2021
\nASSETS
\nCurrent receivables
-51 663
-33 167
\nLIABILITIES
\nCurrent interest-bearing loan
104 549
-215
\nNon-current interest-bearing loan
120 000
120 000
\nCurrent trade payables
20 966
36 903
\nINCOME AND CHARGES
\nSales
53 859
43 828
\nPurchases
-83 626
-74 850
\nInterests
-7 434
-833
\nThe ultimate parent entity of Orange Belgium S.A. is Orange S.A., 111 quai du Pr\u00e9sident Roosevelt, CS 70222, 92449 Issy les
\nMoulineaux Cedex, France.
\nRelated party transactions
\nin thousand EUR
\n31.12.2022
\nSales to
\nrelated parties
\nPurchases from
\nrelated parties
\nAmounts owed by
\nrelated parties
\nAmounts owed to
\nrelated parties
\nOrange - Traffic and services
36 781
-44 288
0
\nOrange - Cash pool
215
-6 289
-52 856
117 350
\nOrange Affiliates - Traffic and services
15 659
-22 347
493
8 347
\nAtlas Services Belgium - Loan
16
-870
13
119 818
\nBrand fees to Orange S.A.
1 188
-17 266
688
\nTotal
53 859
-91 060
-51 663
245 515
\nin thousand EUR
\n31.12.2021
\nSales to
\nrelated parties
\nPurchases from
\nrelated parties
\nAmounts owed by
\nrelated parties
\nAmounts owed to
\nrelated parties
\nOrange - Traffic and services
30 149
-40 343
-5 033
\nOrange - Cash pool
-226
-29 778
29 241
\nOrange Affiliates - Traffic and services
13 679
-17 738
1
631
7 687
\nAtlas Services Belgium - Loan
-565
13
119 760
\nBrand fees to Orange S.A.
-16 811
\nTotal
43 828
-75 683
-33 167
156 688
\nTerms and conditions of transactions with related parties
\nTerms and conditions for the sale and purchase of traffic and services, to the centralized treasury management agreement and to
\nthe revolving credit facility agreement are determined on an arm\u2019s length basis according to the normal market prices and conditions.
\nFollowing the rebranding exercise in 2016, Orange Belgium benefited from a three-year grace period. As from May 2019, a brand
\nfee is charged on a yearly basis by the ultimate parent Orange S.A. which is mainly calculated as a percentage of retail service
\nrevenues.
\nIn the context of VOO acquisition, the parent company has issued a guarantee of payment in favor the seller corresponding to the
\namount of the transaction. No allowance for doubtful debtors on amounts owed by related parties is outstanding at the balance
\nsheet date.
116
\nRelationships with Board of Directors members and senior management
\nin thousand EUR
\n31.12.2022
31.12.2021
\nShort-term employees benefits
3 862
3 809
\nPost-employment benefits
424
444
\nOther long-term benefits
673
594
\nTermination benefits
0
0
\nTotal
4 959
4 846
\nThe total remuneration attributed to the Board of Directors (excluding the normal compensation of the CEO which is included in the
\ntable above) is as follows:
\nin thousand EUR
\n31.12.2022
31.12.2021
\nTotal Remuneration
259
335 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9803": {
"value": "Relationships with Board of Directors members and senior management in thousand EUR
\n31.12.2022
31.12.2021
\nShort-term employees benefits
3 862
3 809
\nPost-employment benefits
424
444
\nOther long-term benefits
673
594
\nTermination benefits
0
0
\nTotal
4 959
4 846
\nThe total remuneration attributed to the Board of Directors (excluding the normal compensation of the CEO which is included in the
\ntable above) is as follows:
\nin thousand EUR
\n31.12.2022
31.12.2021
\nTotal Remuneration
259
335",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9834": {
"value": "Note 13: Liabilities related to contracts with customers and other assets related to contracts with customers
\nCustomer contract net assets and liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCustomer contract net assets
59 918
50 715
\nCosts of obtaining a contract
11 596
10 938
\nCosts to fulfill a contract
0
0
\nTotal customer contract net assets
71 514
61 653
\nPrepaid telephone cards
-14 383
-14 762
\nConnection fees
-584
-533
\nOther deferred revenue
-45 321
-40 062
\nOther customer contract liabilities
-797
-665
\nTotal deferred revenue related to customer contracts
-61 085
-56 022
\nTotal customer contract net assets and liabilities
10 429
5 631
\nThe following tables give an analysis of the balances of customer contract net assets:
\nin thousand EUR
\n2022
2021
\nCustomer contract net assets - in the opening balance
50 715
51 889
\nBusiness related variations
9 203
-1 174
\nChanges in the scope of consolidation
0
0
\nReclassifications and other items
0
0
\nReclassification to assets held for sale
0
0
\nCustomer contract net assets - in the closing balance
59 918
50 715
\nThe change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income)
\nin the statement of financial position is presented below.
\nin thousand EUR
\n2022
2021
\nDeferred revenue related to customer contracts - in the opening balance
56 022
58 968
\nBusiness related variations
5 063
-2 946
\nChanges in the scope of consolidation
0
0
\nReclassifications and other items
0
0
\nReclassification to assets held for sale
0
0
\nDeferred revenue related to customer contracts - in the closing balance
61 085
56 022
\nTrade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
\nconsideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
117
\nBy contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
\ncustomers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
\nof contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a
\nfixed period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for
\ntelephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over
\nthe price invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
\nContract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
\nespecially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in
\nthe legal environment governing offers.
\nContract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
\ncontract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not
\nyet transferred, such as contracts payable in advance or prepaid packages.
\nCustomer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal
\npart of the Group\u2019s operations.
\nin thousand EUR
\n2022
2021
\nCosts of obtaining a contract - in the opening balance
10 938
11 295
\nBusiness related variations
658
-357
\nChanges in the scope of consolidation
\nReclassifications and other items
\nReclassification to assets held for sale
\nCosts of obtaining a contract - in the closing balance
11 596
10 938
\nWhere a telecommunications service contract is signed via a third-party distributor, this distributor may receive business provider
\nremuneration, generally paid in the form of a commission for each contract or invoice-indexed commission. Where the commission
\nis incremental and would not have been paid in the absence of the contract, the commission cost is estimated and capitalized in the
\nbalance sheet. It should be noted that the Group has adopted the simplification measure authorized by IFRS 15 to recognize the
\ncosts of obtaining contracts as an expense when they are incurred if the amortization period of the asset, it would have recognized
\nin respect of them, would not have exceeded a year.
\nThe costs of obtaining fixed-period mobile service contracts are capitalized and released to profit or loss on a straight-line over the
\nenforceable contract term, as these costs are generally incurred each time the customer renews the fixed-period.
\nThere are no costs to fulfil a contract in Orange Belgium S.A.
\nThe following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December 2022. Unfulfilled
\nperformance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the
\ncontract. As allowed by the simplification method procedure in IFRS 15, these disclosures are only related to performance obligations
\nwith an internal term greater than one year.
\nin thousand EUR
\nTotal
\n2022.12
\nTotal
\n2021.12
\nLess than one year
Y01
66 542
61 114
\nBetween 1 and 2 years
Y02
21 027
20 087
\nBetween 2 and 3 years
Y03
312
122
\nBetween 3 and 4 years
Y04
63
15
\nBetween 4 and 5 years
Y05
\nMore than 5 years
Y99
\nTotal
\n87 944
81 338
\nOn the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price
\ncan be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. We have
\nelected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to
\nexclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less. These
\ncontracts are primarily monthly service contracts.
\nIn addition, certain contracts offer customers the ability to purchase additional services. These additional services are not included
\nin the transaction price and are recognized when the customer exercises the option (generally on a monthly basis). They are not
\ntherefore included in unfulfilled performance obligations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9835": {
"value": "Note 13: Liabilities related to contracts with customers and other assets related to contracts with customers
\nCustomer contract net assets and liabilities
\nin thousand EUR
\n31.12.2022
31.12.2021
\nCustomer contract net assets
59 918
50 715
\nCosts of obtaining a contract
11 596
10 938
\nCosts to fulfill a contract
0
0
\nTotal customer contract net assets
71 514
61 653
\nPrepaid telephone cards
-14 383
-14 762
\nConnection fees
-584
-533
\nOther deferred revenue
-45 321
-40 062
\nOther customer contract liabilities
-797
-665
\nTotal deferred revenue related to customer contracts
-61 085
-56 022
\nTotal customer contract net assets and liabilities
10 429
5 631
\nThe following tables give an analysis of the balances of customer contract net assets:
\nin thousand EUR
\n2022
2021
\nCustomer contract net assets - in the opening balance
50 715
51 889
\nBusiness related variations
9 203
-1 174
\nChanges in the scope of consolidation
0
0
\nReclassifications and other items
0
0
\nReclassification to assets held for sale
0
0
\nCustomer contract net assets - in the closing balance
59 918
50 715
\nThe change in deferred income on customer contracts (prepaid telephone cards, service access fees and other unearned income)
\nin the statement of financial position is presented below.
\nin thousand EUR
\n2022
2021
\nDeferred revenue related to customer contracts - in the opening balance
56 022
58 968
\nBusiness related variations
5 063
-2 946
\nChanges in the scope of consolidation
0
0
\nReclassifications and other items
0
0
\nReclassification to assets held for sale
0
0
\nDeferred revenue related to customer contracts - in the closing balance
61 085
56 022
\nTrade receivables presented in the consolidated statement of financial position represent an unconditional right to receive
\nconsideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
117
\nBy contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to
\ncustomers for which the right to collect payment is subject to providing other services or goods under that same contract (or group
\nof contracts). This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a
\nfixed period, where the mobile phone is invoiced at a reduced price leading to the reallocation of a portion of amounts invoiced for
\ntelephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over
\nthe price invoiced is recognized as a contract asset and transferred to trade receivables as the service is invoiced.
\nContract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified,
\nespecially to cover the risk of impairment should the contract be interrupted. Recoverability may also be impacted by a change in
\nthe legal environment governing offers.
\nContract liabilities represent amounts paid by customers to Orange before receiving the goods and/or services promised in the
\ncontract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not
\nyet transferred, such as contracts payable in advance or prepaid packages.
\nCustomer contract assets and liabilities are presented, respectively, in current assets and current liabilities since they are normal
\npart of the Group\u2019s operations.
\nin thousand EUR
\n2022
2021
\nCosts of obtaining a contract - in the opening balance
10 938
11 295
\nBusiness related variations
658
-357
\nChanges in the scope of consolidation
\nReclassifications and other items
\nReclassification to assets held for sale
\nCosts of obtaining a contract - in the closing balance
11 596
10 938
\nWhere a telecommunications service contract is signed via a third-party distributor, this distributor may receive business provider
\nremuneration, generally paid in the form of a commission for each contract or invoice-indexed commission. Where the commission
\nis incremental and would not have been paid in the absence of the contract, the commission cost is estimated and capitalized in the
\nbalance sheet. It should be noted that the Group has adopted the simplification measure authorized by IFRS 15 to recognize the
\ncosts of obtaining contracts as an expense when they are incurred if the amortization period of the asset, it would have recognized
\nin respect of them, would not have exceeded a year.
\nThe costs of obtaining fixed-period mobile service contracts are capitalized and released to profit or loss on a straight-line over the
\nenforceable contract term, as these costs are generally incurred each time the customer renews the fixed-period.
\nThere are no costs to fulfil a contract in Orange Belgium S.A.
\nThe following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December 2022. Unfulfilled
\nperformance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the
\ncontract. As allowed by the simplification method procedure in IFRS 15, these disclosures are only related to performance obligations
\nwith an internal term greater than one year.
\nin thousand EUR
\nTotal
\n2022.12
\nTotal
\n2021.12
\nLess than one year
Y01
66 542
61 114
\nBetween 1 and 2 years
Y02
21 027
20 087
\nBetween 2 and 3 years
Y03
312
122
\nBetween 3 and 4 years
Y04
63
15
\nBetween 4 and 5 years
Y05
\nMore than 5 years
Y99
\nTotal
\n87 944
81 338
\nOn the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price
\ncan be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. We have
\nelected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to
\nexclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less. These
\ncontracts are primarily monthly service contracts.
\nIn addition, certain contracts offer customers the ability to purchase additional services. These additional services are not included
\nin the transaction price and are recognized when the customer exercises the option (generally on a monthly basis). They are not
\ntherefore included in unfulfilled performance obligations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10025": {
"value": "Note 14: Lease agreements In the course of its activities, the Group regularly enters into leases as a lessee. The leases concern the following asset categories:
\n-
Land and buildings
\n-
Network and terminals
\n-
IT equipment; and
\n-
Other
\nLease liabilities
\nAs of 31 December 2022, lease liabilities amount to 262.1 million euros, including non-current lease liabilities of 217.5 million euros
\nand current lease liabilities of 44.6 million euros.
\nin thousand EUR
\n2022
2021
\nLease liabilities \u2013 in the opening balance
299 919
304 051
\nIncrease with counterpart in right-of-use
13 517
50 268
\nDecrease in liabilities following rental payments
-51 645
-51 834
\nImpact of changes in assessments
-21
-2 566
\nReclassification and other items
299
-2 566
\nLease liabilities \u2013 in the closing balance
262 069
299 919
\nO/w non-current lease liabilities
217 517
255 251
\nO/w current lease liabilities
44 553
44 669
\nThe decrease in the lease liability and in the right of use assets balances comes from the low level of lease agreements (new and
\nrenewals) signed in 2022 combined with the fact that on going contracts remains cashed out for similar amount as in 2021.
\nThe following table details the undiscounted future cash flows of lease liabilities:
\nin thousand EUR
\n31 December
\n2022
\n2023
2024
2025
2026
2076
\n2028 and
\nbeyond
\nUndiscounted lease liabilities
317 809
43 744
35 518
37 374
21 340
17 910
161 923
\nRight-of-use assets
\nin thousand EUR
\n31.12.2022
\nGross
\nvalue
\nAccumulated
\ndepreciation
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nLand and buildings
387 341
-139 285
248 056
\nNetworks and terminals
5 688
-4 725
963
\nIT equipment
3
0
-3
\nOther right-of-use
24 301
-12 970
-19
11 312
\nTotal right-of-use assets
417 333
-156 980
-22
260 331
\nin thousand EUR
\n31.12.2021
\nGross
\nvalue
\nAccumulated
\ndepreciation
\nAccumulated
\nimpairment
\nNet book
\nvalue
\nLand and buildings
407 261
-121 046
286 215
\nNetworks and terminals
5 779
-4 068
1 711
\nIT equipment
3
-3
\nOther right-of-use
21 174
-9 917
-19
11 238
\nTotal right-of-use assets
434 217
-135 031
-22
299 164
\nin thousand EUR
\n2022
2021
\nNet book value of right-of-use assets -in the opening balance
299 164
303 803
\nIncrease (new right-of-use assets)
13 949
54 264
\nImpact of changes in the scope of consolidation
\nDepreciation
-52 942
-54 020
\nImpairment
-4
\nImpact of changes in the assessments
-139
-4 879
\nReclassifications and other items
299
\nNet book value of right-of-use assets -in the closing balance
260 331
299 164
\nThe total expenses relating to short-term leases for which the recognition exemption is applied is very limited",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10189": {
"value": "Note 15: Significant accounting policies 1. Summary of significant accounting policies
\n1.1. Transactions in foreign currencies
\nOn initial recognition in the functional currency, a foreign currency transaction is recorded by applying the spot exchange rate
\nbetween the functional currency and the foreign currency at the date of the transaction. At each balance sheet date, foreign monetary
\nassets and liabilities are translated using the closing rate.
\nExchange gains and losses are recognized as operational income and expenses when they are related to the operational activities.
\nExchange gains and losses are recognized as financial income and expenses only when they are related to the financing activities.
\n1.2. Business combinations, goodwill and goodwill impairment
\nBusiness combinations are accounted for applying the acquisition method:
\n-
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all
\ncontingent consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss
\nor through other comprehensive income in accordance with the applicable standards;
\n-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
\noccurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional
\namounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new
\ninformation obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected
\nthe amounts recognized at that date;
\n-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
\nassumed at the acquisition date and is recognized as an asset in the statement of financial position.
\nFor each business combination with ownership interest below 100%, non-controlling interests are measured:
\n-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
\n-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
\nrecognized for the share acquired.
\nAcquisition related costs are directly recognized in the income statement during the period in which they are incurred.
\nWhen a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
\ndate through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
\nrequired if the previously held equity interests would have been disposed.
\nGoodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
\nimpaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
\noperators with respect to the decline of local economic environments, the changes in the market capitalization values of
\ntelecommunication companies, as well as actual economic performance compared to market expectations represent external
\nindicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
\ntest should be performed more than once a year.
\nIAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
\nacquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
\nliabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
\nuse.
\nValue in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
\non economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
\nmanagement, as follows:
\n-
cash flow projections are based on five-year business plans;
\n-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next
\ntwo years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
\n-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
\nCarrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
\nassets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
\nNet book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
\nwith other CGUs and groups of CGUs.
120
\nFor a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
\nallocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
\nallocated (i.e. ownership interest).
\nImpairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\n1.3. Intangible assets
\nThis asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
\nof network design and development, the cost of purchased and internally generated software.
\nIntangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
\nintended use, i.e. costs of employee benefits, professional fees and testing costs.
\nWhen an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
\ncalculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
\npayment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
\ncosts. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the life time
\nof the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
\ncapitalized as such:
\n-
One off amount paid at the time the license becomes available for use
\n-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment
\nof the calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount
\nrate will be recorded in financial expenses and annual payments will be applied against the debt itself.
\nAfter initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
\nvalue of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
\nIntangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
\nasset may be impaired.
\nThe depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
\nof the mobile licenses starts when they are ready to operate.
\nAmortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
\nnecessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
\nThe license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
\nfull amount will be amortized on a straight-line basis over its remaining useful life of that date.
\nThe GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively. The GSM license
\nrenewal for 5 years was terminated in 2021 and replaced twice by short term license renewal for 6 months. These have been
\nextended twice during 2022. The last extension expired on 31 December 2022.
\nIn 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
\nNovember 2013 and is valid for a period of 20 years.
\nIn the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
\nMHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
\nfrequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
\n20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
\nof 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
121
\nThe useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
\ntheir amortization starts when the software is ready for use.
\nThe amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
\nyear-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
\nasset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
\nrecognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
\nexercise.
\nAmortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible
\nassets and property, plant and equipment\u201d.
\nResearch costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
\nwhen the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\nits intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
\nof resources to complete the asset and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
\nat cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
\nis complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
\ndevelopment, the asset is tested for impairment annually.
\n1.4. Property, plant and equipment
\nThe following items of property, plant and equipment are classified under the tangible assets category: building, network
\ninfrastructure and equipment, IT servers and personal computers, office furniture, leasehold improvements, equipment leased to
\ncustomers.
\nUpon recognition, tangible assets are measured at cost. The cost includes the purchase price, import duties and non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any costs directly attributable to bringing the asset to the
\nlocation and condition for it to be capable of operating in the expected manner. The cost of replacing part of an item of property,
\nplant and equipment is recognized as an asset when incurred and if the recognition criteria are met. All other repair and maintenance
\ncosts are recognized in profit or loss as incurred. The cost also includes the estimated cost to dismantle the network sites and to
\nrefurbish the rented premises when such obligation exists.
\nThe costs related to the installation & activation of the cable and that are directly attributable to bring the asset into working condition
\nfor its intended use, are recognized as an asset.
\nAfter initial recognition, tangible assets are measured at cost less any accumulated depreciation and impairment losses.
\nThe depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
\ntangible asset starts when it is ready to operate as intended.
\nThe useful life of each category of tangible assets has been determined as follows:
\n-
Building
20 years
\n-
Pylons and network constructions
20 years
\n-
Optical fiber
15 years
\n-
Network equipment
5-10 years
\n-
Messaging equipment
5 years
\n-
IT servers
5 years
\n-
Personal computers
4 years
\n-
Office furniture
5-10 years
\n-
Leasehold improvements
9 years or rental period if shorter
\n-
Cable equipment
3-4 years
\nThe residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
\nfrom previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
\nlife on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
\nalso considered in the exercise.
\nThe costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
\nlocation to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
\nGroup.
122
\nDepreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
\nand property, plant and equipment\u201d.
\nAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
\nderecognized.
\nAccelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at Orange
\nBelgium when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
\nthat asset will then be depreciated over the remaining period (of service).
\nThe asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts,
\nassuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
\nfuture. The dismantling asset is measured by using appropriate inflation and discount rates.
\nThe Group is required to dismantle technical equipment and restore technical sites.
\nWhen the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
\nThe provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
\nthe asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
\nfiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
\nadjusted where appropriate against the asset to which it relates. The provision is present-discounted.
\n1.5. Impairment of tangible and intangible items other than goodwill
\nThe Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
\nexists, or when annual impairment testing for an asset is required, Orange Belgium makes an estimate of the asset's recoverable
\namount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
\nin use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
\nthose from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
\nconsidered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
\nand the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
\nheading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
\nservice, site civil works never finally deployed.
\nFor assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
\nor cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
\nin the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
\nis limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
\nwould have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
\nis recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
\nrevaluation increase.
\n1.6. Borrowing costs
\nBorrowing costs are capitalized after 1 January 2009. Evaluation of the need to capitalize borrowing costs is made at project level.
\nUp to end of 2008, borrowing costs were recognized as an expense in the period in which they occurred.
\n1.7. Government grants
\nA government grant is recognized when there is a reasonable assurance that the grant will be received, and the conditions attached
\nto them are complied with.
\nWhen the grant relates to an expense item, it is recognized as income over the period necessary to match on a systematic basis to
\nthe costs that it is intended to compensate.
\nWhere the grant relates to an asset, the fair value is credited to the carrying amount of the asset and is released to the income
\nstatement over the expected useful life of the relevant asset by equal annual instalments.
123
\n1.8. Taxes
\nCurrent income taxes
\nCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
\nfrom or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
\nsubstantively enacted by the balance sheet date.
\nDeferred income tax
\nDeferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax basis
\nof assets and liabilities and their carrying amounts for financial reporting purposes.
\nDeferred income tax liabilities are recognized for all taxable temporary differences, except:
\n-
where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
\nthat is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit
\nor loss; and
\n-
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
\nventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax
\nlosses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and
\nthe carry forward of unused tax credits and unused tax losses can be utilized except:
\n-
where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
\nasset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
\naccounting profit nor taxable profit or loss; and
\n-
in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
\nventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences
\nwill reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be
\nutilized.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
\nlonger probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
\nUnrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has
\nbecome probable that future taxable profit will allow the deferred tax asset to be recovered.
\nDeferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
\nrealized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
\nsheet date.
\nDeferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax
\nassets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation
\nauthority.
\nSales tax
\nRevenues, expenses and assets are recognized net of the amount of sales tax except:
\n-
where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which
\ncase the sales tax is recognized as part of the acquisition cost of the asset or as part of the expense item as applicable;
\nand
\n-
receivables and payables that are stated with the amount of sales tax included.
\nThe net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
\nthe balance sheet.
124
\nOperational taxes: IFRIC 21
\nThe IFRIC 21 interpretation was adopted by the European Union in the first semester 2014. It defines the obligating event that gives
\nrise to a liability to pay a levy (as the activity that triggers the levy) and refers to other standards to determine whether the recognized
\nliability gives rise to an asset or expense.
\nOrange Belgium applies IFRIC 21 in the consolidated financial statements to a limited number of levies whose accounting is modified
\nby the interpretation: property withholding tax, tax on office space, tax on class 1/2/3 sites (hazardous and/or insalubrious sites),
\nsites tax and taxes on advertising boards, panels, etc.
\n1.9. Inventories
\nInventories are assets held for sale in the ordinary course of business, i.e. handsets and accessories.
\nInventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, cost
\nof conversion and other costs incurred in bringing the inventories to their present location and condition. The measurement of our
\ninventories is determined by the weighted average method. The weighted average unit cost is the total amount that has been paid
\nfor the inventory divided by the number of units in the inventory. Net realizable value is the estimated selling price in the ordinary
\ncourse of business, less estimated costs of completion and the estimated costs necessary to make the sale.
\n1.10. Cash and cash equivalents
\nCash and cash equivalents include cash on hand and cash deposits with a maximum term of 3 months. Cash and cash equivalents
\nheld with financial institutions are measured at nominal value. Banks and intercompany cash pooling overdrafts are classified as
\nshort-term financial liabilities.
\n1.11. Own shares (liquidity contract)
\nThe purchase of own (Orange Belgium) shares or obligations in the framework of a liquidity contract are accounted for as a deduction
\nfrom equity.
\n1.12. Long-term provisions
\nProvisions are recognized when Orange Belgium has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
\ncan be made of the amount of the obligation.
\nWhere Orange Belgium expects some or all of the provision to be reimbursed, the reimbursement is recognized as a separate asset
\nbut only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net
\nof any reimbursement.
\nIf the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where
\nappropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
\nrecognized as a borrowing cost.
\nThe estimate of the dismantling costs regarding the network sites and of the refurbishment costs related to the rented premises is
\nrecognized as an item of tangible asset. This estimate is also recognized as a provision that is measured by using appropriate
\ninflation and discount rates.
\n1.13. Employee benefits
\nShort-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
\nmedical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
\nShort-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
\nestimate of such liabilities can be made.
\nAs a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
125
\nIn order to ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law
\nat the date of departure regarding the access, Orange Belgium ordered a complete actuarial computation under the PUC method.
\nThe actuary performed projections according to a pre-defined methodology and with certain assumptions. This report indicates that
\nthe accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31 December 2022,
\nno provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in future cash
\ncontributions no asset has been recognized neither.
\n1.14. Leases
\nOrange Belgium S.A. classifies as a lease, a contract that conveys to the lessee the right to control the use of an identified asset for
\na given period, including a service contract if it contains a lease component.
\nOrange Belgium S.A. has defined four major lease contract categories:
\n1.
Land and buildings: these contracts mainly concern commercial (point of sale) or service activity (offices and head office) leases,
\nas well as leases of technical buildings not owned by the Group. Real estate leases entered into in Belgium generally have long
\nterms (between 7 and 11 years).
\n2.
Networks and terminals: the Group is required to lease a certain number of assets in connection with its mobile activities. This
\nis notably the case of lands to be used to install antennas, mobile sites leased from a third-party operator and certain \u201cTowerCos\u201d
\ncontracts (companies operating telecom towers). Leases are also entered into as part of fixed wireline access network activities.
\n3.
IT (& network) equipment: this asset category primarily comprises leases of servers and hosting space in datacenters.
\n4.
Other: this asset category primarily comprises leases of vehicles.
\nThere are no real relevant differences in the four categories in the context of IFRS 16, the rules and calculation methods are identical.
\nLeases are recognized in the consolidated statement of financial position via an asset reflecting the right to use the leased assets
\nand a liability reflecting the related lease obligations. In the consolidated income statement, amortization and depreciation of the
\nright-of-use asset is presented separately from the interest expense on the lease liability. In the consolidated statement of cash
\nflows, cash outflows relating to interest impact operating flows, while repayments of the lease liability impact financing flows.
\nFinally, Orange Belgium S.A. applies the following authorized practical expedients:
\n-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is
\napplied for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical
\nexpedient, the Group calls on its judgment and experience gained in the previous years to determine whether it is
\nreasonably certain to exercise a renewal option, taking account of the relevant facts and circumstances.
\n-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
\n-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
\n-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant
\nto IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
\na)
Accounting policies Lease Liabilities:
\nOrange Belgium S.A. recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability
\nis equal to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is
\nreasonably certain to pay at the end of the lease, such as the exercise price of a purchase option (where it is reasonably certain to
\nbe exercised), or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be
\nexercised).
\nOrange Belgium S.A. only takes into account the lease component of lease when measuring the lease liability. For certain asset
\nclasses where the lease includes service and lease components, the Group may recognize a single contract classified as a lease
\n(i.e. without distinction between the service and lease component).
\nOrange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by
\nany extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably
\ncertain not to exercise.
\nFor open-ended leases, Orange Belgium S.A. generally adopts the notice period as the enforceable period. The Group nonetheless
\nassesses, based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the
\nexistence of non-insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic
\nimportance of the leased asset when determining this enforceable period.
\nFor each contract, Orange Belgium S.A. applies a discount rate determined based on the loan yield specific to each contract,
\naccording to its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
126
\nIn order to determine the loan yield specific to each contract, Orange Belgium applies the following method:
\n-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
\n-
Application of Orange Belgium S.A.\u2019s credit spread according to the currency and maturity.
\n-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
\nAfter the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the
\nfollowing main cases:
\n-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
\noption will be exercised, or a termination option will not be exercised;
\n-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
\npayments; and
\n-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
\nb)
Accounting policies ROU assets:
\nA right-of use is recognized as an asset, with a corresponding lease liability. The right-of-use asset is equal to the amount of the
\nlease liability at inception.
\nWork performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
\nof-use asset and are recognized in accordance with other standards.
\nFinally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term
\nadopted by the Group.
\nc)
Accounting policies Identified assets:
\n-
In certain circumstances, Orange Belgium rents a space to set up an antenna. Most often, the space is a piece of land or
\na
part of a rooftop or balcony etc.\u2026 The identified asset is the part of land which is rented per the terms of the lease
\ncontract. In most circumstances, the lease contract does not allow the owner of the space to substitute it by another one.
\nConsequently, the contracts most often do not include a substitution right to the owner. All benefits from use of the part
\nof the land rented are obtained by Orange Belgium. In certain circumstances, Orange Belgium rents a space on the tower
\nand/or in the shelter from a third-party operator. This space can be defined as a dedicated space, volume or payload in
\nthe contract. The contract conveys the right to use an identified asset. The space in the tower and granted by the third-
\nparty operator is physically identifiable. Even in the case the space would not be explicitly specified in the contract, it will
\nbecome identified at the time the spot is made available for Orange Belgium to install its equipment. When the contract
\nallows the owner of the tower to substitute the space which is initially rented by Orange Belgium, this right either is generally
\nexercisable only in very specific cases (security, heightening of the tower\u2026) which cannot be anticipated at the beginning
\nof the contract, or is subject to the pre-approval of Orange. Consequently, this substitution right is deemed not substantive
\nfor the supplier. All the economic benefits from use of the space are obtained by Orange Belgium.
\n-
Fixed wireline: these leases mainly concern access to the local loop where Orange is a market challenger (total or partial
\nunbundling), as well as the lease of land transmission cables.
\n-
Regarding the access to the local loop, the identified asset is the dedicated pair of copper wires installed from the
\ntelephone exchange / central office to the customer's premises. In most cases, the purchase order forms explicitly
\nmention the specific pair of copper wires related to Orange. Even if the pair of copper wires is not explicitly specified
\nin the purchase order form, it will become identified when the subscriber\u2019s access is granted to Orange by the
\nincumbent. Then Orange is able to connect the pair of copper wires from its own DSLAM to the customer premises
\nset-top box. The full unbundling contracts do not permit any substitution right. All the economic benefits from the
\nuse of the dedicated pairs of copper are obtained by Orange. Indeed, Orange has the exclusive use of the dedicated
\npair of copper wires to deliver retail telecommunication services (voice and broadband) to its final customer in
\nexchange for a subscription fee, which is determined by Orange.
\nHowever, as this is not material (only 10 lines are still in use representing a total yearly cost of approximately 2,000
\neuros) for Orange Belgium S.A., these contracts are not part of the IFRS16 calculation.
\n-
Regarding the lease of land transmission cables, Orange Belgium lease either a specific cable or a capacity portion
\nof a cable.
\n\u2015
In some cases, the supplier grants Orange Belgium the use of an identified and fully dedicated cable (for
\nexample dark fiber cable) for a determined period. Orange Belgium is responsible for directing and operating
\nthe dark fiber
with its own active network equipment and resources. The identified asset is the dedicated
\ndark fiber installed by the supplier from a point A to a point B. In most cases, the contracts or the purchase
\norder forms explicitly mention the specific dark fiber involved (usually described by an identification number).
\nEven in the case where the dark fiber is not explicitly specified in the purchase order form, it will become
\nidentified at the time the access is granted to Orange by the supplier. Then Orange is able to connect its own
\nactive equipment to the dedicated dark fiber. Unless
a substantive substitution right is properly identified in
\na contract, Orange considers that the dedicated dark fibers are identified assets. Furthermore, all the
127
\neconomic benefits from the use of the dedicated dark fiber are obtained by Orange. Indeed, Orange has the
\nexclusive use of the dedicated fiber cable used for core network operations purposes.
\n\u2015
In some cases, the supplier grants Orange Belgium a high-speed access link connecting two geographic
\npoints for a determined transmission capacity and period. The supplier is responsible for directing and
\noperating the lines and their maintenance with its own active network equipment and resources. This form of
\ncapacity arrangement does not convey the right to use an identified asset. This form of leased lines
\narrangement (capacity arrangement) only conveys to Orange a right to access a capacity (i.e. a quantity) as
\nmentioned in the offers. This kind of agreement does not fall within the scope of IFRS 16.
\n1.15. Loyalty commissions
\nLoyalty commissions earned by the distribution channels on post-paid contracts are recognized upfront upon contract subscription.
\n1.16. Financial discounts
\nFinancial discounts granted to customers or received from suppliers for early payments are deducted from revenue and costs of
\nsales as incurred.
\n1.17. Dividend
\nA dividend declared by the General Assembly of the shareholders after the balance sheet date is not recognized as a liability at that
\ndate.
\n1.18. TV content contracts
\nExpenses related to acquired TV distribution rights are recognized in the profit and loss statement as incurred and not capitalized
\nas intangible asset and consequently amortized over the term of the contract. The Company believes that it only acquires the
\ndistribution right to air a certain channel and has no view or influence on future scheduling and content. As such, there is only a
\nlimited ability to predict significant audiences or revenues from future airings, which implies that the acquired TV distribution rights
\ndo not meet the requirements to be recognized as an intangible asset under IAS 38.
\n1.19 Segment reporting
\nDecisions on allocation of resources and operating segments\u2019 performance assessment of Group components are made by the
\nChief Executive Officer (main operational decision-maker) at operating segments\u2019 level, mainly composed by geographical locations.
\nThus, the operating segments are:
\n-
Belgium; and
\n-
Luxembourg.
\nThe use of shared resources is taken into account in segmental results based either on contractual agreements terms between legal
\nentities, or external benchmarks, or by allocating costs among all segments. The supply of shared resources is included in other
\nrevenues of the service provider, and the use of the resources is included in expenses taken into account for the calculation of the
\nservice user\u2019s EBITDAaL (as from accounting year 2019). The cost of shared resources may be affected by changes in contractual
\nrelationships or organization and may therefore impact the segment results disclosed from one year to another.
\n1.20. Financial instruments
\nThe standard IFRS 9 \"Financial instruments\" is of mandatory application since 1 January 2018.
\nIFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
\nhedge accounting.
\nClassification and measurement of financial assets and liabilities
\nThe classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
\ndepends on the combination of the following two criteria:
\n-
the Group\u2019s business model for managing financial assets; and
\n-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
\nBased on the combined analysis of these two criteria, IFRS 9 identifies three business models:
\n-
Financial assets measured at fair value through profit or loss (FVR)
\nCertain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable
\ndebt securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be
\ndesignated by Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at
\ninception and subsequently. All changes in fair value are recorded in net financial expenses.
128
\n-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
\n(FVOCI)
\nInvestment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at
\nfair value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value
\nat inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other
\ncomprehensive income that may not be reclassified to profit/loss.
\n-
Financial assets measured at amortized cost (AC)
\nThis category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
\nsubsequently measured at amortized cost using the effective interest method. If there is any objective evidence of impairment
\nof these assets, the value of the asset is reviewed at the end of each reporting period. An impairment loss is recognized in
\nthe income statement when impairment tests demonstrate that the financial asset carrying amount is higher than its
\nrecoverable amount. For trade receivables, the provisioning system also covers expected losses.
\nAssets previously classified as available-for-sale assets and held-to-maturity investments under IAS 39 are now presented in the
\nfollowing categories:
\n-
financial assets at fair value through profit or loss;
\n-
financial assets at fair value through other comprehensive income;
\n-
financial assets at fair value through other comprehensive income that may be reclassified to profit or loss; and
\n-
financial assets at amortized cost.
\nImpairment of financial assets
\nIFRS 9 introduced a new expected loss model for impairment of financial assets. The new standard requires expected credit losses
\nto be taken into account from the initial recognition of financial instruments. In addition to the existing provision system, the Group
\nhas elected to apply a simplified approach of anticipated impairment upon asset recognition.
\nHedge accounting
\nDerivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
\ndate regardless of whether they qualify for hedge accounting under IFRS 9.
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposure.
\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes
\ntherein are generally recognized in profit and loss.
\nThe Group designate certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable
\nforecast transactions arising from changes in foreign exchange rates and interests rates.
\nAt inception of designated hedging relationship, the Group documents the risk management objective and strategy for undertaking
\nthe hedge. The Group also document the economic relationship between the hedged item and the hedge instrument, including
\nwhether the changes in cash flows of hedged item and hedging instruments are expected to offset each other.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
\nis recognized in OCI and accumulated in the hedging reserve. Any ineffective portion of the hedge of changes in the fair value of the
\nderivative is recognized immediately in profit and loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedge instrument tis sold, expires, is terminated or exercised,
\nthen hedge accounting is terminated prospectively. When hedge accounting for cash flow hedged is discontinued, the amount that
\nhas been accumulated in the hedging reserve remains in equity until, for a hedge of transaction resulting in recognition of a non-
\nfinancial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified
\nto profit and loss in the same period or periods as the hedge expected future cash flow affect the profit and loss.
\nIf the hedge future cash flows are no longer expected to occur, then the amount that have been accumulated in the hedging reserve
\nand the cost of hedging reserve are immediately reclassified to profit and loss.
\nInterest-bearing loans and borrowings
\nLoans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
\ncosts.
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
\ninterest method.
\nGains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.
129
\nTrade and other short-term payables
\nTrade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
\neffect of discounting is immaterial.
\nOffsetting a financial asset and a financial liability
\nTrade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
\nmay legally be offset and a clear intention to settle them on a net basis exists.
\n1.21 Revenue from contracts with customers
\nIFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces
\nIAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.
\nMost revenue falls within the application scope of IFRS 15 \u201cRevenue from contracts with customers\u201d. Orange\u2019s products and
\nservices are offered to customers under service contracts only and contracts combining the equipment used to access services
\nand/or other service offers. Revenue is recognized net of VAT and other taxes collected on behalf of governments.
\n1.
Standalone service offers (mobile services only, fixed services only, convergent service)
\nOrange Belgium S.A. proposes to Mass market and Corporate markets customers a range of fixed and mobile telephone services,
\nfixed and mobile Internet access services and content offers (TV). Some contracts are for a fixed term (generally 12 or 24 months),
\nwhile others may be terminated at short notice (i.e. monthly arrangements or portions of services).
\nService revenue is recognized when the service is provided, based on use (e.g. minutes of traffic or bytes of data processed) or the
\nperiod (e.g. monthly service costs).
\nPostpaid mobile revenues are recognized without reference to actual data or voice usage/allowance. The voice or data allowance
\nor the postpaid tariff plan does not have any impact on the calculation of the transaction price or enforceable period. For limited
\ndata offers however, any actual excess data usage is billed and recognized as revenue as incurred.
\nUnder some content offers, Orange may act solely as an agent enabling the supply by a third-party of goods or services to the
\ncustomer and not as a principal in the supply of the content. In such cases, revenue is recognized net of amounts transferred to the
\nthird-party.
\nContracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased
\nand consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their
\nstandalone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
\nWhen contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or
\nconditional on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), Orange Belgium
\nSA defers these discounts or free offers over the enforceable period of the contract (period during which Orange Belgium S.A. and
\nthe customer have a firm commitment). Where applicable, the consideration payable to the customer is recognized as a deduction
\nfrom revenue in accordance with the specific terms and conditions of each contract.
\n2.
Separate equipment sales
\nOrange Belgium S.A. proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily
\nmobile phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the
\namount invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months.
\nWhere payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted
\nfrom the amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
\nWhen the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
\nrecognized in revenue on delivery and received over the service contract.
\nWhere Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control
\nuntil final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
\nproceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
130
\n3.
Bundled equipment and service offers
\nOrange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
\ncommunications contract).
\nEquipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
\nseparately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
\nproportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced
\nprice, where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin
\nbased on market practice.
\nThe provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
\nlease, as Orange maintains control of the box and modems.
\n4.
Service offers to carriers (wholesale)
\nThe Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
\nwholesale activities and International carrier offers:
\n-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026),
\nwhere contract services are not covered by a firm volume commitment. Revenue is recognized as the services are
\nprovided (which corresponds to transfer of control) over the contractual term; and
\n-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the
\namount indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract
\ncategory notably includes certain MVNO contracts. The related revenue is recognized progressively based on actual
\ntraffic during the period, to reflect transfer of control to the customer. In case MVNO contracts are structured with a
\nminimum commitment, minimum commitments are recognized as revenue unless usage exceeds the minimum
\ncommitment.
\nSpecific revenue streams and related recognition criteria are as follows:
\nSales of equipment
\nSales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
\nsales are recognized in revenue upon sale to the final customer.
\nRevenue from the sale of prepaid cards
\nSales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss
\nstatement as revenue upon usage.
\nInterconnection revenue
\nTraffic revenue paid by other telecommunication operators for use of our network is recognized upon usage.
\nRevenue sharing
\nRevenue arising from contracts with third-party content providers is recognized after deduction of the fees paid to them in
\nremuneration of the product or service delivered.
\nRevenue deferred until payment for which collection is not considered probable
\nRevenue of which the collectability is not reasonably assured at the point of sale is deferred until the payment has been received.
\n1.22
Earnings per share
\nThe Group discloses both basic earnings per share and diluted earnings per share for continuing operations:
\n-
basic earnings per share are calculated by dividing net income for the year attributable to the equity holders of the Group
\nby the weighted average number of ordinary shares outstanding during the period;
\n-
diluted earnings per share are calculated based on the same net income and weighted-average number of ordinary shares
\noutstanding after adjustment for the effects of all dilutive potential ordinary shares.
\nWhen basic earnings per share are negative, diluted earnings per share are identical to basic earnings per share. Treasury shares
\nowned, which deducted from the consolidated equity, do not enter into the calculation of earnings per share.
131
\n1.23
Joint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
\nobligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
\nA joint operator shall recognize in relation to its interest in a joint operation:
\n-
its assets, including its share of any assets held jointly;
\n-
its liabilities, including its share of any liabilities incurred jointly;
\n-
its revenue from the sale of its share of the output arising from the joint operation;
\n-
its share of the revenue from the sale of the output by the joint operation; and
\n-
its expenses, including its share of any expenses incurred jointly.
\nAs joint operator, the Group accounts for the assets, liabilities, revenues and expenses relating to its interest in its joint operations
\nin accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10193": {
"value": "1.1. Transactions in foreign currencies On initial recognition in the functional currency, a foreign currency transaction is recorded by applying the spot exchange rate
\nbetween the functional currency and the foreign currency at the date of the transaction. At each balance sheet date, foreign monetary
\nassets and liabilities are translated using the closing rate.
\nExchange gains and losses are recognized as operational income and expenses when they are related to the operational activities.
\nExchange gains and losses are recognized as financial income and expenses only when they are related to the financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10202": {
"value": "1.2. Business combinations, goodwill and goodwill impairment Business combinations are accounted for applying the acquisition method:
\n-
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all
\ncontingent consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss
\nor through other comprehensive income in accordance with the applicable standards;
\n-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
\noccurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional
\namounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new
\ninformation obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected
\nthe amounts recognized at that date;
\n-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
\nassumed at the acquisition date and is recognized as an asset in the statement of financial position.
\nFor each business combination with ownership interest below 100%, non-controlling interests are measured:
\n-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
\n-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
\nrecognized for the share acquired.
\nAcquisition related costs are directly recognized in the income statement during the period in which they are incurred.
\nWhen a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
\ndate through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
\nrequired if the previously held equity interests would have been disposed.
\nGoodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be
\nimpaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
\noperators with respect to the decline of local economic environments, the changes in the market capitalization values of
\ntelecommunication companies, as well as actual economic performance compared to market expectations represent external
\nindicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
\ntest should be performed more than once a year.
\nIAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
\nacquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
\nliabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
\nuse.
\nValue in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
\non economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
\nmanagement, as follows:
\n-
cash flow projections are based on five-year business plans;
\n-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next
\ntwo years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
\n-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
\nCarrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
\nassets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
\nNet book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
\nwith other CGUs and groups of CGUs.
120
\nFor a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
\nallocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
\nallocated (i.e. ownership interest).
\nImpairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10205": {
"value": "Business combinations are accounted for applying the acquisition method: -
the acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all
\ncontingent consideration. Subsequent changes in contingent consideration are accounted for either through profit or loss
\nor through other comprehensive income in accordance with the applicable standards;
\n-
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination
\noccurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional
\namounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new
\ninformation obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected
\nthe amounts recognized at that date;
\n-
Goodwill is the difference between the consideration transferred and the fair value of the identifiable assets and liabilities
\nassumed at the acquisition date and is recognized as an asset in the statement of financial position.
\nFor each business combination with ownership interest below 100%, non-controlling interests are measured:
\n-
either at fair value: in this case, goodwill relating to non-controlling interests is recognized; or
\n-
at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets: in this case, goodwill is only
\nrecognized for the share acquired.
\nAcquisition related costs are directly recognized in the income statement during the period in which they are incurred.
\nWhen a business combination is achieved in stages, the previously held equity interest is re-measured at fair value at the acquisition
\ndate through profit or loss. The attributable other comprehensive income, if any, is recognized on the same basis as would be
\nrequired if the previously held equity interests would have been disposed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10232": {
"value": "Goodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be impaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
\noperators with respect to the decline of local economic environments, the changes in the market capitalization values of
\ntelecommunication companies, as well as actual economic performance compared to market expectations represent external
\nindicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
\ntest should be performed more than once a year.
\nIAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
\nacquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
\nliabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
\nuse.
\nValue in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
\non economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
\nmanagement, as follows:
\n-
cash flow projections are based on five-year business plans;
\n-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next
\ntwo years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
\n-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
\nCarrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
\nassets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
\nNet book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
\nwith other CGUs and groups of CGUs.
120
\nFor a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
\nallocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
\nallocated (i.e. ownership interest).
\nImpairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10233": {
"value": "Goodwill is not amortized but tested for impairment at least annually or more frequently when there is an indication that it may be impaired. Therefore, the evolution of general economic and financial trends, the different levels of resilience of the telecommunication
\noperators with respect to the decline of local economic environments, the changes in the market capitalization values of
\ntelecommunication companies, as well as actual economic performance compared to market expectations represent external
\nindicators that are analyzed by the Group, together with internal performance indicators, in order to assess whether an impairment
\ntest should be performed more than once a year.
\nIAS 36 requires these tests to be performed at the level of each Cash Generating Unit (CGU) or groups of CGUs likely to benefit from
\nacquisition-related synergies. To determine whether an impairment loss should be recognized, the carrying value of the assets and
\nliabilities of the CGUs or groups of CGUs is compared to the recoverable amount. The recoverable amount of a CGU is its value in
\nuse.
\nValue in use is the present value of the future cash flows expected to be derived from the CGUs. Cash flow projections are based
\non economic and regulatory assumptions, license renewal assumptions and forecast trading conditions drawn up by the Group\u2019s
\nmanagement, as follows:
\n-
cash flow projections are based on five-year business plans;
\n-
cash flow projections beyond that timeframe may be extrapolated by applying a declining or flat growth rate over the next
\ntwo years (for some CGUs), followed by a growth rate to perpetuity reflecting the expected long-term growth in the market;
\n-
the cash flows obtained are discounted using appropriate rates for the type of business and the countries concerned.
\nCarrying values of CGUs tested include goodwill, intangible assets with indefinite useful life arising from business combinations and
\nassets with finite useful life (property, plant and equipment, intangible assets and net working capital, including intragroup balances).
\nNet book values are disclosed at the level of the CGUs and groups of CGUs, i.e. including accounting items related to transactions
\nwith other CGUs and groups of CGUs.
120
\nFor a CGU partially owned by the Group, when it includes a portion relating to non-controlling interests, the impairment loss is
\nallocated between the owners of the parent and the non-controlling interests on the same basis as that on which profit or loss is
\nallocated (i.e. ownership interest).
\nImpairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
\n1.3. Intangible assets
\nThis asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
\nof network design and development, the cost of purchased and internally generated software.
\nIntangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
\nintended use, i.e. costs of employee benefits, professional fees and testing costs.
\nWhen an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
\ncalculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
\npayment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
\ncosts. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the life time
\nof the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
\ncapitalized as such:
\n-
One off amount paid at the time the license becomes available for use
\n-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment
\nof the calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount
\nrate will be recorded in financial expenses and annual payments will be applied against the debt itself.
\nAfter initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
\nvalue of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
\nIntangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
\nasset may be impaired.
\nThe depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
\nof the mobile licenses starts when they are ready to operate.
\nAmortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
\nnecessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
\nThe license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
\nfull amount will be amortized on a straight-line basis over its remaining useful life of that date.
\nThe GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively. The GSM license
\nrenewal for 5 years was terminated in 2021 and replaced twice by short term license renewal for 6 months. These have been
\nextended twice during 2022. The last extension expired on 31 December 2022.
\nIn 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
\nNovember 2013 and is valid for a period of 20 years.
\nIn the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
\nMHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
\nfrequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
\n20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
\nof 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
121
\nThe useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
\ntheir amortization starts when the software is ready for use.
\nThe amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
\nyear-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
\nasset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
\nrecognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
\nexercise.
\nAmortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible
\nassets and property, plant and equipment\u201d.
\nResearch costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
\nwhen the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\nits intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
\nof resources to complete the asset and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
\nat cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
\nis complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
\ndevelopment, the asset is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10280": {
"value": "Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
1.5. Impairment of tangible and intangible items other than goodwill
\nThe Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
\nexists, or when annual impairment testing for an asset is required, Orange Belgium makes an estimate of the asset's recoverable
\namount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
\nin use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
\nthose from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
\nconsidered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
\nand the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
\nheading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
\nservice, site civil works never finally deployed.
\nFor assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
\nor cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
\nin the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
\nis limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
\nwould have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
\nis recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
\nrevaluation increase.
Impairment of financial assets IFRS 9 introduced a new expected loss model for impairment of financial assets. The new standard requires expected credit losses
\nto be taken into account from the initial recognition of financial instruments. In addition to the existing provision system, the Group
\nhas elected to apply a simplified approach of anticipated impairment upon asset recognition.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10281": {
"value": "Impairment loss for goodwill is accounted for in the income statement and is never subsequently reversed.
\nThe values in use of the businesses, which are most of the recoverable amounts and which support the book values of long-term
\nassets, are sensitive to the valuation method and the assumptions used in the models. They are also sensitive to any change in the
\nbusiness environment that is different from the assumptions used. Orange Belgium recognizes assets as impaired if events or
\ncircumstances occur that involve material adverse changes of a permanent nature affecting the economic climate or the assumptions
\nand targets used at the time of the acquisition. New events or adverse circumstances could conduct Orange Belgium to review the
\npresent value of its assets and to recognize further substantial impairment losses that could have an adverse effect on its results.
\nImpairment test on the goodwill allocated to the segment \u201cBelgium\u201d is performed at least at the end of each financial year to assess
\nwhether its carrying amount does not exceed its recoverable amount. Estimating the fair value less costs to sell will take into account
\nOrange Belgium\u2019s share price as quoted on the stock exchange.
1.5. Impairment of tangible and intangible items other than goodwill
\nThe Group assesses at each balance sheet date whether there is an indication that an asset may be impaired. If any such indication
\nexists, or when annual impairment testing for an asset is required, Orange Belgium makes an estimate of the asset's recoverable
\namount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
\nin use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of
\nthose from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is
\nconsidered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money
\nand the risks specific to the asset. Impairment losses are recognized in the income statement in the operating expenses under the
\nheading \u201cImpairment of fixed assets\u201d which also includes the losses on material never deployed on sites, IT project never put in
\nservice, site civil works never finally deployed.
\nFor assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
\nrecognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's
\nor cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change
\nin the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal
\nis limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
\nwould have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal
\nis recognized in the income statement unless the asset is carried at revalued amount, in which case the reversal is treated as a
\nrevaluation increase.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10297": {
"value": "1.3. Intangible assets This asset category includes intangible assets with a finite useful life such as the cost of the telecommunication licenses, the cost
\nof network design and development, the cost of purchased and internally generated software.
\nIntangible assets are measured on initial recognition at cost. The cost includes the purchase price, import duties, non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any directly attributable costs of preparing the asset for its
\nintended use, i.e. costs of employee benefits, professional fees and testing costs.
\nWhen an acquisition of intangible assets includes a long-term payment plan of fixed amounts (meaning, predictable based on
\ncalculation criteria which are not under the control of the entity (no variability depending on the activity) with a certain obligation of
\npayment (expected future minimum payment), the discounted value of the fix amounts over the plan are included in the acquisition
\ncosts. This has been the case for the licenses acquired in 2022 for which the structure of the license fees payable over the life time
\nof the licenses includes amounts that are eligible to such a qualification. Consequently, licenses acquired in 2022 have been
\ncapitalized as such:
\n-
One off amount paid at the time the license becomes available for use
\n-
Net present value of the yearly fixed amounts of spectrum fees to be paid over the license period. A corresponding liability
\nhas been recorded in current and non-current fixed assets payable. This net present value corresponds to the discounted
\nvalue of the fixed amounts of spectrum fee payable over the license period at the discount rate prevailing at the moment
\nof the calculation over the maturity of the debt. As from the booking of the debt, unwinding based on the original discount
\nrate will be recorded in financial expenses and annual payments will be applied against the debt itself.
\nAfter initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses. The residual
\nvalue of intangible assets is assumed to be zero unless the conditions provided for by IAS 38 are met.
\nIntangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible
\nasset may be impaired.
\nThe depreciable amount of an intangible asset with a finite useful life is allocated on a linear basis over its useful life. The amortization
\nof the mobile licenses starts when they are ready to operate.
\nAmortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
\nnecessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
\nThe license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
\nfull amount will be amortized on a straight-line basis over its remaining useful life of that date.
\nThe GSM and UMTS licenses have been granted for a period of 15 years (originally) and 20 years respectively. The GSM license
\nrenewal for 5 years was terminated in 2021 and replaced twice by short term license renewal for 6 months. These have been
\nextended twice during 2022. The last extension expired on 31 December 2022.
\nIn 2011, the 4G license has been granted for a period of 15 years, till the 1 of July 2027. The 800 MHz license was acquired in
\nNovember 2013 and is valid for a period of 20 years.
\nIn the auction launched in 2022 on the primary phase, Orange Belgium won a total of 200 MHz of frequencies on the 700 MHz, 900
\nMHz, 1800 MHz, 2100 MHz and 3600 MHz bands. In the secondary phase of the auction, Orange Belgium won 30 MHz of
\nfrequencies in the 1400 MHz band. The rights to use the 700 MHz and 3600 MHz bands started on 1 September 2022 for respectively
\n20 years and 17 years and 8 months.) The rights of use for the 900, 1800, 2100 MHz bands will begin on 1 January 2023 for a period
\nof 20 years. For 1400 MHz, the availability for use will start on 1 July 2023 for a period of 20 years.
121
\nThe useful life of acquired and internally generated software is 5 years (network software) or 4 years (non-network software) and
\ntheir amortization starts when the software is ready for use.
\nThe amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
\nyear-end. Any change in the useful life or in the expected pattern of consumption of the future economic benefits embodied in the
\nasset, is accounted for prospectively as a change in an accounting estimate. The changes in useful life on intangible assets
\nrecognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are also considered in the
\nexercise.
\nAmortization costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible
\nassets and property, plant and equipment\u201d.
\nResearch costs are expensed as incurred. Development expenditure on an individual project is recognized as an intangible asset
\nwhen the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale,
\nits intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability
\nof resources to complete the asset and the ability to measure reliably the expenditure during development.
\nFollowing initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried
\nat cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development
\nis complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of
\ndevelopment, the asset is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10323": {
"value": "The amortizationof the mobile licenses starts when they are ready to operate.
\nAmortization of the licenses should start when the asset is available for use, i.e. when it is in the location and technical condition
\nnecessary for it to be capable of operating in the manner intended by the management, even if the asset is actually not being used.
\nThe license will be available for use when the first geographical zone will be declared \u201cready to launch\u201d by the technical team. The
\nfull amount will be amortized on a straight-line basis over its remaining useful life of that date.
The depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
\ntangible asset starts when it is ready to operate as intended.
\nThe useful life of each category of tangible assets has been determined as follows:
\n-
Building
20 years
\n-
Pylons and network constructions
20 years
\n-
Optical fiber
15 years
\n-
Network equipment
5-10 years
\n-
Messaging equipment
5 years
\n-
IT servers
5 years
\n-
Personal computers
4 years
\n-
Office furniture
5-10 years
\n-
Leasehold improvements
9 years or rental period if shorter
\n-
Cable equipment
3-4 years
\nThe residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
\nfrom previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
\nlife on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
\nalso considered in the exercise.
\nThe costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
\nlocation to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
\nGroup.
Depreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
\nand property, plant and equipment\u201d.
\nAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
\nderecognized.
\nAccelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at Orange
\nBelgium when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
\nthat asset will then be depreciated over the remaining period (of service).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10376": {
"value": "1.4. Property, plant and equipment The following items of property, plant and equipment are classified under the tangible assets category: building, network
\ninfrastructure and equipment, IT servers and personal computers, office furniture, leasehold improvements, equipment leased to
\ncustomers.
\nUpon recognition, tangible assets are measured at cost. The cost includes the purchase price, import duties and non-refundable
\npurchase taxes, after deduction of trade discounts and rebates, and any costs directly attributable to bringing the asset to the
\nlocation and condition for it to be capable of operating in the expected manner. The cost of replacing part of an item of property,
\nplant and equipment is recognized as an asset when incurred and if the recognition criteria are met. All other repair and maintenance
\ncosts are recognized in profit or loss as incurred. The cost also includes the estimated cost to dismantle the network sites and to
\nrefurbish the rented premises when such obligation exists.
\nThe costs related to the installation & activation of the cable and that are directly attributable to bring the asset into working condition
\nfor its intended use, are recognized as an asset.
\nAfter initial recognition, tangible assets are measured at cost less any accumulated depreciation and impairment losses.
\nThe depreciable amount of a tangible asset is allocated on a systematic and linear basis over its useful life. The depreciation of a
\ntangible asset starts when it is ready to operate as intended.
\nThe useful life of each category of tangible assets has been determined as follows:
\n-
Building
20 years
\n-
Pylons and network constructions
20 years
\n-
Optical fiber
15 years
\n-
Network equipment
5-10 years
\n-
Messaging equipment
5 years
\n-
IT servers
5 years
\n-
Personal computers
4 years
\n-
Office furniture
5-10 years
\n-
Leasehold improvements
9 years or rental period if shorter
\n-
Cable equipment
3-4 years
\nThe residual value and the useful life of a tangible asset are reviewed at least at each financial year-end and, if expectations differ
\nfrom previous estimates, the changes are accounted for prospectively as a change in an accounting estimate. The changes in useful
\nlife on tangible assets recognized during the year are determined on individual asset basis. Obsolescence, dismantling or losses are
\nalso considered in the exercise.
\nThe costs related to the activation of the cable also includes the costs related to installation work performed at the customer\u2019s
\nlocation to install the modem and are amortized over three years, based upon stable historical usage data available within the Orange
\nGroup.
122
\nDepreciation costs are recorded in the income statement under the heading \u201cDepreciation and amortization of other intangible assets
\nand property, plant and equipment\u201d.
\nAn item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its
\nuse or disposal. Any gain or loss arising on de-recognition of the asset is included in the income statement in the year the asset is
\nderecognized.
\nAccelerated depreciation is the depreciation of fixed assets at a faster rate early in their useful lives and is mainly used at Orange
\nBelgium when management decides to take assets out of service early (ex. dismantling of technical sites). The net book value of
\nthat asset will then be depreciated over the remaining period (of service).
\nThe asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts,
\nassuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
\nfuture. The dismantling asset is measured by using appropriate inflation and discount rates.
\nThe Group is required to dismantle technical equipment and restore technical sites.
\nWhen the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
\nThe provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
\nthe asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
\nfiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
\nadjusted where appropriate against the asset to which it relates. The provision is present-discounted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10455": {
"value": "The asset retirement obligation (ARO) relating to the network sites is measured based on the known term of sites rental contracts, assuming a high probability of renewal upon each renewal date and considering that the entire sites park will be dismantled in the
\nfuture. The dismantling asset is measured by using appropriate inflation and discount rates.
\nThe Group is required to dismantle technical equipment and restore technical sites.
\nWhen the obligation arises, a dismantlement asset is recognized in compensation for the dismantling provision.
\nThe provision is based on dismantling costs (on a per-site basis) incurred by the Group to meet its environmental commitments over
\nthe asset dismantling and site restoration planning. The provision is assessed on the basis of the identified costs for the current
\nfiscal year, extrapolated for future years using the best estimate of the commitment settlement. This estimate is revised annually and
adjusted where appropriate against the asset to which it relates. The provision is present-discounted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10489": {
"value": "1.6. Borrowing costs Borrowing costs are capitalized after 1 January 2009. Evaluation of the need to capitalize borrowing costs is made at project level.
\nUp to end of 2008, borrowing costs were recognized as an expense in the period in which they occurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10495": {
"value": "1.7. Government grants A government grant is recognized when there is a reasonable assurance that the grant will be received, and the conditions attached
\nto them are complied with.
\nWhen the grant relates to an expense item, it is recognized as income over the period necessary to match on a systematic basis to
\nthe costs that it is intended to compensate.
\nWhere the grant relates to an asset, the fair value is credited to the carrying amount of the asset and is released to the income
\nstatement over the expected useful life of the relevant asset by equal annual instalments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10518": {
"value": "Current income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
\nfrom or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
\nsubstantively enacted by the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10525": {
"value": "Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax basis
\nof assets and liabilities and their carrying amounts for financial reporting purposes.
\nDeferred income tax liabilities are recognized for all taxable temporary differences, except:
\n-
where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction
\nthat is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit
\nor loss; and
\n-
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint
\nventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the
\ntemporary differences will not reverse in the foreseeable future.
\nDeferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax
\nlosses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and
\nthe carry forward of unused tax credits and unused tax losses can be utilized except:
\n-
where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an
\nasset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
\naccounting profit nor taxable profit or loss; and
\n-
in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint
\nventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences
\nwill reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be
\nutilized.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
\nlonger probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
\nUnrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has
\nbecome probable that future taxable profit will allow the deferred tax asset to be recovered.
\nDeferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is
\nrealized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance
\nsheet date.
\nDeferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax
\nassets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation
\nauthority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10562": {
"value": "Sales tax Revenues, expenses and assets are recognized net of the amount of sales tax except:
\n-
where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which
\ncase the sales tax is recognized as part of the acquisition cost of the asset or as part of the expense item as applicable;
\nand
\n-
receivables and payables that are stated with the amount of sales tax included.
\nThe net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
\nthe balance sheet.
124
\nOperational taxes: IFRIC 21
\nThe IFRIC 21 interpretation was adopted by the European Union in the first semester 2014. It defines the obligating event that gives
\nrise to a liability to pay a levy (as the activity that triggers the levy) and refers to other standards to determine whether the recognized
\nliability gives rise to an asset or expense.
\nOrange Belgium applies IFRIC 21 in the consolidated financial statements to a limited number of levies whose accounting is modified
\nby the interpretation: property withholding tax, tax on office space, tax on class 1/2/3 sites (hazardous and/or insalubrious sites),
\nsites tax and taxes on advertising boards, panels, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10596": {
"value": "1.9. Inventories Inventories are assets held for sale in the ordinary course of business, i.e. handsets and accessories.
\nInventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, cost
\nof conversion and other costs incurred in bringing the inventories to their present location and condition. The measurement of our
\ninventories is determined by the weighted average method. The weighted average unit cost is the total amount that has been paid
\nfor the inventory divided by the number of units in the inventory. Net realizable value is the estimated selling price in the ordinary
\ncourse of business, less estimated costs of completion and the estimated costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10606": {
"value": "1.10. Cash and cash equivalents Cash and cash equivalents include cash on hand and cash deposits with a maximum term of 3 months. Cash and cash equivalents
\nheld with financial institutions are measured at nominal value. Banks and intercompany cash pooling overdrafts are classified as
\nshort-term financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10613": {
"value": "1.11. Own shares (liquidity contract) The purchase of own (Orange Belgium) shares or obligations in the framework of a liquidity contract are accounted for as a deduction
\nfrom equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10619": {
"value": "1.12. Long-term provisions Provisions are recognized when Orange Belgium has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
\ncan be made of the amount of the obligation.
\nWhere Orange Belgium expects some or all of the provision to be reimbursed, the reimbursement is recognized as a separate asset
\nbut only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net
\nof any reimbursement.
\nIf the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where
\nappropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
\nrecognized as a borrowing cost.
\nThe estimate of the dismantling costs regarding the network sites and of the refurbishment costs related to the rented premises is
\nrecognized as an item of tangible asset. This estimate is also recognized as a provision that is measured by using appropriate
\ninflation and discount rates.
\n1.13. Employee benefits
\nShort-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
\nmedical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
\nShort-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
\nestimate of such liabilities can be made.
\nAs a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
125
\nIn order to ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law
\nat the date of departure regarding the access, Orange Belgium ordered a complete actuarial computation under the PUC method.
\nThe actuary performed projections according to a pre-defined methodology and with certain assumptions. This report indicates that
\nthe accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31 December 2022,
\nno provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in future cash
\ncontributions no asset has been recognized neither.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10634": {
"value": "1.13. Employee benefits Short-term employee benefits, such as wages, salaries, social security contributions, paid annual leave, profit-sharing and bonuses,
\nmedical care, company cars and others are recognized during the period in which the service has been rendered by the employee.
\nShort-term employee benefits are shown as liabilities as a result of a legal or constructive present obligation and when a reliable
\nestimate of such liabilities can be made.
\nAs a consequence of the law of 18 December 2015, minimum returns are guaranteed by the employer as follows:
\n-
for the contributions paid as from 1 January 2016, a new variable minimum return based on OLO rates, with a minimum of
\n1.75% and a maximum of 3.75%. In view of the low rates of the OLO in the last years, the return has been initially set to
\n1.75%;
\n-
for the contributions paid until end December 2015, the previously applicable legal returns (3.25% and 3.75% respectively
\non the employer and employee contributions) continue to apply until retirement date of the participants.
\nIn view of the minimum returns guarantees, those plans qualify as Defined Benefit plans.
125
\nIn order to ensure that the defined contribution pension plan in force guarantees its participants the minimum return required by law
\nat the date of departure regarding the access, Orange Belgium ordered a complete actuarial computation under the PUC method.
\nThe actuary performed projections according to a pre-defined methodology and with certain assumptions. This report indicates that
\nthe accumulated reserves are sufficient to cover any deficit and this for all scenarios. As a consequence, as of 31 December 2022,
\nno provision has been recognized. As Orange Belgium S.A. has no unconditional right to a refund or a reduction in future cash
\ncontributions no asset has been recognized neither.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10674": {
"value": "1.14. Leases Orange Belgium S.A. classifies as a lease, a contract that conveys to the lessee the right to control the use of an identified asset for
\na given period, including a service contract if it contains a lease component.
\nOrange Belgium S.A. has defined four major lease contract categories:
\n1.
Land and buildings: these contracts mainly concern commercial (point of sale) or service activity (offices and head office) leases,
\nas well as leases of technical buildings not owned by the Group. Real estate leases entered into in Belgium generally have long
\nterms (between 7 and 11 years).
\n2.
Networks and terminals: the Group is required to lease a certain number of assets in connection with its mobile activities. This
\nis notably the case of lands to be used to install antennas, mobile sites leased from a third-party operator and certain \u201cTowerCos\u201d
\ncontracts (companies operating telecom towers). Leases are also entered into as part of fixed wireline access network activities.
\n3.
IT (& network) equipment: this asset category primarily comprises leases of servers and hosting space in datacenters.
\n4.
Other: this asset category primarily comprises leases of vehicles.
\nThere are no real relevant differences in the four categories in the context of IFRS 16, the rules and calculation methods are identical.
\nLeases are recognized in the consolidated statement of financial position via an asset reflecting the right to use the leased assets
\nand a liability reflecting the related lease obligations. In the consolidated income statement, amortization and depreciation of the
\nright-of-use asset is presented separately from the interest expense on the lease liability. In the consolidated statement of cash
\nflows, cash outflows relating to interest impact operating flows, while repayments of the lease liability impact financing flows.
\nFinally, Orange Belgium S.A. applies the following authorized practical expedients:
\n-
Exclusion of leases with a residual term expiring within 12 months of the first application data. This practical expedient is
\napplied for all contracts, including those with a tacit renewal clause at the transition date. In applying this practical
\nexpedient, the Group calls on its judgment and experience gained in the previous years to determine whether it is
\nreasonably certain to exercise a renewal option, taking account of the relevant facts and circumstances.
\n-
Exclusion of leases of assets with a replacement value of less than approximately 5,000 euros;
\n-
Exclusion of initial direct costs from the measurement of the right-of-use asset at the date of first-time application; and
\n-
The inclusion in the opening balance sheet of provisions for onerous contracts measured as of 31 December 2018 pursuant
\nto IAS 37, as an alternative to impairment testing of right-of-use assets in the opening balance sheet.
\na)
Accounting policies Lease Liabilities:
\nOrange Belgium S.A. recognizes a liability (i.e. a lease liability) at the date the underlying asset is made available. This lease liability
\nis equal to the present value of fixed and fixed in-substance payments not paid at that date, plus any amounts that Orange is
\nreasonably certain to pay at the end of the lease, such as the exercise price of a purchase option (where it is reasonably certain to
\nbe exercised), or penalties payable to the lessor for terminating the lease (where the termination option is reasonably certain to be
\nexercised).
\nOrange Belgium S.A. only takes into account the lease component of lease when measuring the lease liability. For certain asset
\nclasses where the lease includes service and lease components, the Group may recognize a single contract classified as a lease
\n(i.e. without distinction between the service and lease component).
\nOrange systematically determines the lease term as the period during which leases cannot be canceled, plus periods covered by
\nany extension options that the lessee is reasonably certain to exercise and by any termination options that the lessee is reasonably
\ncertain not to exercise.
\nFor open-ended leases, Orange Belgium S.A. generally adopts the notice period as the enforceable period. The Group nonetheless
\nassesses, based on the circumstances of each lease, the enforceable period taking account of certain indicators such as the
\nexistence of non-insignificant penalties in the event of termination by the lessee. The Group considers in particular the economic
\nimportance of the leased asset when determining this enforceable period.
\nFor each contract, Orange Belgium S.A. applies a discount rate determined based on the loan yield specific to each contract,
\naccording to its term plus the Group's credit spread if the interest rate can\u2019t be readily determined from the contract.
126
\nIn order to determine the loan yield specific to each contract, Orange Belgium applies the following method:
\n-
Determination of a risk-free rate curve according to the currency and maturity based on government bond yields.
\n-
Application of Orange Belgium S.A.\u2019s credit spread according to the currency and maturity.
\n-
Selection of the applicable rate for each lease contract, corresponding to the average maturity of the contract.
\nAfter the lease commencement date, the amount of the lease liability may be reassessed to reflect changes introduced in the
\nfollowing main cases:
\n-
A change in term resulting from a contract amendment or a change in assessment of the reasonable certainty that a renewal
\noption will be exercised, or a termination option will not be exercised;
\n-
a change in the amount of lease payments, for example following application of a new index or rate in the case of variable
\npayments; and
\n-
any other contractual change, for example a change to the scope of the lease or the underlying asset.
\nb)
Accounting policies ROU assets:
\nA right-of use is recognized as an asset, with a corresponding lease liability. The right-of-use asset is equal to the amount of the
\nlease liability at inception.
\nWork performed by the lessee and modifications to the leased asset, as well as guarantee deposits, are not components of the right-
\nof-use asset and are recognized in accordance with other standards.
\nFinally, the right-of-use asset is depreciated in the consolidated income statement on a straight-line basis over the lease term
\nadopted by the Group.
\nc)
Accounting policies Identified assets:
\n-
In certain circumstances, Orange Belgium rents a space to set up an antenna. Most often, the space is a piece of land or
\na
part of a rooftop or balcony etc.\u2026 The identified asset is the part of land which is rented per the terms of the lease
\ncontract. In most circumstances, the lease contract does not allow the owner of the space to substitute it by another one.
\nConsequently, the contracts most often do not include a substitution right to the owner. All benefits from use of the part
\nof the land rented are obtained by Orange Belgium. In certain circumstances, Orange Belgium rents a space on the tower
\nand/or in the shelter from a third-party operator. This space can be defined as a dedicated space, volume or payload in
\nthe contract. The contract conveys the right to use an identified asset. The space in the tower and granted by the third-
\nparty operator is physically identifiable. Even in the case the space would not be explicitly specified in the contract, it will
\nbecome identified at the time the spot is made available for Orange Belgium to install its equipment. When the contract
\nallows the owner of the tower to substitute the space which is initially rented by Orange Belgium, this right either is generally
\nexercisable only in very specific cases (security, heightening of the tower\u2026) which cannot be anticipated at the beginning
\nof the contract, or is subject to the pre-approval of Orange. Consequently, this substitution right is deemed not substantive
\nfor the supplier. All the economic benefits from use of the space are obtained by Orange Belgium.
\n-
Fixed wireline: these leases mainly concern access to the local loop where Orange is a market challenger (total or partial
\nunbundling), as well as the lease of land transmission cables.
\n-
Regarding the access to the local loop, the identified asset is the dedicated pair of copper wires installed from the
\ntelephone exchange / central office to the customer's premises. In most cases, the purchase order forms explicitly
\nmention the specific pair of copper wires related to Orange. Even if the pair of copper wires is not explicitly specified
\nin the purchase order form, it will become identified when the subscriber\u2019s access is granted to Orange by the
\nincumbent. Then Orange is able to connect the pair of copper wires from its own DSLAM to the customer premises
\nset-top box. The full unbundling contracts do not permit any substitution right. All the economic benefits from the
\nuse of the dedicated pairs of copper are obtained by Orange. Indeed, Orange has the exclusive use of the dedicated
\npair of copper wires to deliver retail telecommunication services (voice and broadband) to its final customer in
\nexchange for a subscription fee, which is determined by Orange.
\nHowever, as this is not material (only 10 lines are still in use representing a total yearly cost of approximately 2,000
\neuros) for Orange Belgium S.A., these contracts are not part of the IFRS16 calculation.
\n-
Regarding the lease of land transmission cables, Orange Belgium lease either a specific cable or a capacity portion
\nof a cable.
\n\u2015
In some cases, the supplier grants Orange Belgium the use of an identified and fully dedicated cable (for
\nexample dark fiber cable) for a determined period. Orange Belgium is responsible for directing and operating
\nthe dark fiber
with its own active network equipment and resources. The identified asset is the dedicated
\ndark fiber installed by the supplier from a point A to a point B. In most cases, the contracts or the purchase
\norder forms explicitly mention the specific dark fiber involved (usually described by an identification number).
\nEven in the case where the dark fiber is not explicitly specified in the purchase order form, it will become
\nidentified at the time the access is granted to Orange by the supplier. Then Orange is able to connect its own
\nactive equipment to the dedicated dark fiber. Unless
a substantive substitution right is properly identified in
\na contract, Orange considers that the dedicated dark fibers are identified assets. Furthermore, all the
127
\neconomic benefits from the use of the dedicated dark fiber are obtained by Orange. Indeed, Orange has the
\nexclusive use of the dedicated fiber cable used for core network operations purposes.
\n\u2015
In some cases, the supplier grants Orange Belgium a high-speed access link connecting two geographic
\npoints for a determined transmission capacity and period. The supplier is responsible for directing and
\noperating the lines and their maintenance with its own active network equipment and resources. This form of
\ncapacity arrangement does not convey the right to use an identified asset. This form of leased lines
\narrangement (capacity arrangement) only conveys to Orange a right to access a capacity (i.e. a quantity) as
\nmentioned in the offers. This kind of agreement does not fall within the scope of IFRS 16.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10839": {
"value": "1.15. Loyalty commissions Loyalty commissions earned by the distribution channels on post-paid contracts are recognized upfront upon contract subscription.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10843": {
"value": "1.16. Financial discounts Financial discounts granted to customers or received from suppliers for early payments are deducted from revenue and costs of
\nsales as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10849": {
"value": "1.17. Dividend A dividend declared by the General Assembly of the shareholders after the balance sheet date is not recognized as a liability at that
\ndate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10855": {
"value": "1.18. TV content contracts Expenses related to acquired TV distribution rights are recognized in the profit and loss statement as incurred and not capitalized
\nas intangible asset and consequently amortized over the term of the contract. The Company believes that it only acquires the
\ndistribution right to air a certain channel and has no view or influence on future scheduling and content. As such, there is only a
\nlimited ability to predict significant audiences or revenues from future airings, which implies that the acquired TV distribution rights
\ndo not meet the requirements to be recognized as an intangible asset under IAS 38.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10864": {
"value": "1.19 Segment reporting Decisions on allocation of resources and operating segments\u2019 performance assessment of Group components are made by the
\nChief Executive Officer (main operational decision-maker) at operating segments\u2019 level, mainly composed by geographical locations.
\nThus, the operating segments are:
\n-
Belgium; and
\n-
Luxembourg.
\nThe use of shared resources is taken into account in segmental results based either on contractual agreements terms between legal
\nentities, or external benchmarks, or by allocating costs among all segments. The supply of shared resources is included in other
\nrevenues of the service provider, and the use of the resources is included in expenses taken into account for the calculation of the
\nservice user\u2019s EBITDAaL (as from accounting year 2019). The cost of shared resources may be affected by changes in contractual
\nrelationships or organization and may therefore impact the segment results disclosed from one year to another.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10880": {
"value": "1.20. Financial instruments The standard IFRS 9 \"Financial instruments\" is of mandatory application since 1 January 2018.
\nIFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
\nhedge accounting.
\nClassification and measurement of financial assets and liabilities
\nThe classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
\ndepends on the combination of the following two criteria:
\n-
the Group\u2019s business model for managing financial assets; and
\n-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
\nBased on the combined analysis of these two criteria, IFRS 9 identifies three business models:
\n-
Financial assets measured at fair value through profit or loss (FVR)
\nCertain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable
\ndebt securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be
\ndesignated by Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at
\ninception and subsequently. All changes in fair value are recorded in net financial expenses.
128
\n-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
\n(FVOCI)
\nInvestment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at
\nfair value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value
\nat inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other
\ncomprehensive income that may not be reclassified to profit/loss.
\n-
Financial assets measured at amortized cost (AC)
\nThis category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
\nsubsequently measured at amortized cost using the effective interest method. If there is any objective evidence of impairment
\nof these assets, the value of the asset is reviewed at the end of each reporting period. An impairment loss is recognized in
\nthe income statement when impairment tests demonstrate that the financial asset carrying amount is higher than its
\nrecoverable amount. For trade receivables, the provisioning system also covers expected losses.
\nAssets previously classified as available-for-sale assets and held-to-maturity investments under IAS 39 are now presented in the
\nfollowing categories:
\n-
financial assets at fair value through profit or loss;
\n-
financial assets at fair value through other comprehensive income;
\n-
financial assets at fair value through other comprehensive income that may be reclassified to profit or loss; and
\n-
financial assets at amortized cost.
\nImpairment of financial assets
\nIFRS 9 introduced a new expected loss model for impairment of financial assets. The new standard requires expected credit losses
\nto be taken into account from the initial recognition of financial instruments. In addition to the existing provision system, the Group
\nhas elected to apply a simplified approach of anticipated impairment upon asset recognition.
\nHedge accounting
\nDerivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
\ndate regardless of whether they qualify for hedge accounting under IFRS 9.
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposure.
\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes
\ntherein are generally recognized in profit and loss.
\nThe Group designate certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable
\nforecast transactions arising from changes in foreign exchange rates and interests rates.
\nAt inception of designated hedging relationship, the Group documents the risk management objective and strategy for undertaking
\nthe hedge. The Group also document the economic relationship between the hedged item and the hedge instrument, including
\nwhether the changes in cash flows of hedged item and hedging instruments are expected to offset each other.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
\nis recognized in OCI and accumulated in the hedging reserve. Any ineffective portion of the hedge of changes in the fair value of the
\nderivative is recognized immediately in profit and loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedge instrument tis sold, expires, is terminated or exercised,
\nthen hedge accounting is terminated prospectively. When hedge accounting for cash flow hedged is discontinued, the amount that
\nhas been accumulated in the hedging reserve remains in equity until, for a hedge of transaction resulting in recognition of a non-
\nfinancial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified
\nto profit and loss in the same period or periods as the hedge expected future cash flow affect the profit and loss.
\nIf the hedge future cash flows are no longer expected to occur, then the amount that have been accumulated in the hedging reserve
\nand the cost of hedging reserve are immediately reclassified to profit and loss.
\nInterest-bearing loans and borrowings
\nLoans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
\ncosts.
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
\ninterest method.
\nGains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.
129
\nTrade and other short-term payables
\nTrade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
\neffect of discounting is immaterial.
\nOffsetting a financial asset and a financial liability
\nTrade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
\nmay legally be offset and a clear intention to settle them on a net basis exists.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10881": {
"value": "1.20. Financial instruments The standard IFRS 9 \"Financial instruments\" is of mandatory application since 1 January 2018.
\nIFRS 9 comprises three phases: classification and measurement of financial assets and liabilities, impairment of financial assets and
\nhedge accounting.
\nClassification and measurement of financial assets and liabilities
\nThe classification proposed by IFRS 9 determines the way assets are recognized and measured. The financial asset classification
\ndepends on the combination of the following two criteria:
\n-
the Group\u2019s business model for managing financial assets; and
\n-
the contractual cash flow characteristics of the financial asset (whether or not solely payments of principal and interest).
\nBased on the combined analysis of these two criteria, IFRS 9 identifies three business models:
\n-
Financial assets measured at fair value through profit or loss (FVR)
\nCertain investment securities which are not consolidated or equity-accounted, and cash investments such as negotiable
\ndebt securities and deposits, that are compliant with the Group\u2019s risk management policy or investment strategy, may be
\ndesignated by Orange as being recognized at fair value through profit or loss. These assets are recognized at fair value at
\ninception and subsequently. All changes in fair value are recorded in net financial expenses.
128
\n-
Financial assets measured at fair value through other comprehensive income that may be reclassified (or not) to profit or loss
\n(FVOCI)
\nInvestment securities which are not consolidated or equity-accounted are, subject to exceptions, recognized as assets at
\nfair value through other comprehensive income that may not be reclassified to profit/loss. They are recognized at fair value
\nat inception and subsequently. Temporary changes in value and gains (losses) on disposals are recorded in other
\ncomprehensive income that may not be reclassified to profit/loss.
\n-
Financial assets measured at amortized cost (AC)
\nThis category mainly includes loans and receivables. These instruments are recognized at fair value at inception and are
\nsubsequently measured at amortized cost using the effective interest method. If there is any objective evidence of impairment
\nof these assets, the value of the asset is reviewed at the end of each reporting period. An impairment loss is recognized in
\nthe income statement when impairment tests demonstrate that the financial asset carrying amount is higher than its
\nrecoverable amount. For trade receivables, the provisioning system also covers expected losses.
\nAssets previously classified as available-for-sale assets and held-to-maturity investments under IAS 39 are now presented in the
\nfollowing categories:
\n-
financial assets at fair value through profit or loss;
\n-
financial assets at fair value through other comprehensive income;
\n-
financial assets at fair value through other comprehensive income that may be reclassified to profit or loss; and
\n-
financial assets at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10932": {
"value": "Assets previously classified as available-for-sale assets and held-to-maturity investments under IAS 39 are now presented in the following categories:
\n-
financial assets at fair value through profit or loss;
\n-
financial assets at fair value through other comprehensive income;
\n-
financial assets at fair value through other comprehensive income that may be reclassified to profit or loss; and
\n-
financial assets at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10946": {
"value": "Impairment of financial assets IFRS 9 introduced a new expected loss model for impairment of financial assets. The new standard requires expected credit losses
\nto be taken into account from the initial recognition of financial instruments. In addition to the existing provision system, the Group
\nhas elected to apply a simplified approach of anticipated impairment upon asset recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10955": {
"value": "Hedge accounting Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
\ndate regardless of whether they qualify for hedge accounting under IFRS 9.
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposure.
\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes
\ntherein are generally recognized in profit and loss.
\nThe Group designate certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable
\nforecast transactions arising from changes in foreign exchange rates and interests rates.
\nAt inception of designated hedging relationship, the Group documents the risk management objective and strategy for undertaking
\nthe hedge. The Group also document the economic relationship between the hedged item and the hedge instrument, including
\nwhether the changes in cash flows of hedged item and hedging instruments are expected to offset each other.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
\nis recognized in OCI and accumulated in the hedging reserve. Any ineffective portion of the hedge of changes in the fair value of the
\nderivative is recognized immediately in profit and loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedge instrument tis sold, expires, is terminated or exercised,
\nthen hedge accounting is terminated prospectively. When hedge accounting for cash flow hedged is discontinued, the amount that
\nhas been accumulated in the hedging reserve remains in equity until, for a hedge of transaction resulting in recognition of a non-
\nfinancial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified
\nto profit and loss in the same period or periods as the hedge expected future cash flow affect the profit and loss.
\nIf the hedge future cash flows are no longer expected to occur, then the amount that have been accumulated in the hedging reserve
\nand the cost of hedging reserve are immediately reclassified to profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10956": {
"value": "Hedge accounting Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
\ndate regardless of whether they qualify for hedge accounting under IFRS 9.
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposure.
\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes
\ntherein are generally recognized in profit and loss.
\nThe Group designate certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable
\nforecast transactions arising from changes in foreign exchange rates and interests rates.
\nAt inception of designated hedging relationship, the Group documents the risk management objective and strategy for undertaking
\nthe hedge. The Group also document the economic relationship between the hedged item and the hedge instrument, including
\nwhether the changes in cash flows of hedged item and hedging instruments are expected to offset each other.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
\nis recognized in OCI and accumulated in the hedging reserve. Any ineffective portion of the hedge of changes in the fair value of the
\nderivative is recognized immediately in profit and loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedge instrument tis sold, expires, is terminated or exercised,
\nthen hedge accounting is terminated prospectively. When hedge accounting for cash flow hedged is discontinued, the amount that
\nhas been accumulated in the hedging reserve remains in equity until, for a hedge of transaction resulting in recognition of a non-
\nfinancial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified
\nto profit and loss in the same period or periods as the hedge expected future cash flow affect the profit and loss.
\nIf the hedge future cash flows are no longer expected to occur, then the amount that have been accumulated in the hedging reserve
\nand the cost of hedging reserve are immediately reclassified to profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10957": {
"value": "Hedge accounting Derivative instruments are measured at fair value in the statement of financial position and presented according to their maturity
\ndate regardless of whether they qualify for hedge accounting under IFRS 9.
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposure.
\nDerivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes
\ntherein are generally recognized in profit and loss.
\nThe Group designate certain derivatives as hedging instruments to hedge variability in cash flows associated with highly probable
\nforecast transactions arising from changes in foreign exchange rates and interests rates.
\nAt inception of designated hedging relationship, the Group documents the risk management objective and strategy for undertaking
\nthe hedge. The Group also document the economic relationship between the hedged item and the hedge instrument, including
\nwhether the changes in cash flows of hedged item and hedging instruments are expected to offset each other.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
\nis recognized in OCI and accumulated in the hedging reserve. Any ineffective portion of the hedge of changes in the fair value of the
\nderivative is recognized immediately in profit and loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedge instrument tis sold, expires, is terminated or exercised,
\nthen hedge accounting is terminated prospectively. When hedge accounting for cash flow hedged is discontinued, the amount that
\nhas been accumulated in the hedging reserve remains in equity until, for a hedge of transaction resulting in recognition of a non-
\nfinancial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified
\nto profit and loss in the same period or periods as the hedge expected future cash flow affect the profit and loss.
\nIf the hedge future cash flows are no longer expected to occur, then the amount that have been accumulated in the hedging reserve
\nand the cost of hedging reserve are immediately reclassified to profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10985": {
"value": "Interest-bearing loans and borrowings Loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction
\ncosts.
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective
\ninterest method.
\nGains and losses are recognized in income when the liabilities are derecognized as well as through the amortization process.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11008": {
"value": "Trade and other short-term payables Trade and other short-term payables with no stated interest rate are measured at the original invoice or nominal amount when the
\neffect of discounting is immaterial.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11014": {
"value": "Offsetting a financial asset and a financial liability Trade receivables and payables are offset and the net amount is presented on the face of the balance sheet when such amounts
may legally be offset and a clear intention to settle them on a net basis exists.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11021": {
"value": "1.21 Revenue from contracts with customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces
\nIAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.
\nMost revenue falls within the application scope of IFRS 15 \u201cRevenue from contracts with customers\u201d. Orange\u2019s products and
\nservices are offered to customers under service contracts only and contracts combining the equipment used to access services
\nand/or other service offers. Revenue is recognized net of VAT and other taxes collected on behalf of governments.
\n1.
Standalone service offers (mobile services only, fixed services only, convergent service)
\nOrange Belgium S.A. proposes to Mass market and Corporate markets customers a range of fixed and mobile telephone services,
\nfixed and mobile Internet access services and content offers (TV). Some contracts are for a fixed term (generally 12 or 24 months),
\nwhile others may be terminated at short notice (i.e. monthly arrangements or portions of services).
\nService revenue is recognized when the service is provided, based on use (e.g. minutes of traffic or bytes of data processed) or the
\nperiod (e.g. monthly service costs).
\nPostpaid mobile revenues are recognized without reference to actual data or voice usage/allowance. The voice or data allowance
\nor the postpaid tariff plan does not have any impact on the calculation of the transaction price or enforceable period. For limited
\ndata offers however, any actual excess data usage is billed and recognized as revenue as incurred.
\nUnder some content offers, Orange may act solely as an agent enabling the supply by a third-party of goods or services to the
\ncustomer and not as a principal in the supply of the content. In such cases, revenue is recognized net of amounts transferred to the
\nthird-party.
\nContracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased
\nand consumed by the customer beyond the specific scope (e.g. additional consumption, options, etc.) generally reflect their
\nstandalone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
\nWhen contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract or
\nconditional on attaining a consumption threshold) or free offers (e.g. three months of subscription free of charge), Orange Belgium
\nSA defers these discounts or free offers over the enforceable period of the contract (period during which Orange Belgium S.A. and
\nthe customer have a firm commitment). Where applicable, the consideration payable to the customer is recognized as a deduction
\nfrom revenue in accordance with the specific terms and conditions of each contract.
\n2.
Separate equipment sales
\nOrange Belgium S.A. proposes to Mass market and Corporate market customers several ways to buy their equipment (primarily
\nmobile phones): equipment sales may be separate from or bundled with a service offer. When separate from a service offer, the
\namount invoiced is recognized in revenue on delivery and receivable immediately or in instalment over a period of up to 24 months.
\nWhere payments are received in instalments, the offer comprises a financial component and interest is calculated and deducted
\nfrom the amount invoiced and recognized over the payment period in net finance costs. Such transactions are however limited.
\nWhen the equipment sale is combined with a service offer, the amount allocated to the equipment (bundled sale \u2013 see below) is
\nrecognized in revenue on delivery and received over the service contract.
\nWhere Orange purchases and sells equipment to indirect channels, the Group generally considers that Orange maintains control
\nuntil final resale to the end-customer (the distributor acts as an agent), even where ownership is transferred to the distributor. Sales
\nproceeds are therefore recognized when the end-customer takes possession of the equipment (on activation).
130
\n3.
Bundled equipment and service offers
\nOrange proposes numerous offers to its Mass market and Corporate market customers comprising equipment and services (e.g. a
\ncommunications contract).
\nEquipment revenue is recognized separately if the two components are distinct (i.e. if the customer can receive the services
\nseparately). Where one of the components in the offer is not at its separate selling price, revenue is allocated to each component in
\nproportion to their individual selling prices. This is notably the case in offers combining the sale of a mobile phone at a reduced
\nprice, where the individual selling price of the mobile phone is considered equal to its purchase cost plus a commercial margin
\nbased on market practice.
\nThe provision of Modems and decoders (For Internet / TV offers) is neither a separate component of the Cable access service nor a
\nlease, as Orange maintains control of the box and modems.
\n4.
Service offers to carriers (wholesale)
\nThe Group has mainly the following possible types of commercial agreements entered into with Operator customers for domestic
\nwholesale activities and International carrier offers:
\n-
Pay-as-you-go model: contract generally applied to \u201clegacy\u201d regulated activities (roaming, data solution contracts,\u2026),
\nwhere contract services are not covered by a firm volume commitment. Revenue is recognized as the services are
\nprovided (which corresponds to transfer of control) over the contractual term; and
\n-
Send-or-pay model: contract where the price, volume and term are defined. The customer has a commitment to pay the
\namount indicated in the contract irrespective of actual traffic consumed over the commitment period. This contract
\ncategory notably includes certain MVNO contracts. The related revenue is recognized progressively based on actual
\ntraffic during the period, to reflect transfer of control to the customer. In case MVNO contracts are structured with a
\nminimum commitment, minimum commitments are recognized as revenue unless usage exceeds the minimum
\ncommitment.
\nSpecific revenue streams and related recognition criteria are as follows:
\nSales of equipment
\nSales of equipment to the distribution channels and to the final customers are recognized in revenue upon delivery. Consignment
\nsales are recognized in revenue upon sale to the final customer.
\nRevenue from the sale of prepaid cards
\nSales of prepaid cards are recognized at facial value as deferred income at the time of sale and released in the profit and loss
\nstatement as revenue upon usage.
\nInterconnection revenue
\nTraffic revenue paid by other telecommunication operators for use of our network is recognized upon usage.
\nRevenue sharing
\nRevenue arising from contracts with third-party content providers is recognized after deduction of the fees paid to them in
\nremuneration of the product or service delivered.
\nRevenue deferred until payment for which collection is not considered probable
\nRevenue of which the collectability is not reasonably assured at the point of sale is deferred until the payment has been received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11117": {
"value": "1.22 Earnings per share
\nThe Group discloses both basic earnings per share and diluted earnings per share for continuing operations:
\n-
basic earnings per share are calculated by dividing net income for the year attributable to the equity holders of the Group
\nby the weighted average number of ordinary shares outstanding during the period;
\n-
diluted earnings per share are calculated based on the same net income and weighted-average number of ordinary shares
\noutstanding after adjustment for the effects of all dilutive potential ordinary shares.
\nWhen basic earnings per share are negative, diluted earnings per share are identical to basic earnings per share. Treasury shares
\nowned, which deducted from the consolidated equity, do not enter into the calculation of earnings per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11142": {
"value": "1.23
Joint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
\nobligations for the liabilities, relating to the arrangement. Those parties are called joint operators.
\nA joint operator shall recognize in relation to its interest in a joint operation:
\n-
its assets, including its share of any assets held jointly;
\n-
its liabilities, including its share of any liabilities incurred jointly;
\n-
its revenue from the sale of its share of the output arising from the joint operation;
\n-
its share of the revenue from the sale of the output by the joint operation; and
\n-
its expenses, including its share of any expenses incurred jointly.
\nAs joint operator, the Group accounts for the assets, liabilities, revenues and expenses relating to its interest in its joint operations
\nin accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11163": {
"value": "Note 16: Subsequent events Orange Belgium and Telenet sign two commercial wholesale agreements providing access to each other\u2019s Hybrid Fiber
\nCoaxial and Fiber to the Home networks
\nOrange Belgium and Telenet have signed two commercial fixed wholesale agreements, which entry into force is subject to the
\ncompletion of the transaction related to the acquisition of 75% minus one share of VOO by Orange Belgium. The agreements will
\nprovide access to each other\u2019s fixed networks for a 15-year period and cover both current Hybrid Fiber Coaxial and future Fiber to
\nthe Home technologies in both network areas. Orange Belgium believes these agreements will foster investment, benefit the
\ncustomer and competition in the Belgian telecom market. With these agreements, Orange Belgium firstly secures an access to
\nTelenet\u2019s Hybrid Fiber Coaxial network and to its future Fiber to the Home network for 15 years, a key enabler to strengthen its
\nnationwide convergent strategy. Combined with its state-of-the-art mobile network and with the modernization of the VOO network
\nin the regions of Wallonia and Brussels-Capital, Orange Belgium will democratize the multi-gigabit fixed and mobile speed
\nexperience all over the country. Secondly, Orange Belgium will provide Telenet wholesale access to VOO and Brut\u00e9l\u00e9\u2019s Hybrid Fiber
\nCoaxial network and to its future Fiber to the Home network in the regions of Wallonia and Brussels-Capital. It will also secure
\nTelenet as a wholesale customer, increasing network penetration and return on modernization investments. The entry into force of
\nthese agreements is subject to completion of the transaction for the acquisition of 75% minus one share of VOO by Orange Belgium
\nwhich requires notably the approval of the European Commission.
\nRAN sharing agreement between Orange Belgium and Proximus
\nOn 25 November 2019, Orange Belgium and Proximus signed an agreement with the purpose of establishing a 50-50 joint venture
\non radio mobile access network sharing, covering 2G, 3G, 4G and 5G technologies. Telenet lodged a complaint with the national
\ncompetition authority against this agreement. On 10 January 2020 the Competition Authority decided by means of provisional
\nmeasures, that the BIPT could further assess the agreement for an additional period of 2 months. These measures expired on 16
\nMarch 2020 and Orange Belgium and Proximus have resumed works for the implementation of the project. On 1 April 2020 both
\ncompanies transferred the relevant people to the newly created joint operation \u201cMWingz\u201d.
\nOn 30 January 2023 the Prosecutor published its decision that the RAN-sharing agreement does not lead to a (potential) restriction
\nof competition, not at the level of the spectrum auction, nor in the retail and wholesale markets for mobile telecommunication
\nservices. By this decision, the Telenet complaint against the agreement is closed without further consequences for the agreement.
\nAs the deadline to appeal is expired, the decision is final.
\nVOO Acquisition
\nOn 20 March 2023, the European Commission has approved the acquisition of 75% minus one share of the capital of VOO SA by
\nOrange Belgium. This decision, which validates the commitments already taken by Orange Belgium, allows the company to move
\nforward with the acquisition.
\nNone of the above-mentioned events were adjusting events and no other adjusting events arose between the balance sheet date
\nand the date at which the financial statements have been authorized for issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11387": {
"value": "Balance sheet after appropriation in thousand EUR
\n31.12.2022
31.12.2021
\nASSETS
\nFormation expenses
182
240
\nFixed assets
1 484 423
986 867
\nIntangible fixed assets
727 726
204 915
\nTangible fixed assets
661 291
680 792
\nLand and buildings
234 258
296 660
\nPlant, machinery and equipment
348 770
311 604
\nFurniture and vehicles
15 878
16 816
\nOther tangible fixed assets
16 348
14 727
\nTangible assets under construction and advance payments made
46 036
40 986
\nFinancial fixed assets
95 407
101 159
\nAffiliated enterprises
87 615
91 618
\nParticipating interests
82 203
86 206
\nAmounts receivable
5 412
5 412
\nOther enterprises linked by participating interests
7 397
9 147
\nParticipating interests
7 397
9 147
\nOther financial assets
395
395
\nAmounts receivable and cash guarantees
395
395
\nCurrent assets
186 772
245 092
\nAmounts receivable after more than one year
1
1
\nOther amounts receivable
1
1
\nStocks and contracts in progress
19 735
17 780
\nStocks
19 735
17 780
\nGoods purchased for resale
19 735
17 780
\nAmounts receivable within one year
153 558
224 200
\nTrade debtors
144 044
155 220
\nOther amounts receivable
9 514
68 980
\nCurrent investments
463
230
\nOwn shares
0
0
\nOther investments and deposits
463
230
\nCash at bank and in hand
10 830
978
\nDeferred charges and accrued income
2 186
1 904
\nTotal Assets
1 671 377
1 232 199
136
\nin thousand EUR
\n31.12.2022
31.12.2021
\nEQUITY AND LIABILITIES
\nEquity
602 810
562 187
\nCapital
131 721
131 721
\nIssued capital
131 721
131 721
\nReserves
13 172
13 172
\nLegal reserve
13 172
13 172
\nReserves not available
0
0
\nIn respect of own shares held
0
0
\nAccumulated profits (losses) (+) (-)
457 918
417 294
\nInvestment grants
0
0
\nProvisions and deferred taxes
62 544
86 554
\nProvisions for liabilities and charges
62 544
86 554
\nPensions and similar obligations
73
80
\nOther risks and costs
62 472
86 474
\nAmounts payable
1 006 023
583 458
\nAmounts payable after more than one year
261 102
120 012
\nFinancial debts
120 000
120 000
\nOther loans
120 000
120 000
\nOther amounts payable
141 102
12
\nAmounts payable within one year
681 140
410 814
\nCurrent portion of amounts payable after more than one year falling due within one year:
4 787
0
\nFinancial debts
103 409
29 272
\nCredit institutions
0
0
\nOther loans
103 409
29 272
\nTrade debts
264 317
275 938
\nSuppliers
264 317
275 938
\nBills of exchange payable
0
0
\nTaxes, remuneration and social security
114 312
100 531
\nTaxes
84 402
74 224
\nRemuneration and social security
29 910
26 306
\nOther amounts payable
194 315
5 074
\nAccrued charges and deferred income
63 780
52 632
\nTotal Equity and Liabilities
1 671 377
1 232 199
137
\nIncome statement
\nin thousand EUR
\n31.12.2022
31.12.2021
\nOperating income
1 328 090
1 306 972
\nTurnover
1 269 134
1 255 393
\nOwn construction capitalized
14 705
14 507
\nOther operating income
44 251
37 072
\nNon-recurring operating income
0
0
\nOperating charges
1 229 098
1 240 162
\nRaw materials, consumables
622 753
612 396
\nPurchases
625 418
609 473
\nStocks: decrease (increase) (+) (-)
-2 665
2 923
\nServices and other goods
206 347
208 953
\nRemuneration, social security costs and pensions
136 869
127 308
\nDepreciation of and amounts written off formation expenses, intangible and
\ntangible fixed assets
\n236 156
269 742
\nAmounts written off stocks, contracts in progress and trade debtors:
\nappropriations (write-backs) (+) (-)
\n6 085
1 184
\nProvisions for risks and charges: appropriations (uses and write-backs) (+) (-)
-658
-146
\nOther operating charges
21 547
20 725
\nNon-recurring operating charges
0
0
\nOperating profit (loss) (+) (-)
98 992
66 811
\nFinancial income
2 234
613
\nRecurring financial income
2 234
413
\nIncome from financial fixed assets
2 000
42
\nIncome from current assets
188
141
\nOther financial income
45
230
\nNon-recurring financial income
0
200
\nFinancial charges
39 883
22 585
\nRecurring financial charges
9 444
1 619
\nDebt charges
8 685
866
\nOther financial charges
759
753
\nNon-recurring financial charges
30 439
20 966
\nProfit (loss) for the period before taxes (+) (-)
61 342
44 839
\nIncome taxes (+) (-)
20 308
13 832
\nIncome taxes
25 297
13 832
\nAdjustment of income taxes and write-backs of tax provisions
4 989
0
\nProfit (loss) for the period (+) (-)
41 034
31 006
\nProfit (loss) for the period available for appropriation (+) (-)
41 034
31 006
138
\nAppropriations and withdrawings
\nin thousand EUR
\n31.12.2022
31.12.2021
\nProfit (loss) to be appropriated (+) (-)
458 328
418 498
\nProfit (loss) to be appropriated (+) (-)
41 034
31 006
\nProfit (loss) to be carried forward (+) (-)
417 294
387 492
\nTransfers from capital and reserves
0
0
\nFrom reserves
0
0
\nTransfers to capital and reserves
0
0
\nTo other reserves
0
0
\nProfit (loss) to be carried forward (+) (-)
457 918
417 294
\nProfit to be distributed
410
1 204
\nDividends
0
0
\nOther beneficiaries
410
1 204",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493007JS0ZHJVBUWP18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}